<SEC-DOCUMENT>0001140361-14-037770.txt : 20141015
<SEC-HEADER>0001140361-14-037770.hdr.sgml : 20141009
<ACCEPTANCE-DATETIME>20141009151334
ACCESSION NUMBER:		0001140361-14-037770
CONFORMED SUBMISSION TYPE:	10-12G/A
PUBLIC DOCUMENT COUNT:		15
FILED AS OF DATE:		20141009
DATE AS OF CHANGE:		20141009

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYADIC INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001213809
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				450486747
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-12G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55264
		FILM NUMBER:		141150063

	BUSINESS ADDRESS:	
		STREET 1:		140 INTRACOASTAL POINTE DRIVE
		STREET 2:		SUITE 404
		CITY:			JUPITER
		STATE:			FL
		ZIP:			33477
		BUSINESS PHONE:		561-743-8333

	MAIL ADDRESS:	
		STREET 1:		140 INTRACOASTAL POINTE DRIVE
		STREET 2:		SUITE 404
		CITY:			JUPITER
		STATE:			FL
		ZIP:			33477

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CCP WORLDWIDE INC
		DATE OF NAME CHANGE:	20030110
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-12G/A
<SEQUENCE>1
<FILENAME>form10-12ga.htm
<DESCRIPTION>DYADIC INTERNATIONAL INC 10-12GA NO 2 10-9-2014
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Thomson Reuters
    Document created using Disclosure Solutions PROFILE 3.0.0.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As Filed with the Securities and Exchange Commission on&#160;October 9, 2014</div>

<div>
<hr style="BORDER-BOTTOM: black 1px solid; BACKGROUND-COLOR: #ffffff; HEIGHT: 10px; COLOR: #ffffff; BORDER-TOP: black 4px solid">
</div>

<div style="TEXT-ALIGN: center"><img style="WIDTH: 2px; HEIGHT: 8px" src="image0.jpg"><font style="FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Amendment No. 2 to FORM 10</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GENERAL FORM FOR REGISTRATION OF SECURITIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Times, serif; COLOR: #000000; FONT-SIZE: 24pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e454e72d0ac04b5aa254f28c05eaa776" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="WIDTH: 49%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 49%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">45-0486747</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation or organization)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 49%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(I.R.S. Employer Identification No.)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">140 Intracoastal Pointe Drive, Suite 404</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Jupiter, Florida 33477</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(Address of principal executive offices) (Zip Code)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(561) 743-8333</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(Registrant&#8217;s telephone number, including area code)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Copies to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Mark A. Emalfarb, CEO</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic International, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">140 Intracoastal Pointe Drive, Suite 404</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Jupiter, FL 33477</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Karen Dempsey, Esq.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Andrew Thorpe, Esq.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Orrick, Herrington &amp; Sutcliffe LLP</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">405 Howard Street</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">San Francisco, CA 94105</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(415) 773-5700</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Securities to be registered pursuant to Section 12(b) of the Act: None</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Securities to be registered pursuant to Section 12(g) of the Act:</div>

<div><br>
</div>

<table style="WIDTH: 60%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="df48e47dc63a4ef8acfc25dd60d1dfd5" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock, par value $0.001 per share</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(Title of class)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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 &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="051ce1e17fc24ae7b6a65a6c5b532bf2" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Large Accelerated Filer&#160; <font style="FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">o</font></div>
</td>
<td style="WIDTH: 22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Accelerated Filer&#160; <font style="FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">o</font></div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Non-Accelerated Filer&#160; <font style="FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">o</font></div>
</td>
<td style="WIDTH: 22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Smaller Reporting Company&#160; <font style="FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">x</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(Do not check if a&#160; smaller reporting company)</div>
</td>
<td style="WIDTH: 22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div>
<hr style="BORDER-BOTTOM: black 4px solid; BACKGROUND-COLOR: #ffffff; HEIGHT: 10px; COLOR: #ffffff; BORDER-TOP: black 1px solid">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="TABLEOFCONTENTS"><!--Anchor--></a><a name="TABLEOFCONTEN"><!--Anchor--></a>TABLE OF CONTENTS</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d21f43af7ad14cd7bb50e8ea0edd7d3d" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Page</div>
</td>
</tr>

<tr>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PART I</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 1.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item1.Business">Business</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 1A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item1A.RiskFactors">Risk Factors</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">27</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 2.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item2.FinancialInformatio">Financial Information</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">47</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 3.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item3.Properties">Properties</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">61</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 4.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item4.SecurityOwnershipof">Security Ownership of Certain Beneficial Owners and Management</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">62</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 5.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item5.DirectorsandExecuti">Directors and Executive Officers</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">63</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 6.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item6.ExecutiveCompensati">Executive Compensation</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">68</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 7.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item7.CertainRelationship">Certain Relationships and Related Transactions, and Director Independence</a></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">77</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 8.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item8.LegalProceedings">Legal Proceedings</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">79</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 9.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item9.MarketPriceofandDiv">Market Price of and Dividends on the Registrant&#8217;s Common Equity and Related Stockholder Matters</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 10.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item10.RecentSalesofUnreg">Recent Sales of Unregistered Securities</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">82</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 11.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item11.DescriptionofRegis">Description of Registrant&#8217;s Securities to be Registered</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">83</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 12.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item12.IndemnificationofD">Indemnification of Directors and Officers</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 13.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item13.FinancialStatement">Financial Statements and Supplementary Data</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 14.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item14.">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Item 15.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a href="#Item15.">Financial Statements and Exhibits</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INFORMATION REQUIRED IN REGISTRATION STATEMENT</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXPLANATORY NOTE</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">You should rely only on the information contained in this General Form for Registration of Securities on Form 10 (the &#8220;Registration Statement&#8221;) or to which we have referred you.&#160; We have not authorized anyone to provide you with information that is different.&#160; </div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On the date of effectiveness of this Registration Statement we will become subject to the requirements of Regulation 13(a) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) and will be required to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Our periodic and current report will be available on the website, www.dyadic.com, free of charge, as soon as reasonably practicable after such materials are filed with, or furnished to the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As used in this Registration Statement, unless the context otherwise requires the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Dyadic&#8221; and the &#8220;Company&#8221; refer to Dyadic International, Inc., a Delaware corporation, and its subsidiaries.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Information (other than historical facts) set forth in this Registration Statement contains forward-looking statements within the meaning of the Federal Securities Laws, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements.&#160; Forward-looking statements generally can be identified by use of the words &#8220;expect,&#8221; &#8220;should,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221; &#8220;project,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; potential&#8221; or &#8220;continue&#8221; and other similar terms or variations of them or similar terminology.&#160; Such forward-looking statements are included under Item 1.&#160; &#8220;Business&#8221; and Item 2.&#160; &#8220;Financial Information - Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;.&#160; Dyadic cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such statements reflect the current views of our management with respect to our operations, results of operations and future financial performance. Forward-looking statements involve a number of risks, uncertainties or other factors within and/or beyond Dyadic&#8217;s control.&#160; These factors include, but are not limited to, our ability to implement our strategic initiatives, our ability to execute and achieve our research and development objectives,&#160; our ability to obtain new license agreements, our dependence on our licensees for research and development funding, milestones and royalties for the products and/or processes that utilize licensed rights, our ability to protect our proprietary information, trade secrets and file, maintain and defend our intellectual property, our ability to maintain uninterrupted access to toll manufacturing at the quantities needed and at a competitive cost structure, our ability to hire and maintain, as well as our reliance on qualified employees and professionals, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition, upgrade financial staffing, implement and monitor internal controls, and comply with financial reporting requirements, and other factors.&#160; We caution you that the foregoing list of important factors is not exclusive. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Before investing in our common stock, investors should be aware that the occurrence of the events described under the caption &#8220;Risk Factors&#8221; and elsewhere in this Registration Statement could have a material adverse effect on our business, results of operations and financial condition.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this Registration Statement to conform these statements to actual results or to changes in our expectations.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">1</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="PARTI"><!--Anchor--></a>PART I<a name="Parti_151616"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item1."><!--Anchor--></a><a name="Item1.Business"><!--Anchor--></a>Item 1. Business<a name="Item1_Business_143528"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Overview</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The biotechnology bottleneck</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The genomic revolution has seen billions of dollars invested in technology to discover new genes, the building blocks that carry out instructions encoded in DNA. With the advent and maturation of high-throughput robotic sequencing technology, gene sequencing costs have been spiraling downward from $100 million to sequence a single genome in the early 2000s to approximately $1,000 today according to the U.S. National Human Genome Research Institute <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">and the Nature International Weekly Journal of Science</font>. Facilitated by the recent affordability of gene discovery, new genes along with their functions are being identified at a greatly accelerated pace. These genes have the potential for commercial applications in multi-billion dollar opportunities across diverse end markets:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="276f61ec6ab8429a8c894b4f24f98105" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biofuels and bio-based chemicals</font> &#8211; including<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>bioethanol, biodiesel, renewable plastics and polymers as replacements for petroleum-based products and a variety of bio-based chemicals such as acrylic acid, succinic acid, butanediol, phthalate, solvents, and nutritious oils (e.g., omega 3)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8e1ee7ee42754e07b6354bef5ede6be2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biopharmaceuticals </font>&#8211;<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>including<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>therapeutic proteins, vaccines, monoclonal antibodies, biogenerics and other biologics used in the treatment of many diseases</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3e31232c83ce4c488519c28e747cf543" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrial </font>&#8211; including enzymes that stonewash blue jeans; enable pulp &amp; paper mills to operate more cleanly and efficiently; improve food production; create more nutritious animal feed; and aid in making beer, wine and fruit juice</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Modern biotechnology has enabled the discovery of numerous next-generation enzymes and other proteins that are more effective, cost efficient and environmentally sustainable. The current bottleneck in commercializing these novel genes lies in the inability to develop and manufacture them economically at industrial scale.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our solution</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic has developed, optimized and successfully commercialized an industrially proven expression system that turns genes into a broad range of valuable products. At the heart of Dyadic's technology are specially engineered strains of the filamentous fungi <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Myceliophthora thermophila</font>, which we brand as "C1.&#8221; The C1 Expression System overcomes many of the inadequacies of existing technologies used for gene discovery, product development and commercialization. Our patented and proprietary C1 Expression System is one of the few commercially available solutions able to take genes and develop highly scalable industrial processes to produce enzymes and other protein products. This fully programmable system is robust, flexible, and safe and has produced products in some of the largest fermenters used in the industry.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Based on Dyadic&#8217;s partnerships and licenses with BASF, Abengoa, Sanofi Pasteur, CIMV and others and work with leading researchers at Wageningen University, The Netherlands Organization of Applied Scientific Research, Moscow State University, Leiden University and the Technical University M&#252;nich, we believe that C1 is a well-recognized as a leading expression system in both academia and industry.<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"> It is well-recognized that the development of an expression system like C1 is an expensive and risky proposition that requires many years to overcome numerous scientific challenges. Thus, there is a high barrier of entry for competitors in this highly specialized technology sector.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Enzymes for biofuels and bio-based chemicals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our C1-based enzyme technology is a critical element in the conversion of fibers from plant material (&#8220;biomass&#8221;) into second-generation cellulosic ethanol and a host of other high value bio-based fuels and chemicals such as butanol, polyurethane, acrylic acid, succinic acid, 1,4-butanediol, biopolymers, and phthalate. We believe that three key factors have enabled Dyadic to become a leader in this nascent industry:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="80cfadc1788646bd9f23017f5c586d86" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Highly effective CMAX product line:</font> Robust and tolerant to higher temperatures and pH, C1-based enzymes are particularly adept at converting various types of biomass into the fermentable sugars used to produce biofuels and bio-based chemicals</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4c366244c1344be8b0278f4d4fb07a8d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agile, cost efficient research and development platform:</font> Our C1 Expression System has a&#160; genome rich in plant-degrading enzymes, enabling researchers to analyze and select enzymes best suited for their targeted applications quickly and effectively</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8c86cdbc38134e65add38d1cb6bd5d7d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">On-site manufacturing business model:</font> By allowing our customers to produce enzymes under license on-site at biofuel refineries, versus centralized production of enzymes, we are able to pass along anticipated savings of 30-50% of operating costs to the customer</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe the demand for plant-degrading enzymes will increase substantially, especially as the cellulosic ethanol industry gains traction as the first commercial-scale facilities set to come online in 2014.&#160; McKinsey &amp; Co., a management consultancy, projects worldwide cellulosic ethanol demand to be 20 billion gallons per year by 2020, which if realized we estimate would create an additional $5 billion market for lignocellulosic enzymes. While we expect that McKinsey&#8217;s target may be delayed beyond 2020, there remains a belief among many that the industry will grow rapidly. We provide our C1 technology to Abengoa Bioenergy (&#8220;Abengoa&#8221;) and Compagnie Industrielle de la Mati&#232;re V&#233;g&#233;tale (&#8220;CIMV&#8221;), both pioneers and leaders in the emerging cellulosic ethanol industry.</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cd9038873fa24f6ab5ad05972c6176c0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><strong>Abengoa:</strong> Anticipated to begin operations at its 25 million gallon advanced biofuels plant in Hugoton, Kansas in the&#160;fourth quarter of 2014, Abengoa has reported that they will be using enzymes manufactured under its C1 Expression System license as they start up their Hugoton plant. We expect this facility to generate royalties for Dyadic by the end of 2014. This facility license milestone has been achieved in July and we received the milestone payment in September 2014.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8981e731a75e40e5aa6cc95176d2244b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><strong>CIMV: </strong>We recently entered into a collaboration with CIMV, a leader in developing innovative technologies to process biomass, to create an efficient, fully integrated system to produce environmentally low impact biofuels and bio-based chemicals. Dyadic anticipates supplying enzymes to CIMV&#8217;s planned 2015 demonstration plant and licensing its C1 technology for on-site production of enzymes at CIMV&#8217;s future commercial scale plants</td>
</tr>
</table>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A new way to make biopharmaceuticals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In 2012, biologics accounted for approximately 18% of total global spending on drugs and to reach an overall market revenue of over $169 billion by 2012, and expected to grow to over $220 billion by 2020 according to IMS Health, a leading healthcare market research company. <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">According to Forbes, seven biologics have already achieved over $5 billion in peak year sales.</font> However, biotechnology companies today are facing significant challenges in finding suitable systems to produce certain biologic drugs. Novel expression systems may offer significant advantages over the most commonly used production hosts (mammalian cells, bacteria, and yeast) such as lower manufacturing costs, more human-like or better controlled glycosylation of proteins, proper protein folding, and higher purity.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Expression systems based on filamentous fungi, like C1, may provide particular advantages over mammalian cell lines, such as faster cell line development, thereby reducing the initial drug development period. Further, fungal expression systems tend to offer a combination of high yields and shorter growth periods, promising significantly lower production costs. Downstream processing (&#8220;DSP&#8221;) is streamlined as well, since proteins are typically secreted and the product is easier to isolate and purify. Despite these advantages, filamentous fungal systems are not prevalent today as expression systems for biologics, as the genetic tools for engineering filamentous fungal hosts have historically not been developed to meet the needs of the pharmaceutical industry. We believe that the C1 system has the potential to overcome these challenges and dramatically reduce the cost and time to market for biologics. Given the progress we have already achieved, it is apparent that engineering the C1 Expression System for biologics represents a very lucrative, but risky opportunity that Dyadic has only just begun to pursue.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our&#160;industrial enzyme business</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Within Dyadic, we have successfully leveraged our technologies to develop an&#160;industrial enzymes business, with sales of $10 million to more than 35 countries in 2013. We believe that enzymes have particular advantages as biocatalysts and will increasingly replace existing chemicals and other technologies that are potentially more harmful to the environment or human body. According to Freedonia, a leading market research group, industrial enzymes represented a $5.1 billion market worldwide in 2012 and are expected to grow to $7 billion by 2017. Our current business selling proprietary enzyme products for the animal feed, pulp and paper, textiles, and food and beverage end-markets is well-positioned for expansion, and we expect substantial growth.&#160; We are expanding our new product development pipeline of proprietary enzymes to compete against the limited number of competitors in the field that also have advanced technologies to commercialize large volumes of low cost industrial enzymes.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Scientific expertise and a pioneering management team</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The rich history of Dyadic represents a microcosm of how modern biotechnology is revolutionizing science, medicine, agriculture, and engineering to improve how we feed, fuel, and heal the world. For Dyadic, the journey can be described as going from "jeans to genes&#8221;: pioneering the use of pumice stones to stonewash blue jeans in the early 1980s, shifting along with the industry to enzymes at the end of the decade, then beginning a new journey with the discovery of a filamentous fungal strain suitable for producing enzymes in the early 1990s. For the next two decades, Dyadic has built the knowledge, expertise, molecular tools, and technology needed to create and commercialize one of the world&#8217;s premiere gene expression systems. During development we identified two separate mutations: the first changed the morphology of our organism, resulting in high productivity and better growth conditions; and the second created our C1 White Strain<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup>, which allows for the production of purer enzymes. We believe our research and development ("R&amp;D") laboratory, located in the Netherlands near the prestigious Wageningen University, is world class and we have some of the leading scientists and scientific advisors in the field. Dyadic today is still led by its pioneering founder, and its management team has a unique mix of established industry veterans and dynamic youth. We and/or our licensees and collaborators are currently engaged in some form of research with each of the leaders in industry and academia below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Partnered with leaders in industry and academia</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic has a number of prominent, global commercial partners and licensees of our technology that are leveraging the C1 Expression System across industries, markets, and continents. These partners and licensees are leaders in their respective markets and include Abengoa and CIMV in biofuels, BASF and a confidential animal feed partner in industrial enzymes, and Sanofi Pasteur (&#8220;Sanofi&#8221;) in vaccines. We are involved in nine innovative private-public programs funded by the European Union and the Dutch government in application areas ranging from cosmetics, algae-based products, bioplastics, baking, and paper waste and starch processing. These research partnerships provide many benefits including revenue to offset R&amp;D costs, business development opportunities, and access to industry knowledge in related fields. Dyadic also enjoys strong, productive, and effective relationships with biotechnology research groups at prestigious institutions around the world, including the Scripps Research Institute, Wageningen University (The Netherlands), Moscow State University, The Netherlands Organization for Applied Scientific Research (TNO), and Bio-Technical Resources (BTR).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>What Are Enzymes?</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Enzymes are large biological molecules produced by all living cells. They are proteins that act as natural catalysts and are essential for the regulation of tens of thousands of biochemical functions performed by cells and organisms. Whenever one substance needs to be transformed into another, nature uses enzymes to initiate and accelerate the process and to make it more efficient. Everything from the conversion of sunlight and carbon dioxide to oxygen and energy by plants to the digestion and absorption of food requires enzymes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Diverse with many applications</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Microorganisms found in nature, mainly fungi and bacteria, produce thousands of different enzymes, including many commonly used in industrial processes. The key challenges for industry are to identify the ideal enzyme for a specific need, create an expression host that can produce that enzyme at high levels and high purity, and optimize the microorganism used to manufacture the enzyme for robust, reliable growth in a controlled, large-scale industrial fermentation system. Dyadic has achieved this with its C1 fungal expression system.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Nature has finely tuned enzymes to make them ideally suited to performing a particular function, and one function only. These unique proteins are highly specialized not only in what they do, but also under what conditions they will carry out their task. The combination of so many different types of enzymes available in nature and the availability of modern high throughput screening techniques to sort through gene libraries rapidly and efficiently creates an almost unlimited number of opportunities to discover and develop enzymes with desired properties across industries and multiple billion dollar markets. The C1 system may then be used to develop and produce these enzymes at high yields and low costs in commercial scale processes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">One of the earliest commercial applications of enzymes was in the food and beverage industry, where enzymes have long been used successfully in baking and brewing applications and in starch processing to ensure more consistent and safer production of high quality end-products. Another early application of enzymes was in the textiles industry, where amylases, proteases, cellulases, and other enzymes have been developed for use in the washing and finishing of various textiles. Currently, the markets for industrial enzymes encompass a large and diverse range of products, including animal feed, food (e.g., baking, dairy) and beverage (e.g., brewing, fruit juice, and wine production), textiles, pulp and paper, detergents and personal care products, biofuels and grain (starch) processing, and biopharmaceuticals.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">4</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">An environmentally friendly alternative</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">An enzyme works much like a key opens a lock: when it finds the correct substrate, the molecule that fits within its active catalytic site, a specific biochemical reaction takes place. An important advantage of the specificity of enzymes is the absence of unexpected, unwanted side reactions that could disrupt industrial processes and generate undesired by-products. Therefore, enzymes can safely be added to many industrial processes to enable or speed up reactions or improve product yields. An enzyme that transforms starch into glucose, for example, will catalyze only that specific reaction, and no other material or process will be altered or affected. Further, as natural molecules, enzymes are completely biodegradable. When the biochemical reaction for which an enzyme is needed has finished, the enzyme can be disposed of in the process waste water. It will harmlessly degrade into its amino acid components, which may be reused to form a new protein. Industrial use of enzymes is truly a &#8220;green&#8221; alternative to many chemical processes used today.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>What is a Protein Expression System?</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#8220;The expression system is not everything, but everything is nothing without a good expression system&#8221;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The DNA sequence of a gene encodes the information needed to make a protein. By transferring this gene into a host microorganism, a mini factory is created that produces the encoded proteins (an "expression host"). Every living cell is essentially an expression system, capable of producing hundreds of enzymes and other proteins. The gene for a desired protein may normally be present in an expression host (a homologous gene), or it can be inserted using molecular engineering (a heterologous gene). For the purposes of this document, we refer to an expression system as a microorganism or host cell line with the necessary molecular tools to enable recombinant engineering for the development and production of targeted enzymes and other proteins. Dyadic's C1 Expression System is built around its patented and proprietary filamentous fungal expression host <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Myceliophthora thermophila</font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Finding the right gene that encodes for a specific enzyme of interest is a key challenge for Dyadic and the broader biotechnology industry. The process of using an expression system to develop a product requires several distinct phases that begin with gene discovery and end with the optimization and manufacturing of a protein product. This process, from beginning to end, typically takes between six months to two years, and sometimes even longer. While each phase presents technical challenges, Dyadic has developed the molecular tools and advanced technologies needed to meet these challenges and fine-tune each aspect of this process.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4071031abb2a4c08938aa0ff75b2ccb0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gene Library Creation:</font> At the heart of an expression system is the collection of genes and gene sequences available to be over-expressed by the microorganism. A gene library consists of genes with potential industrial utility that may be native to the expression host or have been collected from a variety of sources, including other organisms or environmental samples. Gene collections can number in the thousands or even millions. In addition to libraries of full-length genes are collections of DNA sequences that are being identified, synthesized, and catalogued at an accelerated rate. These gene fragments may serve a variety of functions, including acting as promoters to regulate gene expression, or producing cofactors that enhance enzyme activity. These genes and DNA sequence libraries provide a virtually untapped pool of new product opportunities waiting to be expressed. Dyadic has created its own proprietary gene library based on C1&#8217;s rich genome, as well as genes from other organisms.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b05ec3e725c24e438f2bbb98138ade23" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gene Discovery:</font> Using advanced automation and robotic processing technology, the biotechnology industry can screen at a rapid rate for target enzymes or other proteins expressed by genes in their libraries during the gene discovery phase. Once an enzyme or protein with the desired activity and functional characteristics is identified, you can easily isolate the gene responsible for that activity.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9c5da78fcaac4dce9e1e5726143a97ff" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gene Expression:</font> The goal of gene expression is to construct a microorganism capable of producing the protein encoded for by the gene selected during gene discovery. Transfer of the gene of interest into the host microorganism, if successful, typically results in levels of protein production too low for commercial use. Based on extensive experience and expertise, our scientists can apply a wide range of molecular biology techniques to increase expression in the best producing strains. Dyadic&#8217;s C1 Expression System includes several C1-based expression hosts and an extensive toolkit that has the potential to enable high levels of expression of genes present in nature.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="91d7f869aac84de0824be2c61bbd3bb4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Product Optimization:</font> Once our scientists have achieved high levels of gene expression in a variety of production strains in the laboratory, they then work to improve production processes and make them even more productive. During fermentation process optimization, we adjust the culture media, nutrients, and environmental conditions to optimize growth of the production strain in large-scale bioreactors.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">5</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ef06ae8284ba4f439c6d36d9305df789" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manufacturing</font>: Dyadic's C1 Expression System avoids the challenges involved in switching from<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font>a laboratory organism to a commercial production strain. The "one-stop shop" capabilities of C1-based expression hosts are highly prized. The ability to use a single organism in the lab and the factory significantly increases the probability of success for producing a commercially viable product from a gene library in a shorter time frame.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Our C1 Expression System</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">"The search for novel and/or improved industrial enzymes and enzyme production systems is intensifying as market demand increases. One such new system was developed based on a recently discovered fungal isolate, C1... The filamentous fungus C1 was developed into a mature technology and protein-production platform. C1's inherent richness of genes encoding industrially relevant enzymes and its high-producing characteristics have been a proven starting point for the development of different C1 strains producing enzymes and enzyme mixtures." - </font>Industrial Biotechnology<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">, June 2011</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Figure 1 &#8211; The C1 Expression System turns DNA into products</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: center"><img src="image00007.jpg"></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The filamentous fungus Myceliophthora thermophila</font> was isolated by Dyadic scientists in the early 1990s and christened C1. Classical ultraviolet light-induced experiments led to a mutation with beneficial morphological changes in the fungus, resulting in a high-yielding strain that exhibits a low viscosity profile when growing at high density. What began as experiments to identify and produce cellulase enzymes used for stonewashing blue jeans has led to the creation of a world class technology platform for producing all types of enzymes and proteins across several diverse multi-billion dollar markets. Significant milestones in the evolution of C1 have included the following:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1e9954ba5dfa41f1ac15ad50bdf304d3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1992: </font>Discovery of the wild-type C1 strain</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fa06319283ac429f94662383ef4a6377" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1995-96:</font> Identification of the high cellulase (&#8220;HC&#8221;) C1 strain derived from mutagenesis experiments resulting in a morphological change in the fungus and over-expression of cellulase enzymes; especially advantageous initially for stonewashing denim and later modified to be used in converting cellulose and other lignocellulosic polymers to sugars for applications in the biofuels industry</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a86ff877b57945bab1940872f426afa8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2003:</font> Dyadic established an R&amp;D facility in The Netherlands (&#8220;Dyadic Netherlands&#8221; or &#8220;DNL&#8221;)</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="980961f56be545bf94207c33a4e284ba" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2005:</font> Sequenced the C1 genome, enabling new gene discovery and facilitating targeted genetic modification</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">6</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f02a8bd3b8884c9eb20dc120f78109c7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2005-08:</font> Further developed the low cellulase C1 strain (the &#8220;White Strain<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup>&#8221;) using mutagenesis and gene knock-out and knock-in technology to shut down fungal production of&#160; the background enzymes and to minimize synthesis of proteases (enzymes that degrade proteins), while increasing enzyme and other protein productivity; allowing for genetic reprogramming of C1 and over-expression and secretion of highly pure enzymes of interest cost effectively and at commercial scale</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="99a3a3d5d50941ea8104f0e39619ab58" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2006:</font> Abengoa invests in Dyadic with funds targeted for R&amp;D of C1-based enzymes for second-generation biofuels and bio-based chemicals</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="39728bbc784341bb9c20d71fab330c95" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2008:</font> Licensed the C1 technology platform for use in biofuels and bio-based chemicals on a non-exclusive basis to Codexis in partnership with Shell</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="81e86949b0ff477a965112d805a2b738" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2009:</font> Licensed the C1 technology platform for use in second-generation biofuels and bio-based chemicals on a non-exclusive basis to Abengoa</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ca123c057df44c6f8581033c74721021" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011:</font> Began collaborations to develop a vaccine with Sanofi and entered into a license agreement to develop an animal feed enzyme with a confidential leading animal nutrition company</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0c36792bee5b49619fd5bf5c1906bb0f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012:</font> Expanded Abengoa&#8217;s non-exclusive rights for use in second-generation biofuels and bio-based chemicals, and first generation ethanol; began EU-funded Bio-Mimetic program with partners including Proctor &amp; Gamble and CIMV</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0bd0721013464035b534d8dff67ada5f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 13px">
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013:</font> Licensed the C1 technology for use in certain markets on a non-exclusive basis to BASF and expanded our Dutch research center</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4ec7b8dbcb6a4b9397085954222e4629" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014:</font> Further breakthroughs with our White Strain in expressing heterologous genes at even higher levels; established new partnership with CIMV to develop second-generation biofuels;&#160;began and completed second funded biopharmaceutical project to determine the feasibility of developing a C1-based therapeutic protein for animal health, which has allowed us to identify scientific hurdles and evaluate next steps.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;&#160; </div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="936fc3c9191c447293b388087b8c849b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014:</font> Abengoa has reported that they will begin producing enzymes under its C1 Expression System license at their 25 million gallon advanced biofeuls plant in Hugoton, Kansas in the fourth quarter. Dyadic has received payment for the achivement of this license milestone in September 2014.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;&#160; </div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are continually working to refine, enhance, and expand our patented and proprietary C1 technology. Together with our licensees, we continue to invest substantial dollars and resources toward improving the platform through further strain engineering and fermentation process optimization.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantages for turning genes into products</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Selection of an expression system to create a product from a gene is a critical decision in a new product development process. Our C1 technology is a robust and versatile platform system that aids in de-risking and improves the productivity of the entire process, from genes to commercial products. Strengths of the C1 Expression System include:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bea1cacb0a3c47ac9f5ae2f250283606" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Comprehensive molecular toolkit:</font> Dyadic invested substantial time and resources early to develop a state-of-the art genetic toolkit for optimizing C1-based recombinant protein development and production. We can design C1 microorganisms that produce purer enzymes from our White Strain or versatile enzyme combinations from our high cellulase strain lineage. The toolkit encompasses a wide range of C1 host strains and gene promoters, techniques to knock out genes or increase gene copy number, and methods to enhance the secretion of enzymes and other protein products.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ecdd7aa572bd4c95ad34d8c798a9d78f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Easy to grow and highly scalable: </font>Thanks to its unique morphology, C1 has very favorable fermentation properties; oxygen transfer and nutrient supply are not hampered by high viscosity, allowing for high yields at low production costs. Our C1 organism has been in commercial use since 1996 and has a long history of scale-up from lab fermenters to commercial-scale vessels. These attributes make C1 a "one-stop shop" for use in the lab and in commercial production, reducing product development time and the cost to deliver targeted products.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ced7e9bb0df941fb839d860e0bfafd2b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Versatile, commercially relevant genetic make-up: </font>Since native, homologous genes are typically expressed at higher levels than are heterologous genes that derive from another organism, it is beneficial to start with an expression system that has a genome rich in the types of proteins targeted for industrial applications. In addition, homologous genes are likely to receive more lenient treatment with regard to regulations targeting genetically modified organisms (&#8220;GMOs&#8221;) in certain countries. The C1 genome has more than 200 potentially industrially relevant genes, including&#160;9 times more polysaccharide monooxygenase enzyme-coding genes, nearly 3-fold more oxidoreductases,&#160;4 times more cellulose binding domains, and more than 1.5-fold more cellulases than Trichoderma, the major competitive filamentous fungal expression system being used to develop and manufacture enzymes for use in the production of second-generation biofuels and bio-based chemicals.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">7</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6f1960764e514870aab7a9559392b637" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">High yields</font>: Yields of protein from C1 are high, above 100 grams of protein per liter of fermentation broth when using the C1 high cellulase strains for biofuel applications.&#160; Using the White Strain, we have achieved up to 70 grams of protein per liter, of which up to 70-80% of the protein produced is the target protein. Recently, we have been able to achieve these results with both homologous and the more difficult heterologous genes. These results are quite unique in the biotech industry.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f33fc3b772944b2dbd28ad136583de84" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Robust proteins</font>: Selection of an expression system can affect the attributes of the enzyme or protein produced. Enzymes and other proteins expressed from C1 are robust and exhibit activity at broad temperature and pH ranges, making them suitable for use in a broad range of applications.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="51b7a515c9ed499492bde3a14232569f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Safe: </font>C1 has a proven safety profile and has qualified for Generally Regarded as Safe (&#8220;GRAS&#8221;) status from the U.S. Food and Drug Administration (&#8220;FDA&#8221;). GRAS Notification letters are broadly recognized in the food and consumer products industries as the safety standard. Thorough testing showed the strain to be non-infectious and to produce no known toxins or mycotoxins.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d51ad1e4ddc24516bb8314b5fbc220ef" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intellectual property: </font>Unlike other commonly used fungal expression systems such as Aspergillus and Trichoderma, C1 technology enjoys greater freedom to operate for Dyadic and its licensees.&#160; Historically, there has been significant litigation between firms using Aspergillus and Trichoderma, where freedom to operate is less clear.&#160; In addition, all of Dyadic&#8217;s C1 licensees to date have a covenant not to sue against other users of C1.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The White Strain</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We, our collaborators and licensees have had multiple technological breakthroughs recently in the ongoing development and optimization of the C1 Expression System. In particular, the development of the White Strain potentially offers us, our licensees and collaborators significant technological and commercial advantages, and we have focused on accelerating the development and commercial exploitation of this strain. The ability to produce purer enzymes and other proteins at high productivity has opened the door for the production of next-generation C1-based products in many industries including pharmaceutical, food, and animal nutrition and health. Many of our key third-party projects began within the last three years use the White Strain as the primary development host.&#160; During the period between 2011 and 2014, we have increased the productivity of the White Strain approximately 12-fold.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">8</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Figure 2 &#8211; Generation-over-generation productivity improvements of the C1 White Strain</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center"><img src="image00008.jpg"></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fibrezyme&#174;G4</font>, a high performance cellulase enzyme launched by Dyadic, is an example of a product produced using the C1 White Strain. <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fibrezyme&#174;G4 </font>enhances paper and textile quality: it softens denim and creates a stonewashed effect for the textile industry; it also restores fiber strength and increases inter-fiber bonding in paper-making applications. <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fibrezyme&#174;G4 </font>was created by combining three genes with desired activities. Most of the products based on our new C1 White Strain technology are still in development and will not be ready for regulatory approval and commercial launch until 2017 or beyond.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Our Business Model</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic's business model builds on three well-established sources of revenue and growth potential: proprietary enzyme sales, licensing and royalties, and third-party R&amp;D. This strategy allows us to leverage our technology across a broad range of industries and application areas:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a268bf4f59954121bf96f3ff3432cdd9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Proprietary enzyme sales</font> &#8211; Dyadic manufactures enzymes using its proprietary and patented C1 and Trichoderma <font style="FONT-STYLE: normal; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">i</font>ndustrial strains and sells those enzymes in a variety of industrial markets, including animal feed, food and beverage, pulp and paper, and textiles. We have been producing and selling our own proprietary enzymes since 1994, and our global market now spans 35 countries to over 100 customers worldwide.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our business plan focuses on expanding our distribution network, continued cost reductions, supply chain optimization efforts, and pursuing new opportunities for registration of our existing products. We will continue to build our sales and marketing leadership team with targeted additions in Europe, Asia, and the Americas. We are currently laying the groundwork for planned new product launches and related growth and expansion to accompany the anticipated White Strain-based product pipeline that will emerge in 2017 and beyond.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="762c7c5fb9304d788c6f672ae2de2c56" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Licensing and royalty revenues </font>&#8211; We license our C1 Expression System with leading companies worldwide, including BASF, Abengoa, Codexis and others. To date, these licenses have allowed us to realize more than $20 million in upfront revenues, in addition to the potential for future milestones, royalties, and in some cases possible payments for expansion of rights from our licensees. Our strategy to date has been to enter into non-exclusive licenses with leading companies that will <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">use our technology in large markets. The non-exclusive nature of our licenses gives us total flexibility to enter into any kind of future collaboration, partnership or license with other parties.</font></td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">9</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our on-site licensing model in the biofuels area is more specific, in that we expect to receive an upfront license to use our production strain to make enzymes at our licensee&#8217;s facility. For each new facility opened and strain transferred, we anticipate receiving a milestone payment. We anticipate a royalty, either per gallon of biofuel produced or, in the case of bio-based chemicals, per ton of biomass processed. Given our strong track record for improving the cost performance of our CMAX enzymes, we also plan to potentially follow-on the licenses with some of these partners by introducing new, upgraded strains over time and potentially share in the cost savings achieved.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b3ecf14d53c446d5aadea16d6e7945fc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Research and development revenues </font>&#8211; Strategic R&amp;D collaborations with industry leading partners are a potentially valuable source of revenues, and historically have been shown to lead to the signing of significant license agreements. Through these R&amp;D partnerships and establishing a close and productive working relationship with major corporations we are able to demonstrate the value that the C1 Expression System can bring to their processes and product development goals.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Our competitive strengths</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic has several key competitive advantages that we will continue to leverage as we expand the commercialization of our technology platform into a global industrial enzymes business:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1ddeb4509c1347a1a4db8a71a8bc955f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C1 Expression System: </font>Our C1 Expression System is an industry leading filamentous fungal platform for enzyme and other protein development and production, and one of only three types of industrially proven filamentous fungi being used for the commercial production of enzymes to meet the needs of second-generation biofuels and bio-based chemicals markets. The C1 Expression System is proven at commercial scale, programmable to produce both purer enzymes and enzyme mixtures tailored for specific applications, and capable of performing as a research or commercial production system; thereby potentially reducing both product development timelines and risk.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bc27cf8601784bbc9ef0b9f04851c945" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Freedom to operate within the framework of a strong patent portfolio: </font>Having established a strong patent portfolio gives us wide freedom to operate using our C1 Expression System. This freedom to operate is rather unique with expression systems, as historically many of our competitors have faced challenges and litigation related to their use of systems based on Trichoderma, Aspergillus, and others.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9dbed56b8fb443f18ee1f1cb9de5ecfe" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Partnerships with leading companies:</font> In each of our end markets, Dyadic enjoys strong partnerships with top-tier global companies: BASF and our confidential animal feed licensee in the industrial enzyme industry; Sanofi, a world leader in vaccines; and Abengoa and CIMV, pioneers in the development and commercialization of first generation as well as advanced biofuels. Our ability to build and maintain strong relationships with strategic partners and licensees has clear short-term and long-term benefits: increasing the probability of receiving future royalties; helping advance our technology and supporting our leadership position in the field; and providing credibility in negotiations and future dealings with other third parties.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="475bdf8801de4c1e994c4d65a0412ac2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Global industrial enzymes business</font>: Our burgeoning industrial enzymes business is expected to provide a strong foundation for continued growth in revenues, profits, and market share. As we, our collaborators and licensees, develop new enzymes using the C1 platform, we have in place a well-established sales network to distribute our products in nearly all end-markets and major geographic regions.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6fe15ad805f94d49af86a31673a3b16f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">State-of-the-art R&amp;D capabilities: </font>Our Dutch research team has a proven track record of developing industry leading products in a cost-effective manner and has been working with C1 for more than a decade. We have also partnered with some of the world's leading research institutions, including The Scripps Research Institute, Moscow State University, Wageningen Universiteit, TNO, Bio-Technical Resources, and BE-Basic Foundation.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e0724c866a9d46a4a8c93117038b665f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Experienced management team: </font>With founder and industry pioneer Mark Emalfarb at the helm, our management team has the scientific, business, and strategic experience and expertise needed to manage a successful and growing company. We have recently strengthened our team with the hiring of a new Chief Operating Officer, Chief Financial Officer, Board Member with substantial pharmaceutical experience, Head of European sales, and several leading scientists.&#160; Many of our <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">scientists are leaders in their respective fields, and we have developed sophisticated capabilities to develop new products and improve our C1 platform.</font></td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Our Markets</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are leveraging<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>the C1 Expression System to develop and manufacture enzymes and other proteins for a variety of end-markets. Currently we are mainly focusing our resources and efforts on three primary categories: (i) biofuels and bio-based chemicals; (ii) industrial enzymes including the animal feed, food and beverage, pulp and paper, and textiles end-markets; and (iii) biopharmaceuticals including vaccines, antibodies and other therapeutic proteins. We have a substantially different strategy with each end-market. For biofuels, one of the strategies that we have employed is to license our technology for on-site production of our enzymes. In the pharmaceutical world, we are focused on developing biologics through the preclinical phase. In the industrial enzyme markets, we have a hybrid model of both licensing and direct sales, depending on the specific product category. Through ongoing efforts to advance and broaden our evolving C1 technology platform, Dyadic is also focused on expanding our product offerings and partnerships into new markets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Figure 3 &#8211; Dyadic&#8217;s strategy overview by end market</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: center"><img style="WIDTH: 821px; HEIGHT: 530px" border="0" src="image11.jpg"></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biofuels and bio-based chemicals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As the demand for energy, commodities, and materials derived from natural resources reach unprecedented levels, governments and consumers are seeking sustainable solutions and renewable resources to satisfy their needs and minimize the impact on the environment. Biofuels currently represent one of the most viable and consumer-friendly solutions available. First-generation fuels based on corn, rather than second-generation non-edible plant biomass, are already widely used in automobiles, trucks, and airplanes in the form of bioethanol, biodiesel, and biojet fuel. Since the infrastructure, retail outlets and consumer awareness, acceptance and support for renewable fuels has already been established with first-generation biofuels.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">We believe that second-generation biofuels over time have the potential to be cheaper to produce than first-generation ethanol. Since non-edible plant biomass is much cheaper to grow per ton than corn, and there continues to be rapid reductions in cost of enzymes, production processes, and facility construction, second-generation biofuels are projected to become cost competitive. There are also innovative technologies such as those being commercialized by Abengoa and under development by companies such CIMV. Technology being developed by CIMV is expected to create pure lignin as a byproduct of the biofuel process, which could be sold as a raw material for the production of renewable plastic and may materially change the economics of second-generation biofuel production. In addition, using non-edible plant matter eliminates the &#8220;feed vs. fuel&#8221; dilemma of using corn or other edible crops for the production of ethanol.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In 2014, we are seeing the first commercial scale advanced biofuels plants coming online. Three are based in the United States, built by DuPont, POET/DSM, and our licensee Abengoa for an aggregate 80 million gallon per year capacity. We expect the next wave of second-generation biofuel plants to be built in Brazil, China, and elsewhere in Asia. The leading management consultancy McKinsey &amp; Company expects the nascent cellulosic ethanol market to grow rapidly, projecting a global market of about 20 billion gallons per year by 2020. Based on these projections, we estimate the biofuels enzymes market to potentially be greater than $5 billion within the next decade.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition to biofuels, our enzymes can also be used in similar production processes that utilize fermentable sugars to create high-value bio-based chemicals efficiently at industrial scale. A growing number of technologies being developed and commercialized are expected to depend on access to sizeable volumes of affordable fermentable sugars created by applying C1 enzymes to plant biomass. Interest in bio-based chemicals is increasing and many technology companies have shifted their strategy from biofuels to produce bio-based chemicals, which address a wide and expanding range of multi-billion dollar markets such as polyurethane, acrylic acid, succinic acid, butanediol, biopolymers, phthalate, solvents, and nutritious oils (e.g., omega 3).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic's primary product for the biofuels and bio-based products market is AlternaFuel&#174; CMAX&#8482;, a cocktail of enzymes that is now in its fifth generation, with CMAX5 expected to be introduced in late 2014. Produced by a single engineered C1 host organism, the CMAX liquid cellulase preparation includes a variety of carbohydrase enzymes capable of degrading various lignocellulosic biomass substrates, such as corn stover, wheat straw and sugar cane bagasse, all in one fermentation production run among our numerous competitive advantages in the biofuels and bio-based products markets, we emphasize the following:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4fce16459080437fbd6fbc65e6b003af" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Robust enzymes</font>: Dyadic currently has a wide variety of well-characterized, engineered fungal C1 strains and enzymes, including CMAX, within our portfolio that enable the efficient conversion of multiple forms of non-food plant biomass into fermentable sugars.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cd69aaaea930484f9bbd10f1161f5de9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Customization</font>: We also have the capability and flexibility to develop highly customized enzyme solutions for diverse biomass feedstocks that are pretreated in different ways. C1 itself is feedstock agnostic and readily grows on a variety of biomass including agricultural residues and energy crops. Rather than focusing on the development of one product for every user and every application, we are committed to working with our commercial partners to create tailored solutions for their specific needs.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8834e64e7e61444aaa8eba33d89bfffd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">On-site licensing model</font>: Dyadic has pioneered a business model that offers licensees the option to produce enzymes on-site at a biorefinery. We believe that 30-50% of the cost of delivered biofuel enzymes derives from downstream processing, stabilization, shipping, handling, and warehousing. On-site production avoids these costs. We are committed to ensuring our customers long-term cost control of their enzyme products and providing them with a more secure supply chain and reduced inventory requirements. In the on-site model, we anticipate to receive an upfront licensing fee, milestones and a royalty per gallon of ethanol produced using our C1 enzyme technology.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="be10ce4fc9ac4a059a93f54270147e25" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lower development costs: </font>C1's rich genetic make-up and reliability of scale-up from the lab to commercial production gives Dyadic and our licensees a potential competitive advantage by lowering overall product development costs and improving time to market. Our Dutch research team has a proven track record of developing leading products in a cost effective manner. Our scientists have been able to achieve significant improvements in the glucose conversion rates of our CMAX biofuel enzymes over the past 5 years, thereby lowering the doses needed and allowing&#160; us to realize an 80% cost reduction (Figure 4).</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">12</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Figure 4 - Cost reduction of Dyadic CMAX-series enzymes over the past 5 years</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center"><img src="image00010.jpg"></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe the performance expected from our CMAX enzymes which are in development is anticipated to be a critical factor for our customers' ability to produce biofuels and bio-based chemicals at costs over time that can be potentially competitive to first generation sugars and from oil.. Given the potential size of the market, and the leading status of our technology, we plan to continue to invest a sizable amount of our R&amp;D budget in the CMAX biofuel and bio-based chemical program.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrial enzymes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Global demand for industrial enzymes totaled over $5 billion in 2013, with established markets in North America and Western Europe and high growth in the emerging markets of Asia, Latin America, Eastern Europe, and Africa. Developed regions with more mature markets are demonstrating relatively rapid uptake of new enzyme technologies to address environmental issues, increase productivity, reduce costs, and improve product value. Developing regions offer attractive long-term market growth opportunities. We divide our industrial enzyme markets into four primary segments: animal feed; food and beverage; pulp and paper; and textiles, as outlined below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Animal Feed</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">With the continuous increase in the world's population, a critical target for enzyme additives is more efficient and environmentally friendly production and use of animal feed. Enzymes used as feed additives can unlock more of the nutrient value present in feed products and improve the digestibility and quality of animal feed. The result is more productive poultry, swine, and other livestock, more efficient farming operations, and less environmental waste and pollution.&#160; Enzymes used in animal feed fall into two product families: phytases to degrade phytate, and enzymes to break down non-starch polysaccharides (&#8220;NSP&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Phytase enzymes degrade the phytate found in plant-based ingredients, releasing phosphorus that would otherwise be unavailable. Based on research performed by the University of Guelph, indigestible phytate in animal feed accounts for 50-75% of the grain phosphorus. The use of phytase also facilitates the release of calcium and other nutrients.&#160; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Based on research published in World Poultry, use of phytase can save between $4.50 to $8 per feed</font> ton by resolving phytate anti-nutrient effects that create lost performance. In addition to the economic benefit, phytase enzymes may be marketed as a &#8220;green&#8221; feed additive as they reduce the amount of polluting waste from feed. However, while a large market, we believe that phytase enzyme margins are less attractive than the NSP enzyme market, on which we have focused on to date.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pioneered by research performed in the 1980s and 1990s by J.C. Mathers at the University of Newcastle, both academia and industry have well established the negative effects of NSP on nutrient digestibility and absorption.&#160; Xylanase cocktails such as Dyadic&#8217;s Xylanase 2XP are tailored to break down NSPs into more digestible components. </font>Liberating NSP xylans reduces the viscosity of the feed in the intestinal track in chickens and pigs, which allows for better uptake of nutrients and better accessibility of starch by the animal&#8217;s own enzymes. A 2014 research study by Texas A&amp;M using Dyadic enzymes showed that enzyme supplementation in chicken feed allowed for a 5% reduction in required calorie intake, resulting in a substantial improvement in food conversion efficiency (&#8220;FCE&#8221;). Based on this study, our analysis shows that for less than 1 cent per animal, enzyme supplementation can potentially reduce total diet costs by as much as 17 to 26 cents. Egg-laying chickens also benefit from NSP enzyme supplementation of feed, which are shown to upgrade the nutritional value of small grains, making it possible to use increased amounts of sunflower, small grains, and grain byproducts as sources of protein and energy, removing the upper limit of their inclusion in animal feed. Based on current data, even with these reduced-cost diets, overall egg size is improved.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Research published on the Poultry Site estimated revenue from the global feed enzyme market was approximately $1.0 billion in 2013, of which approximately 55% are NSP enzymes and 45% phytases. MarketsandMarkets, a research group, expects the animal feed enzyme market to reach $1.2 billion by 2018. High growth has been driven both by advancements in enzyme technology and a rapidly increasing cost of commercially manufactured compound feed, which represents 60-70% or more of the total production cost per animal based on separate research studies performed by the Pork Industry Nutritional Efficiency Consortium and Wageningen University. Asia has had a particularly high growth in feed for poultry and swine, and we expect that market to continue to expand.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our lead animal feed enzyme, Xylanase 2XP, the company&#8217;s largest product in overall sales, is a xylanase-based enzyme cocktail that also contains betaglucanase, cellulase and other beneficial enzymes that work in concert to optimize the available energy and protein of feed for chickens and swine. Registration of these products is ongoing in various countries worldwide and through a number of collaborations. Our key markets for the product are in Europe, the U.S., China and other parts of Asia.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition to our current product offerings, we are developing new, innovative products for animal feed applications. One example is a thermostable xylanase enzyme mixture native to C1 that retains a significant amount of its activity during the high temperature pelletizing process. Additionally, we plan to develop more efficient enzymes designed for use in animal feed products for specific diets in which effective enzymes are currently not commercially available or existing solutions are not cost efficient. These new products using the C1 White Strain will not be introduced for several years due to product development and registration timelines, but could have a very positive long-term impact on our animal feed enzyme business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Food and Beverage</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">MarketsandMarkets, a global market research and consulting company based in Dallas, Texas, estimated that demand for enzymes in the food and beverages market was approximately $2 billion worldwide in 2013</font>. In the food and beverage industries, manufacturers face increasing pressure to lower costs and reduce processing times while improving the overall quality of product processes and addressing ethical and health-related concerns. Key drivers in this sector will continue to be rising raw material prices, an emphasis on the nutritional benefits of foods and beverages, and emerging market growth. Enzymes offer significant benefits over traditional alternatives for meeting industry needs, and we believe they will play an increasingly important role across multiple end-markets. In the food and beverage end market, we focus on customers in the brewing, baking and starch &amp; alcohol segments.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Brewing</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our enzymes can enhance brewing products and processes, helping to increase our customers' productivity and profitability. They can reduce the cost and improve the efficiency of brewing by contributing to greater flexibility in raw materials, reducing viscosity, and enabling more effective mashing, filtration, and other processes. We believe that our products have the potential to capture an increasing share of the MarketsandMarkets estimated $200 million global market for brewing enzymes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">It is well recognized in the brewing industry that the presence of NSPs, mainly beta glucans and xylans in cereal grains, can cause processing problems. Water-soluble NSPs increase the viscosity of the solution and block the filters used in production, thereby decreasing process efficiency. The addition of beta glucanase and xylanase enzymes to degrade these NSPs reduces the viscosity of the solution, resulting in cleaner filters and faster, more efficient production processes. Our <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">BrewZyme</font> product contains carbohydrases that improve the efficiency and productivity of filtering and lautering wort and enhance the conversion of poor quality barley to produce acceptable malts.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Amylase enzymes also have an important role in brewing applications. During brewing with high quality malt, endogenous enzymes (those already present in the process broth) degrade the starch of the malt into glucose, which is later fermented to ethanol. However, the use of lower quality malt results in incomplete starch degradation and ultimately less ethanol production. The addition of amylase enzymes to these types of malts improves starch degradation.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Baking</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the baking market, enzymes can improve product quality, extend product shelf-life, and help drive market growth by contributing to new product innovation. The total global enzymes market for baked goods is projected by MarketsandMarkets, a research organization, to increase from $430 million in 2013 to nearly $700 million in 2019.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe the applications and importance of enzymes will increase in this market as consumers demand more natural, nutritionally superior products that are free of chemical additives, stay fresher longer, and offer added health benefits. Consider, for example, the continuing trend toward increased consumption of whole wheat breads due to their health-promoting effects. Enzymes can play an important role in improving the quality of both whole wheat and white breads. They can help degrade the fibers in whole grain breads, enhancing the elasticity of the dough and resulting in larger, less dense loaves.&#160; Enzymes such as amylases and xylanases are used in baking to change the structure of the starch and to improve dough qualities such as workability, stability, and uniformity of rising, and to extend the shelf-life of the product.&#160; Baking enzymes can also enhance and stabilize the crumb structure and the volume, texture, and appearance of breads, cakes, pastries, and other baked goods.&#160; Another advantage of enzymes is their ability to reduce the amount of acrylamide -- a carcinogenic compound -- that can form during baking when the amino acid asparagine reacts with sugars such as glucose or fructose at high temperatures.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition to amylases and xylanases, we are performing innovative research in conjunction with the Healthbread and Bakenzyme programs to uncover opportunities for the development of new enzymes to improve dough-making and dough quality, such as feruloyl esterases and oxidative enzymes. These enzymes can replace chemical oxidizing agents in dough and breads as processing aids to improve dough properties, increase production volume, extend freshness, and enhance end-product structure and appearance.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Starch and Alcohol</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The starch industry is one of the longest-standing markets for enzymes within the food and beverage end-market, dating back to the use of glucoamylase in starch processing in the early 1960s. MarketsandMarkets estimates that the current $1.5 billion alcohol and starch enzyme market will grow annually by 7.9% from 2013 to over $2.2 billion by 2018. Enzymes enable the breakdown of starch into a wide variety of syrups and modified starches without the use of harsh chemicals.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In recent years, it has become increasingly popular to use xylanase or hemicellulase to facilitate conversion of wheat starch into fermentable sugars using industrial-scale liquefaction and saccharification processes. The use of enzymes to lower viscosity during the initial stages of starch conversion, during which long-chain glucose molecules are broken down, makes it possible to decrease overall processing times. Starch manufacturers benefit from additional cost savings, higher quality yield, and reliable production volumes from variable substrates. Our CeluStar XL product has demonstrated unique capabilities to reduce viscosity at very low enzyme doses. Based on the performance of CeluStar XL in application testing, we are now investing to expand our efforts in this end-market.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Pulp and Paper</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Traditional manufacturing methods used in the pulp and paper industry depend on large amounts of water, energy, and chemicals for pulp bleaching. The use of enzymes such as xylanases and hemicellulases to break down wood polymers and make it easier to solubilize and remove the lignin component offers a cost-effective, environmentally friendly alternative to conventional chemical methods. Market research estimates the North American enzyme market for pulp and paper is well positioned for growth, and we believe the global market will grow substantially as the adoption rate at mills increases. Driving demand for pulp and paper enzymes will be rising paper raw material prices, interest in reducing the use of harsh chemicals and other methods with negative environmental implications, and growth in emerging markets. In particular, mills in China have a policy-driven interest in reducing their environmental impact. We are actively advancing our products and corporate capabilities to leverage this substantial market opportunity.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Over the past decade, we have demonstrated continued progress in successfully integrating our enzymatic treatments into the production processes of pulp and paper mills. Fibrezyme G4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>, our flagship product for this application, has capabilities in bio-refining, bleach boosting, deinking, and waste water treatment. Our Fibrezyme products have demonstrated the ability to improve the efficiency of multiple different components of the pulp and paper manufacturing process, and in particular bleaching, refining, and drying of both virgin and recycled pulp. The drying process is an important target for enzymatic treatment as faster, more efficient drying can translate to reduced energy consumption and increased production rates. Our products also contribute to decreased dependence on virgin pulp by improving numerous steps involved in processing recycled pulp. In addition, our treatments can enhance several important features of pulp and paper products, including strength, brightness, and cleanliness.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Textiles</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic helped pioneer the stonewashing process for denim first selling pumice stones followed by selling cellulase enzymes in the 1980s, and has enjoyed a long history of technology leadership in the textiles industry launching our first generation C1 neutral textile cellulase enzyme in 1996. Today, stonewashing of jeans still depend on cellulases, and the processing of many other textiles relies on a variety of enzymes that can alter fiber structure to soften leather, for example, or make fabrics stronger and more durable.&#160; While the market for enzymes in the textile market remains sizable, we believe most products in this segment are characterized by lower margins.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We continue to help our customers gain a competitive advantage by offering quality enzyme products that facilitate more efficient and effective processing of a variety of textiles, decrease dependence on conventional chemicals and reduce consumption of natural resources which lead to lower overall production costs. Fibrezyme&#174; G4, our newly launched next-generation C1 textile enzyme product operates under wide pH and temperature ranges, allowing for integration into a variety of potential textile manufacturing processes and other high-end niche markets within the textile industry.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Other Industrial Enzyme Markets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R&amp;D leading to advanced biotechnological tools for gene discovery and protein engineering provides a wide variety of highly effective enzymes that have replaced and enhanced traditional chemical processes. These enzymes can now operate at a wider range of temperatures, pH levels, and manufacturing conditions, making them suitable in numerous industrial and consumer applications, including the detergents and nutraceuticals end-markets:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="75f11b8673d94eeea5aafc45629bfce0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Detergents: </font>For more than 30 years, enzymes have been used in detergents and household care items to degrade proteins that cause stains, such as grass or wine stains. Currently, enzymes are used in cleaning products to enhance cleaning ability, preventing color fading, and optimize performance at lower temperatures to improve energy efficiency. Biological enzymes products have a smaller environmental footprint than the oil-based and other non-renewable chemicals they are replacing, allowing manufacturers to offer consumers an alternative high performance product that is also more sustainable. <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Research group Koncept Analytics estimated the global demand for enzymes in the cleaning products market was approximately $750 million in 2012.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d008c27b614e4bf6afc6ee8671a97aa3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nutraceuticals: </font>Though still in its formative years, we are confident the nutraceuticals end-market will grow into a billion-dollar industry as consumers increasingly turn to nutraceuticals to prevent illness, manage chronic conditions, and achieve optimum health and wellness. We believe our integrated C1 technology platform will play a major role in delivering functionally superior, cost-effective new ingredients to manufacturers of dietary and herbal supplements and processed foods such as cereals, soups, and beverages.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biopharmaceuticals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Perhaps nowhere is the need for novel expression systems greater than in the biopharmaceuticals industry, where recombinant protein therapeutics, monoclonal antibodies, biogenerics (biosimilars), and vaccines have long developmental timelines, high development costs, and face challenging safety and regulatory issues. <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The global market for therapeutics is projected by IMS Health to grow in excess of $220 billion by 2018. </font>&#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">At present there are hundreds of protein drug candidates that are in preclinical and clinical development.</font> All of these biologics are made by transferring a target gene into an expression system and growing the host cells in industrial-scale bioreactors to produce commercial quantities of the recombinant proteins.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The demand is increasing for novel expression systems to overcome the shortcomings of the common production hosts used today (mammalian, bacterial, and yeast). The potential benefits of a new expression system include significantly lower manufacturing costs, better control of protein glycosylation and protein folding, and higher purity. The most commonly used expression system at present is Chinese Hamster Ovary (&#8220;CHO&#8221;) cells. Efforts to increase CHO cell productivity and prolong the life span of cells in culture have led to volumetric productivity greater than 5 grams per liter under conditions of controlled nutrient feeding. This is a fraction of the potential production capability of Dyadic&#8217;s C1 White Strain. In addition to productivity, C1 offers many other potential advantages:</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">16</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1918ce8da7f84844935e5a2979484a5b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Versatile genetic tools that enable efficient gene transfer with relatively short strain selection timelines</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3f6d248b10d34f4ebf368029d6eb259a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Effective in the expression of high value proteins derived from indigenous and heterologous genetic sources</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="628acffc863d458abf54a19881c34784" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Ability to secrete the expressed protein from host cells into the culture media, which significantly reduces the downstream processing costs</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="62f6bafe0a3b4b4ca4a3f23975e380de" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Analysis of proteins expressed by C1 shows less over-glycosylation compared to yeast which we believe has a structure potentially more amenable to humanization of the glycosylation pattern of mammalian proteins</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a630c6d89213434f81db8096d232d16b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Proven in commercial-scale production since 1996</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e213e63f15c04e7495e6e8ce66dd3bc9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The C1 White Strain can produce a single heterologous protein at a level of up to 50 grams per liter with high purity</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a2e22accc4a0493e9b20660f604fc30a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Direct, linear scale-up from lab to commercial scale fermentation processes, potentially saving years of preclinical development time</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7efffba9e12f4b2eaee58f333bbded28" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Much lower cost raw materials used in manufacturing than those typically seen with CHO cells</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">However, CHO and other systems are well established and proven to be reliable. Further, about 70% of the recombinant biopharmaceuticals currently on the market or in development are glycosylated proteins and require the addition of various sugars to the expressed proteins, giving them their highly specific glycosylation patterns that confer unique properties and functionality. While C1&#8217;s glycosylation capabilities have been found to be more similar to human glycosylation than traditional yeast expression hosts, significant research will be required to access that segment of the market.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">The pharmaceutical industry from time to time has experienced challenges expressing sufficient quantities of proteins needed to conduct clinical trials and/or to manufacture commercial quantities of certain proteins for sale into the market.&#160; For example, when Sanofi was unable to produce sufficient quantities of a promising vaccine in the manner they desired using traditional biological expression systems they began to search for alternative expression systems to continue with their development of this vaccine. Our ongoing project with Sanofi in the area of vaccines began in 2011 and continues to be the cornerstone of our entry into the biopharmaceuticals industry. The goal of our partnership is to develop a procedure for transforming C1 to produce high yields of proteins for use in vaccine production. We have successfully demonstrated that C1 is able to produce two different types of vaccine components. This material has been tested, and initial findings indicated that further R&amp;D and testing is necessary before Sanofi would decide to in-license the C1 Expression System for vaccine production.&#160;We have recently finalized an addendum to the agreement with Sanofi to their research and development program&#160;which has been signed by Dyadic and sent to Sanofi for their execution. We anticipate receiving the signed agreement in&#160;October 2014 prior to our scheduled kick-off meeting on October 22, 2014. We believe that when further modifications are made to our C1 expression system pharmaceutical companies may find C1, among the alternative, cutting-edge expression systems available, to be one of the most attractive because of its long track record in industrial enzyme applications, its robust growth and fermentation characteristics, and its ability to be readily programmed and easily scaled to produce large volumes of low cost proteins with lower capital costs than CHO and certain&#160;other expression systems being used by the pharmaceutical industry.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Generic Biopharmaceuticals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Another area of intense growth and an important strategic target for new expression systems is in the production of generic biopharmaceuticals, also known as biosimilars or biogenerics. For innovators developing novel biopharmaceuticals, unique expression systems provide protection against later competition from follow-on/biosimilar products. This is particularly relevant for products that are proprietary (involve trade secrets), have exclusive licensing, and have unique molecular properties (e.g., glycosylation patterns) that are hard to replicate using other systems. This appears to be an important factor in recent acquisitions and exclusive licensing of novel expression systems and related technology by many large pharmaceutical companies. For example, Merck acquired GlycoFi, which was developing a yeast expression system that can replicate human-like protein glycosylation, for $400 million. Numerous companies are pursuing biosimilar versions of blockbuster drugs that will go off patent within the next few years, including some of the leading monoclonal antibody-based therapeutics.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Follow-on biogeneric and biosimilar developers are also searching for superior expression systems to optimize the cost effectiveness of their manufacturing processes. These companies operate in a highly competitive environment. Biogeneric manufacturers have to compete against experienced and well-established innovators with world-class manufacturing facilities, well-developed revenue streams, and market dominance. Contrary to the expectations of many, biogenerics may not cost less than innovator products to manufacture, and innovators may be willing and able to undercut the price of follow-on protein drugs to maintain their market share.&#160; Most innovators will already have a replacement product or portfolio of products for the same indication available by the time biogenerics would enter the picture, so they would have little to lose by competing against new entrants on the basis of price.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The prevailing opinion is that many follow-on proteins will likely be manufactured using novel expression systems and we are already seeing this with biogenerics. However, the regulatory environment for biogenerics continues to be somewhat uncertain, and it remains unclear how readily these products will receive approval for marketing. The manufacturing process still largely controls and defines biotech products (i.e., the process equals the product paradigm). Therefore, the use of a substantially different manufacturing process introduces the risk that regulators could consider a follow-on protein to be inherently dissimilar to the innovator product, leading them not to allow the comparative and abbreviated testing needed for approval.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">17</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Active Pharmaceutical Ingredients</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">A smaller, yet increasingly important sector of the market is the use of industrial enzymes as biocatalysts in the manufacturing of Active Pharmaceutical Ingredients (APIs). The overall API market was estimated at about $30 billion in 2011, and the number of small molecule APIs that rely on biocatalysis to drive their chemical synthesis reactions is rising rapidly. We are actively exploring opportunities in the API space.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Primary Strategic Partnerships and Licensees</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BASF</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">On May 6, 2013, Dyadic entered into a non-exclusive worldwide research, development, and license agreement with BASF SE (BASF). Under the terms of the agreement, BASF will be able to apply Dyadic's C1 Expression System to the development, production, distribution, and sales of industrial enzymes in certain markets for a variety of applications. The agreement&#160;includes certain funding by BASF to support R&amp;D at Dyadic's research center in The Netherlands, a non-refundable <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">upfront</font> license fee of $6 million dollars&#160;and various potential research milestone fees and royalties to be paid to Dyadic on product commercialization.&#160;&#160;To date, BASF has funded the entire $6 million license fee and&#160;in excess of $800,000 in support of R&amp;D which includes an initial milestone payment for certain agreed-to levels of expression achieved in such R&amp;D program.<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160; </font>&#160; </div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">BASF has the freedom to develop, manufacture, and sell new products using C1 and to explore new business opportunities in a variety of markets, including animal nutrition. A major R&amp;D project currently underway between Dyadic and BASF has been very successful to date, and we expect continued success with this and other future joint projects. We are confident and expect that this interactive partnership will drive continued collaboration and will have a long-lasting, beneficial impact on the industrial enzymes businesses of BASF and Dyadic.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Abengoa Bioenergy</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Abengoa is the European market leader in corn-based ethanol production and the seventh largest corn-based ethanol producer in North America. On November 8, 2006, Abengoa acquired 2.14 million shares of Dyadic stock for $10 million to fund R&amp;D for the development of enzymes used to degrade biomass for second-generation biofuel applications.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On February 18, 2009, Dyadic and Abengoa entered into a non-exclusive license agreement (the Abengoa License Agreement), which became effective on May 12, 2009. The agreement gave Abengoa access to certain patent rights and know-how owned by Dyadic related to use of the C1 Expression System for large-scale production of enzymes for use in manufacturing biofuels (including cellulosic ethanol and butanol), energy, and/or chemicals. The Abengoa License Agreement provides for facility fees and royalties to be paid to Dyadic on the commercialization of biofuels and other products that utilize our materials and technologies.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On April 23, 2012, the Abengoa License Agreement was amended and restated to provide Abengoa with additional rights, including worldwide rights to use Dyadic's C1 Expression System in the licensed fields. In addition, the amended agreement clarifies Abengoa's rights to sell enzymes produced using C1 technology to third parties for use in both first- and second- generation biorefining processes for the production of fuels, chemicals, and or/power. Abengoa paid Dyadic an additional $5.5 million non-refundable upfront license fee in exchange for the expanded rights. Dyadic will also receive additional payments, such as royalties, on the commercialization of biofuels and other products that utilize our C1 materials and technologies licensed to Abengoa. Abengoa will begin operations at its Hugoton, Kansas facility in the fourth quarter 2014. In connection with the facility start-up, a license milestone was achieved in July 2014 and we received the $500,000 payment in September 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic's license agreement with biofuels pioneer Abengoa puts our C1 technology at the heart of one of the first commercial scale next-generation cellulosic ethanol facilities in the United States, which is scheduled to come online in the&#160;fourth quarter of 2014. Abengoa has built a biomass-to-ethanol biorefinery in Hugoton, Kansas with a capability of producing 25 million gallons per year of bioethanol for use primarily as transportation fuel and for electricity generation to power an on-site cogeneration plant. According to Abengoa, the Hugoton biorefinery will process nearly 350,000 tons of biomass annually; converting cellulosic feedstock from agricultural waste into renewable liquid fuel using Abengoa's proprietary technology and enzymes developed and manufactured using Dyadic's C1 system. Abengoa has reported that it has invested over $400 million in the design and construction of the Hugoton plant and nearly $1 billion over the past decade in the development of its cellulosic sugar platform, which includes their investment in further advancements made to the C1 technology licensed from Dyadic.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CIMV</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In July 2014, Dyadic entered into a memorandum of understanding agreement to commercialize second-generation biofuels and bio-based chemical technology with CIMV.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">18</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">CIMV&#8217;s patented approach for separating lignin from plant material prior to enzymatic processing creates Biolignin&#8482;, a pure form of lignin that may be sold commercially as an environmentally friendly alternative to petroleum-derived chemicals. The technology has garnered industry acclaim in winning the Pierre Potier Prize for Innovation in Chemistry and Frost &amp; Sullivan's 2013 French Visionary Innovation Award. CIMV is a portfolio company of Pierson Capital, a leading developer of major infrastructure, transportation and energy programs in the emerging markets of Asia, Africa, and Latin America.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Under the memorandum of understanding, Dyadic and CIMV will work together to develop more efficient, fully integrated processes to produce environmentally low impact biofuels and bio-based chemicals.&#160; Dyadic anticipates supplying enzymes to CIMV&#8217;s planned 2015 demonstration plant, and licensing its C1 technology for on-site production of enzymes at CIMV&#8217;s future commercial scale plants.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sanofi Pasteur</div>

<div></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our ongoing project with Sanofi in the area of vaccines began in 2011 and continues to be the cornerstone of our entry into the biopharmaceuticals industry. The goal of our partnership is to develop a procedure for transforming C1 to produce high yields of proteins for use in vaccine production. We have successfully demonstrated that C1 is able to produce two different types of vaccine components. This material has been tested, and initial findings indicated that further R&amp;D and testing is necessary before Sanofi would decide to in-license the C1 Expression System for vaccine production.&#160;We have recently finalized an addendum to the agreement with Sanofi to their research and development program&#160;which has been signed by Dyadic and sent to Sanofi for their execution. We anticipate receiving the signed agreement in&#160;October 2014 prior to our scheduled kick-off meeting on October 22, 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Animal Feed Enzymes</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">In 2011 we entered into a license and R&amp;D agreement with a leader in the animal feed enzymes industry. We can report that during the past three years we have been developing together with this licensee a next-generation enzyme product for sale into the animal nutrition industry. This product is expected to <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">replace</font>, to a great extent their current product, which they are a market leader in its segment, within the next two to four years, after appropriate regulatory registrations in various jurisdictions are complete. We are hopeful that the successful outcome of this project will lead to additional joint R&amp;D agreements and other opportunities to collaborate in the animal feed enzymes industry.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Competition</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are leveraging our C1 Expression System and our non-GMO Trichoderma technology across multiple industries and numerous end-markets. To each we bring unique advantages and opportunities, and in each we face distinct competitive dynamics.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrial enzymes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Three major suppliers dominate the global industrial enzymes market: Novozymes, DuPont, and DSM. Novozymes is the market leader, with approximately 48% market share in 2013. DuPont, through its acquisition of Genencor (via Danisco), became the second largest producer, with&#160;approximately 20% of the market. In third place is DSM, with a market share of 6%.&#160;The remaining 26% of the market share&#160;represents companies such as BASF, AB Enzymes, Chr. Hansen, Adisseo, Alltech, and Dyadic. </font>While a few of the major players have access to their own proprietary expression system, others do not or their expression systems are not meeting their anticipated needs and therefore we believe C1 offers those parties, and others who may be interested in entering this market an opportunity to work together with us to develop next generation enzyme products. Dyadic&#8217;s wide freedom to operate, non-exclusive license agreements and the potential for further licensing our C1 technology make us an attractive potential partner.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">19</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biofuels and Bio-based Chemicals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe that our CMAX enzymes are one of the leading product offerings in the biofuels market, and our licensing agreement with Abengoa and collaboration with CIMV, both industry leaders, positions our C1 Expression System as a key component of the emerging commercial scale next-generation biofuels production processes. Hydrolysis of cellulosic biomass, driven by enzymatic catalysis, is a critical step in the production processes for biofuels or bio-based chemicals. Enzymatic hydrolysis can account for more than a third of the total operating costs of a biorefinery. Currently there are three leading enzymatic hydrolysis platforms: (i) C1, in use by Dyadic and its licensees; (ii) Trichoderma, in use by Novozymes, BP, DuPont, and Clariant/S&#252;d Chemie; and (iii) DSM's technology. <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Test results performed by other industry leading bioenergy companies repeatedly demonstrate that, depending on certain variables, such as pH, temperature and the type of pre-treated biomass tested the C1-based enzymes when applied at equal protein loading have similar or better performance than the market leading Trichoderma-based enzymes</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Figure 5 &#8211; C1 is one of three leading enzyme platforms for second generation biofuels</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center"><img src="image00011.jpg"></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biopharmaceuticals</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our C1 Expression System has the potential to become a viable alternative to the current leading expression systems used in the biopharmaceuticals industry to produce vaccines, monoclonal antibodies, and other therapeutic proteins. C1 has several inherent benefits and competitive advantages compared to the industry standard expression systems for biologies such as CHO cells, Pichia, and <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">E. coli</font>, as detailed below:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8fadcd4c26cb4314a573777759340f60" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mammalian cells:</font> Currently the preferred hosts for most complex protein therapeutics due mainly to their high compatibility with human glycosylation. They comprise 55% of the market, dominated by CHO cells. Disadvantages include the relatively long time for cell line development, unstable gene expression, and low protein yields.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f099f8d4aed94a558ac0a4cd7219fcce" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bacterial:</font> Representing 40% of the market, bacteria such as <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">E. coli</font> produce toxic and pyrogenic cell wall components that may make them unsuitable for the production of pharmaceutical or food components. However, they are currently the easiest, cheapest, and quickest method for recombinant protein expression and are often used in laboratory settings.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e0b074559cc44a91b8469164292987dd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Yeast:</font> In contrast to bacteria, yeast does not produce potentially toxic and pyrogenic cell wall components. Further, the genetic tools for yeast development are advanced and enable continued engineering of new strains that may become more suitable than CHO cell lines. These benefits have allowed yeast to increase their market share to approximately 15%.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">20</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe that our C1 expression system has potential advantages against all three leading systems, as outlined below.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Figure 6 &#8211; Competitive advantages of the C1 Expression System compared to the leading pharmaceutical expression systems</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e872db30f05343fea23d4fecd2627a89" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Competitor's Weaknesses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C1's Corresponding Strengths</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CHO cells</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(Chinese hamster ovary)</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160; Takes a year or more to optimize fermentation process</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160; Protein expression levels diminish over time</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160; Contamination with mammalian viruses or mycoplasma a concern</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Linear scale-up</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>High throughput screening (&#8220;HTS&#8221;) using C1 potentially could speed up drug discovery and development</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>C1 is non-mammalian so no viral inactivation or validation is needed</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pichia<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(yeast)</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160; Glycosylation can induce immunogenic response</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Limited expression of eukaryotic proteins</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Secretion levels of proteins from yeast cells can be lower than from fungal cells</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>High viscosity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Capable of intron processing (to remove unexpressed gene regions)</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Able to express wide range of eukaryotic proteins</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Near to human glycosylation anticipated after further glycoengineering</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>High expression levels</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E. coli</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(bacteria)</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>No intron splicing</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>No glycosylation</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Cannot express antibodies</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Target enzymes or other proteins may be insoluble (inclusion bodies) and are not secreted</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 38%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Capable of intron splicing</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Human-like glycosylation anticipated after further glycoengineering</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>Potentially able to commercially express monoclonal antibodies</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -12.95pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 12.95pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;<font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#160;</font>All targets are secreted</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-WEIGHT: bold"><u>Intellectual Property</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our current patent portfolio includes 15 U.S. patents and 41 foreign patents for claims that cover the Dyadic C1 technology platform, and a total of 32 U.S. and foreign filed and pending patent applications. We believe this breadth and depth of established and pending patent coverage provides broad protection for Dyadic&#8217;s technology, products and commercial applications. We also rely heavily on trade secrets to protect our technologies. We review our intellectual property portfolio on an ongoing basis, and we from time to time&#160;file claims on new innovations and allow certain intellectual property rights to expire at our discretion.&#160; Our remaining patents expire over periods ranging from&#160;2 to 16 years from the date of this Registration Statement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our primary family of patents protects the commercial development and use of various C1 organisms, the C1 Expression System, certain C1 molecular tools such as promoters, as well as specific C1 genes and C1 enzymes among other IP. These patents comprise a comprehensive intellectual property portfolio that protects our C1 Expression System and the products derived from it. We believe this portfolio gives us wide freedom to operate with our C1 technology and requires that companies seeking to use our C1 organisms and molecular tools as a commercial expression system take a license to the C1 technology from Dyadic or in some cases a sub-license from our licensees.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We also have a family of patents that among other applications protect our use of enzymes and enzyme combinations in the biofuels and bio-based chemicals end-markets. These patents protect the compositions and methods of developing and producing novel enzymes and enzyme combinations that efficiently convert various sources of plant biomass (e.g., corn stover, wheat straw, and bagasse) to the fermentable sugars used in the production of advanced biofuels and bio-based chemicals.&#160; These claims cover the production of enzymes using Dyadic's C1 Expression System, as well as in some circumstances a wide variety of additional production methods that rely on the use of bacteria, yeast, algae, other fungi, and plants.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition, we have a series of valuable patents that protect our ability to use C1 and certain other filamentous fungi for high throughput screening (&#8220;HTS&#8221;) of gene libraries. HTS is an important, broadly applied process in industrial biotechnology and the pharmaceuticals industry to identify and optimize new and improved enzymes and other protein products. Sorting through large gene libraries can be a very tedious and time and resource consuming process. Methods described in our patents may allow us and our licensees the potential to use advanced automation and robotics to screen gene libraries more rapidly and effectively, shortening development timelines and accelerating scale-up to commercial production. While we originally designed these HTS processes for use with our proprietary C1 Expression System, we believe they have the potential for broad application within the industry and may offer Dyadic an additional opportunity to license our filamentous fungal HTS technology.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">21</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Research and Development Capabilities and Collaborations</u></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Internal Research and Development Capabilities</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic&#8217;s philosophy is to utilize the best researchers globally to further our C1 Expression System technology, whether through internal R&amp;D efforts or collaborations with third parties. Dyadic has leveraged a number of strong research partnerships since discovering C1 in the early 1990&#8217;s and many of these partners have been working with the Company since the 1990s.&#160; These collaborations are in the form of joint projects funded by third projects, consulting agreements or fee-for-service where Dyadic is the customer.&#160; We <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">and/or our licensees and collaborators </font>are currently engaged in some form of research with each of the following institutions discussed below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of June 30, 2014, Dyadic had 32 employees dedicated to R&amp;D.&#160; We expect to spend 10-15% of our non-licensing revenue on internal R&amp;D-related activities to develop our own product and make improvements to the C1 Expression System. We anticipate that our R&amp;D expenditures will further increase as we explore and embark upon new R&amp;D to further improve our technologies and focus on certain applications for which we believe we may be able to apply our C1 and other technologies.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Most of our R&amp;D activities take place at Dyadic's primary research facility in Wageningen, The Netherlands. A major expansion of the research facility was completed during 2013-2014, which allowed us to close our small laboratory in North Carolina. The expansion included a significant increase in floor space, installation of a wide range of state-of-the-art research equipment including a new fermentation lab, and a 40% increase in our scientific staff.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">R&amp;D Collaborations</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wageningen University</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">DNL is located near Wageningen University, a leading research institution that is often ranked as the #1 life sciences university in Continental Europe by Times Higher Education (THE).</font> Dyadic benefits from our proximity to and close working relationship with the University in many ways: access to key technical support; a ready supply of well-trained scientists and interns; aid in attracting government-funded projects; and a variety of less tangible benefits from our ongoing interactions.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Scripps Research Institute (Scripps Florida)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Scripps is one of the world's largest and most reputable biomedical research organizations. Dr. Richard Lerner, former president of Scripps previously served as the chairman of Dyadic's Scientific Advisory Board.&#160; The Institute performed the first automated annotation of the C1 genome, allowing identification of key metabolic functions that influence gene expression and facilitating the use of advanced molecular engineering and genetic technologies. It re-annotated the genome in 2009-2010, providing us with new information about C1 genetics that enabled us to improve the C1 technology platform, increase yields, pursue new product candidates, and explore new markets and applications.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Moscow State University</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In our longest-running research partnership we work primarily with experts in industrial enzymology at the University's Division of Chemical Enzymology, as well as with microbiology experts at the Russian Academy of Sciences. This collaboration dates back to 1992, when we initiated the joint development of Dyadic's first enzyme product, an acid cellulase produced from Trichoderma, which we commercialized two years later. At that time we also commissioned the Moscow State University to begin the search for a new expression system for the development and production of enzymes. A search through thousands of microorganisms led to their discovery of the C1 wild-type strain.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Netherlands Organization (TNO)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">TNO Quality of Life is a Dutch government-sponsored contract research organization and one of the institutes comprising TNO for Applied Scientific Research. We have worked with TNO since 1998 on a variety of development programs. Their scientists are widely recognized as leaders in the fields of fungal genetics and molecular biology, and we benefit from their continued guidance on state-of-the-art techniques for regulating gene expression, performing gene knock-outs, and improving gene discovery. We enjoy a very close relationship with TNO and, from 2002-2007, our R&amp;D lab was located within the TNO facility, until we outgrew the shared space and established our own stand-alone research center in Wageningen.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bio-Technical Resources (BTR)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Wisconsin-based BTR, a division of Arkion Life Sciences, is a contract research organization with expertise in areas of strain and process development for fermentation of microbial products. Dyadic, and some of our licensees, have worked with BTR since 1995 on a variety of development programs, including the production of several commercial enzyme products and processes using C1.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Public-private Research Partnerships</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic benefits in many ways from our involvement in nine public-private research partnerships funded by the European Union and other governments, including from revenue to offset R&amp;D costs, potential business development opportunities with partners, ways to accelerate progression of the C1 technology platform, and access to industry knowledge in related fields.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OPTIBIOCAT</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">OPTIBIOCAT is an EU-funded project developing biocatalytic enzymes to replace the chemicals currently used to produce antioxidants for the cosmetics industry, thereby providing a "greener" more environmentally friendly and potentially more cost-effective solution. We are using both our proprietary C1 enzyme library and our patented C1 Expression System to produce the targeted enzymes. In addition, the project will implement strain improvement and fermentation optimization strategies to reduce production costs and allow for industrial scale production. Our C1 platform will be a key enabling technology in this large consortium-based effort that began in December 2013 and is scheduled for completion by December 2017.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bakenzyme</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Bakenzyme project seeks to develop more pure and widely applicable enzyme products for the baking industry to improve dough and bread structures. Most currently available enzyme products have unwanted side activities that can negative affect bread quality. Our C1 technology can produce new, dedicated, and relatively pure enzyme products that will improve dough and bread quality and enhance its nutritional value by increasing the bioavailability of health-promoting nutrients naturally present in flour.&#160; The program began in January 2014 and is scheduled to last through July 2016.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Healthbread</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The EU-funded Healthbread project supports a collaboration with several large baking companies to develop enzymes that improve the bioavailability of nutrients in breads. Specifically, the goal is to develop dry processing (milling) technologies to produce wheat fractions, thereby improving the bioaccessibility of bioactive compounds in these wheat fractions during wet processing (fermentation) using enzymes and microbes.&#160; The aim of this two-year project ending in October 2014 is to produce breads and other baked goods with improved nutritional and product qualities, including greater bioavailability of fiber, vitamins, minerals, and other micronutrients. Our role in the project has been to screen a variety of C1 enzymes on whole grain flour and wheat bran to evaluate their activity and, in particular their ability to increase levels of ferulic acid. We are in the process of expressing and analyzing target enzymes in the C1 White Strain.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Miracles and AlgaeParc programs</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are involved in two algae-focused projects: the EU-funded Miracles program and the Dutch-funded AlgaeParc Biorefinery, both of which began in November 2013 and are scheduled for completion in November 2017. A great deal of R&amp;D investment is being focused on microalgae as a promising renewable feedstock for manufacturing commodity and specialty products for a variety of food and non-food end-markets. In the food and cosmetics industries demand is growing rapidly for using algae to produce high value compounds such as lipids and proteins, and new, more effective, lower cost methods are needed to release these compounds from the algae biomass, which has been an ongoing challenge. Enzymes, which can weaken algae cell walls, may offer a low-cost solution to existing techniques that involve pressing algae, resulting in lower energy input and higher yields for lipid extraction. We are involved in the development and production of dedicated enzymes to enable and/or improve extraction of high value compounds from algae.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bio-Mimetic</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Bio-Mimetic is an EU-funded project to develop enzymes for the production of high value compounds from lignin. Our partners include Procter &amp; Gamble and France-based CIMV, a pioneer in the development of lignin biorefineries. We believe that lignin can be converted efficiently and cost-effectively into high value, sustainable commercial products such as adhesives, detergents, and cosmetics. Lignin is a complex polymer of aromatic alcohols that is present in large amounts in plant cell walls. At present, its main use is as an energy source through burning. Enzymatic degradation of lignin produces small aromatic molecules that can then be used to make chemicals, such as adhesives that mimic many of the same efficient attachment mechanisms found in nature (e.g., the attachment processes used by marine organisms). This project began in July 2012 and is schedule to continue through June 2015</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Chit4Value</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are pursuing this 48-month long Dutch-funded project in partnership with Wageningen University. The goal is to convert chitin, one of the world's largest organic waste streams, into valuable compounds. Chitin is present in the cell walls of fungi, for example, and is a component of the exoskeletons of insects, spiders, crabs, lobsters, and shrimp (with shrimp shells being an especially large waste stream that is rich in chitin). This project is evaluating C1 chitinase enzymes for their effectiveness in degrading chitin to monomers that can be used as starting materials for commercial polyamide production. The project is scheduled to complete in 2017.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">23</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DISCOX</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">DISCOX is a Dutch-funded project in partnership with AVEBE, a leading starch producer, to develop enzymes that oxidize starch for non-food applications. Oxidative enzymes play a major role in the natural degradation of wood and other plant debris, and this project aims to produce new oxidative enzymes and evaluate their commercial potential for converting starch into useful materials. The project began in April 2013 and is scheduled to last for 48 months.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Parenco</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">This Dutch-funded project in partnership with Parenco, a paper mill, and the HAN University, focuses on the conversion of paper waste streams into valuable products, with the ultimate goal being the creation of a consortium that will develop a demonstration biorefinery at the site of the Parenco plant. The aim for this facility is optimal utilization of alternative lignocellulosic raw materials and residues from the region, and conversion into fiber raw materials for the production of paper, polymers, and chemicals. This 16-month project began in July 2013. We have applied for various public-private research programs that are pending acceptance. If accepted the parties to the program will be notified of acceptance and funding.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Regulatory Environment</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Dyadic&#8217;s current industrial enzyme food &amp; feed products do not require FDA approval and none of Dyadic&#8217;s current food &amp; feed industrial enzyme products have received FDA approval other than as indicated below as to the C1 generally regarded as safe (GRAS) notice.&#160; Dyadic's current food enzymes comply with Food Chemicals Codex (FCC) and Joint FAO/WHO Committee on Food Additives (JECFA)<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>guidelines for enzymes used as food processing aids.</div>

<div style="MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dyadic&#8217;s current food enzymes are produced from non GMO Trichoderma and are recognized as GRAS by self-affirmation or by notice to the FDA in accordance with the FDA's regulations in Title 21 of the Code of Federal Regulations (21 CFR).</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dyadic also buys &amp; sells food enzymes, produced by other enzyme companies which are produced from non GMO organisms and are also recognized as GRAS by self-affirmation or by notice to the FDA in accordance with the FDA's regulations in 21 CFR.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Additionally, in regards to Dyadic&#8217;s C1 technology platform to date, Dyadic has received a FDA Agency Response Letter GRAS Notice No. GRN 000292.&#160;&#160; The subject of the notice is cellulase enzyme preparation derived from a genetically modified strain of Myceliophthora thermophila (cellulase enzyme preparation).&#160; The notice informs the Company that the FDA had no questions regarding our conclusion that the cellulase enzyme preparation is GRAS, through scientific procedures, for use as an enzyme in the production of wine, beer and fruit juices.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We develop products derived from both GMO and non-GMOs that are subject to regulation by federal, state, local, and foreign governmental agencies. Some of our existing products required U.S. FDA approval, and we will need FDA approval for most if not all of our future products in the U.S. In addition, European countries have regulations regarding the development, production, and marketing of products from GMOs, and these are generally more restrictive than present U.S. regulations. The European Union is attempting to replace country-by-country regulatory procedures with a consistent EU regulatory standard, though some country-by-country regulatory oversight will likely remain. Some other regions of the world accept either a U.S. or European clearance together with a filing of associated data and information for their review of a new biologically derived enzyme product. However, other jurisdictions do not accept U.S. or EU clearance and have their own specific rules with which we must comply. Our licensees are also subject to the rules of the U.S., EU, and other countries. We currently have no products pending regulatory review with the FDA or a similar regulatory body in the EU or elsewhere.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the U.S., our biofuels business is the beneficiary of the Federal Renewable Fuel Standard (RFS), a program established and administered by the Environmental Protection Agency (EPA). With the RFS, the EPA set renewable fuels volume mandates for automotive fuels in the U.S. While the program is not a direct subsidy, the guaranteed market created by the RFS is expected to stimulate growth of the biofuels industry and to raise prices above where they would have been in the absence of the mandate. The RFS has been modified since its establishment under the U.S. Energy Policy Act of 2005, and it is currently under evaluation again. Further changes to the RFS may negatively affect our biofuels business and our licensees in the U.S. biofuels industry, such as Abengoa.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0.1pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">For further discussion on our regulatory environment, see "Risk Factors that May Affect Future Results &#8211; Regulations may limit or impair our ability to sell genetically engineered products in the future."</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">24</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Customers</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our customers for our industrial enzymes are primarily distributors, enzyme formulators, and other value-added resellers. Of Dyadic's approximately 100 customers, our top 10 industrial enzyme customers represented 66%, 69%, and 71% of our sales in the years ending December 31, 2011, 2012, and 2013, respectively.&#160; For the six months ended June 30, 2013 and 2014, the top 10 industrial enzyme customers represented 71% and 66%, respectively. Europe, our largest market, represented 57% of industrial enzyme sales in the first six months of 2014, while the Americas represented 31% and Asia represented 12%.&#160; In general, we have seen the strongest growth in Europe, where we have gained recent registrations with key customers. While these customers each buy from several enzyme suppliers, we believe that the time and resources our customers have spent evaluating and registering our products are driving strong growth in our key existing accounts.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our main technology licensees have been Abengoa, BASF, Codexis, and the animal nutrition company described above, and we have received significant licensing payments from each over the past several years as well as in some cases additional R&amp;D funding. We expect that Abengoa, BASF, CIMV, the animal nutrition licensee and our other current partners will provide us with recurring royalties and/or R&amp;D revenues in the future.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Funded third-party R&amp;D represented 20%, 23%, and 12% of total revenue, excluding license fee revenue, in the years ending December 31, 2011, 2012, and 2013, respectively, and 19% in the six months ending June 30, 2014. Our government-funded private-public research projects accounted for 32%, 15% and 21% of funded R&amp;D in the years ending December 31, 2011, 2012, and 2013, respectively, and 34% in the six months ending June 30, 2014. We expect government-funded projects to continue to play a meaningful role in our business on an ongoing basis. In addition to generating revenue, these public-private projects promote innovation and function as a catalyst for growth with potential new products, platform improvement and relationships with industry leaders.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">25</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manufacturing</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our commercial scale production processes generally involve conventional types of fermentation equipment and raw materials for use with both our C1 engineered strains and the non-GMO Trichoderma strains we rely on to produce large volumes of industrial enzymes. We continue to develop and optimize these processes in collaboration with our manufacturing partners and licensees. Dyadic does not own enzyme manufacturing facilities; instead we currently are utilizing contract manufacturing companies such as ENMEX S.A. de C.V. for substantially all our current commercial enzyme product manufacturing. We have worked continuously with this contract manufacturer to produce commercial enzymes since 2008 and our relationship is governed by&#160;several key points:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f2ac24dba3e84232a8775f593891e0e9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Dyadic owns the technology associated with the production strains and enzymes produced</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="18e465081f1442a983b2eb0d20ece91c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Our toll manufacturer produces enzymes for Dyadic using its fermentation tanks and downstream processing equipment according to our process protocols and specifications</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9b1a6bcbeaf0458ea8dacbaa434e88ce" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The toll manufacturer operates its plant under Current Good Manufacturing Practices (cGMPs), producing our enzyme products for use as food processing aids and as supplements to animal feed</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8d26233a5b8e4c0baa203a083d12754e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The manufacturing facility maintains Kosher and Halal certification, important for the animal feed and food enzyme markets</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0ef8147021ed4a3aa680bb1ffed6c925" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The toll manufacturer maintains ISO 9001:2000 status for its Quality Management Systems as they relate to enzyme production and distribution</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition to controlling the manufacturing process, our applications lab in Jupiter, Florida also provides quality controls and assurances to comply with regulatory and statutory requirements when necessary. Our verbal agreement has not required a minimum purchase or quantity and can be cancelled at the discretion of either party with proper notice. We believe that our current production capacity is adequate for both our present needs and our anticipated requirements for the next several years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We continuously monitor the production and manufacturing capabilities of our partner. In addition, we have identified several potential alternative manufacturing sites that potentially could be engaged should we have the need for additional production capacity, or if we were to encounter a supply disruption with our toll manufacturer. However, more than likely we would have some disruption to our business if this were to happen abruptly.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Sales and Marketing</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our business-to-business model of selling primarily to distributors and formulators allows us to maintain a relatively small sales team. We have a Vice President of Sales and Marketing located in our Jupiter, FL, headquarters. In addition, six salespeople work remotely in Hong Kong, The Netherlands, Germany, Brazil, North Carolina, and Minnesota. Our experienced sales team works closely with practice leaders with industry expertise in each of our end-markets, including animal feed (U.S.), food and beverage (Europe) and textiles (Asia). We are planning to expand our sales team from five to eight team members in 2014/2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Legal Proceedings</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">We are currently engaged in litigation as plaintiff with three former professional service providers and three individuals from these service providers. In 2009, we filed suit against our professional service providers in connection with events related to alleged improprieties at our former Asian subsidiaries, which we abandoned in May 2007. Jenkins &amp; Gilchrist, P.C., one of the defendants, settled with us for $525,000 on August 8, 2012. Claims against the remaining defendants are still pending and we are seeking monetary damages.&#160; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The court ordered mediation is currently scheduled for November 10th and 11th, 2014. On September 23, 2014, the court entered orders denying all defense motions for summary judgment that had been heard by the court by that date and granting our request to not allow the defendants to claim a particular affirmative defense to our claims.</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"> The court has not yet set a trial date for 2015. If the case is not settled, we anticipate it will go to trial in 2015. Please see the section "</font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Item 8 &#8211; Legal Proceedings&#8221;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"> for additional details.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Employees</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of June 30, 2014, we had 52 employees, 32 of whom were primarily engaged in R&amp;D activities. Our workforce includes 30 employees with a Ph.D. or other graduate degree. None of our employees are represented by a labor union, and we consider our employee relations to be good.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">26</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Facilities</u></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We lease approximately 18,000 square feet of space between one facility in Wageningen, The Netherlands (9,375 sq. ft.) and two facilities in Jupiter, Florida (8,372 sq. ft.). Our primary R&amp;D facility is purposefully located in proximity to the University of Wageningen, a preeminent research institution, which provides us with access to market expertise and a rich talent pool. We recently completed a significant expansion of this facility (4,090 sq. ft.; lease ending December 31, 2018) to add floor space, personnel, and new equipment. We anticipate expanding our Netherlands R&amp;D Facility by an additional 4,434 square feet in approximately November 2014.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We lease office space (4,872 sq. ft; lease ending December 31, 2015) that serves as our corporate headquarters in Jupiter, FL. The laboratory in Florida (3,500 sq. ft.; month-to-month lease) is a quality assurance facility situated approximately 2.5 miles from our corporate headquarters. This location gives Dyadic access to the nearby Scripps Florida institute and the Max Planck Florida Institute.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Corporate information</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Founded in 1979 by Mark A. Emalfarb, Dyadic has focused on development of the C1 Expression System since 1992, refining and optimizing the C1 system to create an industry leading gene expression and protein production system.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Currently, Dyadic is a global biotechnology company with operation in the United States and The Netherlands. Dyadic was incorporated in Delaware in September 2002. Our principal corporate offices are located at 140 Intracoastal Pointe Drive, Suite 404, Jupiter, FL 33477; telephone number (561) 743-8333; website <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>www.dyadic.com</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Reports filed with the OTC Markets Group are available free of charge through the "Investor Info" section of the Dyadic website. Following the effective date of this registration statement, we also intend to make available our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after electronically filing such material with, or furnishing it to the Securities and Exchange Commission (SEC). Once filed with the SEC, such documents may be read and/or copied at the SEC's Public Reference Room at 100 F Street N.E., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that electronically file with the SEC at <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>www.sec.gov</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We also make available free of charge through the "Investor Info - Corporate Governance" section of our website the charters of each of the committees of our Board of Directors, and codes of conducts and ethics of our directors, officers, and employees. Such materials are also available in print upon the written request of any stockholder to Dyadic International, 140 Intracoastal Pointe Drive, Suite 404, Jupiter, FL 33477, Attention: Investor Relations.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item1A"><!--Anchor--></a><a name="Item1A.RiskFactors"><!--Anchor--></a>Item 1A. Risk Factors<a name="Item1a_RiskFactors_152518"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M181"><!--Anchor--></a>Investing in our common stock involves a high degree of risk. You should carefully consider the following material risks, together with the other matters described in this Registration Statement and in our financial statements and the related notes thereto in evaluating our current business and future performance.&#160; We cannot assure you that any of the events discussed in the risk factors below will not occur.&#160; If we are not able to successfully address any of the following risks or difficulties, we could experience significant changes in our business, operations and financial performance.&#160; In such circumstances, the trading price of our common stock could decline, and in some cases, such declines could be significant and you could lose part or all of your investment.&#160; In addition to the risks described below, other unforeseeable risks and uncertainties or factors that we currently believe are immaterial may also adversely affect our operating results, and there may be other risks that may arise in the future.&#160; Certain statements contained in this Registration Statement (including certain statements used in the discussion of our risk factors) constitute forward-looking statements.&#160; Please refer to the section entitled &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; appearing on page 1 of this Registration Statement for important limitations and guidelines regarding reliance on forward-looking statements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M182"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Risks Related to Our Businesses</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M183"><!--Anchor--></a>In addition to our more established industrial enzyme business, we have expanded our focus and have begun to leverage our technology into markets that are new to us, including biofuels, bio-based chemicals and biopharmaceuticals, which may make it difficult to evaluate our current business and predict our future performance.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">27</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">As we leverage our existing technologies into markets that are new to us, a portion of our business is subject to the execution and integration risks early-stage companies customarily face with new technologies, products and markets.&#160; These risks are related to our ability to successfully develop our new technologies, products and processes, assemble adequate production and R&amp;D capabilities, comply with regulatory requirements, construct effective channels of distribution and manage growth.&#160; Additionally, we are subject to competition from much larger companies who have greater resources than us.&#160; Also, the market for cellulosic sugars, biofuels and bio-based chemicals is a market that is not yet established and is only beginning to emerge and there is a risk that it will not succeed and not grow at the rates projected whether delayed or at all.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">With respect to our expansion into the biopharmaceutical market, we face risks inherent in adapting our technology to new markets and processes.&#160; We have not yet commercialized any products for the biopharmaceuticals market, and we may never be able to do so.&#160; We do not currently have the qualified personnel with experience or expertise in research and development of biopharmaceuticals nor the personnel with marketing, sales and licensing experience in these areas.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We do not know when or if we and/or our licensees and collaborators</font>&#160; will<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> complete any of our product development efforts, obtain regulatory approval for any product candidates incorporating our technologies or successfully commercialize any approved products.&#160; Even if we and/or our licensees and collaborators are successful in developing products that are approved for marketing, we will not be successful unless these products gain regulatory approval and market acceptance.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Because of the numerous risks and uncertainties associated with feed, food, pharmaceutical and certain other biological product development, and regulatory registration we are unable </font>to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> accurately predict the timing or amount of increased expenses or when, or if, we will be able to achieve certain product launches and/or profitability. In addition, our expenses could increase if we are required by the U.S. Food and Drug Administration, or </font>FDA<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">, or other domestic and foreign regulatory authorities, to perform studies or trials in addition to those currently expected, or if there are any delays in completing our safety studies such as toxicology &amp; pathogenicity studies, clinical trials, preclinical studies, animal or human studies or the development of any of our product candidates. The amount of our future net losses will depend, in part, on the rate of increase in our expenses, our ability to launch new products, generate revenues and our ability to raise additional capital. These net losses have had, and will continue to have, an adverse effect on our stockholders' equity and working capital.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As a result of the evolving nature of this portion of our business and any change to our business focus that we may make as we move forward, our operating history in past periods may not provide a reliable basis to evaluate our current business or predict our future performance. Any assessments of our current business and predictions regarding our future success or viability may not be as accurate as they could be if we had a longer operating history in these new lines of business because of the developing and risky nature of some of our businesses, such as feed, beverage and food, biofuels and biopharmaceuticals. We have encountered and will continue to encounter risks and difficulties frequently experienced by early stage companies in expanding and upgrading our intellectual property,&#160;regulatory, marketing, sales and R&amp;D capabilities, accounting and financial reporting and internal controls infrastructure, both domestically and in our international subsidiaries, and the rapidly evolving industries in which we operate today and in the future. We are at risk of our licensees timely and accurately reporting their progress to us, and the necessary information we may need for timely and or accurately reporting the financial impact that such untimely or inaccurate numbers may have on our financial statements which may include, but is not limited to, the following; milestones, facility fees, royalties, sales or production slowdowns, technological difficulties or delays, competing technologies, intellectual property&#160;and products and processes or other items that may have impact on our financial results. If we or our licensees do not adequately address these risks successfully, our business will be harmed. Our licensees may cease to pursue their research and commercialization efforts, such as that announced by Codexis related to </font>its<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> biofuel business. Abengoa, one of our licensees, has delayed the commercialization of its Hugoton, Kansas cellulosic ethanol facility. Further delays, and/or the inability to demonstrate commercial viability of&#160;Abengoa&#8217;s cellulosic ethanol capabilities will negatively impact our business and our financial results.&#160; The delay or inability of our other licensees to commercialize products and processes will also negatively impact our business and our financial results.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">28</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M186"><!--Anchor--></a>We have a history of net losses, and we may not maintain profitability.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M187"><!--Anchor--></a>We have an accumulated deficit of approximately $81.8 million at June 30, 2014. To date, we have derived revenue and royalties from the licensing of our C1 Expression System to third parties, the operation of our industrial enzyme business and the collection of R&amp;D fees from third parties.&#160; Our net income relies strongly on licensing partnerships and other collaborations.&#160; We believe that it is likely that if we do not sign another license deal, we will incur losses in the near term primarily because of our planned levels of R&amp;D and additional general and administrative expenditures that will be necessary to grow the Bioenergy, Enzyme and Biopharmaceutical&#160;businesses and continued expenses and cost associated with the lawsuit against our former outside legal counsel and other related events.&#160; With that said, our ability to attain profitability will depend on the rate of growth and margin improvements of our industrial enzyme business, our ability to generate new licensing arrangements, our ability to generate R&amp;D funding, the receipt of future potential milestone, royalty and other payments from our licensees, and our level of expenses among other potential unforeseen circumstances.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M188"><!--Anchor--></a>We do not currently derive material revenue from the operation of our biopharmaceutical business. Revenue related to the pharmaceutical industry is uncertain as current and future collaborations will depend on our ability to continue to refine and optimize the C1 Expression System to address the needs of the pharmaceutical and biotech industries.&#160; Future revenue from collaborations is uncertain and will depend upon our ability to maintain our current collaborations, enter into new collaborations and to meet R&amp;D and commercialization objectives under new and existing agreements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Similarly, commercialization of our cellulosic sugar enzyme products for the biofuel and bio-based chemicals markets will be highly contingent on our ability to find new licensees, partnerships and collaborators, and their ability to commercialize new technologies, reduce overall biofuel and bio-based chemical production costs and build new facilities<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">.</font> In particular, we are reliant on the success of our licensee, Abengoa, which expects to begin operations of its first cellulosic ethanol manufacturing facility in the&#160;fourth quarter&#160;of 2014, and our collaborator CIMV, which expects to build a demonstration facility in 2015. Payment of a license fee with CIMV will occur prior to on-site production at a commercial scale facility, which we expect will occur no earlier than 2016 or 2017. For our biofuel and bio-based chemical business in the U.S., we, our collaborators and licensees, are reliant upon the continuation of the RFS program administered by the EPA, which has encouraged the production and use of biofuels in recent years. While the RFS program is not a direct subsidy, the guaranteed market created by the RFS is expected to stimulate growth of the biofuels industry. Any revisions to, or reductions of, the RFS could negatively impact our biofuels business and that of our licensees.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Also, the market for cellulosic sugars, biofuels and biobased chemicals is a market that is not yet established and is only beginning to emerge. There is a risk that it will not succeed and not grow at the rates projected, whether delayed or at all.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition, while we anticipate expanding our industrial enzyme business in existing and new markets, our level of growth and profitability will be directly impacted by how successfully we develop and launch new products, competitor offerings and overall market conditions. </div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M189"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The R&amp;D efforts needed to enhance our core technologies utilized in all three of our key business areas will require significant funding and increased staffing; therefore, we expect an increase in our near-term operating and research expenses.&#160; Consequently, we will require significant additional revenue to achieve profitability. We cannot provide assurance that we will maintain revenues at current levels or grow revenues or maintain or improve our profit margins. If we fail to maintain or increase revenues and profit margins, the market price of our common stock will likely decrease. Further competition may force us to reduce our profit margins which may affect our ability to generate cash flow.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">29</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We may need substantial additional capital in the future to fund our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M285"><!--Anchor--></a>Our future capital requirements may be substantial, particularly as we continue to develop the C1 Expression System and our other proprietary technologies and products to commercialize industrial enzymes, biopharmaceutical products, enzymes for the biofuel and bio-based chemicals market.&#160; Further, we must continue to develop the C1 Expression System to expand its production capabilities through continued strain development, fermentation optimization and work on our high-throughput screening process.&#160; We believe that, with the receipt of expected milestone payments, timely collection of our accounts receivables, further reductions in our inventory, entering into an additional license or sale of existing assets, and the potential settlement of one or more of the defendants in our professional liability lawsuit, we will have sufficient cash available on hand to fund our operations and meet our obligations for at least the next year. Our need for additional capital will depend on many factors, including (i) the financial success of our industrial enzyme business, (ii) the receipt of milestones, royalties and other payments from our licensees, and in particular in the short term Abengoa as it begins to commercialize and produce Cellulosic Ethanol, (iii) our ability to obtain payments from biopharmaceutical business customers through collaborative agreements, (iv) the results of our R&amp;D efforts with BASF and other parties and the receipt of additional research funding, milestones, and other payments, (v) the extent to which we can obtain additional collaborative partnerships for commercialization of our enzymes in the biofuel and bio-based chemicals market, (vi) the extent to which we can obtain additional collaborative partnerships and/or licensees for the development and production of enzymes and other proteins for a variety of other industries, (vii) the progress and scope of our collaborative and independent R&amp;D projects, (viii) the effect of any acquisitions of other businesses that we may make in the future, (ix) the filing, prosecution and enforcement of patent claims (x) the length and outcome of the ongoing litigation against our former legal counsel, and (xi) the ability to refinance and extend our convertible debt and shareholder loan.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M286"><!--Anchor--></a>If our capital resources are insufficient to meet our capital requirements, we will have to raise additional funds to continue the development of our technologies and complete the development and commercialization of products, if any, resulting from our technologies. If acquisition of additional funds is not possible or if we engage in future equity financings, dilution to our existing stockholders may result. If we raise debt financing, we may be subject to restrictive covenants that limit our ability to conduct our business. We may not be able to raise sufficient additional funds on terms that are favorable to us, if at all. If we fail to raise sufficient funds and incur losses, our ability to fund our operations, take advantage of strategic opportunities, develop products or technologies, or otherwise respond to competitive pressures could be significantly limited. If this happens, we may be forced to delay or terminate research or development programs or the commercialization of products resulting from our technologies, curtail or cease operations or obtain funds through collaborative and licensing arrangements that may require us to relinquish commercial rights, sell certain assets of the company which will limit future opportunities, or grant licenses on terms that are not favorable to us. Without sufficient funding or revenue, we may have to curtail, cease, or dispose of, one or more of our operations and we would be forced to reduce our employee headcount.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M287"><!--Anchor--></a><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We may not be able to extend our existing debt</font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M288"><!--Anchor--></a>All $8.2 million of our outstanding debt is currently due on January 1, 2015.&#160; According to the terms and conditions of the debt agreements, $6.8 million of the total debt can be converted into Dyadic common stock at preset prices or may be prepaid by Dyadic any time after March 31, 2014, without penalty, with 30 days notice.&#160; The remaining $1.4 million of debt does not have this conversion feature and is not subject to this call provision. If we are unable to repay this debt and/or rollover the debt, if necessary, our business would be adversely impacted.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M289"><!--Anchor--></a>If we fail to maintain or successfully manage our existing, or enter into new, strategic collaborations, we may not be able to develop and commercialize many of our products and achieve or sustain profitability.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M290"><!--Anchor--></a>Our ability to enter into, maintain and manage collaborations in our target markets is fundamental to the success of our business. We currently have collaborations in both R&amp;D and supply and/or distribution agreements with various strategic partners. We currently rely on our partners, in part, for manufacturing and sales or marketing services, application and regulatory knowhow, and we intend to continue to do so for the foreseeable future. In addition, we intend to enter into additional strategic collaborations to develop, produce, market and sell other products we develop. However, we may not be successful in entering into collaborative arrangements with third parties for the development, production, sale and marketing of our new and existing products. Any failure to enter into collaborative arrangements on favorable terms could delay or hinder our ability to develop and commercialize our products and could increase our costs of development and commercialization. We may have to give exclusive rights in certain fields, in order to attain additional funding, which could restrict our ability to further license our C1 technology and other technologies in certain fields to other parties.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reductions in collaborators&#8217; R&amp;D budgets may affect the sales of our businesses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">Fluctuations in the R&amp;D budgets of our customers, licensees and research partners could have a significant impact on the demand for our products.&#160; R&amp;D budgets fluctuate due to changes in available resources, consolidation in the pharmaceutical, energy and other industries, spending priorities and institutional budgetary policies.&#160; We also periodically receive research funding from government agencies.&#160; These governmental agencies experience fluctuations in their R&amp;D budgets, which may negatively impact our ability to receive funding from such agencies.&#160; Our businesses could be seriously damaged by significant decreases in life sciences and/or renewable fuels, animal feed and food R&amp;D expenditures by government agencies and existing and potential partners.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">30</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conflicts with our collaborators and/or licensees could harm our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">An important part of our strategy includes involvement in proprietary research programs.&#160; We may pursue opportunities in fields that could conflict with those of our collaborators and licensees.&#160; Moreover, disagreements with our collaborators or licensees could develop over rights to our intellectual property, over further licensing of our technologies to other parties in certain fields, or for other reasons.&#160; Any conflict with our collaborators or licensees could reduce our ability to obtain future collaboration agreements and negatively impact our relationship with existing collaborators or licensees, which could reduce our sales. We were previously in a dispute with one of our licensees, Codexis, Inc. (&#8220;Codexis&#8221;), regarding a license agreement entered into by and between the Company and Codexis, dated as of November 14, 2008 (the &#8220;Codexis License Agreement&#8221;). On July 30, 2013, Dyadic notified Codexis of Codexis&#8217; apparent breach of the Codexis License Agreement through at least its marketing of the &#8220;CodeXyme&#8221; enzyme product to third parties for use in biofuels other than Shell Oil.&#160; Dyadic believes the use and marketing of CodeXyme by and to third parties other that Shell in biofuels is a violation of the Codexis License Agreement.&#160; Codexis has assured us that, amongst other things, it has ceased any marketing or sale of enzymes for use in the synthesis of cellulosic fuels and, more generally, that it was stopping work on its advanced biofuels program.&#160; Based on these representations by Codexis, Dyadic agreed to withdraw its July 30, 2013 Notice of Breach on March 10, 2014.&#160; Dyadic&#8217;s withdrawal was made without prejudice to any of its rights under the Codexis License Agreement. The parties are continuing to have discussions relating to potential collaboration opportunities in the space.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Some of our collaborators, including our distributors which reformulate our products, or licensees could also become competitors in the future.&#160; Our collaborators and/or licensees could develop competing products, preclude us from entering into collaborations or license agreements with their competitors, fail to obtain timely regulatory approvals, terminate their agreements with us prematurely or fail to devote sufficient resources to the development and commercialization of products.&#160; Any of these developments could harm our product development efforts.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">If issues arise with our collaborators and/or licensees, we will need to either commercialize products resulting from our proprietary programs directly or through licensing to other companies.&#160; We may lose revenue or incur losses. Similarly, we may lose revenue or incur losses if we are unable to license our technology to new licensees on commercially reasonable terms, or are unable to develop the capability to market and sell these products on our own.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Public views on ethical and social issues may limit use of our technologies and reduce our sales.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our success will depend in part upon our ability to develop products discovered, developed and manufactured through the C1 Expression System. Governmental authorities could, for social, ethical or other purposes, limit the use of genetic processes or prohibit the practice of using a modified C1 organism.&#160; Concerns about the C1 Expression System, particularly the use of genes from nature for commercial purposes, and resulting products, could adversely affect their market acceptance.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The commercial success of our and our licensees&#8217; potential products will depend in part on public acceptance of the use of genetically engineered products including enzymes, drugs and other protein products produced in this manner. Claims, whether true or not, that genetically engineered products are unsafe for consumption or pose a danger to the environment may influence public attitudes.&#160; Our and our licensees&#8217; genetically engineered products may not gain public acceptance in the industrial, pharmaceutical or bioenergy industries. Negative public reaction to GMOs and products could result in greater government regulation of genetic research and resulting products, including stricter labeling laws or other regulations, and could cause a decrease in the demand for our products. If we and/or our collaborators are not able to overcome the ethical, legal, and social concerns or other requirements relating to genetic engineering, some or all of our products and processes may not be accepted. Any of the risks discussed below could result in expenses, delays, or other impediments to our and our licensees&#8217; programs or the public acceptance and commercialization of products and processes dependent on our technologies or inventions. Our and our licensees&#8217; ability to develop and commercialize one or more of our technologies, products, or processes could be limited by the following factors:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#8226; public attitudes about the safety and environmental hazards of, and ethical concerns over, genetic research and genetically engineered products and processes, which could influence public acceptance of our and our licensees&#8217; technologies, products and processes;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#8226; public attitudes about organic products;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#8226; public attitudes regarding, and potential changes to laws governing, ownership of genetic material which could harm our intellectual property rights with respect to our genetic material and discourage collaborative partners or licensees from supporting, developing, or commercializing our products, processes and technologies; and</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#8226; government reaction to negative publicity or other influences concerning GMOs, which could result in greater government regulation of genetic research and derivative products, including labeling requirements.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">31</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The subject of GMOs and products derived from them has received negative publicity, which has aroused public debate in the United States and other countries. This adverse publicity could lead to greater regulation and trade restrictions on imports and exports of genetically altered products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We must continually offer new products and technologies.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The industrial enzymes and biotechnology industries are characterized by rapid technological change, and the area of gene research is a rapidly evolving field.&#160; Our future success will depend on our ability to maintain a competitive position with respect to technological advances.&#160; Rapid technological development by others could cause our products and technologies to become obsolete.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Any products we or our collaborators or licensees develop through our C1 Expression System will compete in highly competitive markets.&#160; Many of the organizations competing with us in the markets for such products have more capital resources, larger R&amp;D and marketing staff, facilities and capabilities, and greater experience in the regulatory approval, manufacturing and commercialization of products.&#160; Accordingly, our competitors may be able to develop technologies and products more rapidly.&#160; If a competitor develops superior technology or more cost-effective alternatives to our and our collaborators&#8217; or licensees&#8217; products or processes, our business, operating results and financial condition could be seriously harmed.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Customers may prefer existing or future technologies over the C1 Expression System.&#160; Well-known and highly competitive biotechnology companies offer comparable technologies for the same products and services as our industrial enzyme, biopharmaceutical, biofuel and bio-based chemicals businesses.&#160; These companies may develop technologies that are superior alternatives to ours or our collaborators and licensees.&#160; We anticipate that we, our collaborators and licensees will continue to encounter increased competition as new companies enter these markets and as development of biological products evolves.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Customers may expect the continued need for improving the C1 Technology platform itself, and for its use in various applications including industrial enzyme, biopharmaceutical, biofuel and bio-based chemical markets, and the need for continued capital for continued development and advancement of our research and development efforts and technologies.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M193"><!--Anchor--></a>We could fail to manage our growth, which would impair our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M194"><!--Anchor--></a>Our business plan provides that we anticipate growing at a rapid rate. Our long term success depends on our ability to efficiently and effectively implement, among other things:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="87877b8c8555498ba52fabab25204f2d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ability to maintain, and gain additional strategic partners and technology licensees;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d476272eb44b4b5094bc843959ca1438" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Ability to file, maintain and defend our intellectual property and to protect our proprietary information and trade secrets;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cec9be293dbe4c878bc4a48c32ad96f4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Develop technology, products and processes that do not infringe on the intellectual property of third parties;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="478b96fa17ef4b47a632bdd0c5560b4f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Recruit and hire the required employees necessary to maintain and grow our business and to advance our technologies;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ebb669da31374749b1e308832e9f9c1a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Technical success of our and our licensees&#8217; or collaborators&#8217; research and product development programs;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="85742611667f4ad6872bbcbbde91d23c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Operational and financial control systems;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="be0794bc2f524c5d96f2479974c5c731" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Recruiting and training programs;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="81a6ad20286b4c8ea1152eda209b3ca9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Access to additional manufacturing capacity;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="56a1cd190c2f4143ab3045de90e3c745" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Access to additional growth capital;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d5c38671bddf4b4fbf5822de9298541a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Recruit and maintain board members and scientific advisory board members; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b09f833a399d4c38a2193654610487f7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Scientific risks and uncertainties that may arise during our R&amp;D programs.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M204"><!--Anchor--></a>Our ability to offer products and services successfully and to implement our business plan in a rapidly evolving global market requires effective planning, reporting and management processes.&#160; We expect that we will need to continue to improve our financial and managerial controls, reporting systems and procedures, implement new and broader internal controls, improve and upgrade our R&amp;D capabilities and employees, expand our internal R&amp;D spending, in addition to expanding and training our global workforce.&#160; We will also need to continue to manufacture our products efficiently and to control or adjust expenses related to R&amp;D, marketing, sales and other administrative activities in response to changes in sales. If we are not successful in efficiently developing new products, and in the manufacturing of our products or managing such expenses, there could be an adverse impact on our operations, financial performance and the continued viability of our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M205"><!--Anchor--></a>We are dependent on several key customers and any decrease in sales to these customers could harm our operating results.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M206"><!--Anchor--></a>We have significant customer concentration. Although we have over 100 industrial enzyme customers, 38% of our industrial enzymes product sales came from our top three customers in the year ended December 31, 2013, and 34% for the six months ended June 30, 2014. Our R&amp;D revenue comes from a relatively small number of customers, with 61% of revenue coming from the top three in the year ended December 31, 2013 and 81% in the six months ending June 30, 2014. BASF was our only licensing customer in the year ended December 31, 2013 and we have had no licensing revenue in the six months ended June 30, 2014.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">32</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">While BASF may generate milestone, royalty and research revenue in the future, we expect that upfront license fee to be non-recurring. As of December 31, 2013, there were two customers that accounted for approximately 13% and 12%, respectively, of total accounts receivable. As of June 30, 2014, there were two customers that accounted for approximately 15% and 8%, respectively, of total accounts receivable. Losing a few of these top customers could significantly harm our business, as gaining new customers often has a long sales cycle.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M207"><!--Anchor--></a>We rely on our collaborators and other third parties to deliver timely and accurate information in order to accurately report our financial results in the time frame and manner required by law.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M208"><!--Anchor--></a>We need to receive timely, accurate and complete information from a number of third parties in order to accurately report our financial results on a timely basis. We rely on such third parties to provide us with complete and accurate information regarding revenues, expenses and payments owed to or by us on a timely basis. For example, our licensees are required to provide us with certain information; the failure for us to obtain such information may affect the accurate or timely reporting of such information.&#160; We will need to establish the proper controls related to obtaining and reporting information from our licensees related to when milestones are earned, if any, when royalties are earned, if any, as well as other types of potential revenues such as facility fees. If the information that we receive is not accurate, our consolidated financial statements may be materially incorrect and may require restatement. Although we may have contractual rights to receive information, such provisions may not ensure that we receive information that is accurate or timely. As a result, we may have difficulty completing accurate and timely financial disclosures, which could have an adverse effect on our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M209"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Risks Specific to Our Industrial Enzyme Business</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M210"><!--Anchor--></a>Our market share growth depends on costly new product introductions and market acceptance.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M211"><!--Anchor--></a>The future success of our industrial enzyme business will depend greatly on our ability to continuously develop, register, and introduce new and better performing products in a timely manner that address the evolving requirements of our target markets and customers. There is no assurance that these new products will perform better, save our customers money over existing products of ours or our competitors, or provide them with other benefits, or be registered or gain market acceptance. We are relying on our C1 Expression System and our other proprietary technologies to expand the product line of our industrial enzyme business and improve our gross margins on those products. If we fail to develop new and better performing products, continue to make fermentation yield improvements on our existing production processes (or productivity gains) or gain registration, and market acceptance of new product introductions, we could fail to recoup an adequate return on our R&amp;D investment and lose market share to our competitors, which may be difficult or impossible to regain. Any inability, for technological, regulatory, or other reasons, to successfully develop and launch new products, could reduce our rate of growth or otherwise negatively impact our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M212"><!--Anchor--></a>The dynamic nature of our target markets and the unpredictable nature of the development process may affect our ability to meet the requirements of the marketplace or achieve market acceptance. Some of the factors affecting market acceptance of our products include:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="456e7ee781de4ca3bd8e4fbbf8b62064" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Availability, quality, performance and price of competitive products;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5b72672bd58e44eda6cc6149fbc0d450" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Functionality and cost of new and existing products;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9e22ecf78f814e8a8b2c13e19a0b84f2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Timing of product introduction, performance and pricing compared to our competitors;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a7c62b1c37d9450d9e2ec3b92771d492" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Scientists&#8217; and customers&#8217; opinions of our products&#8217; utility and our ability to effectively incorporate their feedback into future products;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="35a635b452b244248d6daa7ceac45b81" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Status as a GMO in food and animal feed and other markets;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2c593ba3145f4a31a045f7f303faca3f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">The impact of our Intellectual property, and that of our competitors</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ca8323c92d4749f981237c6b7cb71b72" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are competing against much larger companies; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f59d71d1367a4ca5b389e8c6a2eabbd5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Timing, costs and receipt of regulatory approvals.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M220"><!--Anchor--></a><a name="_DV_M221"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The expenses or losses associated with unsuccessful product development activities or lack of market acceptance of our new products could seriously harm our business, financial condition and results of operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M222"><!--Anchor--></a>Our dependence on a sole contract manufacturer could harm our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M223"><!--Anchor--></a>Our manufacturing capabilities, and any current or future arrangements with third parties for these activities, may not be adequate for the successful commercialization of our industrial enzyme products. Our industrial enzyme business currently relies on one contract manufacturer for all of its manufacturing. If we require additional manufacturing capacity and are unable to obtain it in sufficient quantity or in a timely manner, we may not be able to increase our sales, or may be required to make substantial capital investments to build additional production capacity.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">33</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are dependent upon the performance and production capacity of our third-party manufacturing partner.&#160; We do not have a long term supply contract in place with our contract manufacturer and instead submit orders on a purchase order basis. However, our contract manufacturer has been producing a number of our products since September 2008.&#160; In the absence of a supply agreement, our contract manufacturer will be under no obligation to manufacture our products and could elect to discontinue their manufacture at any time or raise their tolling rates such that our margins would be negatively impacted. If we require additional manufacturing capacity and are unable to obtain it in sufficient quantity, we may not be able to increase our sales, or we may be required to make substantial capital investments to build that capacity or to contract with other manufacturers on terms that may be less favorable than the terms we currently have with our supplier. If we choose to build our own manufacturing facility, it could take several years or longer before our facility is able to produce commercial volumes of our products. Any resources we expend on acquiring or building internal manufacturing capabilities could be at the expense of other potentially more profitable opportunities. In addition, if we contract with other manufacturers, we may experience delays of several months in qualifying them, which could harm our relationships with our collaborators or customers and could negatively affect our revenues or operating results.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M226"><!--Anchor--></a>Our industrial enzyme business faces risks due to interruptions or changes that affect the ability of our sole contract manufacturer to meet our anticipated future growth, its manufacturing responsibilities, the occurrence of which could adversely impact the availability, launch and/or sales of our products in the future. In such an event that manufacturing is interrupted, we would have to locate additional capacity with another contract manufacturing facility or operate our own enzyme manufacturing plant in a short period of time. Our alternative sources of supply, which may be unavailable on commercially acceptable terms, may cause delays in our ability to deliver products to our customers, increase our costs and decrease our profit margins.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M227"><!--Anchor--></a>In addition, our toll manufacturer is limited in the types of GMOs it can use, which may limit our ability to launch new products or have our existing products manufactured at their facility. The toll manufacturer is subject to different rules relating to the manufacture of GMOs and also has its own internal policies which may prevent it from acting as our supplier in the future. Therefore, we may need to locate another supplier to produce some of our products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our toll manufacturer is located in Mexico City, Mexico. The facility is subject to political unrest, earthquakes, fires and other acts of nature that may exist in that region of the world.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">To mitigate these concerns, we have undergone an evaluation of additional contract manufacturers over the past year, and have determined a number of alternatives exist in a variety of locations. These alternate contract manufacturers may require capital investment and time to qualify production of our products and substantial disruption to our business could still result from any delays or disruptions to our toll manufacturer.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">If such an event took place, that we had to build our own or assist in the retrofitting of an enzyme manufacturing facility, we would need to raise additional capital through equity or debt. This would restrict our ability to fund product development and technology and application research.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M228"><!--Anchor--></a>Regulations may limit or impair our and our collaborators&#8217; and licensees&#8217; ability to sell genetically engineered products in the future.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><a name="_DV_M229"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M230"><!--Anchor--></a>We, our collaborators and licensees develop enzyme products using both non-genetically engineered microorganisms (non-GMO), as well as those that have undergone some degree of genetic modification.&#160; Products derived from GMOs may in some instances be subject to bans or additional regulation by federal, state, local and foreign government agencies. These agencies administering existing or future applicable regulation or legislation may not allow us or our collaborators and licensees to produce and market our products derived from GMOs in a timely manner or under technically or commercially feasible conditions.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M231"><!--Anchor--></a>In addition, regulatory action or private litigation relating to GMO products could result in expenses, delays or other impediments to our product development programs or the commercialization of resulting products.&#160; The FDA currently applies the same regulatory standards to products made through genetic engineering as those applied to products developed through traditional methodologies.&#160; Depending on a product&#8217;s application and regardless of its GMO status, it may be subject to lengthy FDA reviews and unfavorable FDA determinations due to safety concerns or changes in the FDA&#8217;s current regulatory policy. The EPA regulates biologically-derived enzyme-related chemical substances not within the FDA&#8217;s jurisdiction. An unfavorable EPA ruling could delay commercialization or require modification of the production process or product in question, resulting in higher manufacturing costs, thereby making the product uneconomical. The EU also has regulations regarding the development, production and, marketing of products from GMOs, which are generally more restrictive than present U.S. regulations.&#160; For example, among other requirements, EU animal feed registration requires in-vivo efficacy testing, as well as toxicological testing of all enzyme products, including products from non-GMO microorganisms.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M232"><!--Anchor--></a>Further, we our collaborators and licensees are subject to regulations in the other countries in which we operate outside of the U.S. and EU, which may have different rules and regulations depending on the jurisdiction. Different countries have different rules regarding which products qualify as GMO and which are non-GMO. If any of these countries expand the definition of GMO and increase the regulatory burden on GMO products, our business could be harmed.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">34</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Other changes in regulatory requirements, laws and policies, or evolving interpretations of existing regulatory requirements, laws and policies, may result in increased compliance costs, delays, capital expenditures and other financial obligations that could adversely affect our business or financial results.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M234"><!--Anchor--></a>Our results of operations may be adversely affected by environmental, health and safety laws, regulations and liabilities.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M235"><!--Anchor--></a>We are subject to various federal, state and local environmental laws and regulations, including those relating to the discharge of materials into the air, water and ground, the generation, storage, handling, use, transportation and disposal of hazardous materials, and the health and safety of our employees. In addition, some of these laws and regulations require our contemplated facilities to operate under permits that are subject to renewal or modification. These laws, regulations and permits can often require expensive pollution control equipment or operational changes to limit actual or potential impacts to the environment. A violation of these laws and regulations or permit conditions can result in substantial fines, natural resource damages, criminal sanctions, permit revocations and/or facility shutdowns.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M236"><!--Anchor--></a>Furthermore, as we operate our business, we may become liable for the investigation and cleanup of environmental contamination at each of the properties that we lease or operate and at off-site locations where we may arrange for the disposal of hazardous substances. If these substances have been or are disposed of or released at sites that undergo investigation and/or remediation by regulatory agencies, we may be responsible under the Comprehensive Environmental Response, Compensation and Liability Act, or other environmental laws for all or part of the costs of investigation and/or remediation, and for damages to natural resources. We may also be subject to related claims by private parties alleging property damage and personal injury due to exposure to hazardous or other materials at or from those properties. Some of these matters may require expending significant amounts for investigation, cleanup, or other costs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M237"><!--Anchor--></a>In addition, new laws, new interpretations of existing laws, increased government enforcement of environmental laws, or other developments could require us or our contract manufacturers to make additional significant expenditures. Continued government and public emphasis on environmental issues can be expected to result in increased future investments for environmental controls at ethanol production facilities relating to our biofuels business. Present and future environmental laws and regulations and interpretations thereof, more vigorous enforcement of policies and discovery of currently unknown conditions may require substantial expenditures that could have a material adverse effect our results of operations and financial position. Additionally, any such developments may have a negative impact on our contract manufacturers, which could harm our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M238"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Risks Related to Our Biopharmaceutical Business</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M239"><!--Anchor--></a>We may fail to commercialize the Dyadic Expression System for the expression of therapeutic proteins, antibodies and vaccines.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M240"><!--Anchor--></a>Although our industrial enzyme and biofuel and bio-based chemical businesses have developed and sold products utilizing our C1 Expression System, our C1-based technologies applied in the biopharmaceutical market have not yet completed commercialization of therapeutic proteins, antibodies and vaccines.&#160; Currently, our most advanced project, with Sanofi, needs further research and development in order to continue forward. Sanofi has verbally stated that they will fund additional research and based on those result re-evaluate whether to continue funding additional research and development of this program. There is no guaranty that Sanofi will finalize a written extension, despite their assurance that they will do so, or that they will continue further funding beyond this limited research extension. If our biopharmaceutical business fails to do this, we may be forced to terminate our biopharmaceutical business operations. Even if we or our collaborators successfully develop a commercial product using our C1 Expression System, we may not generate significant licensing, royalty or milestone revenue and achieve profitability in our business.&#160; Additionally, even if the C1 Expression System fulfills its role in the development or production of a pharmaceutical product, the ultimate product may be delayed or never approved by the FDA or other governmental regulatory bodies.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M241"><!--Anchor--></a>To date, drug companies have developed and commercialized only a small number of gene-based products in comparison to the total number of drug molecules available in the marketplace.&#160; Our biopharmaceutical business must be evaluated as having the same risks as those inherent to early-stage biotechnology companies because the application of our C1 Expression System for the expression of pre-clinical and clinical quantities of therapeutic proteins, antibodies and vaccines is still in development.&#160; Furthermore, we may not be able to expand the capabilities of our technology to produce commercial volumes of therapeutic proteins, antibodies and vaccines at reasonable costs or that have the necessary qualities and other properties required in the pharmaceutical industry.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M242"><!--Anchor--></a>Successful development of the Dyadic C1 Expression System for these purposes will require significant research, development and capital investment, including testing, to prove its efficacy and cost-effectiveness.&#160; In general, our experience has been that each step in the process has taken longer and costs more to accomplish than originally projected and we anticipate that this is likely to remain the case with respect to the continuing development efforts of our biopharmaceutical business.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">35</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercialization of our products, including the C1 Expression System for therapeutic proteins, antibodies and vaccines depends on collaborations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M244"><!--Anchor--></a>Since we do not currently possess the experience, knowledge or financial resources necessary to develop and commercialize potential drug products that may result from the use of the C1 Expression System, or to complete the potential approval processes required for these products, we must enter into strategic partnerships to develop and commercialize drug products.&#160; If we are not able to find collaborators in the future, the biopharmaceutical business may not be able to develop the C1 Expression System for therapeutic protein products, antibodies and vaccines.&#160; Further, our business model relies on a revenue stream derived from collaboration projects with our customers to express therapeutic proteins, antibodies and vaccines prior to pre-clinical trials.&#160; A large portion of our anticipated return on investment depends on those therapeutic proteins, antibodies and vaccines progressing through drug development and into commercially successful drugs.&#160; Apart from risks relating to whether our biopharmaceutical business can capture such customers, or capture them on satisfactory terms, we will also have no control over post-collaboration project drug development and commercialization.&#160; Additionally, as we have in the past, we expect to expend a greater portion of our resources on further developing the C1 Platform Technology for potential use in producing therapeutic protein products, antibodies and vaccines</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M245"><!--Anchor--></a>We have limited or no control over the resources that any collaborator or licensee may devote to our programs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M246"><!--Anchor--></a>Any of our current or future collaborators or licensees may not perform, breach or terminate their agreements with us or otherwise fail to conduct their required activities successfully and in a timely manner.&#160; Potential therapeutic products developed by us or with our domestic and global partners are subject to a lengthy and uncertain regulatory process.&#160; In the United States, the FDA must approve any therapeutic product before it can be marketed.&#160; Prior to filing a new drug application or biologic license application with the FDA, our collaborators must also subject the product candidate to extensive testing, including animal and human clinical trials. This process can take many years and require substantial expenditures.&#160; Our collaborators or licensees may elect not to develop products arising out of our collaborative or license arrangements or may choose not to devote sufficient resources to the development, manufacture, market or sale of these products.&#160; Further, if conflicts should arise between Dyadic and our customers, or among them and third parties, it could discourage or impede the activities of our biopharmaceutical business.&#160; If any of these events occur, we or our collaborators or licensees may not develop our technologies or commercialize our products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M247"><!--Anchor--></a>While we anticipate that many of our collaborators or licensees will have experience submitting an application to the FDA or other applicable regulatory authorities, we have no such experience. Neither we nor any collaborator or licensee has yet submitted an application with the FDA or any other regulatory authority for any product candidate generated through the use of our C1 Expression System as it relates to the development and manufacture of pharmaceutical products.&#160; The FDA may not have substantial experience with technology similar to ours, which could result in delays or regulatory action against us. We, our collaborators and licensees, may not be able to able to obtain regulatory approval for our products, which would harm our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M248"><!--Anchor--></a>Our C1 Expression System has been tested for use in the manufacturing of an enzyme in the production of wine, beer and fruit juices, and is generally regarded as safe, and has generated promising safety and toxicity data for that enzyme.&#160; A risk nonetheless exists that the C1 Expression System will produce therapeutic products and enzymes that have safety and toxicity issues associated with them.&#160; Our C1 Expression System may be subject to lengthy regulatory reviews and unfavorable regulatory determinations if it raises safety questions which cannot be satisfactorily answered or if results from studies do not meet regulatory requirements. An unfavorable regulatory ruling could be difficult to resolve and could delay or possibly prevent a product from being commercialized, which would harm our business.&#160; Additionally, future products produced by us or our licensees or collaborators using our C1 Expression System may not be approved by the FDA or other regulatory agencies in the U.S. or worldwide.&#160; There is no assurance that safety and toxicity issues will not arise in current or future product development and manufacturing programs due to fermentation or genetic changes in the C1 strain and fermentation process.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M249"><!--Anchor--></a>If these therapeutic protein products, antibodies or vaccines are not approved by regulators, we or our customers or collaborators and licensees will not be able to commercialize them, and we may not receive milestone and royalty payments which are based upon the successful advancement of these products through the drug development and approval process.&#160; Even after investing significant time and expense, any regulatory approval may also impose limitations on the uses for which we can market a product, and any marketed product and its manufacturer are subject to continual review.&#160; Discovery of previously unknown problems with a product or manufacturer may result in new restrictions on the product, manufacturer and manufacturing facility, including withdrawal of the product from the market.&#160; In certain countries, regulatory agencies also set or approve prices, which may decrease our margins or harm our business.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">36</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M250"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Risks Related to Our Biofuel and Bio-Based Chemicals Products</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M251"><!--Anchor--></a>We or our collaborators and licensees may fail to develop commercially viable enzymes to convert lignocellulose into fermentable sugars.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M252"><!--Anchor--></a>Our biofuel and bio-based chemicals businesses must be evaluated as having the same risks as those inherent in early-stage biotechnology companies.&#160; Our enzymes for converting lignocellulose into fermentable sugars, or cellulosic ethanol, are in late stage development to achieve required cost-efficiencies; however, we may fail in developing more cost-efficient enzymes.&#160; Further, we may be able to develop commercially viable enzymes for only some alternative types of biomass, which may or may not be those with the greatest market potential.&#160; Successful development of the C1 Expression System to discover, develop and produce commercially viable enzymes for the cellulosic ethanol market will require significant development and investment, including testing, to prove its efficacy and cost-effectiveness.&#160; In general, our experience has been that the cost and length of this process is unpredictable and we anticipate that this is likely to remain the case with respect to the development efforts of our biofuel and bio-based chemicals businesses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M253"><!--Anchor--></a>Demand for Cellulosic Ethanol may not increase as expected, which would harm our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M254"><!--Anchor--></a>If the expected increase in cellulosic ethanol demand does not occur or is delayed even further, the demand for our enzymes would be diminished or delayed.&#160; As of 2013, the first commercial cellulosic ethanol plants began limited operation, and there is an additional amount of capacity currently being added, including three new commercial-scale bio-refineries are expected to come online in fourth quarter 2014 from Abengoa, a Dyadic licensee, DuPont and POET.&#160; Future demand could be impaired due to a number of factors, including the success of these commercial plants and others, regulatory developments and reduced U.S. gasoline consumption.&#160; Reduced gasoline consumption could occur as a result of increased gasoline or oil prices, causing businesses and consumers to limit driving or acquire vehicles with more favorable gasoline mileage. Conversely, future demand for cellulosic ethanol may be negatively affected by falling gasoline prices caused by the current decline natural crude oil as well as the decline in the price of natural gas.&#160; Widespread adoption of electric vehicles may also offer long-term demand of biofuels.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M255"><!--Anchor--></a>The market price of ethanol is volatile and subject to significant fluctuations, which may cause our profitability from the production of cellulosic ethanol to fluctuate significantly.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M256"><!--Anchor--></a>The market price of ethanol is dependent upon many factors, including the price of food crops such as corn, wheat and sugar cane, as well as gasoline, which is in turn dependent upon the price of petroleum.&#160; Petroleum prices are highly volatile and difficult to forecast due to frequent changes in global politics and the world economy.&#160; The distribution of petroleum throughout the world is affected by incidents in unstable political environments, such as Iraq, Iran, Kuwait, Saudi Arabia, Nigeria, Venezuela, and the former U.S.S.R.&#160; The industrialized world substantially depends upon oil from these areas, and any disruption or other reduction in oil supply can cause significant fluctuations in the prices of oil and gasoline.&#160; We cannot predict the future price of oil or gasoline and the market may establish unprofitable prices for the sale of ethanol due to significant fluctuations in market prices.&#160; If the prices of gasoline and petroleum decline, we believe that the demand for and price of ethanol may be adversely affected, causing our profitability to fluctuate significantly.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M257"><!--Anchor--></a>The U.S. Ethanol Industry is highly dependent upon a myriad of federal and state legislation and regulations and any changes in such legislation or regulation could materially and adversely affect the demand for the services and products in the biofuel and bio-based chemicals markets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M258"><!--Anchor--></a>We believe there is increased momentum within the U.S. Congress to enact legislation to revise the RFS. It is possible that some form of reform legislation, potentially including a lowering of the yearly mandates for corn ethanol and/or cellulosic fuels, may pass into law. Any revisions of the RFS may negatively affect the economics of our biofuel and bio-based chemicals businesses in the U.S.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M259"><!--Anchor--></a>Alternative technologies may not require microbial produced enzymes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M260"><!--Anchor--></a>Research is being conducted under the auspices of major seed producers, the U.S. federal government and the National Corn Growers Association, to develop methods of biofuel and bio-based chemical production that does not use enzymes to convert lignocellulose into fermentable sugars.&#160; Additionally, there are other emerging non-enzymatic technologies being developed for the production of Cellulosic Ethanol. If they are successful, these new methods may supplant or greatly reduce the need for enzymes in the biofuel and bio-based chemical end market, which would harm our business.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The price of alternative feedstocks such as corn, wheat and sugar cane have come down dramatically and this makes first generation biofuel and biobased chemicals made from food based sugars more competitive than they were in the past and there is no guaranty that such commodities will return to the price levels that will make second generation cellulosic sugar competitive with first generation sugars from such crops, without subsidies.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Further advancements in agronomy have led to and are expected to lead to better yields and even lower cost of first generation sugar from corn, wheat,&#160; sugar cane or other energy crops may limit demand for 2nd generation biofuels.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Also, the market for cellulosic sugars, biofuels and biobased chemicals is a market that is not yet established and is only beginning to emerge. There is a risk that it will not succeed and not grow at the rates projected, whether delayed or at all.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">37</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M283"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Other Business Risks That We Face</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M190"><!--Anchor--></a>Changes in global economic and financial markets may have a negative effect on our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M191"><!--Anchor--></a>Our business is subject to a variety of market forces including, but not limited to, domestic and international economic, political and social conditions. Many of these forces are uncertain and beyond our control. Any change in market conditions that negatively impacts our operations or the demand of our current or prospective customers could adversely affect our business operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M192"><!--Anchor--></a>In addition, any such changes in the global financial markets may make it difficult to accurately forecast operating results. In the past, these factors have had, and may continue to have, a negative effect on our business, results of operations, financial condition and liquidity. In the event of a downturn in global economic activity, current or potential customers may go out of business, may be unable to fund purchases or determine to reduce purchases, all of which could lead to reduced demand for our products, reduced gross margins, and increase customer payment delays or defaults. Further, suppliers may not be able to supply us with needed raw materials on a timely basis, may increase prices or go out of business, which could result in our inability to meet consumer demand or affect our gross margins. We are also limited in our ability to reduce costs to offset the results of a prolonged or severe economic downturn given certain fixed costs associated with our operations and difficulties if we overstrained our resources. The timing and nature of a sustained recovery in the credit and financial markets remains uncertain, and there can be no assurance that market conditions will significantly improve in the near future or that our results will not continue to be materially and adversely affected.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M284"><!--Anchor--></a><a name="_DV_M291"><!--Anchor--></a>If we lose key personnel, including key management or board personnel, or are unable to attract and retain additional personnel, it could delay our product development programs, harm our R&amp;D efforts, and we may be unable to pursue collaborations or develop our own products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M292"><!--Anchor--></a>Our planned activities will require ongoing recruiting and retention of additional expertise in specific industries and areas applicable to the products being developed through our technologies.&#160;&#160; These activities will not only require the development of additional expertise by existing management personnel, but also the addition of new management, sales, marketing, regulatory, and scientific personnel.&#160; The inability to acquire or develop this expertise or the loss of principal members of our management, sales, and scientific staff could impair the growth, if any, of our business. Although we believe we will be successful in attracting and retaining qualified management and scientific personnel, competition for experienced personnel from numerous companies, academic institutions and other research facilities may limit our ability to do so on acceptable terms.&#160; Failure to attract and retain qualified personnel would inhibit our ability to pursue collaborations and develop our products or core technologies.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M293"><!--Anchor--></a>Personnel changes may disrupt our operations.&#160; Hiring and training new personnel will entail costs and may divert our resources and attention from revenue-generating efforts.&#160; In addition, we periodically engage consultants to assist us in our business and operations, these consultants operate as independent contractors, and we, therefore, do not have as much control over their activities as we do over the activities of our employees.&#160; Our consultants may be affiliated with or employed by other parties, and some may have consulting or other advisory arrangements with other entities that may conflict or compete with their obligations to us.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M294"><!--Anchor--></a>Our lawsuit against our former professional service providers may not be successful and we may be required to pay substantial legal fees if we do not prevail.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M295"><!--Anchor--></a>We are currently engaged in litigation with three former professional service providers. In 2009, we sued our former professional service providers in connection with the events relating to alleged improprieties at our former Asian subsidiaries, which we abandoned in May 2007. While Jenkens &amp; Gilchrist, P.C., one of the defendants, has already settled, claims against the remaining defendants remain pending. Jenkens &amp; Gilchrist, P.C. settled with us for $525,000 on August 8, 2012. While we believe we will prevail against the remaining defendants, we may fail to succeed in our lawsuit and be required to pay the legal fees for opposing counsel, which may be substantial. In addition, we may not reach a settlement agreement or may reject settlement offers that we deem unsatisfactory. The lawsuit is a substantial distraction for our management which takes up significant amounts of their time and resources, and additionally may discourage investors from investing in our stock. If we are not successful in prosecuting the lawsuit against our former professional service providers, our business may be harmed. The court ordered mediation is currently scheduled for November 10th and 11th, 2014. On September 23, 2014, the court entered orders denying all defense motions for summary judgment that had been heard by the court by that date and granting our request to not allow the defendants to claim a particular affirmative defense to our claims. The court has not yet set a trial date for 2015. Court ordered mediation and a trial date, may be further delayed.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M296"><!--Anchor--></a>Inability to protect our intellectual property could harm our ability to compete.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M297"><!--Anchor--></a>Our success will depend in part on our ability to obtain patents and maintain adequate protection of our other intellectual property for our technologies and products in the United States and other countries.&#160; If we do not adequately protect our intellectual property, competitors may be able to practice our technologies and erode our competitive advantage.&#160; The laws of some foreign countries do not protect proprietary rights to the same extent as the laws of the United States, and many companies have encountered significant problems in protecting their proprietary rights in these foreign countries.&#160; These problems can be caused by, for example, a lack of rules and methods for defending intellectual property rights.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">38</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our current patent portfolio consists of 13 U.S. patents, 41 foreign patents, including claims that cover the C1 Expression System and 32 U.S. and foreign filed and pending patent applications which we believe provide broad protection for Dyadic, including its products and commercial applications.&#160; However, the patent positions of biotechnology companies, including our patent position, are generally uncertain and involve complex legal and factual questions.&#160; We will be able to protect our proprietary rights from unauthorized use by third parties only to the extent that our proprietary technologies are covered by valid and enforceable patents or are effectively maintained as trade secrets.&#160; We intend to apply for patents covering both our technologies and our products, as we deem appropriate.&#160; However, existing and future patent applications may be challenged and are not guaranteed to result in the issuing of patents.&#160; Even if a patent is obtained, any existing and future patents may not be sufficiently broad to prevent others from practicing our technologies or from developing competing products.&#160; Others, including our collaborators, may independently develop similar or alternative technologies or design around our patented technologies.&#160; In addition, our collaborators or other third parties may challenge or invalidate our patents, or our patents may fail to provide us with any competitive advantages. If any third party is able to gain intellectual property protections for technology similar to our own, they may be successful in blocking us and our licensees from commercializing our products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M299"><!--Anchor--></a>Not all of our proprietary technology is eligible for patent protection and a significant portion of our various proprietary technologies rely upon trade secret protection.&#160; We have taken security measures to protect our proprietary information including confidentiality agreements with employees, collaborators and consultants.&#160; Nevertheless, these measures may not provide adequate protection for our trade secrets or other proprietary information as employees, collaborators or consultants may still disclose our proprietary information. In addition, others may independently develop substantially equivalent proprietary information or techniques or otherwise gain access to our trade secrets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M300"><!--Anchor--></a>The enforceability of patents involves numerous technical issues and, therefore, the extent of enforceability cannot be guaranteed. Issued patents and patents issuing from pending applications may be challenged, invalidated or circumvented. Moreover, the United States Leahy-Smith America Invents Act, enacted in September 2011, brought significant changes to the U.S. patent system, which include a change to a &#8220;first to file&#8221; system from a &#8220;first to invent&#8221; system and changes to the procedures for challenging issued patents and disputing patent applications during the examination process, among other things. The effects of these changes on our patent portfolio and business have yet to be determined, as the final substantive provisions of the America Invents Act took effect on March 16, 2013. The United States Patent and Trademark Office (the &#8220;USPTO&#8221;), only recently finalized the rules relating to these changes and the courts have yet to address the new provisions. These changes could increase the costs and uncertainties surrounding the prosecution of our patent applications and the enforcement or defense of our patent rights. Additional uncertainty may result from legal precedent handed down by the United States Court of Appeals for the Federal Circuit and United States Supreme Court as they determine legal issues concerning the scope and construction of patent claims and inconsistent interpretation of patent laws by the lower courts. Accordingly, we cannot ensure that any of our pending patent applications will result in issued patents, or even if issued, predict the breadth of the claims upheld in our and other companies&#8217; patents. Given that the degree of future protection for our proprietary rights is uncertain, we cannot ensure that we were the first to invent the inventions covered by our pending patent applications, we were the first to file patent applications for these inventions or the patents we have obtained.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M301"><!--Anchor--></a>In addition, Dyadic continues to review our existing patent portfolio.&#160; Based on our analysis of annuity fees against potential commercial opportunities and patent enforceability, we have abandoned certain patents in some countries.&#160; There is a risk that we are abandoning potentially valuable patents.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><a name="_DV_M302"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M303"><!--Anchor--></a>Litigation or other proceedings or third-party claims of intellectual property infringement could require us to spend significant time and resources and could prevent us from commercializing our technologies or impact our stock price.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M304"><!--Anchor--></a>Our commercial success depends in part on neither infringing patents and proprietary rights of third parties, nor breaching any licenses that we have entered into with regard to our technologies and products.&#160; Others have filed, and in the future are likely to file, patent applications covering genes or gene fragments and other intellectual property that we may wish to utilize with C1 Expression System or products and systems that are similar to those developed with its use.&#160; If these patent applications result in issued patents and we wish to use the claimed technology, we may need to obtain a license from the appropriate third party.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M305"><!--Anchor--></a>Third parties may assert that we are employing their proprietary technology without authorization. In addition, third parties may obtain patents in the future and claim that use of our technologies infringes these patents. We could incur substantial costs and diversion of management and technical personnel in defending ourselves against any of these claims or enforcing our patents and other intellectual property rights. Parties making claims against us may be able to obtain injunctive or other equitable relief, which could effectively block our ability to further develop, commercialize and sell products, and could result in the award of substantial damages against us.&#160; If a claim of infringement against us is successful, we may be required to pay damages and obtain one or more licenses from third parties.&#160; In the event that we are unable to obtain these licenses at a reasonable cost, we could encounter delays in product commercialization while we attempt to develop alternative methods or products.&#160; Defense of any lawsuit or failure to obtain any of these licenses could prevent us from commercializing available products.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">39</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We do not fully monitor the public disclosures of other companies operating in our industry regarding their technological development efforts.&#160; If we did evaluate the public disclosures of these companies in connection with their technological development efforts and determined that they violated our intellectual property or other rights, we would anticipate taking appropriate action, which could include litigation.&#160; The outcome of any action we take to protect our rights may not be resolved in our favor or may not be resolved for a lengthy period of time resulting in substantial costs and diversion of management and technical personnel.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M307"><!--Anchor--></a>In addition, unauthorized parties may attempt to copy or otherwise obtain and use our products or technology. Monitoring unauthorized use of our intellectual property is difficult, and we cannot be certain that the steps we have taken will prevent unauthorized use of our technologies, particularly in certain foreign countries where the local laws may not protect our proprietary rights as fully as in the United States. Moreover, third parties could practice our inventions in territories where we do not have patent protection. Such third parties may then try to import into the United States or other territories products, or information leading to potentially competing products, made using our inventions in countries where we do not have patent protection for those inventions. If competitors are able to use our technologies, our ability to compete effectively could be harmed. Moreover, others may independently develop and obtain patents for technologies that are similar to or superior to our technologies. If that happens, we may need to license these technologies, and we may not be able to obtain licenses on reasonable terms, if at all, which could harm our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M308"><!--Anchor--></a>In the normal course of our business we generate patentable technologies that we believe will be of value to us.&#160;&#160; In this case, we carry out detailed patent review and if appropriate, submit a patent application.&#160; Once this application is accepted, Dyadic is then required to pay a &#8220;maintenance&#8221; fee in each jurisdiction in which that patent was filed.&#160; From time-to-time, during our patent portfolio reviews, we will decide to abandon one, or maybe several patents that we do not see as having commercial viability or value to Dyadic now or in the future.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M309"><!--Anchor--></a>We may not be able to enforce our intellectual property rights throughout the world.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M310"><!--Anchor--></a>The laws of some foreign countries do not protect intellectual property rights to the same extent as the laws of the United States. Many companies have encountered significant problems in protecting and defending intellectual property rights in certain foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly those relating to synthetic biology. This could make it difficult for us to stop the infringement of our patents or misappropriation of our other intellectual property rights. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M311"><!--Anchor--></a>We may be forced to sue third parties for patent infringement or to enforce our agreements with our licensees and collaborators.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M312"><!--Anchor--></a>Any litigation or proceedings that we were to initiate against a third party to enforce a patent claiming one of our technologies could result in significant legal fees and other expenses, diversion of management&#8217;s time, and disruption in our business. In addition, the outcome of any such patent, contract or related litigation is unpredictable. There is a chance that the defendant could counterclaim alleging that our patent is invalid and/or unenforceable. In the event that a defendant were to prevail on a legal assertion of invalidity and/or unenforceability, we would be unable to exclude others from practicing the inventions claimed therein. Even if our patent rights are found to be valid and enforceable, patent claims that survive litigation could result in loss of patent scope. Loss of patent protection or changes in patent terms could harm our ability to compete and have an adverse impact on our business, financial condition and results of operations. In addition, in the event of any disputes with our collaborators or licensees, we may be required to take legal action to enforce our agreements. We recently withdrew a notice of breach we provided to our licensee Codexis regarding a dispute over the Codexis License Agreement. If we are unable to protect our rights under our licensing, collaboration or other agreements, our business may be harmed.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M313"><!--Anchor--></a>Confidentiality agreements with employees and others may not adequately prevent disclosures of trade secrets and other proprietary information.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M314"><!--Anchor--></a>We rely in part on trade secret protection to protect our confidential and proprietary information and processes. However, trade secrets are difficult to protect. We have taken measures to protect our trade secrets and proprietary information, but these measures may not be effective. We require employees and consultants to execute confidentiality agreements upon the commencement of an employment or consulting arrangement with us. These agreements generally require that all confidential information developed by the individual or made known to the individual by us during the course of the individual&#8217;s relationship with us be kept confidential and not disclosed to third parties. These agreements also generally provide that inventions conceived by the individual in the course of rendering services to us shall be our exclusive property. Nevertheless, our proprietary information may be disclosed, third parties could reverse engineer our biocatalysts and others may independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain trade secret protection could adversely affect our competitive business position.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">40</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We may be sued for product liability.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M316"><!--Anchor--></a>We may be held liable if any product we develop, or any product which is made with the use or incorporation of, any of our technologies, causes injury or is found otherwise unsuitable during product testing, manufacturing, marketing or sale. These claims could be brought by various parties, including other companies who purchase products from our collaborators or by the end users of the products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M317"><!--Anchor--></a>While we maintain product liability insurance, it may not fully cover all of our potential liabilities and our liability could in some cases exceed our total assets, which would have a material adverse effect on our business, results of operations, financial condition and cash flows, or cause us to go out of business. Further, insurance coverage is expensive and may be difficult to obtain, and may not be available to us or to our collaborators in the future on acceptable terms, or at all.&#160; Inability to obtain sufficient insurance coverage at an acceptable cost to protect against potential product liability claims could prevent or inhibit the commercialization of products developed by us, or our collaborators.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M318"><!--Anchor--></a>International unrest or foreign currency fluctuations could adversely affect our results.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M319"><!--Anchor--></a>For the year ended December 31, 2013 and 2012, international sales accounted for approximately 85% and 89% of our net sales, respectively. Our key international markets are the European Union, the former Soviet Union, Peoples Republic of China, including Hong Kong, and India. Our international sales are made through international distributors and their wholly owned subsidiaries, and direct to end-user plants with payments to us, in many cases, denominated in currencies other than U.S. dollars. In the conduct of our business, in certain instances, we are required to pay our obligations in currencies other than U.S. dollars. Accordingly, we are exposed to changes in currency exchange rates with respect to our international sales and payment obligations. We incurred a currency gain of $83,000 and a gain of $28,000, for the year ended December 31, 2013 and 2012, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M320"><!--Anchor--></a>Fluctuations in currency exchange rates have in the past and may in the future negatively affect our ability to price competitively against products denominated in local currencies.&#160; Also, changes in foreign currency exchange rates may have an adverse effect on our financial position and results of operations as expressed in U.S. dollars.&#160; Our management monitors foreign currency exposures and may, in the ordinary course of business, enter into foreign currency forward contracts or options contracts related to specific foreign currency transactions or anticipated cash flows.&#160; We do not hedge, and have no current plans to hedge in the future, the translation of financial statements of consolidated subsidiaries whose local books and records are maintained in foreign currency.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M321"><!--Anchor--></a>In addition, the imposition of duties or other trade barriers, trade embargoes, acts of terrorism, wars and other events outside our control may adversely affect international commerce and impinge on our ability to manufacture, transport or sell our products in international markets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M322"><!--Anchor--></a>Significant fluctuations in commodity availability and price could have a negative effect on demand for our enzyme products.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M323"><!--Anchor--></a>Our product lines may be directly or indirectly dependent upon the pricing of commodities and, therefore, may be subject to changes in availability and price of commodities such as oil, soybean meal, corn, corn stover, wheat, wheat straw, barley, sucrose, bagasse and ethanol in our biofuel processing product line, and poultry and animal health in our nutrition product line. Competitive conditions, government regulations, natural disasters and other events could limit the production of our customers&#8217; products that use our enzymes. <a name="_DV_C14"><!--Anchor--></a>In addition, concerns about international crises, such as the spread of severe acute respiratory syndrome (&#8220;SARS&#8221;), avian influenza, or bird flu, and West Nile viruses, have impacted our business in the past and may have an adverse effect on the world economy. These concerns could adversely affect our sales, profitability and business operations, or the operations of our collaborators, our contract manufacturer and our suppliers. <a name="_DV_M324"><!--Anchor--></a>As a result, the price and availability of the raw materials used, or the end products which our enzymes are used to produce, may fluctuate substantially, and could significantly impact both the demand for, and average sales price of, our enzymes. Such fluctuations may result in reduced volumes of our enzymes being used, or may result in our enzymes not being used at all. We have experienced fluctuations in the pricing and availability of raw materials used in the fermentation process; such fluctuations may negatively impact our business. Any of these factors may materially and adversely affect our business, financial conditions and results of operations.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The price of alternative feedstock such as corn, wheat and sugar cane have come down dramatically and this makes first generation biofuel and biobased chemical made from food based sugars more competitive&#160; than they were in the past and there is no guaranty that such commodities will return to the price levels that will make second generation cellulosic sugars competitive with first generation sugar from such crops, without subsides.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Further advancements in agronomy have led to and are expected to lead to better yields and even lower cost of first generation sugar from corn, wheat,&#160; sugar cane or other energy crops may limit demand for 2nd generation biofuels.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">41</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In 2009, we entered into a cease and desist order with the SEC relating to, among other things, our internal controls. If we fail to improve or maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M326"><!--Anchor--></a>Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to satisfy our reporting obligations and impair our ability to prevent or detect fraud.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M327"><!--Anchor--></a>On June 4, 2009, we entered into a cease and desist order with the SEC relating to our alleged ineffective internal controls at our Asian subsidiaries, which we abandoned in 2007. In April 2007, we became aware of alleged improprieties at our Asian subsidiaries. In connection with these events, we entered into a cease and desist order with the SEC. Since entering into the cease and desist order, the Company has worked to remediate and improve its internal controls and has a new Chief Financial Officer and auditor in place. For example, the Company has centralized financial reporting, the Company&#8217;s audit committee meets quarterly and an independent financial expert consults with our audit committee to the review the Company&#8217;s financial statements. The process of implementing our internal controls and complying with required procedures is expensive and time consuming, and requires significant attention from management. We cannot be certain that these measures will ensure that we implement and maintain adequate controls over our financial processes and reporting in the future.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M328"><!--Anchor--></a>In addition, any testing conducted by us, or any subsequent testing by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Because of its inherent limitations, internal control over financial reporting may not prevent or detect fraud or misstatements. Inferior internal controls or further regulatory action could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock and could materially and adversely affect our business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M329"><!--Anchor--></a>Our ability to use our net operating loss carryforwards (&#8220;NOLs&#8221;) to offset future taxable income may be subject to certain limitations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M330"><!--Anchor--></a>In general, under Section 382 of the Internal Revenue Code, a corporation that undergoes an &#8220;ownership change&#8221; is subject to limitations on its ability to utilize its NOLs, to offset future taxable income. If the Internal Revenue Service challenges our analysis that our existing NOLs are not subject to limitations arising from previous ownership changes, our ability to utilize NOLs could be limited by Section 382 of the Internal Revenue Code. Future changes in our stock ownership, some of which are outside of our control, could result in an ownership change under Section 382 of the Internal Revenue Code. Furthermore, our ability to utilize NOLs of companies that we may acquire in the future may be subject to limitations. For these reasons, we may not be able to utilize a material portion of the NOLs reflected in our financial statements, even if we attain profitability.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M331"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Risks Related to Our Common Stock</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M332"><!--Anchor--></a>The price of our shares of common stock is likely to be volatile, and you could lose all or part of your investment.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M333"><!--Anchor--></a>The trading price of our common stock has been, and is likely to continue to be, volatile. Since January 1, 2012 through June 30, 2014, the price of our common stock has fluctuated from a high of $2.25 per share to a low of $0.77 per share.&#160; The trading prices of biotechnology and renewable energy company stocks in general tend to experience extreme price fluctuations.&#160; The valuations of many biotechnology and renewable energy companies without consistent product sales and earnings are extraordinarily high based on conventional valuation standards such as price-to-earnings and price-to-sales ratios. These trading prices and valuations may not be sustained.&#160; Any negative change in the public&#8217;s perception of the prospects of biotechnology and renewable energy companies could depress our stock price regardless of our results of operations.&#160; Other broad market and industry factors such as market fluctuations, as well as general political and economic conditions such as war, recession or changes in interest and currency rates may also decrease the trading price of our common stock.&#160; Other factors that may result in fluctuations in our stock price include, but are not limited to, the following:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="296ab7d009634a48a4570dd51a19b5d5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Announcements of new technological innovations, patents&#160;or new products or processes by us or our competitors;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d4bf0d79541d4aa099da61f984dbd1a3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Announcements by us or our licensees and collaborators relating to our relationships or either of our relationships with other third parties;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bbcaef3377a94263b8c2cdeb85983cb5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Changes in financial estimates by securities analysts;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="507754a4895246c08511f3dc34233712" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Conditions or trends in the biotechnology industry;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="830dfdd0aca246f1ba65f17dde26225e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Changes in the market valuations of other biotechnology companies;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f6694570109c4d9b80bec14dee1306ca" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Limitations on the markets into which we can leverage our C1 Expression System;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">42</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1501822377054a6bbf274eed6848415a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Actual or anticipated changes in our growth rate relative to our competitors;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1e15f70fd353456d9e87b472aa59bb57" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Developments in domestic and international governmental policy or regulations;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fd8ee69979a64e78aa1102333e1e95b5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Announcements by us or our competitors of significant acquisitions, divestures, strategic partnerships, license agreements, joint ventures or capital commitments;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0346bfa710124332b35373f0ae6c1062" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The position of our cash, cash equivalents and marketable securities;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="611581c8ce6d44aab1e757aa31ea9cb7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Any changes in the terms and conditions of our debt, or the non-renewal of our debt;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e43a8726ae42462b877bf444d8d0e2bf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Developments in patent or other proprietary rights held by us or by others;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a940b59efc5f4557b9b4efbe89bdaf8f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Negative effects related to the stock or business performance of our licensees, or the abandonment of projects using our technology by our licensees;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="26e3f7f6815849509bd3db0f8996ac5f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Scientific risks inherent to emerging technologies such as our C1 Expression System;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="652669e6cf28443b999b582506268ecc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Set-backs, and/or failures, and or delays in our or our licensees&#8217; R&amp;D and commercialization programs;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="844e33607dc342ddb09dcfbe3a49a026" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Delays or failure to receive regulatory approvals by us and/or our licensees;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a47e44a751fa438da389d0f217f58fb2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Loss or expiration of our intellectual property rights;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="42e65d82cd17476ebcd34096e12d1846" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Lawsuits initiated by or against us;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5cbb0fd00c5d43579ec0f50431d67efb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Period-to-period fluctuations in our operating results;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="370c994cc920415393d9e41058b21136" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Future royalties from product sales, if any, by our strategic partners;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="832dfac1f0ad4a8ab2c314652ad5c393" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Sales of our common stock or other securities in the open market;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="463914abd4cd43d3b22bc8f63693f20e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stock buy-back programs;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7d2bc8bd80e443309b615c4ce95124cb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stock splits; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e075972a6b9d4d8697ac6fde1379955e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Setbacks, and/or failures, delays or negative result in our lawsuit we filed against our former professional service providers.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><a name="_DV_M358"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the past, stockholders have often instituted securities class action litigation after periods of volatility in the market price of a company&#8217;s securities.&#160; In 2007, a stockholder filed a securities class action suit against us, which we settled on July 27, 2010. If a stockholder files a securities class action suit against us, as previously occurred in 2007, we would incur substantial legal fees and our management&#8217;s attention and resources would be diverted from operating our business to responding to litigation.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M359"><!--Anchor--></a>The market price of our common stock has in the past been, and is likely to continue to be, subject to significant fluctuations. In addition to events related to our operating performance, the stock markets in general have experienced substantial volatility related to general economic conditions and may continue to experience volatility for some time. These broad market fluctuations may also adversely affect the trading price of our common stock.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M360"><!--Anchor--></a>Our quarterly and annual operating results may be volatile.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M361"><!--Anchor--></a>Our quarterly and annual operating results have fluctuated in the past and are likely to do so in the future.&#160; These fluctuations could cause our stock price to vary significantly or decline.&#160; Some of the factors that could impact our operating results include:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3d28c0d93cb04aefa8dbdf38d19103ab" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E47"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Expiration of research contracts with collaborators and/or licensees, which may not be renewed or replaced;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="905e0d3b850742b4bc93d6489a39ab0b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E48"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Setbacks or failures in our and our collaborators and licensees research, development and commercialization efforts;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="dda11bb2709c4cf48bdb4ecb654076dc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 14px">
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E49"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The success rate of our discovery, and development efforts leading to milestones and royalties;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4e18eb85e18443d4a4df3afeddc34b6e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E50"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The timing and willingness of collaborators and licensees to commercialize their products which would result in royalties;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="68ceac6405b54737b6d131a9d69e164c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E51"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">General and industry specific economic conditions, which may affect our collaborators&#8217; and licensees&#8217; R&amp;D expenditures;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a4ed836baf81423899487f62f0e5e3f3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E52"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The adoption and acceptance of our industrial enzymes and other products by customers of our industrial enzyme business;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="97601dd944624cf4915d67aba6800fa8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E53"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The adoption and acceptance of the Dyadic C1 Expression System by bioenergy, biotechnology and pharmaceutical companies;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f098e90631fe4a44aec4dcdfbcbd14e4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E54"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The introduction by our competitors of new industrial enzyme products or lower prices of existing products to our industrial enzyme business&#8217;s customers;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d357833b80094066941ba3b0567704bb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E55"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The addition or loss of one or more of the collaborative partners or licensees we are working with to commercialize our products in the biofuel and bio-based chemicals markets, biopharmaceutical, as well as for our food and animal health and nutrition businesses;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bc4dcf799d364166838d47ffeb830669" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><!--Anchor--><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Ability to file, maintain and defend our intellectual property and to protect our proprietary information and trade secrets;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a1a667e9b67846419027ca8fb4fde8b9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><!--Anchor--><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Develop technology, products and processes that do not infringe on the intellectual property of third parties;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="af97ad6f246641fa9dcb410902155b37" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E56"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The introduction by our competitors of new expression technologies competitive with our C1 Expression System and new screening technologies competitive with our HTS technology;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="31fe97921f6e45d1af6dfd0787d58f72" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E57"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The ability to enter into new licenses and generate revenue from such licenses;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f61c45f838594a2a84d30875d10d2f0f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E58"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Scientific risk associated with emerging technologies such as our C1 Expression System;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c90a2ec931f04a4a9b916bdb13cb3270" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E59"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Disruption in our manufacturing capacity or failure to bring on the additional manufacturing capacity required to meet our projected growth;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e252cd708374484c8c0e2852241b26cd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E60"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Uncertainty regarding the timing of upfront license fees for new C1 Expression System license agreements or expanded license agreements;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e3d489f47e71431a937f321d238cd39c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E64"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Delays or failure to receive milestones and royalties and other payments; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4a68fe3d069b4378b90166bd33e62c23" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 18pt">&#160;</td>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The expenses incurred as a result of our lawsuit we filed against our former professional service providers which have and are anticipated to fluctuate greatly quarter to quarter.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">43</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M382"><!--Anchor--></a>A large portion of our expenses are relatively fixed, including expenses for facilities, equipment and personnel. Accordingly, if sales decline or do not grow as anticipated due to the expiration of research contracts or government research grants, we fail to obtain new contracts, or other factors, we may not be able to correspondingly reduce our operating expenses.&#160; Failure to achieve anticipated levels of sales could, therefore, significantly harm our operating results for a particular fiscal period. However, in 2014 we will continue to incur professional service fees related to the expert witnesses and court reporter in our lawsuit against our former professional service providers. If this case is not settled at the court ordered mediation, which is now set for November 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160; and 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160; 2014 , we would expect significant professional service fees related to expert witnesses testimony, court reporter and other expenses to continue during 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M383"><!--Anchor--></a>Due to the possibility of fluctuations in our revenues and expenses, we believe that quarter-to-quarter comparisons of our operating results are not necessarily a good indication of our future performance. Our operating results in some quarters may not meet the expectations of stock market analysts and investors causing our stock price to possibly decline.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M384"><!--Anchor--></a>We do not expect to pay cash dividends in the future.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M385"><!--Anchor--></a>We have never paid cash dividends on our stock and do not anticipate paying cash dividends on our stock in the foreseeable future. The payment of dividends on our shares, if ever, will depend on our earnings, financial condition and other business and economic factors deemed relevant for consideration by our board of directors.&#160; If we do not pay dividends, our stock may be less valuable because a return on investment will only occur if and to the extent that our stock price appreciates, and if the price of our stock does not appreciate, then there will be no return on investment.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M386"><!--Anchor--></a>Our anti-takeover defense provisions may deter potential acquirers and depress our stock price.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M387"><!--Anchor--></a>Certain provisions of our certificate of incorporation, bylaws and Delaware law, as well as certain agreements we have with our executives, could be used by our incumbent management to make it substantially more difficult for a third party to acquire control of us. These provisions include the following:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="97bfab3510b74512ad4ba535758759df" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E70"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">We may issue preferred stock with rights senior to those of our common stock;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a3c0e988729c415da8822146ba587eb7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E71"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">We have a classified board of directors;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e266eaa3bc924c5e8973055f2d4f44e0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E72"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Action by written consent by stockholders is not permitted;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f3c0ec04f91040ceac4a0a56edce0b5b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><a name="RANGE!E73"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><a name="RANGE!F73"><!--Anchor--></a>Our board of directors has the exclusive right to fill vacancies and set the number of directors Cumulative voting by our stockholders is not allowed; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="531b4d2e94fe41858215b290bd0e5959" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div><a name="RANGE!E75"><!--Anchor--></a><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">We require advance notice for nomination of directors by our stockholders and for stockholder proposals.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><a name="_DV_M394"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M395"><!--Anchor--></a>These provisions may discourage certain types of transactions involving an actual or potential change in control. These provisions may also limit our stockholders&#8217; ability to approve transactions that they may deem to be in their best interests and discourage transactions in which our stockholders might otherwise receive a premium for their shares over the current market price.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M396"><!--Anchor--></a>Concentration of ownership among our existing officers, directors and principal stockholders may prevent other stockholders from influencing significant corporate decisions and depress our stock price.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M397"><!--Anchor--></a>Our officers, directors and principal stockholders together control approximately 52% of our outstanding common stock as of December 31, 2013. Our founder and chief executive officer, Mark Emalfarb, through the Mark A. Emalfarb Trust under agreement dated October 1, 1987, as amended (the &#8220;MAE Trust&#8221;) of which he is the trustee and beneficiary, owned approximately 20% of our outstanding common stock as of December 31, 2013. Further, the Francisco Trust U/A/D February 28, 1996 (the &#8220;Francisco Trust&#8221;), whose beneficiaries are the spouse and descendants of Mark A. Emalfarb, owned approximately 12% of our outstanding common stock as of December 31, 2013.&#160; We have historically been controlled, managed and principally funded by Mark A. Emalfarb, our Chief Executive Officer, and affiliates of Mr. Emalfarb. Collectively, Mr. Emalfarb and stockholders affiliated with Mr. Emalfarb controlled approximately 32% of our common stock. Pursuant to a divorce decree dated March 18, 2014, 3,427,688 shares of Dyadic common stock, and 207,904 stock options previously held by the Mark A Emalfarb Trust were transferred to Lisa K. Emalfarb in April 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><a name="_DV_M398"><!--Anchor--></a>Mr. Emalfarb&#160;may be&#160;able to control or significantly influence all matters requiring approval by our shareholders, including the election of directors and the approval of mergers or other business combination transactions. The interests of Mr. Emalfarb may not always coincide with the interests of other shareholders, and he may take actions that advance his personal interests and are contrary to the desires of our other shareholders.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">44</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">If our existing officers, directors and principal stockholders act together, they will be able to exert a significant degree of influence over our management and affairs and over matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions.&#160; In addition, this concentration of ownership may delay or prevent a change in control and might affect the market price of our shares, even when a change may be in the best interests of all stockholders.&#160; <a name="_DV_C20"><!--Anchor--></a>Certain of our principal stockholders may elect to increase their holdings of our common stock, which may have the impact of delaying or preventing a change of control. <a name="_DV_M400"><!--Anchor--></a>Moreover, the interests of this concentration of ownership may not always coincide with our interests or the interests of other stockholders, and, accordingly, they could cause us to enter into transactions or agreements, which we would not otherwise consider.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M401"><!--Anchor--></a>We are indebted to our largest stockholders.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><a name="_DV_M402"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M403"><!--Anchor--></a>As of December 31, 2013, we owed the MAE Trust indebtedness of approximately $1.4 million under a secured note payable and $1.0 million under certain convertible subordinated debt.&#160; All of our assets are mortgaged or pledged to secure the notes payable owed to the MAE Trust.&#160; Pursuant to a divorce decree dated March 18, 2014, the $1.4 million note was transferred to Lisa K. Emalfarb on April 1, 2014.&#160; All of our assets are also pledged for convertible subordinated debt of $6.8 million, as of December 30, 2013, owed by the Company to certain debt holders.&#160; The Pinnacle Family Trust holds $3.8 million of the convertible subordinated debt. Approximately $1.9 million of the 2010 Notes and the 2011 Notes are held by four related interests, which include members of management and the board of directors, as well as another related party.&#160;&#160; If we were unable to generate sufficient cash flow or otherwise obtain funds necessary to pay this indebtedness when due, we would be in default, and these debt holders would have the right to foreclose on the liens and security interests that secure the debt.&#160; Further, this indebtedness is transferable to third parties. In addition, we may decide to refinance our related party indebtedness through secured borrowings from banks or other commercial lenders.&#160; Any transferee or new lender that is not a related party may not have the same attitude about any failure on our part to meet our binding repayment obligations as the existing related party note holders.&#160; The maturity date of this debt has been extended each year to 2013, 2014, and most recently to 2015, but there is no guaranty that we will be able to extend the maturity date of this debt in the future.&#160; Debt in the amount of $6.8 million is callable by the Company any time after March 31, 2014 without penalty with 30 days&#8217; notice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M404"><!--Anchor--></a>If securities or industry analysts do not commence the publication of research or reports about our business, or publish negative reports about our business, our stock price and trading volume could decline.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M405"><!--Anchor--></a>The trading market for our common stock will be influenced by the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade our stock or change their opinion of our stock in a negative manner, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our stock price or trading volume to decline.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="_DV_M406"><!--Anchor--></a>Future sales of shares of our common stock may negatively affect our stock price.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M407"><!--Anchor--></a>The sale of additional shares of our common stock, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of December 31, 2013, there were 34,028,245 shares of our common stock outstanding. Approximately 52% of these shares are beneficially owned or controlled by our executive officers, directors and principal stockholders.&#160; Shares held by our affiliates and certain of our directors, officers and employees are &#8220;restricted securities&#8221; as defined by Rule 144 (&#8220;Rule 144&#8221;) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and subject to certain restrictions on resale. Restricted securities may be sold in the public market only if they are registered under the Securities Act or are sold pursuant to an exemption from registration such as Rule 144.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our common stock has a relatively small public float. As a result, sales of substantial amounts of shares of our common stock, or even the potential for such sales, may materially and adversely affect prevailing market prices for our common stock. In addition, any adverse effect on the market price of our common stock could make it difficult for us to raise additional capital through sales of equity securities. Further, our licensee Abengoa is a significant holder of shares of our common stock. Abengoa owns 2,136,852 shares of our common stock. Abengoa purchased such shares on October 26, 2006. Because Abengoa has held such shares for over one year, they may engage in future sales under Rule 144, which could negatively affect our stock price.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">45</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Pursuant to a divorce decree dated March 18, 2014, Lisa K. Emalfarb, the former spouse of Mark A. Emalfarb, received 3,427,688 shares of common stock and 207,904 stock options, which were&#160; transferred in April 2014 from common stock held by the MAE Trust, as well as, certain options to purchase additional shares earned by Mr. Emalfarb prior to November 30, 2012. Shares of our common stock held by Ms. Emalfarb may be considered &#8220;restricted securities&#8221; as defined under Rule 144 and may only be sold pursuant to an effective registration statement or an exemption from registration, if available. Rule 144 provides that a person who is not an affiliate and has held restricted securities for a prescribed period of at least six months if purchased from a reporting issuer or 12 months if purchased from a non-reporting Company, may, under certain conditions, sell all or any of his or her shares without volume limitation, in brokerage transactions. However, Ms. Emalfarb may be able to &#8220;tack&#8221; her holding period pursuant to Rule 144 and therefore sell her shares immediately and not subject to any holding period pursuant to Rule 144. Ms. Emalfarb may be deemed to be an &#8220;affiliate,&#8221; in which case she may not sell shares in excess of 1% of the Company&#8217;s outstanding common stock each three months. Additionally, for non-reporting issuers, if Ms. Emalfarb is deemed to be an &#8220;affiliate,&#8221; certain company information, including information regarding the nature of its business, the identity of its officers and directors, and its financial statements, must be publicly available for her to sell her shares under Rule 144. As a result of revisions to Rule 144 which became effective on February 15, 2008, there is no limit on the amount of restricted securities that may be sold by a non-affiliate (i.e., a stockholder who has not been an officer, director or control person for at least 90 consecutive days) after the restricted securities have been held by the owner for the aforementioned prescribed period of time. A sale by Ms. Emalfarb under Rule 144 or under any other exemption from the Securities Act, if available, or pursuant to registration of shares of common stock, may have a depressive effect upon the price of our common stock.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><a name="_DV_M408"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We incurred significant costs as a result of our uplisting on the OTCQX U.S. Premier marketplace, and those costs will increase proportionately higher if, as and when we become a fully reporting company and our management will be required to devote substantial time to compliance requirements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><a name="_DV_M409"><!--Anchor--></a>As a company quoted on the OTCQX U.S. Premier marketplace, we incur significant legal, accounting and other expenses that we did not incur previously. In addition, the OTCQX Alternative Reporting Standards impose various requirements on companies that require our management and other personnel to devote a substantial amount of time to compliance initiatives<a name="_DV_C21"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">. </font>These costs will further increase if, as and when we become a fully reporting company<a name="_DV_M410"><!--Anchor--></a> under the Exchange Act.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We may in the future seek to list our common stock on the NASDAQ Stock Market or another stock exchange. However, we do not currently meet the listing standards for listing on any national securities exchange. During the period that our common stock is quoted on the OTCQX U.S. Premier or any other over-the-counter system, an investor may find it more difficult to dispose of shares or obtain accurate quotations as to the market value of our common stock than would be the case if and when we list on the NASDAQ Stock Market or another stock exchange.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition, if we fail to meet the criteria set forth in certain SEC regulations, various requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and accredited investors. Consequently, such regulations may deter broker-dealers from recommending or selling our common stock, which may further affect its liquidity. This would also make it more difficult for us to raise additional capital.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We may not be able to meet the initial listing standards of any stock exchange, correctly predict the timing of such listing or, if listed, maintain such a listing.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We will incur significant costs as a result of operating as a public company, and our management will be required to devote substantial time to compliance initiatives.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Exchange Act, the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as related rules implemented by the SEC, impose various requirements on public companies that require our management and other personnel to devote a substantial amount of time to compliance initiatives.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition, the Sarbanes-Oxley Act requires, among other things, that we maintain effective internal control over financial reporting and disclosure controls and procedures. In particular, we must perform system and process evaluation and testing of our internal control over financial reporting to allow management evaluate effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. Our compliance with Section 404 requires that we incur substantial accounting expense and expend significant management time on compliance-related issues. Moreover, if we are not able to maintain compliance with the requirements of Section 404, our stock price could decline, and we could face sanctions or investigations, or other material adverse effects on our business, reputation, results of operations, financial condition or liquidity.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">If the SEC does not declare this Registration Statement effective or otherwise delays the effectiveness of this Registration Statement, the Company may be negatively affected and stockholders may not be able to sell shares in the amounts or at the times they might otherwise to.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Although the Company has undertaken the steps it believes are necessary to permit the SEC to declare this Registration Statement effective, it is possible that the SEC may, by application of its policies or procedures, delay the effectiveness of the Registration Statement or make it impractical for the Company to respond to the SEC in a manner that permits it to declare the Registration Statement effective. If the Registration Statement is not declared effective, the Company may be negatively affected and stockholders will need to rely on exemptions from the registration requirements of the Securities Act, such as Rule 144. Such exemptions typically limit the amount of shares that can be sold, require that shares be sold in certain types of transactions, require certain holding periods and limit the number of times that shares can be sold.</div>

<div style="TEXT-ALIGN: justify"><img style="WIDTH: 2px; HEIGHT: 2px" src="image6.jpg"></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">46</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item2."><!--Anchor--></a><a name="Item2.FinancialInformatio"><!--Anchor--></a>Item 2. <a name="Item1b_UnresolvedStaffComments_152720"><!--Anchor--></a>Financial Information</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selected Financial Information</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table provides selected historical consolidated financial data as of and for the periods shown. The data as of and for the fiscal years ended December 31, 2013 and&#160; 2012 have been derived from our audited consolidated financial statements for those dates and periods. The data as of and for the six months ended June 30, 2014 and 2013 have been derived from the condensed consolidated financial statements for those periods and dates.&#160;&#160; The selected financial data below should be read in conjunction with &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our Consolidated Financial Statements and related notes provided in Item 13 of this Form 10 registration statement.&#160; Our historical results are not necessarily indicative of the results that may be expected in the future.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selected financial data for the six months ended June 30, 2014 and 2013 and for the year ended, as of December 31, 2013 and 2012:</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="27ab4e18bdbd45269e44ccdce0c6134a" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">June 30,</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">December 31,</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Revenues from Operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,046,715</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,562,606</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">17,134,741</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,601,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Gross Profit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,909,411</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,664,604</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,030,784</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,985,498</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Income (Loss) from Operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,945,317</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,236,709</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">556,502</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,588,342</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Income (Loss)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,862,084</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,349,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Cash provided by (used in) Operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,468,117</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,066,768</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,095,854</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">365,172</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash Share data:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Shares &#8211; Basic</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,036,295</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">32,135,525</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">32,797,253</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31,608,841</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Shares &#8211; Diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,036,295</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,175,467</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">32,797,253</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,225,590</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">EPS &#8211; Basic</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.04</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">EPS &#8211; Diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.05</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.04</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Current Assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,994,262</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">14,452,927</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">13,852,496</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,945,791</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Property, Plant and Equipment, Net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">557,009</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">397,766</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">504,781</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">393,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Intangible Assets, Net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">581,896</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">535,386</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">566,867</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">525,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Other Assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">35,222</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">148,153</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,173</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,173</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,168,389</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,534,232</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">14,940,317</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,881,048</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Current Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,169,958</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,886,186</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,129,157</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,668,965</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Short-term Debt</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,242,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Long-term Debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,242,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,242,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,412,899</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,129,127</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,412,899</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,093,906</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stockholders&#8217; Equity</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(244,510</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,405,105</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,568,219</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,787,142</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">47</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this registration statement.&#160; The discussion may contain forward-looking statements based on current expectations that involve risks and uncertainties.&#160; Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under &#8220;Risk Factors&#8221; or in other parts of this registration statement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Overview</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dyadic International, Inc. is a global biotechnology company based in Jupiter, Florida, with our research center in Wageningen, The Netherlands.&#160; We use our patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemical, biopharmaceutical and industrial enzyme industries. Dyadic utilizes, among other proprietary technologies, the C1 Expression System, an integrated technology platform based on its patented and proprietary C1 microorganism. The C1 Expression System enables the development and large scale manufacture of low cost enzymes and other proteins for diverse market opportunities. The technology can also be used to screen for the discovery of novel genes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Strategy</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We expect to generate revenues by leveraging our C1 Expression System and other technologies by: (i) conducting R&amp;D projects to develop C1-based products for ourselves and for third parties; (ii) entering into collaborations, license agreements, joint ventures or other business arrangements to collect technology access fees, milestone payments, royalties, profit sharing and other fees; (iii) selling enzyme products, produced using Trichoderma and our C1 Expression System, and buying and reselling enzymes we purchase from third parties to both current markets and future markets to customers, through distributors or for customer-collaborators; and/or (iv) obtaining grants from the United States government, foreign governments or other agencies. Our technologies have the potential for commercial applications in multi-billion dollar opportunities across diverse end markets, and we currently are focused on:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biofuels and bio-based chemicals</font> (including bioethanol, biodiesel, renewable plastics and polymers as replacements for petroleum-based products, and a variety of bio-based chemicals such as acrylic acid, succinic acid, butanediol, phthalate, solvents, and nutritious oils such as Omega 3).&#160; Our C1 enzyme technology is being developed for use in the conversion of natural fibers (biomass) into fermentable sugars, which are subsequently fermented into ethanol our other bio-based products. Our current product offering, the CMAX product line, along with the C1-based enzymes developed by our licensees Abengoa and Codexis, are recognized for their excellent performance characteristics at converting natural fibers (biomass) such as corn stover, and wheat straw into fermentable sugars and through our continued research efforts we expect to continue developing even better performing CMAX enzymes at lower manufacturing costs. As we are generally focused on a licensing and collaboration model in this nascent industry, with the first commercial scale facility using our C1 technology expected to come online this year.&#160; We do not currently have significant direct sales of our CMAX products, however, we have established our market position with our licensee Abengoa and our more recent collaborator CIMV:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f711a2f474f541c4be918b240f78b15e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Abengoa,</font> our licensee, is anticipated to begin operations at its 25 million gallon advanced biofuels plant in Hugoton, Kansas in the fourth quarter of 2014. We expect this facility to generate a milestone and begin to earn initial royalties as the Hugoton plant starts up for Dyadic by the end of 2014. This milestone has been achieved in July and we received the licensing milestone payment of $500,000 in September 2014.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3ec4a45c1c35430a98268dae6e68ca1e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CIMV,</font> a recent collaborator of ours, is recognized as potentially having innovative technologies to process biomass, to create a fully integrated system to produce environmentally low impact biofuels and bio-based chemicals. Dyadic anticipates supplying enzymes to CIMV&#8217;s planned 2015 demonstration plant and licensing its C1 technology for on-site production of enzymes at CIMV&#8217;s future commercial scale plants</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Biopharmaceuticals</font> (including therapeutic proteins, vaccines, monoclonal antibodies, biogenerics and other biologics used in the treatment of many diseases) &#8211; We believe that the biopharmaceutical industry is in need of novel expression systems like our C1 Expression System to address certain challenges in the market today in developing and producing biologics. Using novel expression systems such as C1, drug developers have another alternative organism that may be able to sufficiently express therapeutic proteins, vaccines, monoclonal antibodies and other biologics which may be stuck in their development programs because of the lack of expression levels with the more common expression systems. We believe that pharmaceutical companies might find C1, among the novel, cutting-edge expression systems available, and to potentially become one of the more attractive because of its long track record in industrial enzyme development and manufacturing, its robust growth and fermentation characteristics, and its ability to be readily programmed and easily scaled. However, using the C1 Expression System for biopharmaceutical applications should be considered an early-stage endeavor. We have been working with Sanofi Pasteur since 2011.&#160; The second project is an exploratory project which began in 2014.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">48</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c90e4aeb61d443148e6179e34229d9b7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sanofi,</font> a collaborator, has worked with us to try and develop a method to produce a certain vaccine using the C1 expression system that is in the R&amp;D phase. In addition to prior funded R&amp;D, we have the potential for additional R&amp;D funding, milestone payments and other opportunities should the research project be continued and the subsequent technology transfer be successful.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrial</font> (enzymes for the animal feed, pulp and paper, textiles, food and beverage and other end markets) &#8211; Enzymes for industrial applications represent our oldest and largest business segment. Already a $5 billion global market in 2013, we believe enzymes will continue to replace existing technologies due to the precision that biocatalysts potentially demonstrate relative to existing chemical approaches.&#160; We currently operate a small enzyme business selling proprietary products to approximately 100 customers in 35 different countries. The business grew 25% year-over-year in 2013 versus 2012, and grew 28% year-over-year in the six months ending June 30, 2014 versus the six months ending June 30, 2013.&#160; We don&#8217;t expect that the second half of this year will see the same growth rate as the second six month period in 2013 saw substantial growth vs the second half of year 2012. While the majority of our existing enzyme sales are from our historical non-GMO Trichoderma technology, we are currently focused on developing cutting-edge new products based on our C1 Expression System. While we may release next generation products for industrial applications such as textiles and pulp and paper sooner, we expect our major new product introductions to happen no earlier than 2017 due to development cycles and registration requirements for the animal feed and food and beverage industries. Our primary licensees, BASF and the animal health company described in the &#8220;Business Overview&#8221; section of this document, represent two critical components to our strategy in the Industrial market.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="20afed64576e497b8a99c08a8157965c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BASF,</font> one of our licensees, is currently developing commercial products using the C1 Expression System by both funding research at Dyadic and through, we believe, their internal efforts. Products developed using the C1 Expression System for BASF will have access to one of the world&#8217;s foremost sales, marketing and distribution organizations to commercialize these products in a number of end markets. For example, BASF is already a market leader in animal feed and detergent enzymes.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="363b32a0924a4585817c011914c14c73" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our Animal Health Licensee</font> began work with Dyadic in 2011 to develop a next-generation enzyme to potentially replace their market leading product.&#160; We continue to refine that product through funded R&amp;D and hope they will commercialize this product within the next few years. Together BASF and our animal health licensee already represent a significant portion of animal feed enzyme market, and we hope to facilitate their growth and receive milestone and royalties upon their commercialization of their products.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe in the saying that <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#8220;The expression system is not everything, but everything is nothing without a good expression system.&#8221;</font> Based on our academic and commercial collaborations, we believe experts in academia and industry regard Dyadic&#8217;s C1 Expression System to be among the foremost expression systems in the world. We have licensed, on a non-exclusive basis, our C1 Expression System to some of the world&#8217;s largest and most renowned companies in their respective fields of applications. We believe that utilizing our C1 Expression System may be the critical differentiator in allowing Dyadic, our collaborators and licensees to compete against much larger rivals in these technology-driven markets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Results of Operations</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Comparison of six months ended June 30, 2014 (unaudited) and six months ended June 30, 2013 (unaudited)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Revenue</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="83c417da55844383b38f46ec3d8d4185" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Revenue by Product:</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Product Related Revenue, Net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,916,724</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,837,358</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">License Fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Research and Development ("R&amp;D")</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,129,991</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">725,248</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Revenue</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,046,715</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,562,606</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the six months ending June 30, 2013 and June 30, 2014 we derived revenue from three sources: (i) from the sale of our proprietary Trichoderma, C1-related enzyme products and enzyme products we buy and resell from third parties, (ii) from licensing of our technology to third parties; and (iii) from funded R&amp;D projects with third parties, both public and private.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="455223bd89384bee9bdbf235e95303ff" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Net product related revenue increased 28% primarily due to growth in the animal health and nutrition, starch and alcohol, and brewing product segments in the Americas and Europe regions, partially offset by revenue declines in Asia Pacific due to rationalization of low margin products.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9ea8c24b88b64ae9899423cfeee0e155" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The decrease in licensing fees is due to no new license agreements in 2014 compared to the payment received in 2013 for the agreement with BASF. The BASF license agreement revenue is recognized in the USA.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="855f4eff584e40559152c0ca289debe4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">R&amp;D revenue increased 56% due to due to a key project reaching certain milestone expectations earlier than targeted, and several new projects initiated in 2014, which were enabled by the recent expansion of the Company's R&amp;D center in the Netherlands. R&amp;D revenue is recognized in Europe.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">49</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="eb5c825158a14b84815d88e54d7b7fbb" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Revenue by Geography:</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Americas</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,529,690</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,368,773</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Asia Pacific</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">622,841</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">784,344</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Europe</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,894,184</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,409,489</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Revenue</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,046,715</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,562,606</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 20.25pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">Germany represented 10% or more of our total revenue in each period presented.&#160; Revenue in Germany totaled $1,113,578 in 2014 and $5,151,800 in 2013.&#160; The United States represents 10% or more of our total revenue in 2014 only. Revenue in the United States totaled $1,076,523 in 2014. Belgium represented 10% or more of our total revenue in 2014 only. Revenue in Belgium totaled $1,000,603 in 2014.</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c778add21862455c9ac281ecc9fdacee" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The increase in the Americas revenue of $160,917, or 12%, is primarily due to organic growth and two new product related accounts.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d0842bc9267d4b50a362cb341dc3cbee" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The decrease in Asia Pacific revenue of $161,503, or 21%, is primarily due to product rationalization of low margin products.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="71294c54cbb941419d7b19af30f7f04c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The decrease in Europe revenue of $3,515,305, or 47%, is primarily due to no new license agreement in 2014 as compared to $5,000,000 upfront fee received from BASF in 2013, which was partially offset by increased R&amp;D revenue primarily related to the R&amp;D efforts for the BASF contract and other R&amp;D project activity.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gross Profit</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="132ce6683fd546d4b7a39e773bf894c3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Profit and Margin:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Gross Profit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,909,411</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,664,604</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Gross Margin %</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31.6</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">59.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The gross profit decline of 66% for the first six months of 2014 versus the same period last year is due to the reduction in 100% gross margin license fee revenue of $5,000,000, partially offset by an increase in gross profit of $112,452 from product related revenue growth, an increase in gross profit of $106,043 from R&amp;D revenue growth, continued productivity improvements of $747,497, and 2013 inventory obsolescence for product rationalizations of $278,815.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The gross margin percent decline of 27.6 percentage points is due to the 31.0 percentage point margin impact of the reduction in license fee revenue, partially offset by an increase in gross margin due to product related and R&amp;D revenue growth, continued productivity improvements and 2013 inventory obsolescence for product rationalizations of 3.4 percentage points. Product related gross margin for the six months ended June 30, 2014 improved by 18.0 percentage points versus the same period a year ago, driven by improvements in our manufacturing processes, higher fermentation yields, reduced inventory obsolescence and other operational initiatives.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Operating Expenses</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b5c26b28c58f4666b6d39c351c88a5d1" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Expenses:</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">General and Administrative Expenses ("G&amp;A")</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,628,587</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,405,739</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Sales and Marketing Expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">582,970</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">419,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Research and Development Costs</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">655,171</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">569,494</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Foreign Currency Exchange (Gain) Loss, Net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(12,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">33,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Sale of Fixed Assets (Gain) Loss</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(19,755</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Selling, General and Administrative ("SG&amp;A")</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,834,973</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,427,895</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">% of Revenues</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">36</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">50</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Operating expenses increased by 41% to $4,834,973 versus the same period last year. The ratio of operating costs to sales was 80% reflecting an increase of 44 percentage points versus the same period last year.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="67e06909e139439ebb63c06dd6b450e7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">General and Administration increased by 51%, representing 59% of revenues</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5f8df12f39f346b68b9b9a47d730a69f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Sales and Marketing increased by 39%, representing 10% of revenues</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="53ed2c7bcd084fb49a82413b70313acc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R&amp;D increased by 15%, representing 11% of revenues</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c5ad327a75254f62948ab0f7d219cf5e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Foreign Currency Exchange (Gain) Loss, Net decreased by 136%, representing 0% of revenues</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The increase in G&amp;A expenses year over year is primarily due to the ongoing costs of legal representation and expert testimony in connection with our lawsuit against our former outside counsel of $600,000, a 2013 bad debt recovery of $300,000 and the additional investment in business development resources of $322,848. The increase in sales and marketing costs is due to additional sales resources and growth initiatives in Europe and the Americas. The increase in R&amp;D is due to the expansion of our R&amp;D facility in the Netherlands, and additional resources to support organic product development and improvements in the C1 Expression System Platform. The 2014 cost increases were offset by actions to reduce SG&amp;A including the closure of our Greensboro, NC laboratory and strategic sourcing cost reduction initiatives. The decrease in foreign exchange is due to favorable currency fluctuations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Other Income (Expense)</div>

<div><br>
</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="da46c56654134069be672a3a1caefcec" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Income (Expense):</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,533</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(338,822</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(339,641</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Other Income (Expense)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(322,289</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(336,625</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net Income (Loss)</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1cfc852e6ace46c4ad37e6dfc0483aba" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Income (Loss):</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,862,084</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Income per share - Basic</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Income per share - Diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.05</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Weighted average common shares - Basic</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,036,295</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">32,135,525</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Weighted average common shares - Diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,036,295</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,175,467</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Based on the factors discussed above, the net loss for the six months ended June 30, 2014 was $3.2 million, or ($0.10) per basic and fully diluted share, as compared to a net income of $1.9 million, or $0.06 per basic and $0.05 per fully diluted share, for six months ended June 30, 2013.&#160; Our net income relies strongly on licensing partnerships and other collaborations.&#160; We believe that it is likely that if we do not sign another license deal, we will incur losses in the near term primarily because of our planned levels of R&amp;D and&#160;additional general and administrative expenditures that will be necessary to grow the Bioenergy, Enzyme and Biopharmaceutical businesses and continued expenses and costs associated with the lawsuit against our former outside legal counsel and other related events.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The above net loss includes litigation related expenses of approximately $1.1 million for our lawsuit against our former outside legal counsel and other related events, which had a negative impact on earnings per share of $0.02 for both basic and fully diluted shares for the six months ended June 30, 2014, as compared to a negative impact of $455,000, or $0.01 for both basic and fully diluted share for the six months ended June 30, 2013.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">51</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Comparison of the year ended December 31, 2013 and the year ended December 31, 2012</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Revenue</div>

<div><br>
</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1fb30b74792e4a51ab18a379acb0f49e" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Revenue by Product:</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Product Related Revenue, Net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,800,767</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,819,547</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">License Fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Research and Development ("R&amp;D")</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,333,974</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,282,173</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Revenue</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">17,134,741</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,601,720</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In 2012 and 2013 we derived revenue from three sources: (i) from the sale of our proprietary Trichoderma, C1-based enzyme products and enzyme products we buy and resell from third parties, (ii) from licensing of our technology to third parties; and (iii) from funded R&amp;D projects with third parties, both public and private.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5914a85046f74d228c06231d62a2242b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net product revenue increased 25% primarily due to growth in the animal health and nutrition market segments, and the addition of two new customers and a product registration by a key animal feed account in Europe.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="54cb89308be74c6492c3f37f65fee7d4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The increase in licensing fees is due to the $6,000,000 payment received in 2013 for the agreement with BASF as compared to the $5,500,000 received in 2012 for the agreement with Abengoa to expand their non-exclusive C1 license. License agreements are recognized in the USA.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9eec6c252d48477ba92b06b15832ff14" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R&amp;D revenue decreased 42% due to start-up delays in certain external R&amp;D projects and reallocation of resources to new product development initiatives related to the C1 technology platform.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="91e0edd8d12641c8a0bb9cf9abb022bb" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Revenue by Geography:</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Americas</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,710,754</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,875,717</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Asia Pacific</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,623,064</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,975,029</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Europe</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,800,923</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,750,974</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Revenue</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">17,134,741</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,601,720</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">Germany represents 10% or more of our total revenue in 2013 only.&#160; Revenue in Germany totaled $6,397,184 in 2013.The United States represents 10% or more of our total revenue in each period presented. Revenue in the United States totaled $2,738,856 in 2013 and $7,565,464 in 2012. Belgium represented 10% or more of our total revenue in 2013 only. Revenue in Belgium totaled $1,760,570 in 2013.</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="361b9b84b3f24006b964cb94dcea2be7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The decrease in Americas revenue of $5,164,963, or 58%, is due to no licensing agreement in 2013 as compared to a license agreement of $5,500,000 with Abengoa in 2012.&#160; This was partially offset by product related growth, organic and two new accounts, in the USA.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e5f73a8122ca4e8eac21fff2991f9aff" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The decrease in Asia Pacific revenue of $351,965, or 18%, is primarily due to rationalization of low margin products.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="953d543721014c47839c8e67167ca92d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The increase in Europe revenue of $7,049,949, or 148%, is primarily due to the license agreement with BASF in 2013 as compared to license agreement in Europe in 2012, which was partially offset by the addition of two new customers and a new product registration by a key animal feed account partially offset by lower R&amp;D revenue due to project completions.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gross Profit</div>

<div><br>
</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="eb740ee05646461aa996a7aa060f14cc" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Profit and Margin:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Gross Profit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,030,784</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,985,498</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Gross Margin %</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">46.9</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">51.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The gross profit improvement of 0.1% is due to the increase in 100% gross margin license fee revenue of $500,000 and an increase in gross profit from product related revenue of $390,220, partially offset by a reduction in gross profit of $398,244 from lower R&amp;D revenue, higher manufacturing expenses and lower yields of $446,690.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The gross margin percent decline of 4.3 percentage points is due to unfavorable product line mix impact of 3.3 percentage points and higher manufacturing costs and lower yields impact of 2.6 percentage points, partially offset by the margin impact of 1.6 percentage points from additional licensing revenue.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">52</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Operating Expenses</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f43fd024be3b49238c69c45f358f4a8c" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Expenses:</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">General and Administrative Expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,546,999</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,802,653</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Sales and Marketing Expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">944,124</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">700,778</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Research and Development Costs</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,066,471</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">921,714</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Foreign Currency Exchange (Gain) Loss, Net</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(83,312</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(27,989</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Selling, General and Administrative ("SG&amp;A")</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,474,282</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,397,156</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">43.6</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">41.0</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Operating expenses increased by 17% to $7,474,282 versus the same period last year. The ratio of operating costs to sales is 43.6% reflecting an increase of 2.6 percentage points versus the same period last year.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="692426fe4f35433b8d38121ccd5f05a2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">General and Administration&#160;increased by 15%, representing 32% of total revenues</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e5785c609b0245f7a226b16c8f5ad6f9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Sales and Marketing increased by 35%, representing 6% of total revenues</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8154dd6e452e42eb8667c907bbe29cf1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">R&amp;D increased by 16%, representing 6% of total revenues</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="12bab517f979421bac8d7f19ccca7c0a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Foreign Currency Exchange (Gain) Loss, Net increased by 198%, representing 0% of total revenues</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The increase in G&amp;A expenses is due primarily to the increased ongoing costs of legal representation and expert testimony in connection with our lawsuit against our former outside counsel of approximately $1,100,000 partially offset by the 2013 bad debt recovery of $300,000 and other spending reductions of $55,654. The increase in sales and marketing costs is due to additional sales resources and growth initiatives in North America. The increase in R&amp;D is due to additional resources to support organic product development initiatives and improvements in the C1 Expression System Platform. The decrease in foreign exchange is due to favorable currency fluctuations.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Other Income (Expenses)</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9c0525e20fa6465fbdba9e22c126c148" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Income (Expense):</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">14,613</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,245</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(686,022</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(701,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Gain (Loss) on Settlement of Litigation</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(313,143</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">525,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Total Other Income (Expense)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(984,552</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(170,845</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Settlement of Litigation</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On September 25, 2007, Mark A. Emalfarb commenced an arbitration proceeding (the &#8220;Emalfarb Arbitration&#8221;) against the Company before the American Arbitration Association seeking monetary damages resulting from his termination for cause pursuant to his employment agreement dated as of April 1, 2001 (as amended, the &#8220;Employment Agreement&#8221;).&#160; This arbitration action asserts, among other things, that &#8220;cause&#8221; as defined in the Employment Agreement, did not exist and that his reputation had been damaged by the Company. On October 22, 2007, the Company filed an answering statement and motion to dismiss the arbitration.&#160; On April 1, 2008, Mr. Emalfarb responded to Dyadic&#8217;s answering statement and motion to dismiss and filed a Supplemental Demand for Arbitration against Dyadic asserting various counts and demanding full recompense from the Company for damages relating to such termination.&#160; The Company&#8217;s primary and excess insurance carriers denied coverage for the Emalfarb Arbitration based on their interpretation of exclusions and assertion of other coverage defenses contained in the Company&#8217;s insurance policies.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In consideration for the contribution by the insurance carriers to the resolution of the stockholder class action litigation against the Company, which was resolved on July 27, 2010, all pending claims with such insurance carriers with respect to the Emalfarb Arbitration were released.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On October 22, 2013, in consideration for the dismissal of the arbitration proceedings, the Company agreed to reimburse Mr. Emalfarb approximately $313,000 for past expenses incurred.&#160; Such amount is included in other expense in the consolidated statements of operations for the year ended December 31, 2013.&#160; In addition to this reimbursement, Mr. Emalfarb will be entitled to receive 5% of the proceeds to the Company net of legal expenses up to $25,000,000 and 8% of any net proceeds in excess of $25 million, but in any case the maximum amount payable will be $6,000,000 of the net proceeds, if any, received by the Company related to the professional liability lawsuit against the Company&#8217;s former outside legal counsel discussed above.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">During the year ended December 31, 2013, the Company recognized a loss of $313,000 on settlement of litigation, which is described above. During the year ended December 31, 2012, the Company received $525,000 in settlement of claims against certain former outside legal counsel. This litigation remains ongoing with additional defendants. For further discussion of this litigation, see Note 5 &#8220;Litigation, Claims and Assessments&#8212;Pending Actions&#8221; to our Consolidated Financial Statements dated December 31, 2013 and 2012 in Exhibit 1.1.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">53</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Provision for Income Taxes</u></div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">There was no current U.S. income tax provision recognized during the year ended December 31, 2013. The Company&#8217;s current U.S. income tax provision for the year ended December 31, 2012 was $68,000. The Company has incurred operating losses and has established a full valuation allowance. The Company's operations in The Netherlands are subject to income taxes in those jurisdictions. No provision for current foreign income taxes has been recognized for either of the years ended December 31, 2013 or 2012.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">There was no provision or benefit for either U.S. or foreign deferred income taxes for the years ended December 31, 2013 and 2012.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">A reconciliation of the Company&#8217;s income tax provision (benefit) to amounts calculated at the federal statutory rate is as follows for the years ended December 31:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="34c889d879d44003890904204790611f" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Federal statutory tax rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">35.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">35.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">State income taxes, net of federal tax benefit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Nondeductible items (primarily incentive stock options)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(72.42</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Increase (decrease) in deferred tax asset valuation allowance</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33.84</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(68.03</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Effective federal tax rate</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4.80</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Net Income</u></div>

<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e99d97ef53564c6b93e1f63c5958e938" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Income (Loss):</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,349,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Income per share - Basic</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.04</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Income per share - Diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.04</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Weighted average common shares - Basic</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">32,797,253</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31,608,841</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Weighted average common shares - Diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">32,797,253</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">34,225,590</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Based on the factors discussed above, the net loss for the year ended December 31, 2013 was $428,050, or ($0.01) per basic and fully diluted share, as compared to a net income of $1.3 million, or $0.04 per basic and fully diluted share, for year ended December 31, 2012.&#160; Our net income relies strongly on licensing partnerships and other collaborations.&#160; We believe that it is likely that if we do not sign another license deal, we will incur losses in the near term primarily because of our planned levels of R&amp;D and additional general and administrative expenditures that will be necessary to grow the Bioenergy, Enzyme and Biopharmaceutical businesses and continued expenses and costs&#160; associated with the lawsuit against our former outside legal counsel and other related events.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The above net loss includes litigation related expenses of approximately $1.8 million for our lawsuit against our former outside legal counsel and other related events, which had a negative impact on earnings per share of $0.05 for both basic and fully diluted shares for the year ended December 31, 2013, as compared to a favorable net litigation impact of $325,000, or $0.01 per basic and fully diluted share for the year ended December 31, 2012.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Liquidity and Capital Resources</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="72bc389f242947b6827538deb934b47d" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash Flows:</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Cash Provided by (Used In) Operating Activities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,468,117</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,066,768</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,095,854</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">365,172</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Investing Activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(163,785</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(131,977</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(414,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(103,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Financing Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">40,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">123,303</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">220,570</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37,073</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net Increase (Decrease) in Cash and Cash equivalents</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,591,902</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,058,094</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,902,334</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">298,307</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">54</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">At June 30, 2014, cash and cash equivalents were $4.3 million compared to $8.9 million at December 31, 2013.&#160; The $4,591,902 use of cash and cash equivalents for the six months ended June 30, 2014 was due to:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Cash Flows from Operating Activities</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 20.25pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following summarizes our cash provided by or used in investing activities for six months ended June 30, 2014 and 2013, respectively:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As reflected in our condensed consolidated financial statements, we incurred a loss of $3,247,851 for the six months ended June 30, 2014.&#160; Including adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of $1,220,266, net cash used in operating activities was $4,468,117. The following summarizes cash used in operating activities:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="34b6cb8a043c429a86b2fa6576eb68f3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used in operating activities excluding changes in assets and liabilities, and litigation of $1,686,080.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2b81cfcdc6d248c2b32c003a219af09b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used from changes in operating assets and liabilities of $1,718,628 is primarily due to an increase in inventory to support sales growth and avoid product outages of $978,717, a decrease in liabilities of $553,378 and deferred R&amp;D obligations of $405,821, partially offset by a decrease in other current assets of $218,879.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3991c6d5c17d48008c2607363d32b410" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used in operating activities for litigation against outside counsel was $1,063,409.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As reflected in our condensed consolidated financial statements, we incurred a profit of $1,862,084 for the six months ended June 30, 2013. Including adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of $1,204,684, net cash provided by operating activities was $3,066,768. The following summarizes cash provided by operating activities:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8d8f7b4184994605a180c8fb805c373f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash generated in operating activities excluding changes in assets and liabilities, and litigation of $2,655,655.&#160; During the six months ended June 30, 2013, the Company received $5.0 million from the BASF upfront license fee.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5b11d777517c455d9473ebd80dafa3e5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash generated from changes in operating assets and liabilities of $856,721 is primarily due to reduction of inventory of $370,366, an increase in liabilities of $332,989 and a decrease in other current assets of $269,133, partially offset by a decrease in deferred R&amp;D obligations of $105,767.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e8a416932eca482e8426a219919d1e5b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used in operating activities for litigation against outside counsel was $445,608.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following summarizes our cash provided by operating activities for the year ended December 31, 2013 and 2012, respectively:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As reflected in our consolidated financial statements, we incurred a loss of $428,050 for the year ended December 31, 2013. Including adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of $5,523,904, net cash provided by operating activities was $5,095,854. The following summarizes cash used in operating activities:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e7c4d0be7c9f4a81a4b9093dc35c3b64" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash generated in operating activities before changes in assets and liabilities, and litigation of $1,290,317.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ee26d14bc78b411da45b1cc158d3e947" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash generated from changes in operating assets and liabilities of $4,925,351 is primarily due to reduction in license receivables of $3,389,307, mainly the receipt of $3,500,000 from Abengoa, an increase in liabilities of $1,112,823 and deferred R&amp;D obligations of $347,369, and a decrease in inventory and other current assets of $75,852.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a39d5927b9b840e9b9030a40f3ef6273" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used in operating activities for litigation against former outside counsel was $1,119,814.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As reflected in our consolidated financial statements, we generated a profit of $1,349,497 for the year ended December 31, 2012. Including adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of $984,325, net cash provided by operating activities was $365,172. The following summarizes cash provided by operating activities:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="67a7e7d8944146adbe1d974707eeb06c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash generated in operating activities before changes in assets and liabilities, and litigation of $3,412,487.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d482a2aa49c94c9eb210e297b57fa183" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used from changes in operating assets and liabilities of $3,004,938 is primarily due to the license fee receivable from Abengoa of $3,500,000 and a decrease in liabilities of $546,224, partially offset by cash proceeds from a reduction of inventory of $266,195, an increase in deferred R&amp;D obligations of $538,266 and decrease in other current assets of $236,825.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e83d089f340e458491469d108227e061" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cash used in operating activities for litigation against outside counsel was $42,377.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">55</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Cash Flows from Investing Activities</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 20.25pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following summarizes our cash used in investing activities for six months ended June 30, 2014 and 2013, respectively:</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a255d91e1c254c40a9d2fb71f0437619" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the six months ended June 30, 2014, cash used for investing activities of $163,785 is primarily due to purchases of fixed assets at our research center in The Netherlands in support of our new product development initiatives. The expansion of the lab was completed in January 2014.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 45pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ae249958548543b9b9523fdb3c2e3dc8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the six months ended June 30, 2013, cash used for investing activities of $131,977 is primarily due to purchases of fixed assets and patent costs at our research center in The Netherlands in support of our new product development initiatives.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following summarizes our cash used in investing activities for the year ended December 31, 2013 and 2012, respectively:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d58b82d521934d5d9da39efa2789cedf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the year ended December 31, 2013, cash used for investing activities of $414,090 is primarily due to purchases of fixed assets and patent costs at our research center in The Netherlands in support of our new product development initiatives.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="96897b3fcfa2491081d3923834ecf63e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the year ended December 31, 2012, cash used for investing activities of $103,938 is primarily due to purchases of fixed assets and patent costs at our research center in The Netherlands in support of our new product development initiatives.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Cash Flows from Financing Activities</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following summarizes our cash provided by financing activities for six months ended June 30, 2014 and 2013, respectively:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ed6b98acc6874632858bc05a02e76392" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the six months ended June 30, 2014, cash provided by financing activities was $40,000 which was received as a repayment of a stock subscription receivable under our 2013 Employee Loan Program (the &#8220;Loan Program&#8221;), in connection with an exercise of stock options to purchase 250,000 shares of common stock.&#160; Amounts borrowed under the Loan Program bear interest at 3% per annum and are payable within 24 months from the date of the loan agreement.&#160; The loans are collateralized by the shares of common stock issued in connection with the exercise of the stock options and warrants.&#160; At June 30, 2014, advances to employees under the Loan Program were approximately $146,000 and are included in Stockholders&#8217; Equity in the June 30, 2014 condensed consolidated balance sheet.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e28a80db0025423c983a05ef6d6f424c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the six months ended June 30, 2013, cash provided by financing activities of $123,303 is primarily due to cash received from proceeds from the exercises of warrants and stock options, granted under our equity plans, with exercise prices ranging from $0.15 to $0.60 per share.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following summarizes our cash provided by financing activities for the year ended December 31, 2013 and 2012, respectively:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="97d8cf29d00e4d64adcf5b2ae60c93e9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the year ended December 31, 2013, cash provided by financing activities of $220,570 is primarily due to due to cash received from proceeds from the exercises of warrants and stock options, granted under our equity plans, with exercise prices ranging from $0.15 to $0.60 per share.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f8b706de5a9f44beaf986c6b9f871f57" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">For the year ended December 31, 2012, cash provided by financing activities of $37,073 is primarily due to cash received from proceeds from the exercises of warrants and stock options, granted under our equity plans, with exercise prices ranging from $0.15 to $0.23 per share.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Future Capital Requirements</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Historically, the Company has financed operations primarily with proceeds from the sales of the products from its industrial enzyme business, upfront fees from licensing of technology, external borrowings, borrowings from its stockholders, sales of common equity securities, and to a lesser extent, the receipt of settlement proceeds from its lawsuit against the Company&#8217;s former outside legal counsel.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">56</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of June 30, 2014, the Company has liabilities that exceed its assets, negative working capital, and cash flow deficiencies.&#160; In order to address these indicators, the Company is exploring several transactions, including, but not limited to, licensing its C1 technologies to new collaborators, expanding technical or geographical licensing options, anticipated or actual receipt of certain milestone payments (such as the $500,000 milestone payment received by the Company on September 24, 2014, subsequent to the June 30, 2014 financial statements), refinancing the existing debt, raising additional debt or equity financing, and extending the maturity dates of its existing convertible subordinated debt and its note (as in the past).&#160; Professional service fees primarily reflect costs of our lawsuit against our former outside legal counsel. The majority of the legal fees and expenses for expert witness testimony in preparation for the currently scheduled November 10th and 11th, 2014 mediation and the potential trial have now been incurred, therefore, spending on litigation for 2014 is now anticipated to be approximately $1.4 million, of which, $1.1 million has been incurred through June 30, 2014.&#160; The remaining spending is projected at approximately $300,000, or a savings of approximately $800,000 versus the first half of 2014.&#160; The Company is also actively drawing down inventory and targeting a $1.0 million reduction from its June 30, 2014 inventory levels. We have reduced scheduled production and are filling current Product orders from existing stock.&#160; These actions are expected to reduce inventory in the second half of the year by approximately $1.0 million.&#160; The financial statements do not include any adjustments to reflect further effects on the recoverability and classification of assets or amounts and classification of liabilities that may result if the Company&#8217;s plans are unsuccessful.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Based upon executing one or more of the anticipated potential funding transactions we are exploring </font>and the anticipated or actual receipt of certain milestone payments discussed <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">in the preceding paragraph, and </font>the current status of our R&amp;D and operating needs, we believe that our existing cash and cash equivalents will be adequate to satisfy our needs for the next twelve (12) months. However, our actual capital requirements will depend on many factors, including those factors potentially impacting our financial condition as discussed in &#8220;Risk Factors That May Affect Future Results&#8221;, more specifically, our ability to extend the maturity dates on some, if not all of our outstanding debt, our ability to encourage our debt holders, all or in part, to convert their debt holdings to shares of common stock, and our ability to source out new investors and/or lenders.&#160; There is no assurance that the Company will be successful in obtaining the necessary funding to meet its business objectives or reduce its operating costs to a level sufficient to provide positive cash flow.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Total Debt (&#8220;Debt&#8221;) as of June 30, 2014 was $8,242,941 which includes the following:</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5f7f3c7ee4e74445962fae265be8257a" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Note Payable to Shareholder</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2010 Convertible Subordinated Debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,818,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2011 Convertible Subordinated Debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Note Payable to Shareholder</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Amended and Restated Note dated November 14, 2008 (the &#8220;Note&#8221;) payable to the MAE Trust under agreement dated October 1, 1987, as amended, matured on January 1, 2009. On January 12, 2009, the Company repaid $1.0 million of principal of the Note leaving an outstanding principal amount of approximately $1.4 million. As of January 1, 2010, the MAE Trust and the Company agreed to reduce the interest rate on the outstanding principal balance of the Note from 14% to 9.5% per annum.&#160; The Note is collateralized by the assets of the Company. On October 11, 2013, the maturity date of the Note was extended to January 1, 2015. All other provisions of the Note remain unchanged.&#160; Consequently, the Note is classified as short-term in the accompanying June 30, 2014 condensed consolidated balance sheet.&#160; Pursuant to a divorce decree dated March 18, 2014, the $1.4 million note was transferred to Lisa K. Emalfarb, a stockholder, on April 1, 2014.&#160; Under certain conditions, Mr. Emalfarb has the right to assume the Note at maturity should Lisa K. Emalfarb be unwilling or unable to extend the maturity date of the Note, if requested by the Company.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Interest expense on the Note amounted to approximately $67,000 for both of the six month periods ended June 30, 2014 and 2013.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2010 Convertible Subordinated Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On August 23, 2010, the Company completed the private placement of $4,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2010 Notes&#8221;) with ten investors. The 2010 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option after January 1, 2011, into unregistered shares of the Company&#8217;s common stock at a price of $1.82 per share, which represents 120% of the average closing price of the Company&#8217;s common stock for the 30-day period preceding August 23, 2010. The Company will not effect any conversion of the 2010 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock (the &#8220;Beneficial Ownership Limitation&#8221;). The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice. The 2010 Notes are subordinated to the Note, and are collateralized by substantially all of the assets of the Company. On October 7, 2013, the Company extended the maturity date of the 2010 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014. Consequently, the 2010 Notes have been classified as short-term in the accompanying June 30, 2014 condensed consolidated balance sheet.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">57</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">One of the Company&#8217;s third party note holders converted $182,000 of its 2010 Notes during the six months ended June 30, 2013 into an aggregate of 100,000 shares of the Company&#8217;s common stock at a conversion price of $1.82 per share. As a result of this conversion, the outstanding principal balance of the 2010 Notes was $3,818,000 at June 30, 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2011 Convertible Subordinated Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In October 2011, the Company completed the private placement of $3,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2011 Notes&#8221;) with five investors. The 2011 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a price of $1.28 per share. The Company will not affect any conversion of the 2011 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock. The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The 2011 Notes are subordinated to the Note, and are collateralized by substantially all of the assets of the Company. On October 7, 2013, the Company extended the maturity date of the 2011 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014. Consequently, the 2011 Notes have been classified as short-term in the accompanying June 30, 2014 condensed consolidated balance sheet.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Approximately $1,900,000 of the 2010 Notes and the 2011 Notes are held by four related party interests, which include members of management and the Board, as well as another related party. Interest expense on the convertible subordinated debt for the six months ended June 30, 2014 and 2013 was approximately $270,000 and $273,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Contractual Obligations Table:</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="936672f0ccef4f2fbe64f50729c702bd" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Descriptions</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2015</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2016</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2017</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2018</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2019</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Convertible Subordinated Debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,818,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Note Payable to Stockholder</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Xerox Copier Lease</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Intracoastal Pointe Dr. Operating Lease</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">56,028</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">59,464,</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dyadic Nederland B.V. Operating Lease</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">252,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">252,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">252,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">252,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">252,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">316,508</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">319,944</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">260,480</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">260,480</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">259,780</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Off-Balance Sheet Arrangements</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We do not have any off-balance sheet arrangements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of Critical Accounting Policies</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Principles of Consolidation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intra-entity transactions and balances have been eliminated in consolidation.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Use of Estimates</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities, at the date of and for the period of the consolidated financial statements.&#160; Actual results could differ from those estimates, and those differences could be material. Significant estimates include the allowance for doubtful accounts, inventories, intangibles, income and other tax accruals, stock-based compensation, the realization of long-lived assets, and contingencies and litigation.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">58</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Cash and Cash Equivalents</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company considers all interest-bearing deposits or investments with original maturities of three months or less to be cash equivalents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Restricted Cash</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company had restricted cash of approximately $200,000 and $192,000 at December 31, 2013 and 2012, respectively, which was used as security for the build-out of the Company&#8217;s laboratory in the Netherlands. Twenty percent of the outstanding restricted cash balance is refunded to the Company each year on the lease anniversary date through its expiration. The five year lease term expires on December 31, 2018.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Accounts Receivable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Accounts receivable are recorded at their net realizable value on the date revenue is recognized or the Company has a contractual right to receive money, either on demand or at fixed or determinable dates. The Company provides allowances for doubtful accounts for estimated losses resulting from the inability of its customers to repay their obligations. If the financial condition of the Company&#8217;s customers were to deteriorate, resulting in an impairment of their ability to pay, additional allowances may be required.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience, adjusted for existing market conditions. If market conditions decline or the Company&#8217;s customers experience economic difficulties, actual collections may not meet expectations and may result in decreased cash flows and increased bad debt expense.&#160; The policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net 60 days. Once collection efforts by the Company are exhausted, the determination for charging off uncollectible receivables is made. The Company does not accrue finance or interest charges on past due accounts receivable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Credit Risk</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents and uncollateralized accounts receivable<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">. </font>The Company invests its excess cash in money market funds with SunTrust Bank and ABN AMRO.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Inventory</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Inventory consists of raw materials and finished goods, including industrial enzymes used in the industrial, chemical, and agricultural markets, and are stated at the lower of cost or market using the weighted average cost method. The value of finished goods is comprised of raw materials and manufacturing costs, substantially all of which are incurred pursuant to agreements with independent manufacturers. Provisions have been made to reduce excess or obsolete inventory to net realizable value.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Fixed Assets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Fixed assets are recorded at historical cost and depreciated and amortized using the straight-line method over their estimated useful lives, which range from three to ten years. Leasehold improvements are amortized over the lesser of their useful lives or the lease terms. Upon sale or retirement, the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain or loss is included in the results of operations. Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Intangible Assets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">Intangible assets include patent and technology acquisition costs, which are being amortized, using the straight-line method over the estimated useful lives of the patents, determined to be twelve years. Capitalized patent and technology costs during the years ended December 31, 2013 and 2012 were approximately $94,000, and $80,000, respectively. Amortization expense for the years ended December 31, 2013 and 2012 was approximately $52,000.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Estimated annual amortization expense for each of the next five years is approximately $63,000.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Long-Lived Assets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company reviews its long-lived assets for impairment, including fixed assets that are held and used in its operations, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such an event or change in circumstances occurs, the Company will estimate the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the undiscounted future cash flows is less than the carrying amount of the related assets, the Company will recognize an impairment loss if the carrying value exceeds the fair value. Assets to be disposed of are reclassified as assets held for sale at the lower of their carrying amount or fair value less costs to sell. Write-downs to fair value less disposal costs are reported as a part of loss from operations.</div>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">59</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company does not believe that there were any events or changes in circumstances, which indicate that the carrying amounts of its long-lived assets may not be recoverable as of December 31, 2013 and 2012, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Fair Value of Financial Instruments</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The carrying amounts of the Company&#8217;s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, license fee receivable, inventory, accounts payable, accrued expenses, deferred R&amp;D obligation and accrued interest payable, approximate their fair values due to the short-term nature of these assets and liabilities. The note payable to stockholder and convertible subordinated debt approximate fair value based upon their short maturities and current rates available to the Company for loans with similar maturities.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Revenue Recognition</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Revenue is recognized when (1) persuasive evidence of an arrangement exists; (2) services have been rendered or product has been delivered; (3) price to the customer is fixed and determinable; and (4) collection of the underlying receivable is reasonably assured.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company recognizes revenue on product sales when title passes to the customer based upon the specified freight terms of the respective sale.&#160; Revenues are comprised of gross sales less provisions for expected customer returns, if any.&#160; Reserves for estimated returns and inventory credits are established by the Company, if necessary, concurrently with the recognition of revenue.&#160; The amounts of reserves are established based upon consideration of a variety of factors including estimates based on historical returns.&#160; Amounts billed to customers in sales transactions related to shipping and handling represent revenue earned for the goods provided and are included in net product related revenue in the accompanying consolidated statements of operations.&#160; Costs of shipping and handling are included in cost of goods sold.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company may be subjected to various product liability claims.&#160; Although there have been no claims to date against the Company, it is possible that future liability claims could have a material adverse effect on its consolidated financial position, consolidated results of operations and liquidity.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Revenues derived from license agreements typically consist of multiple deliverables including upfront fees, milestone payments, research and development revenues and/or royalties.&#160; The Company evaluates multiple deliverable arrangements contained in its collaboration and license agreements to determine whether the delivered elements that are the obligation of the Company have value to other parties to the agreement on a stand-alone basis and whether objective reliable evidence of fair value of the undelivered items exists. Deliverables that meet these criteria are considered a separate unit of accounting. Deliverables that do not meet these criteria are combined and accounted for as a single unit of accounting. The appropriate recognition of revenue is then applied to each unit of accounting.&#160; </div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company recognizes revenue based on the terms of each respective license agreement.&#160; Upfront and milestone payments received are recognized as revenue when products are delivered, services rendered over the requisite service period and/or performance criteria are met.&#160; </div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company recognizes revenue from research funding under collaboration agreements when earned on a &#8220;proportional performance&#8221; basis as research hours are incurred.&#160; The Company typically performs services as specified in each respective agreement on a best efforts basis, and is reimbursed based on labor hours incurred on each contract.&#160; The Company initially defers revenue for any amounts billed, or payments received, in advance of any services performed, and recognizes revenue pursuant to the related pattern of performance based on total labor hours incurred relative to total labor hours estimated under the contract. </div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">The Company recognizes milestone payments when earned, as evidenced by written acknowledgement from the collaborator, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the inception of the agreement, (ii) the milestone represents the culmination of an earnings process, (iii) the milestone payment is non-refundable and (iv) the Company&#8217;s past research and development services, as well as its ongoing commitment to provide research and development services under the collaboration, are charged at fees that are comparable to the fees that the Company customarily charges for similar research and development services.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R&amp;D Costs</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R&amp;D costs related to both present and future products are charged to operations when incurred.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">60</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Foreign Currency Translation</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The financial statements of the Company&#8217;s foreign subsidiaries have been translated into U.S. dollars. Assets and liabilities of the Company&#8217;s foreign subsidiaries are translated at period-end exchange rates, and revenues and expenses are translated at average rates prevailing during the period. Certain accounts receivable from customers are collected and certain accounts payable to vendors are payable in currencies other than the functional currencies of the Company and its subsidiaries. These amounts are adjusted to reflect period-end exchange rates.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Share-based Compensation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company values its stock options on the date of grant using the Black-Scholes valuation model. Any stock options with modified terms are re-valued using the Black-Scholes valuation model based on the new terms at the date the modifications are approved by the Company&#8217;s compensation committee (the &#8220;Compensation Committee&#8221;) of its board of directors. Any incremental cost resulting from the revised valuations is charged to results of operations, and the remaining unvested portions of the options are amortized over the modified remaining vesting period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company accounts for equity instruments issued to non-employees by calculating the fair value of the equity instrument using the Black-Scholes valuation model at each reporting period with charges amortized to the results of operations over the instrument&#8217;s vesting period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Income Taxes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A deferred tax asset valuation allowance is established if, in management&#8217;s opinion, it is more likely than not that all or a portion of the Company&#8217;s deferred tax assets will not be realized.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">GAAP requires that a position taken or expected to be taken in a tax return be recognized in the consolidated financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the years ended December 31, 2013 and 2012.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company&#8217;s management believes it is no longer subject to income tax examinations for years prior to December 31, 2010.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net Income (Loss) Per Share</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Basic income (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Diluted income (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. During the years ended December 31, 2013 and 2012, 7,867,496 and 4,211,784 shares of common stock, respectively, underlying stock options and convertible debt were not included in computing diluted earnings per share because their effects would be anti-dilutive.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Quantitative and Qualitative Disclosures About Market Risk</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are affected by changes in non-U.S. currency exchange rates and interest rates.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Currency Exchange Rates</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">In general, we conduct the majority of our business in U.S. dollars and the euro, both considered to be among the most stable currencies in the world. We do not hedge currency risks of non-U.S. dollar-denominated investments in debt instruments and loans receivable with currency forward contracts or currency interest rate swaps. Gains and losses on these non-U.S. currency investments are generally offset by corresponding losses and gain through natural hedges. Substantially all of our revenue is transacted in U.S dollars and the euro. However, a significant amount of our operating expenditures and capital purchases is incurred in or exposed to other currencies, primarily the euro. For further information, see &#8220;Risk Factors&#8221; on page 39 of this Form 10.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Interest Rates</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We generally do not hedge interest rate risks of fixed-rate debt instruments with interest rate swaps. Our debt instruments are not publicly traded and therefore not subject to gains and losses that may result from short term changes interest rates. We are exposed to interest rate risk related to our indebtedness. Our indebtedness includes our debt issuances and the liability associated with a convertible subordinated and note payable secured by assets of the company. Our current debt matures on January 1, 2015, therefore, there is a risk that we may not be able refinance the debt at current interest rates, or at all. If we are unable to refinance the debt at current rates, we may be at risk of additional economic loss or dilution of our shareholders in the event we must raise equity capital to fund the debt refinance and/or operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item3."><!--Anchor--></a><a name="Item3.Properties"><!--Anchor--></a>Item 3. Properties<a name="Item2_Properties_152722"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our corporate headquarters are located in Jupiter, Florida, where we occupy 4,872 square feet under a lease that expires on December 31, 2015.&#160; We also lease a quality assurance laboratory facility in Jupiter which consists of approximately 3,500 square feet on a month-to-month basis.&#160; Our R&amp;D facility in The Netherlands consists of approximately 9,375 square feet pursuant to a lease that expires on December 31, 2018.&#160;&#160; We anticipate expanding our Netherlands R&amp;D Facility by an additional 4,434 square feet in around November 2014.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We believe that our current and anticipated facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space is available to accommodate any expansion of our operations, but such space may not be available in the same building if and when such space is needed.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">61</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item4"><!--Anchor--></a><a name="Item4.SecurityOwnershipof"><!--Anchor--></a>Item 4. Security Ownership of Certain Beneficial Owners and Management<a name="Item12_SecurityOwnershipOfCertain_183224"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table sets forth certain information regarding the beneficial ownership of our common stock as of August 1, 2014 (except as noted below), by:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="55cb1e86e0e740b4bbbdd7cb72e4f981" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 12px">
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">each person known by us to be the beneficial owner of more than 5% of the outstanding shares of our common stock;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="90c4fcf80b7047a783ed035a809a0e4b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">each of our directors and named executive officers; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="37d2210ba7824e488a9c08c808570f8d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 12px">
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">all of our directors and executive officers as a group.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The percentage of ownership depicted below is based on 34,048,745 shares of common stock outstanding on August 1, 2014 plus the dilutive effect of each shareholders&#8217; equivalent converted shares from convertible debt, stock options and restrictive stock units.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The amounts and percentages of common stock beneficially owned are reported on the basis of regulations of the SEC governing the determination of beneficial ownership of securities. Under the rules of the SEC, a person is deemed to be a &#8220;beneficial owner&#8221; of a security if that person has or shares voting power, which includes the power to vote or direct the voting of a security, or investment power, which includes the power to dispose of or to direct the disposition of a security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days of August 1, 2014. Securities that can be so acquired are deemed to be outstanding for purposes of computing such person&#8217;s ownership percentage, but not for purposes of computing any other person&#8217;s percentage. Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. Except as otherwise indicated in these footnotes, each of the beneficial owners listed has, to our knowledge, sole voting and investment power with respect to the indicated shares of common stock.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The business address for all officers and directors is c/o Dyadic International, Inc., 140 Intracoastal Pointe Drive, Suite 404, Jupiter, Florida 33477.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="427452087e574b84b3106ddfb04b0ec5" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beneficial Ownership of </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holdings</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name of Beneficial Owner</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5% Stockholders:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">The Francisco Trust U/A/D February 28, 1996(2)</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,400,707</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12.8</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Mark A. Emalfarb Trust (1)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,245,460</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Lisa K. Emalfarb (11)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,610,866</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10.5</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Pinnacle Fund (10)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,561,401</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7.0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Abengoa BioEnergy (12)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,136,752</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6.3</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our directors and named executive officers(3):</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Mark A. Emalfarb(1)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(See above)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(See above)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Danai E. Brooks(4)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">172,334</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">*</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Richard H. Jundzil (5)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">190,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">*</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Frank P. Gerardi (6)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">231,107</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">*</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Robert D. Burke, MD (7)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">553,488</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.6</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Seth J. Herbst, MD (8)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">365,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Stephen J. Warner (9)(3)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">373,488</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Michael P. Tarnok (3)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">*</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">All executive officers and directors as a group (11) persons</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,652,072</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18.3</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div style="TEXT-ALIGN: center">
<hr style="TEXT-ALIGN: center; WIDTH: 30%; HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">* Signifies less than 1%.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c3457dc81b2c4bce9b8d9f80ff6bb35e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 3,302,687 shares held by Mark A. Emalfarb beneficially through the Mark A. Emalfarb Trust U/A/D October 1, 1987, of which Mr. Emalfarb is the sole beneficiary and serves as sole trustee; (ii) 549,451 shares of common stock issuable upon the conversion of convertible debt and related accrued interest;&#160;(iii) 462,500 shares issuable upon the exercise of stock options.&#160;and (iv) 125,000 restricted shares.&#160;Pursuant to the the Emalfarb&#8217;s divorce decree March 18, 2014, Lisa K. Emalfarb has beneficial right to 207,908 common share options of which 194,177 are vested and included in the above totals,&#160;to which Mr. Emalfarb disclaims any beneficial ownership.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">62</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9afb6b6d1d1f4a90a159e08b5a6cb1c0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 4,010,082 shares of common stock; and (ii) 390,625 shares of common stock issuable upon the conversion of convertible debt and related accrued interest. The trustee of the Francisco Trust U/A/D February 28, 1996 is Morley Alperstein and the beneficiaries thereof are the descendants of Mark A. Emalfarb. The address of the Francisco Trust U/A/D February 28, 1996 is 17236 Gulf Pine Circle, Wellington, Florida 33414. Mr. Emalfarb disclaims beneficial ownership of such shares.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="39abdf70e83646a7bd432a0b322d4df2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The business address for each such person is c/o Dyadic International, Inc., 140 Intracoastal Pointe Drive, Suite 404, Jupiter, Florida 33477.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e315b0406f1d41eeaf1225855e2bdb7e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(4)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 141,667 shares of common stock issuable upon the exercise of stock options; and (ii) 30,667 restricted shares held by Mr. Brooks.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7dfeb062df5c44328dea5491f9deef50" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(5)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents 190,000 shares of common stock issuable upon the exercise of stock options.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5953a53dd58841d28904264f308937ea" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(6)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 63,611 shares held by Frank P. Gerardi; (ii) 94,008&#160; shares of common stock issuable upon the conversion of convertible debt and related accrued interest; and (iii) 73,488 shares issuable upon the exercise of stock options.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="09e5a61349994871a22ce50e4c726124" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(7)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 480,000 shares held by Robert D.&#160; Burke and (ii) 73,488 shares of common stock issuable upon the exercise of stock options.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="67ef794be5ea47a698ee64ecda18bedf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(8)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 262,500 shares held by Seth J. Herbst; and (ii) 103,438 shares of common stock issuable upon the exercise of stock options.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="58cb35e1ae6240fc82b8ea880ef4a330" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(9)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents (i) 300,000 shares held by Stephen H. Warner; and (ii) 73,488 shares of common stock issuable upon the exercise of stock options.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9b91f19cda3948f2ab5079f4ec0a38e1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(10)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Represents 2,561,401 shares of common stock issuable within 60 days upon conversion by Pinnacle Fund of convertible debt. The address of Pinnacle Fund is 5910 North Central Expressway, Suite 1475, Dallas, Texas 75206.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bb93d5db71e54e2589edefa2b3dddb29" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(11)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The address to Lisa K. Emalfarb is 118 Sandpiper Circle, Jupiter, Florida 33477.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bc906cf6b11a4a9891d0e05428ceb3fb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(12)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The address to Abengoa Bioenergy is 16150 Main Circle Drive, Suite 300, Chesterfield, Missouri 63017.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item5"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item5.DirectorsandExecuti"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5. Directors and Executive Officers<a name="Item10_DirectorsExecutiveOfficers_183133"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table provides information regarding our executive officers and certain key employees, and directors as of August 14, 2014:</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="de863accdf704f3fa83e0316decbd927" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</div>
</td>
<td style="WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Age</div>
</td>
<td style="WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Director Since</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Mark A. Emalfarb(3)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">59</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Chairman, President, Chief Executive Officer</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2004</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Danai E. Brooks</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Executive Vice President and Chief Operating Officer</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">---</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Thomas L. Dubinski</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">58</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Vice President and Chief Financial Officer</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">---</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Michael J. Faby</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">48</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Vice President, Finance</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">---</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Richard H. Jundzil</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">42</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Vice President, Operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">---</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Thomas M. O&#8217;Shaughnessy</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">54</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Vice President, Sales and Marketing</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">---</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Wim van der Wilden</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">64</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">General Manager, Dyadic Netherlands</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">---</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Frank P. Gerardi(1)(2)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">68</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2008</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Robert D. Burke, MD(1)(2)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">57</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2008</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Seth J. Herbst, MD(3)(4)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">56</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2008</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Stephen J. Warner (1)(4)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">74</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2004</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Michael P. Tarnok(1)(2)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">59</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 38.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1) Member of the Audit Committee.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2) Member of the Compensation Committee.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3) Member of the Nominating Committee.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4) Member of the Conflicts Committee.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">63</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>EXECUTIVE OFFICERS</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mark A. Emalfarb, President, Chief Executive Officer and Chairman of the Board of Directors</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Mark A. Emalfarb is the founder of Dyadic and currently serves as President, Chief Executive Officer and Chairman of our Board of Directors.&#160; He has been a member of Dyadic&#8217;s board of directors since inception, excluding a leave of absence from April 23, 2007 to September 6, 2007. Mr. Emalfarb has served as Dyadic&#8217;s Chairman as well as President and Chief Executive Officer from October 2004 until April 2007, and from June 2008 until the present.&#160; Since founding Dyadic in 1979, Mr. Emalfarb has successfully led and managed the evolution of Dyadic from its origins as a pioneer and leader in providing ingredients used in the stone-washing of blue jeans to the discovery, development, manufacturing and commercialization of specialty enzymes used in various industrial applications and the development of an integrated technology platform based on Dyadic&#8217;s patented and proprietary C1 fungal microorganism.&#160; Mr. Emalfarb is an inventor of over 26 U.S. and foreign biotechnology patents and patent applications resulting from discoveries related to the Company&#8217;s patented and proprietary C1 fungus, and has been the architect behind its formation of several strategic licensing, R&amp;D, manufacturing and marketing relationships with U.S. and international partners.&#160; Mr. Emalfarb earned his B.A. degree from the University of Iowa in 1977. We believe that Mr. Emalfarb is qualified to serve on our board of directors due to his scientific expertise and his experience as the founder of Dyadic.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Danai E. Brooks, Executive Vice President and Chief Operating Officer</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Danai E. Brooks joined Dyadic in June 2013 as our Executive Vice President and Chief Operating Officer.&#160; Prior to Dyadic, Mr. Brooks served as Vice President in J.P. Morgan&#8217;s investment bank which he joined in July 2006.&#160; While at J.P. Morgan, Mr. Brooks advised clients across a broad spectrum of sectors, including chemicals, renewable energy and industrials.&#160; He has also held senior operational, engineering and manufacturing positions with Dell Inc., Mars Inc. and Ford Motor Company.&#160; Mr. Brooks started his career as an industrial engineer at Ford Motor Company, where he worked in vehicle operations, new product launch and production supervision roles.&#160; At Dell, Mr. Brooks was an Operations Manager in charge of the production and assembly of servers and desktops.&#160; While at Mars, he led efforts to implement lean manufacturing in their North American facilities.&#160; Mr. Brooks received a B.S. in Industrial Engineering and Master of Engineering from Cornell University in 1999, a Master of Engineering Management from Northwestern University and an MBA from Northwestern&#8217;s Kellogg School of Management in 2006.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thomas L. Dubinski, Vice President and Chief Financial Officer</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Thomas L. Dubinski joined Dyadic in August 2014 as our Vice President and Chief Financial Officer.&#160; Mr. Dubinski has held various financial positions of increasing responsibility in the healthcare and biotechnology industries.&#160; Prior to Dyadic, Mr. Dubinski served as a management consultant for CFO Services from January 2012 to July 2014 where he advised public and private clients on financial strategy and operations.&#160; He was Finance Officer at Walgreens, Infusion and Respiratory Services from September 2010 to November 2011, and Corporate Assistant Controller from June 2007 to August 2010.&#160; Mr. Dubinski has also held<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font>senior finance and accounting positions at Novartis Medical Nutrition, MTS and Abbott Laboratories.&#160; Mr. Dubinski earned his B.S. degree in Accounting from the University of Illinois, Urbana-Champaign and he is a certified public accountant in the state of Illinois.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Michael J. Faby, Vice President, Finance</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Michael J. Faby has been Dyadic&#8217;s Vice President of Finance since joining the Company in December 2009 and was Chief Financial Officer from February 2012 to August 2014. Mr. Faby has over 24 years of financial, accounting and operational experience.&#160; Prior to joining the Company, he served in various financial capacities of increasing responsibility for Perry Slingsby Systems, Inc. (f/k/a Perry Tritech Inc.) from April 1992 to December 2009, a multi-national designer and manufacturer of remotely operated vehicles for the international offshore oil and gas, telecommunications, military and defense industries including, most recently, as its Chief Financial Officer.&#160; Mr. Faby is also a member of the board of directors for the Palm Beach County Workforce Alliance which he began in 2011.&#160; Mr. Faby earned his B.S degree in accounting from Florida State University in 1988 and an MBA from the Florida Institute of Technology in 1995.&#160; Mr. Faby is a certified public accountant in Florida and a member of the American Institute of Certified Public Accountants and the Florida Institute of Certified Public Accountants.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Richard H. Jundzil, Vice President, Operations</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Richard H. Jundzil has been Dyadic&#8217;s Vice President of Operations since May 2010, Director of Development &amp; Quality since September 2008 and has held various laboratory, quality and regulatory positions of increasing responsibility since joining the company in August 2003.&#160; Mr. Jundzil has over 20 years of quality and operations experience in the biotechnology industry.&#160; He is also able to use his significant experience in process engineering and project management in the management of Dyadic&#8217;s production and distribution of industrial enzyme products.&#160; Prior to joining Dyadic, Mr. Jundzil worked for 10 years at Genzyme Corporation as both a researcher and process engineer producing enzymes for patients with rare genetic diseases.&#160; Mr. Jundzil earned a certificate as a Biotechnology Technician from Middlesex College in 1993 and also studied biomedical/clinical sciences at Boston University and earned a B.S. degree in Quality Systems Management from The National Graduate School in 2014.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">64</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thomas M. O&#8217;Shaughnessy, Vice President, Sales and Marketing</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Thomas M. O&#8217;Shaughnessy has been Dyadic&#8217;s Vice President of Sales &amp; Marketing since joining the company in May 2010.&#160; Mr. O&#8217;Shaughnessy has over 23 years of sales, marketing and business development experience in the chemical industry.&#160; He began his career with the General Electric Company where he spent 12 years in various sales and marketing positions of increasing responsibility and leadership.&#160; From 1996 to 2002, he served as Business Development Manager at Occidental Chemical Corporation, one of the largest chemical companies in the United States.&#160; Prior to joining the Company, Mr. O&#8217;Shaughnessy served as the Global Business Manager for Momentive Specialty Chemicals</font>,<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"> (formerly Borden Chemical, Inc., then Hexion Specialty </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Chemicals)</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> from 2002 to June 2010, the world&#8217;s largest producer of thermosetting resins, performance adhesives, UV-curable coatings and the building-block chemical, formaldehyde, for various wood and industrial markets.&#160; He is Six Sigma certified and earned a B.S. degree in computer sciences with a minor in marketing from Plattsburgh State University in 1982.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>KEY CONSULTANT</u></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wim van der Wilden, General Manager, Dyadic Netherlands</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Wim van der Wilden has been General Manager of Dyadic Netherlands since its founding in 2002 and leads our R&amp;D operations. Dr. Wilden serves as a full-time consultant to Dyadic. Prior to joining Dyadic, he worked at The Netherlands Organization for Applied Scientific Research (TNO) from 1999 to 2002 as Director of the Food and Biotechnology division and Director of Marketing and Sales.&#160; Dr. van der Wilden is currently Owner/Consultant/Interim Manager of Life Sciences Consultancy B.V. from 2002 and Business Director of Kluyver Centre for Genomics of Industrial Fermentations from June of 2010 to present.&#160;&#160; Prior to TNO, he co-founded Cosmoferm in March of 2000, a spin-off company of Gist-brocades, which was acquired by Evonik in 1998 and remains a consultant in the field of Cosmetic Ingredients.&#160; Dr. van der Wilden began his career in the industry at Gist-brocades (later part of DSM), where he held senior level positions in charge of R&amp;D for Baking and Pharmaceuticals.&#160; Dr. van der Wilden received a B.S. in Biology and Chemistry from Wageningen University in the Netherlands in 1973 and a PhD at ETH-Zurich, Switzerland in 1977.&#160; He performed his post-doctoral studies at the University of California San Diego ('78-'81) and Ruhr-Universitat Bochum ('81-'82) in Germany.&#160; Dr. van der Wilden is also active as Business Director of the Kluyver Centre for Genomics and Industrial Fermentation and a member of the International Nomenclature Committee of the Personal Care Products Council.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>NON-EMPLOYEE DIRECTORS</u></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Robert D. Burke, MD, Director</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Robert D. Burke, MD has been on Dyadic&#8217;s board of directors since June 2008 and is a board certified neuroradiologist.&#160; Dr. Burke is the founder and, from 1991 until July 2008, was the President of Midtown Imaging, LLC, an imaging center with multiple locations throughout Palm Beach County, Florida.&#160; From 1994 to 1996, Dr. Burke was the co-Founder and President of U.S. Diagnostic Inc., a publicly traded national diagnostic imaging company.&#160; Dr. Burke was on the board of directors of Stonegate Bank, a publicly traded bank serving Southeast Florida, from 2009 to April 2014.&#160; From January 2011 through June 2014, Dr. Burke was the owner of Advanced Diagnostic Group, an outpatient imaging service.&#160; Since July 2014, Dr. Burke has owned the Los Angeles based franchise stores of Brooklyn Water Bagels.&#160; Dr. Burke also serves on the board of directors and is the President of the Palm Beach County Chapter of the Leukemia &amp; Lymphoma Society.&#160; He is also a member of the Scripps Clinic and Research Foundations Board of Scripps Florida.&#160; Dr. Burke earned his B.A. degree from the University of Louisville in 1977 and his medical degree from the University of Louisville School of Medicine in 1981.&#160; Dr. Burke completed his radiology residency at the University of Chicago and a fellowship in neuroradiology at the University of Rochester.&#160; We believe that Dr. Burke is qualified to serve on our board of directors due to his experience in the biotechnology and life science industries and as an entrepreneur executive and board member of publicly traded companies.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Frank P. Gerardi, Director</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Frank P. Gerardi has been on Dyadic&#8217;s board of directors since June 2008.&#160; From February 2007 to the present, Mr. Gerardi has been a managing partner at QuantWorks, LLC, a registered investment advisor.&#160; From June 2003 to December 2006, Mr. Gerardi was the Chief Executive Officer of IGI, Inc. (now known as IGI Laboratories, Inc.), a public company that engages in the development, manufacture, filling, and packaging of topical, semi-solid, and liquid products for pharmaceutical, cosmeceutical, and cosmetic companies.&#160; Since 1986, he has also served as the President of Univest Management, Inc., a private management consulting company.&#160; Mr. Gerardi was a member of the New York Stock Exchange from 1969 to 1986.&#160; Mr. Gerardi has served on the boards of numerous New York Stock Exchange member firms and was a registered principal with the National Association of Securities Dealers (NASD). We believe that Mr. Gerardi is qualified to serve on our board of directors due to his experience in the pharmaceutical and biotechnology industries and his service on the board of other publicly traded companies.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">65</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Seth J. Herbst, MD, Director</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Seth J. Herbst, MD has been on Dyadic&#8217;s board of directors since June 2008 and is a board certified obstetrician/gynecologist who is also board certified in advanced laparoscopic and minimally invasive gynecologic surgery.&#160; Dr. Herbst is the founder and President of the Institute for Women&#8217;s Health and Body in May of 1997, an OB/GYN practice with multiple locations in Palm Beach County, Florida.&#160; He is the co-founder of Visions Clinical Research since 1999, which performs medical and surgical clinical trials throughout the United States.&#160; Dr. Herbst is also a consultant for multiple medical device companies in the United States and a member of medical advisory boards for these and other companies.&#160; He received his B.S. degree from American University in 1978 and his medical degree from Universidad del Noreste School of Medicine in Tampico, Mexico in 1983.&#160; Dr. Herbst completed his OB/GYN residency and was Chief Resident at Long Island College Hospital in Brooklyn, New York. We believe Dr. Herbst is qualified to serve on our board of directors due to his scientific expertise and extensive research experience.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stephen J. Warner, Director</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stephen J. Warner has been on Dyadic&#8217;s board of directors since October 2004, and a director of the Company&#8217;s wholly owned subsidiary, Dyadic International (USA), Inc. since August 2004.&#160; From June 2010 through February 2012, Mr. Warner served as the Chief Financial Officer of Gulfstar Energy Corporation, a public and later, private oil and gas production company based in Kentucky.&#160; From January 2012 to present, he has been a Managing Member and Chief Financial Officer of Search Automotive Technologies, LLC, a Florida based automotive aftermarket company.&#160; Mr. Warner has over 30 years of venture capital experience.&#160; In 1981, Mr. Warner founded Merrill Lynch Venture Capital Inc., a wholly owned subsidiary of Merrill Lynch &amp; Co. Inc. in New York, and served as its President and Chief Executive Officer from 1981 to 1990.&#160; Under his leadership, Merrill Lynch Venture Capital managed over $250 million and made over 50 venture capital investments.&#160; From 1999 until 2004, Mr. Warner co-founded and served as Chairman and Chief Executive Officer of Crossbow Ventures Inc., a venture capital and private equity fund that invested in early and expansion stage technology companies primarily located in Florida and the Southeast, with over 20 venture capital investments in Florida.&#160; Mr. Warner has been on the board of directors of Brookhaven Medical, Inc., from July 2013 to present, a private, Atlanta based medical device company, a consultant and director with Navitas Land and Mineral Corporation from July 2011 to December&#160;2013 and as director of Health Enhancement Products, Inc. from August&#160;2010 to December&#160;2011 and UCT Coatings Inc. from September&#160;2001 to May&#160;2014..&#160; Mr. Warner earned a B.S. degree from the Massachusetts Institute of Technology in 1962, an MBA from the Wharton School of Business at the University of Pennsylvania in 1966, an LLB from the Blackstone School of Law (Correspondence) in 1967. We believe that Mr. Warner is qualified to serve on our board of director due to his experience in the various industries as a venture capitalist and his service on the board of other biotechnology companies.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Michael P. Tarnok, Director</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Michael Tarnok has been on Dyadic&#8217;s board of directors since June 2014.&#160; He is the current Chairman and former Interim CEO of Keryx Biopharmaceuticals, Inc., a biotechnology company focused on the development of therapeutics for renal disease.&#160; Prior to joining Keryx in September of 2007, Mr. Tarnok spent the majority of his career at Pfizer Inc., joining in 1989 as Director of Finance for U.S. Manufacturing.&#160; From 2000-2007, he served as Senior Vice President in Pfizer's U.S. Pharmaceuticals Division.&#160; Prior to joining Pfizer, he worked primarily in financial disciplines for ITT Rayonier, Inc., Celanese Corporation, and Olivetti Corporation of America.&#160; Mr. Tarnok earned an MBA in marketing from New York University in 1984 and a Bachelors of Science in accounting from St. John's University in 1976.&#160; He also serves on the Board of the Global Health Counsel, a Washington, D.C.-based NGO. We believe that Mr. Tarnok is qualified to serve on our board of directors due to his substantial leadership experience in the biotechnology industry.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Involvement in Certain</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Legal Proceedings</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">None of our directors or executive officers have been convicted in any criminal proceeding during the past 10 years and none of them have been parties to any judicial or administrative proceeding during the past 10 years that resulted in a judgment, decree or final order enjoining them from future violations of, or prohibiting activities subject to, federal or state securities laws or a finding of any violation of federal or state securities laws or commodities laws. Similarly, no bankruptcy petitions have been filed by or against</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">any business or property of any of our directors or officers, nor has any bankruptcy petition been filed against a partnership or business association in which these persons were general partners, directors or executive officers, except that Dr. Herbst was a partner in a company called Physician Billing Solutions, Inc., which filed for bankruptcy protection under Chapter 7 in December 2007.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">66</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Related Party Relationships</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">There are no family relationships between or among any of our directors or executive officers.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">There are no arrangements or understandings between any two or more of our directors or executive officers, and there is no arrangement, plan or understanding as to whether non-management stockholders will exercise their voting rights to continue to elect the current board of directors. There are also no arrangements, agreements or understandings between non-management stockholders that may directly or indirectly participate in or influence the management of our affairs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Committees</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our board of directors has four standing committees to assist it with its responsibilities. These committees are described below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Audit Committee, is governed by a board-approved charter that contains, among other things, the committee&#8217;s membership requirements and responsibilities. The Audit Committee oversees our accounting, financial reporting process, internal controls and audits, and consults with management and our independent registered public accounting firm on, among other items, matters related to the annual audit, the published financial statements and the accounting principles applied. As part of its duties, the Audit Committee appoints, evaluates and retains our independent registered public accounting firm. It maintains direct responsibility for the compensation, termination and oversight of our independent registered public accounting firm and evaluates its qualifications, performance and independence. The Audit Committee also monitors compliance with our policies on ethical business practices and reports on these items to the board of directors. The Audit Committee has established policies and procedures for the pre-approval of all services provided by our independent registered public accounting firm. Our Audit Committee is comprised of Messrs. Gerardi, Burke, Warner and Tarnok. Mr. Gerardi is the Chairman of the Audit Committee.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The board of directors has determined that Mr. Gerardi is the Audit Committee financial expert, as defined under the Exchange Act. The board of directors made a qualitative assessment of Mr. Gerardi&#8217;s level of knowledge and experience based on a number of factors, including his experience serving on various corporate boards and financial sophistication from his years managing public companies and investment funds. The audit committee has engaged the consulting services of Sunera LLC which it has determined is an audit committee financial expert. All members of the committee understand financial statements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Compensation Committee, determines all compensation for our Chief Executive Officer; reviews and approves corporate goals relevant to the compensation of our Chief Executive Officer and evaluates our Chief Executive Officer&#8217;s performance in light of those goals and objectives; reviews and approves objectives relevant to other executive officer compensation; reviews and approves the compensation of other executive officers in accordance with those objectives; administers our stock option plan; approves severance arrangements and other applicable agreements for executive officers; and consults generally with management on matters concerning executive compensation and on pension, savings and welfare benefit plans where board of directors or stockholder action is contemplated with respect to the adoption of or amendments to such plans. The Compensation Committee makes recommendations on organization, succession, the election of officers, consultantships and similar matters where board of directors approval is required. Our Compensation Committee is comprised of Messrs. Burke, Gerardi and Tarnok. Dr. Burke is the Chairman of the Compensation Committee.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Nominating Committee considers and makes recommendations on matters related to the practices, policies and procedures of the board of directors and takes a leadership role in shaping our corporate governance. The Nominating Committee&#8217;s functions include: establishing criteria for the selection of new directors to serve on the board of directors; identifying individuals believed to be qualified as candidates to serve on board of directors; recommending for selection by the board of directors the candidates for all directorships to be filled by the board of directors or by the stockholders at an annual or special meeting; reviewing the board of directors committee structure and recommending to the Board the directors to serve on the committees of the board of directors; recommending members of the board of directors to serve as the respective chairs of the committees of the board of directors; developing and recommending to the board of directors, for its approval, an annual self-evaluation process of the board of directors and its committees and, based on those results, making recommendations to the board of directors regarding those board of directors processes; and performing any other activities consistent with the committee&#8217;s charter, our bylaws and applicable law as the committee or the board of directors deems appropriate. The Nominating Committee does not currently have any formal minimum qualification requirements that must be met by a nominee to serve as a member of the board of directors. The Nominating Committee will take into account all factors it considers appropriate, which may include experience, accomplishments, education, diversity, understanding of the business, and the industries in which we operate, specific skills, general business acumen and the highest personal and professional integrity. The Nominating Committee generally seeks individuals with broad experience at the policy-making level in business, or with particular industry expertise. The Nominating Committee currently has no fixed process for identifying new nominees for election as a director, thereby retaining the flexibility to adapt its process to the circumstances. The Nominating Committee has the ability, if it deems it necessary or appropriate, to retain the services of an independent search firm to identify new director candidates. The Nominating Committee has determined that it will give consideration to any potential candidate proposed by a member of our board of directors or senior management. Any director candidate so proposed will be personally interviewed by at least one member of the Nominating Committee and our Chief Executive Officer and their assessment of his or her qualifications will be provided to the full Nominating Committee.&#160; The Nominating Committee uses the same criteria for evaluating candidates nominated by stockholders and self-nominated candidates as it does for those proposed by other board of directors members, management and search companies. Our Nominating Committee is comprised of Mr. Emalfarb and Dr. Herbst. Mr. Emalfarb is the chairman of the Nominating Committee.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">67</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Conflicts Committee considers and makes recommendations on matters related to the practices, policies and procedures of the board of directors relating to conflicts of interest. The purpose of the Conflicts Committee is to assess, with the power and authority to resolve on behalf of the Company, all pending and future claims between the Company and any of Mark A. Emalfarb, the Company&#8217;s President and Chief Executive Officer, his children, and any and all trusts under which Mr. Emalfarb or any of his children is a beneficiary. Our Conflicts Committee is comprised of Messrs. Warner and Herbst. Mr. Warner is the chairman of the Conflicts Committee.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Independence</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are not currently listed on any national securities exchange that has a requirement that any members of the board of directors be independent. However, in evaluating the independence of its members and the composition of the committees of the board of directors, the board of directors utilizes the definition of &#8220;independence&#8221; as that term is defined by the rules promulgated by the SEC. We believe that Drs. Burke and Herbst as well as Messrs. Gerardi, Warner and Tarnok qualify as &#8220;independent&#8221; directors, as that term is defined by SEC rules.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Code of Conduct and Ethics</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our board of directors has adopted a Code of Business Conduct and Ethics that applies to all of our directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer, and persons performing senior executive level functions. The Code of Business Conduct and Ethics is available at our website at <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>www.dyadic.com.</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item6"><!--Anchor--></a><a name="Item6.ExecutiveCompensati"><!--Anchor--></a>Item 6. Executive Compensation<a name="Item11_ExecutiveCompensation_183134"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Philosophy and Objectives</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The philosophy underlying our executive compensation program is to provide an attractive, flexible and market-based total compensation program tied to performance and aligned with the interests of our shareholders. Our objective is to recruit and retain the caliber of executive officers and other key employees necessary to deliver sustained high performance to our shareholders, customers, and communities where we have a strong presence. Our executive compensation program is an important component of these overall human resources policies. Equally important, we view compensation practices as a means for communicating our goals and standards of conduct and performance and for motivating and rewarding employees in relation to their achievements.&#160; The organization&#8217;s executive compensation program is designed to:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="521b2a69a6ce41be892ec6c1c5a8ebc7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Encourage the attraction and retention of high-caliber executives.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ecf66f9b5d2743c1879d14636cc1da9b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 13px; VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Provide a competitive total compensation package, including benefits.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c8f5a44e7884462d9446802a13e40b24" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Reinforce the goals of the organization by supporting teamwork and collaboration.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="aa115a0e9a944c8a9adba548af01b2fb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ensure that pay is perceived to be fair and equitable.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="06f348295b0740dc8ee500b732ac948a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Be flexible to potentially reward individual accomplishments as well as organizational success.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5512987397eb4ef9ac6a6d8cb8df0814" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ensure that the program is easy to explain, understand, and administer.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8cdd2e63918c4de1af209867bcdd42bd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Balance the needs of the both the Company and Employees to be competitive with the limits of available financial resources.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="10602abe346d40469d6726fdd15c62ed" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">&#9679;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ensure that the program complies with state and federal legislation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">From time to time, Company will employ a reputable compensation specialist to determine whether its overall compensation practices and policies are appropriate for the specific market conditions for the Company and the industries in which it operates.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">68</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employment Agreements</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Mark A. Emalfarb</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We entered into an Employment Agreement with Mr. Emalfarb dated as of October 23, 2013 (the &#8220;Emalfarb Employment Agreement&#8221;).&#160; Pursuant to the Emalfarb Employment Agreement, Mr. Emalfarb has agreed to serve as our President and Chief Executive Officer.&#160; The Emalfarb Employment Agreement has an initial term of three years and automatic renewals of two years at the end of each term, unless either party provides a notice of non-renewal.&#160; Mr. Emalfarb&#8217;s base salary is $425,000 and he is eligible for a discretionary annual bonus.&#160; Additionally, Mr. Emalfarb is entitled to a performance bonus equal to (i) 20% of the value of the first $4,000,000 of any new revenue streams generated by the Company during his employment, for a maximum of $800,000.&#160; Mr. Emalfarb is also eligible to receive benefits at the same level as other similarly situated employees of the Company. Mr. Emalfarb has agreed to certain restrictive covenants, including non-disclosure, non-solicitation for three years following termination of employment and non-competition for three years following termination of employment.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Upon a termination by the Company without cause or a resignation by Mr. Emalfarb for good reason, in each case as defined in the Emalfarb Employment Agreement, subject to his timely execution of a release of claims in favor of the Company, Mr. Emalfarb will be entitled to the following severance benefits: (i) continued payment of his base salary and provision of other benefits for a period of three years following termination of employment and (ii) full vesting acceleration of all stock options.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Danai E. Brooks</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We entered into an Employment Agreement with Mr. Brooks dated as of April 29, 2013 (the &#8220;Brooks Employment Agreement&#8221;).&#160; Pursuant to the Brooks Employment Agreement, Mr. Brooks has agreed to serve as our Executive Vice President and Chief Operating Officer.&#160; The Brooks Employment Agreement does not have a specific term, but will renew daily such that it remains effective for a 12 month period at all times, unless we or Mr. Brooks provides notice of non-renewal.&#160; Mr. Brooks&#8217; base salary is $283,250 and he is eligible for an annual target bonus of up to 40% of his base salary. On April 29, 2013, in accordance with the terms of the Brooks Employment Agreement, our compensation committee of the board of directors granted Mr. Brooks (i) an option to purchase 400,000 shares of common stock at an exercise price of $1.83 per share that vests as to 1/48 of the shares subject to the option each monthly anniversary of the date Mr. Brooks commenced employment with us (the &#8220;Brooks Start Date&#8221;), subject to his continued service through each vesting date; and (ii) 69,000 restricted stock units that vests as to 1/36 of the restricted stock units each monthly anniversary of the Brooks Start Date, subject to his continued service through each vesting date. Under the Brooks Employment Agreement, Mr. Brooks is entitled to a retention bonus of $100,000 that is paid 50% on each of the first and second anniversaries of the Brooks Start Date.&#160; Mr. Brooks is also eligible to receive benefits at the same level as other similarly situated employees of the Company. Mr. Brooks has agreed to certain restrictive covenants, including non-disclosure for three years following termination of employment, non-solicitation for one year following termination of employment and non-competition for one year following termination of employment.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Upon a change of control of the company, as defined in the Brooks Employment Agreement, if Mr. Brook&#8217;s is still employed by the Company, he is entitled to (i) full vesting acceleration on all outstanding equity awards and (ii) a lump sum payment within 30 days of the closing of the change in control in an amount equal to the sum of one year of base salary and annual target bonus (assuming 100% satisfaction of all performance goals), in each case in effect for the year of the change of control.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Upon a termination by the Company without cause or a resignation by Mr. Brooks for good reason, in each case as defined in the Brooks Employment Agreement, subject to his timely execution of a release of claims in favor of the Company, Mr. Brooks will be entitled to the following severance benefits: (i) payment of full annual bonus potential for the year prior to termination and the year of termination; (ii) one year of base salary paid in 12 monthly installments; (iii) 12 months of Company-paid COBRA premiums.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Additionally, if the Company enters into a Transaction Agreement (as defined in the Brooks Employment Agreement) during Mr. Brooks employment or during the three month period following a termination without cause or a resignation for good reason, Mr. Brooks shall receive the following: (i) 2% of the aggregate licensing fee and technology transfer and/or access fees, paid in a lump sum within 30 days of the Company&#8217;s receipt of payment and (ii) if the Company forms a joint venture and the other entity contributes capital in the form of cash to the joint venture, 2% of such cash capital contribution paid in a single lump sum within 30 days of such capital contribution.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Richard H. Jundzil</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We entered into an Employment Agreement with Mr. Jundzil dated as of June 1, 2011 (the &#8220;Jundzil Employment Agreement&#8221;).&#160; Pursuant to the Jundzil Employment Agreement, Mr. Jundzil has agreed to serve as our Vice President Operations.&#160; The Jundzil Employment Agreement does not have a specific term, but will renew daily such that it remains effective for a twelve (12)-month period at all time, unless we or Mr. Jundzil provides notice of non-renewal.&#160; Mr. Jundzil&#8217;s base salary is $206,000 and he is eligible for an annual target bonus of up to 40% of his base salary.&#160; Mr. Jundzil is also eligible to receive benefits at the same level as other similarly situated employees of the Company. Mr. Jundzil has agreed to certain restrictive covenants, including non-disclosure for three years following termination of employment, non-solicitation for two years following termination of employment and non-competition for one year following termination of employment.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">69</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Upon a termination by the Company without cause, as defined in the Jundzil Employment Agreement, subject to his timely execution of a release of claims in favor of the Company, Mr. Jundzil will be entitled to the following severance benefits: (i) pro rata annual bonus for the year of termination based on actual achievement and (ii) one year of base salary paid in twelve monthly installments.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary Compensation Table</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table sets forth information regarding compensation earned by our principal executive officer and two other most highly compensated executive officers who were serving as executive officers at the end of 2013 (collectively, the &#8220;Named Executive Officers&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary Compensation Table</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4d5ea5bb387a45f4a78685854b96509c" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name and Principal</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Salary</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bonus</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)(1)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Awards</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)(2)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Awards</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)(3)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Equity</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Incentive Plan</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change in</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pension</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value and</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nonqualified</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earnings</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">All Other</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)(4)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(c)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(d)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(e)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(f)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(h)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(i)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(j)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Mark A. Emalfarb(*)(5)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">385,417</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,586</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">401,003</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Danai E. Brooks</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">160,417</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">35,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">133,170</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">536,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">864,587</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Richard H. Jundzil</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">200,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 6%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">225,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(*)&#160; Mr. Emalfarb also serves as Chairman to the Board of Directors for which he receives no direct, indirect or incremental compensation.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1)&#160; The bonuses in the column paid to Mr. Brooks and Mr. Jundzil were earned in 2013, but paid in April, 2014.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2) This column represents the aggregate grant date fair value of the stock awards granted in 2013, in accordance with FASB ASC Topic 718.&#160; These amounts do not correspond to the actual value that will be recognized by the named executive officers. The assumptions used in the valuation of these awards are consistent with the valuation methodologies specified in the notes to our consolidated financial statements.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3) This column represents the grant date fair market value of each option granted in 2013, computed in accordance with FASB ASC Topic 718. These amounts do not correspond to the actual value that will be recognized by the named executive officers. The assumptions used in the valuation of these awards are consistent with the valuation methodologies specified in the notes to our consolidated financial statements.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4)&#160; The compensation paid to Mr. Emalfarb represents the sum of $12,891 for a car allowance and $2,695 for fuel reimbursement.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(5)&#160; Bonuses are normally given on a discretionary basis, however, given current liquidity, the Board of Directors decided not award Mr. Emalfarb a bonus for 2013.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">70</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding Equity Awards at Fiscal Year-End</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table summarizes the outstanding equity award holdings held by the Named Executive Officers at December 31, 2013.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding Equity Awards at Fiscal Year-End</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cd6b1488f96243b3ba4f9fdbbe85cd33" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="16">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option Awards</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="14">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock Awards</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Underlying</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unexercised</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Underlying</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unexercised</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Incentive</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan Awards:</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Underlying</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unexercised</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unearned</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Shares or Units of Stock That Have Not</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Value of Shares or Units of Stock That Have Not</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Have Not</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Have Not</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(#)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercisable</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(#)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unexercisable</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(#)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expiration</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vested</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(#)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vested</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vested</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(#)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vested</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Mark A. Emalfarb</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">225,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.28</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/22/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.12</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Danai E. Brooks</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">58,333</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">341,667</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.83</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4/30/2023</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">(8)</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">58,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">(9)</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">113,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Richard H. Jundzil</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(5</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">48,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.08</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/22/2020</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(6</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(7</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(1)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The options award date was March 23, 2010, and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(2)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The options award date was February 28, 2011 and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(3)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The options award date was February 28, 2012 and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(4)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The options award date was May 1, 2013 and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(5)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The options award date was March 23, 2010 and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(6)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The options award date was February 28, 2011 and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(7)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">options</font> award date was February 28, 2012 and will vest in equal installments over four years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(8)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The restricted stock units were awarded on May 1, 2013 and vest in equal installments over three years.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(9)<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font>The value was determined based on the number of units (58,938) multiplied by $1.93 for fair market value of a share on December 31, 2013.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pension Benefits</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On October 1, 2009, the Company instituted a 401(k) defined contribution plan (the &#8220;401(k) Plan&#8221;) under which participants may elect to defer up to 100% of their compensation up to a maximum amount determined annually pursuant to Internal Revenue Service regulations. Employee contributions may begin 90 days after the date of hire and are immediately vested.&#160; The 401(k) Plan provides a safe harbor basic match contribution for all eligible employees who make salary deferrals. The match contribution is equal to 100% of the employee&#8217;s salary deferral up to 4% of such employee&#8217;s annual deferred compensation.&#160; This match contribution is credited to the employee&#8217;s account plans and is 100% vested.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">71</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock Plans</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Company maintains the Dyadic International, Inc. 2006 Stock Option Plan, as amended (the &#8220;2006 Stock Option Plan&#8221;) and the Dyadic International, Inc. 2011 Equity Incentive Award Plan (the &#8220;2011 Equity Incentive Plan&#8221;) (the 2006 Stock Option Plan and the 2011 Equity Incentive Plan are hereinafter collectively referred to as the &#8220;Equity Compensation Plans&#8221;).&#160; All options granted under the Equity Compensation Plans are service-based and typically vest over a four year period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2006 Stock Option Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The 2006 Stock Option Plan was adopted by our board of directors in April 2006, which became effective upon approval by our stockholders and was last amended in December, 2009. The purpose of the 2006 Stock Option Plan is to retain and attract key management, employees, non-employee directors and consultants by providing those persons with a proprietary interest in the Company.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Compensation Committee of the Board administers the 2006 Stock Option Plan and may grant incentive stock options to our employees (and employees of our subsidiaries) or nonqualified stock options that do not comply with Section 422 of the Internal Revenue Code to our employees, directors and consultants (and employees and consultants of our subsidiaries).&#160; As administrator, the Compensation Committee has the power and authority to determine the terms of the awards, including eligibility, the exercise price, the number of shares, the vesting schedule and exercisability of awards and the form of consideration payable upon exercise and to construe and interpret the 2006 Plan and awards.&#160; After a participant&#8217;s termination of service, the participant may exercise his or her option, to the extent vested as of the date of termination, for a period of ninety days (or twelve months in the case of termination due to death or disability) following such termination, or such longer period of time specified in the individual option agreement, but in no event beyond the expiration of its term.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">72</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Under the 2006 Stock Option Plan, 4,700,000 shares of common stock have been reserved for issuance.&#160; As of September 30, 2013, there were 2,345,125 stock options outstanding and 837,125 available for grant under the 2006 Stock Option Plan, which were rolled into the share reserve for the 2011 Equity Incentive Plan. The term of the stock options outstanding under the 2006 Option Plan is no more than ten years. No new awards will be granted under our 2006 Stock Option Plan following the approval of the 2011 Equity Incentive Plan by the Company&#8217;s stockholders, but all outstanding stock option awards previously granted under the 2006 Stock Option Plan will continue to be subject to the terms and conditions set forth in the agreements evidencing such stock option awards and the 2006 Stock Option Plan and shall be unaffected by the approval of the 2011 Equity Incentive Plan by the Company&#8217;s stockholders.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Unless otherwise determined by the administrator, the 2006 Stock Option Plan generally does not allow for the sale or transfer of awards under the 2006 Stock Option Plan other than by will or the laws of descent and distribution, and may be exercised during the lifetime of the participant only by such participant.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the event of certain changes made in our common stock, appropriate adjustments will be made in the number and class of shares that may be delivered under the 2006 Stock Option Plan and/or the number, class and price of shares covered by each outstanding award and the numerical share limits contained in the 2006 Stock Option Plan. In the event of our dissolution or liquidation, all outstanding awards will terminate immediately prior to the consummation of such proposed transaction.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the event of certain change in control transactions, including our merger with or into another corporation or the sale of substantially all of our assets, the administrator may (1) provide for the assumption or substitution of, or adjustment to, each outstanding award; (2) accelerate the vesting and termination of outstanding awards; and/or (3) provide for termination of awards on such terms and conditions as it deems appropriate, including providing for the cancellation of options or stock purchase rights for a cash payment to the plan participants.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our board of directors may at any time amend, suspend or terminate the 2006 Stock Option Plan, provided such action does not impair the existing rights of any participant.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2011 Equity Incentive Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The 2011 Equity Incentive Plan was adopted by the Company&#8217;s Board on April 28, 2011, and approved by the Company&#8217;s stockholders on June 15, 2011. The principal purpose of the 2011 Equity Incentive Plan is to attract, retain and motivate selected employees, consultants and directors through the granting of stock-based compensation awards and cash-based performance bonus awards. The 2011 Equity Incentive Plan is also designed to permit the Company to make cash-based awards and equity-based awards intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Internal Revenue Code of 1986, as amended.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Authorized Shares</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Under the 2011 Equity Incentive Plan, 3,000,000 shares of the Company&#8217;s common stock have been initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights (&#8220;SARs&#8221;), restricted stock awards, restricted stock unit awards, deferred stock awards, dividend equivalent awards, stock payment awards and performance awards and other stock-based awards, in addition to the number of shares remaining available for future awards under the 2006 Stock Option Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2011 Equity Incentive Plan will be increased by (i) any shares available for issuance under the 2006 Stock Option Plan or are subject to awards under the 2006 Stock Option Plan that are forfeited or lapse unexercised and which following the effective date of the 2011 Equity Incentive Plan are not issued under the 2006 Stock Option Plan and (ii) an annual increase on the first day of each fiscal year beginning in 2012 and ending in 2021, equal to either 1,500,000 shares or such smaller number of shares of stock as determined by our Board of Directors.&#160; Shares issued pursuant to awards under the 2011 Equity Incentive Plan that we repurchase or that are forfeited, will become available for future grant under the 2011 Equity Incentive Plan on the same basis as the award initially counted against the share reserve. In addition, to the extent that an award is paid out in cash rather than shares, such cash payment will not reduce the number of shares available for issuance under the 2011 Equity Incentive Plan.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of September 30, 2013, there were 1,344,000 stock options outstanding under the 2011 Equity Incentive Plan and 1,656,100 stock options were available for grant under the 2011 Equity Incentive Plan.&#160; As of December 31, 2012, there were 919,000 stock options outstanding under the 2011 Equity Incentive Plan and 2,081,000 stock options were available for grant.&#160; The term of any stock option awards under the 2011 Equity Incentive Plan is no more than ten years.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">73</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Plan Administration</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The 2011 Equity Incentive Plan will be administered by our compensation committee (or another committee or a subcommittee of the board of directors).&#160; In the case of awards intended to qualify as &#8220;performance-based compensation&#8221; within the meaning of Code Section 162(m), the compensation committee will consist of two or more &#8220;outside directors&#8221; within the meaning of Code Section 162(m).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Subject to the provisions of our 2011 Equity Incentive Plan, the administrator has the power to determine the terms of awards, including the recipients, the exercise price, if any, the number of shares subject to each award, the fair market value of a share of our common stock, the vesting schedule applicable to the awards, together with any vesting acceleration, and the form of consideration, if any, payable upon exercise of the award and the terms of the award agreement for use under the 2011 Equity Incentive Plan.&#160; The administrator also has the authority, subject to the terms of the 2011 Equity Incentive Plan, to amend existing awards, to prescribe rules and to construe and interpret the 2011 Equity Incentive Plan and awards granted thereunder.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stock Options</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The administrator may grant incentive and/or nonstatutory stock options under our 2011 Equity Incentive Plan; provided that incentive stock options are only granted to employees.&#160; The exercise price of such options must equal at least the fair market value of our common stock on the date of grant.&#160; The term of an option may not exceed ten years.&#160; Provided, however, that an incentive stock option held by a participant who owns more than 10% of the total combined voting power of all classes of our stock, or of certain of our subsidiary corporations, may not have a term in excess of five years and must have an exercise price of at least 110% of the fair market value of our common stock on the grant date.&#160; The administrator will determine the methods of payment of the exercise price of an option, which may include cash, shares or other property acceptable to the plan administrator.&#160; Subject to the provisions of our 2011 Equity Incentive Plan, the administrator determines the remaining terms of the options (e.g., vesting).&#160; After the termination of service of an employee, director or consultant, the participant may exercise his or her option, to the extent vested as of such date of termination, for the period of time stated in his or her option agreement.&#160; Generally, if termination is due to death or disability, the option will remain exercisable for twelve months.&#160; In all other cases, the option will generally remain exercisable for three months following the termination of service.&#160; However, in no event may an option be exercised later than the expiration of its term.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stock Appreciation Rights</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stock appreciation rights may be granted under our 2011 Equity Incentive Plan.&#160; Stock appreciation rights allow the recipient to receive the appreciation in the fair market value of our common stock between the exercise date and the date of grant.&#160; Subject to the provisions of our 2011 Equity Incentive Plan, the administrator determines the terms of stock appreciation rights, including when such rights vest and become exercisable and whether to settle such awards in cash or with shares of our common stock, or a combination thereof, except that the per share exercise price for the shares to be issued pursuant to the exercise of a stock appreciation right will be no less than 100% of the fair market value per share on the date of grant.&#160; The specific terms will be set forth in an award agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Restricted Stock</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Restricted stock may be granted under our 2011 Equity Incentive Plan.&#160; Restricted stock awards are grants of shares of our common stock that are subject to various restrictions, including restrictions on transferability and forfeiture provisions.&#160; Shares of restricted stock will vest and the restrictions on such shares will lapse, in accordance with terms and conditions established by the administrator.&#160; Such terms may include, among other things, vesting upon the achievement of specific performance goals determined by the administrator and/or continued service to us.&#160; The administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed.&#160; Recipients of restricted stock awards generally will have voting and dividend rights with respect to such shares upon grant without regard to vesting, unless the administrator provides otherwise.&#160; Shares of restricted stock that do not vest for any reason will be forfeited by the recipient and will revert to us.&#160; The specific terms will be set forth in an award agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Restricted Stock Units</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Restricted stock units may be granted under our 2011 Equity Incentive Plan, which may include the right to dividend equivalents, as determined in the discretion of the administrator.&#160; Each restricted stock unit granted is a bookkeeping entry representing an amount equal to the fair market value of one share of our common stock.&#160; The administrator determines the terms and conditions of restricted stock units including the vesting criteria, which may include achievement of specified performance criteria or continued service to us, and the form and timing of payment.&#160; The administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed.&#160; The administrator determines in its sole discretion whether an award will be settled in stock, cash or a combination of both.&#160; The specific terms will be set forth in an award agreement.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">74</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Performance Awards</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Performance awards may be granted under our 2011 Equity Incentive Plan.&#160; Performance awards are awards that will result in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest.&#160; The administrator will establish organizational or individual performance goals in its discretion, which, depending on the extent to which they are met, will determine the value of performance awards to be paid out to participants.&#160; The specific terms will be set forth in an award agreement, including the performance goals, which may be based on the performance criteria set forth in the 2011 Equity Incentive Plan.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Transferability of Awards</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Unless the administrator provides otherwise, our 2011 Equity Incentive Plan generally does not allow for the transfer of awards and only the recipient of an option or stock appreciation right may exercise such an award during his or her lifetime.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Certain Adjustments</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the event of certain changes in our capitalization, to prevent diminution or enlargement of the benefits or potential benefits available under the 2011 Equity Incentive Plan, the administrator will make adjustments to one or more of the number and class of shares that may be delivered under the plan and/or the number, class and price of shares covered by each outstanding award and the numerical share limits contained in the plan.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Merger or Change in Control</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our 2011 Equity Incentive Plan provides that in the event of a merger or change in control, as defined under the 2011 Equity Incentive Plan, each outstanding award will be treated as the administrator determines, except that if a successor corporation or its parent or subsidiary does not assume or substitute an equivalent award for any outstanding award, then such award will fully vest, all restrictions on such award will lapse, and such award will become fully exercisable, if applicable, for a specified period prior to the transaction.&#160; The award will then terminate upon the expiration of the specified period of time.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Plan Amendment, Termination</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our board of directors has the authority to amend, suspend or terminate the 2011 Equity Incentive Plan provided such action does not impair the existing rights of any participant.&#160; Our 2011 Equity Incentive Plan will automatically terminate in 2021, unless we terminate it sooner.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Director Compensation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In January 2005, our board of directors adopted a director compensation policy. Directors who are also employees or officers of the Company or any of its subsidiaries do not receive any separate compensation as a director. Non-employee directors receive $3,000 per month and stock options (described below) to purchase shares of our common stock. The chairman of the audit committee receives an additional $800 per month. All non-employee directors also are reimbursed for their reasonable travel costs related to attendance at board and committee meetings. Upon joining our board, a non-employee director receives a stock option to purchase 30,000 shares of the Company&#8217;s common stock at an exercise price equal to the fair market value of the stock on the date of grant.&#160; Twenty-five percent (25%) of these options vest upon grant, while the remaining portion vests in equal installments over a four-year period subject to the director&#8217;s continued service. The stock options generally expire 10 years from the date of grant or earlier in the event service as a director ceases. At the beginning of each year, non-employee directors will receive additional stock options to purchase 25,000 shares of our common stock, or a pro rata portion based on the number of months that the director served on the board of directors during the preceding year, subject to the same vesting provisions and other conditions as described above. On November 12, 2008, all of the members of the board of directors received a stock option to purchase 250,000 shares of the Company&#8217;s common stock at an exercise price of $.15 per share ($.16 per share with respect to Mr. Emalfarb) based on the fair market value of the Company&#8217;s common stock and subject to the same terms and conditions as the other stock options granted to directors described above. The 2008 stock option grants took into account the need to provide an additional incentive and inducement to the directors to serve on the board following the corporate events involving the Company beginning in the spring of 2007 and running through the summer of 2008. On February 28, 2012, the Company granted stock options to its non-employee directors to purchase 100,000 shares of the Company&#8217;s common stock at an exercise price of $1.21 per share for serving on the board of directors in the 2011 fiscal year. On March 3, 2013, the Company granted stock options to its non-employee directors to purchase 100,000 shares of the Company&#8217;s common stock at an exercise price of $1.75 per share. On March 4, 2013, the Company granted stock options to its non-employee directors to purchase 100,000 shares of the Company&#8217;s common stock at an exercise price of $1.76 per share.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">75</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table sets forth a summary of the compensation we paid to our non-employee directors during 2013.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Director Compensation</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f7d005c4e577407f8a4d64f36c13da94" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fees Earned</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Paid</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Cash</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Awards</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Awards</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(($)(1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Equity</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Incentive</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compen-</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">sation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 111px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change in Pension Value and Nonqualified Deferred Compensation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earnings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">All Other</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 111px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Frank P. Gerardi</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">32,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1.09%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72,850</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Robert D. Burke, MD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">32,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1.09%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">63,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Seth J. Herbst, MD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">32,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1.09%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">63,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Stephen J. Warner</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">32,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1.09%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">63,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e8b276568edc486180fbbbaef13e55f3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">This column represents the grant date fair market value of each option granted in 2013, computed in accordance with FASB ASC Topic 718. These amounts do not correspond to the actual value that will be recognized by the non-employee director. The assumptions used in the valuation of these awards are consistent with the valuation methodologies specified in the notes to our consolidated financial statements.&#160; As of December 31, 2013, each of Mr. Gerardi, Dr. Burke, and Mr. Warner held options for 100,000 shares and Dr. Herbst held options for 130,000 shares.&#160; With respect to each of the non-employee directors, 51,563 of the shares subject to their options were unvested as of December 31, 2013.&#160; Of this amount, 18,750 shares vested in 2014 for each non-employee director and the remainder of the shares subject to the non-employee directors&#8217; options will vest, subject to their continued service on our Board, as follows: (i) 18,750 shares 2015, (ii) 9,375 shares in 2016 and (iii) 4,688 shares in 2017</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table sets forth a summary of compensation we paid to our non-employee directors as December 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2013</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5b7b9705757d4370a6dace2412de04ff" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid" valign="bottom" colspan="38">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vesting</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Granted</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Term</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance 12/31/13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vested 12/31/13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2008</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2009</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2017</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2011</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Burke, Robert</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2012</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Burke, Robert</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/4/2013</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/3/2023</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Burke, Robert</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.75</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">48,438</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">20,313</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2011</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gerardi, Frank</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2012</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gerardi, Frank</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/4/2013</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/3/2023</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gerardi, Frank</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.75</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">48,438</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">20,313</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8/28/2008</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8/27/2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Herbst, Seth</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">30,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">30,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2011</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Herbst, Seth</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2012</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Herbst, Seth</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/4/2013</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/3/2023</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Herbst, Seth</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.75</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">130,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">78,438</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,125</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">21,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">20,313</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2011</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Warner, Stephen</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">31,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/28/2012</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/27/2022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Warner, Stephen</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/4/2013</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/3/2023</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Warner, Stephen</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.75</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">48,438</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">20,313</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,375</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 0.72%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,688</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>
<hr style="TEXT-ALIGN: center; WIDTH: 30%; HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">76</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation Committee Interlocks and Insider Participation</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The amounts in the "Option Awards" column reflect the aggregate grant fair value of the stock option awards, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification 718. Assumptions made in the calculation of the grant date fair value of the stock option awards are included in the Company's audited consolidated financial statements for the fiscal year ended December 31, 2013. The option award date was March 4, 2013. Each director was awarded 25,000 options that vest generally over four years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">During the fiscal year ended December 31, 2013, none of our executive officers served as (1) a member of the compensation committee (or other board of director committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, one of whose executive officers served on our Compensation Committee, (2) a director of another entity, one of whose executive officers served on our Compensation Committee or (3) a member of the compensation committee (or other board of director committee performing equivalent functions or, in the absence of any such committee, the entire Board of Directors) of another entity, one of whose executive officers served as one of our directors. In addition, none of the members of our Compensation Committee (1) was an officer or employee of us or any of our subsidiaries in fiscal year ended December 31, 2013, or (2) was formerly an officer or employee of us or any of our subsidiaries.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item7."><!--Anchor--></a><a name="Item7.CertainRelationship"><!--Anchor--></a>Item 7. Certain Relationships and Related Transactions, and Director Independence</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following is a description of transactions since January 1, 2011 to which we have been a party, in which the amount involved exceeded or will exceed the lesser of $120,000 or 1% of the average of our total assets at year end for the last two years, and in which any of our executive officers, directors or holders of more than 5% of our common stock, or an affiliate or immediate family member thereof, had or will have a direct or indirect material interest, other than compensation, termination and change in control arrangements, which are described above under "Executive Compensation."</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2010 Convertible Notes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On August 23, 2010, the Company completed the 2010 Notes private placement of $4,000,000 aggregate principal of convertible subordinated secured promissory notes with ten investors, some of whom are related parties.&#160; Mark A. Emalfarb, our founder and Chief Executive Officer, was issued an aggregate amount of $1,000,000 of 2010 Notes. Michael J. Faby, our former Chief Financial Officer was issued an aggregate amount of $100,000 of 2010 Notes. Lisa Joy Emalfarb, the sister in law of our founder and Chief Executive Officer, was issued an aggregate amount of $100,000 of 2010 Notes. Univest Management, Inc. wholly owned by Frank P. Gerardi, Director, was issued an aggregate amount of $100,000 of the 2010 Notes.&#160; As of June 30, 2014, $1,000,000 of principal and accrued interest was outstanding on the MAE Trust 2010 Convertible Note, $100,000 of principal and accrued interest was outstanding on the Lisa Joy Emalfarb 2010 Convertible Note and $150,000 of principal and accrued interest was outstanding on the Michael J. Faby 2010 Convertible Note.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The 2010 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a price of $1.82 per share, which represents 120% of the average closing price of the Company&#8217;s common stock for the 30-day period preceding August 23, 2010. The Company will not effect any conversion of the 2010 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock (the &#8220;Beneficial Ownership Limitation&#8221;). The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice. The 2010 Notes are subordinated to the Note (as defined below), and are collateralized by the assets of the Company. On October 7, 2013, the Company extended the maturity date of the 2010 Notes to January 1, 2015. The amended 2010 Notes include a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">77</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2011 Convertible Notes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In October 2011, the Company completed the 2011 Notes private placement of $3,000,000 aggregate principal of convertible subordinated secured promissory notes with five investors, some of whom are related parties. The Francisco Trust, under agreement dated February 28, 1996, as amended (the &#8220;Francisco Trust&#8221;), a trust administered by Morley Alperstein, the father-in-law of Mark A. Emalfarb, our founder and chief executive officer, was issued an aggregate amount of $500,000 of 2011 Notes. Michael J. Faby, our former Chief Financial Officer was issued an aggregate amount of $50,000 of 2011 Notes. Univest Management, Inc., wholly owned by Frank P. Gerardi, Director, was issued an aggregate amount of $50,000 of 2011 Notes.&#160; As of June 30, 2014, $500,000 of principal and accrued interest was outstanding on the Francisco Trust 2011 Convertible Note and $150,000 of principal and accrued interest was outstanding on the Michael J. Faby 2011 Convertible Note.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The 2011 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a price equal to the lesser of $1.28 per share. The Company will not affect any conversion of the 2011 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock. The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice. The 2011 Notes are subordinated to the Note (as defined below), and are collateralized by the assets of the Company. On October 7, 2013, the Company extended the maturity date of the 2011 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Note Payable to Mark A. Emalfarb Trust</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On November 14, 2008, the Company entered into the Amended and Restated Note (the &#8220;Note&#8221;) payable to the Mark A. Emalfarb Trust under agreement dated October 1, 1987, as amended (the &#8220;MAE Trust&#8221;), a related party. Mr. Emalfarb, our founder and Chief Executive Officer, is the trustee and beneficiary of the MAE Trust. As of June 30, 2014, $1,424,941 of principal and accrued interest was outstanding on the Note. The Note was scheduled to mature on January 1, 2009. On January 12, 2009, the Company repaid $1.0 million of principal of the Note leaving an outstanding principal amount of approximately $1.4 million. To date, the MAE Trust has not requested any further repayment of the Note. As of January 1, 2010, the MAE Trust and the Company agreed to reduce the interest rate on the outstanding principal balance of the Note from 14% to 9.5% per annum. The Note is collateralized by the assets of the Company. On October 11, 2013, the maturity date of the Note was extended to January 1, 2015. All other provisions of the Note remain unchanged.&#160; Pursuant to a divorce decree dated March 18, 2014, the $1.4 million note was transferred to Lisa K. Emalfarb, a stockholder, on April 1, 2014.&#160; Under certain conditions, Mr. Emalfarb has the right to assume the Note at maturity should Lisa K. Emalfarb be unwilling or unable to extend the maturity date of the Note, if requested by the Company.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">78</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Interest in Litigation Proceeds</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In consideration for the October 22, 2013 dismissal of arbitration proceedings initiated by our founder and Chief Executive Officer Mark A. Emalfarb against the Company, the Company agreed to reimburse Mr. Emalfarb approximately $313,000 for past expenses incurred.&#160; In addition to this reimbursement, Mr. Emalfarb will be entitled to receive 5% of the proceeds to the Company net of legal expenses up to $25 million and 8% of any net proceeds in excess of $25 million, but in any case the maximum amount payable will be $6 million of the net proceeds, if any, received by the Company related to the professional liability lawsuit against the Company&#8217;s former outside legal counsel discussed under &#8220;Item 8. Legal Proceedings&#8212;Professional Liability Lawsuit.&#8221;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Stock Options Granted to Executive Officers and Directors</u></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We have granted stock options to our executive officers and directors, as more fully described in the section above entitled "Executive Compensation."</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Indemnification Agreements</u></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We have earned, and intend to continue to enter, into separate indemnification agreements with each of our directors and executive officers.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Related Party Transactions Policy</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our written audit committee charter requires that our board of directors review and approve, if the duty is not delegated to a comparable body of the board of directors, all related party transactions in accordance with the regulations of the SEC.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Director Independence</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our common stock is not listed on any national securities exchange [or quoted on any inter-dealer quotation service] that imposes independent standards on our board of directors or any committee thereof. However, in evaluating the independence of its members and the composition of the committees of the board of directors, the board utilizes the definition of &#8220;independence&#8221; as that term is defined by the rules promulgated by the SEC. We believe that Drs. Burke and Herbst as well as Messrs. Gerardi, Warner and Tarnok qualify as &#8220;independent&#8221; directors, as that term is defined by SEC rules.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item8."><!--Anchor--></a><a name="Item8.LegalProceedings"><!--Anchor--></a>Item 8. Legal Proceedings<a name="Item3_LegalProceedings_152726"><!--Anchor--></a></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. Other than the matters set forth below, in the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our combined financial position, results of operations or cash flows. The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable and costly. While the Company believes that it has valid defenses with respect to the legal matters pending against it, protracted litigation and/or an unfavorable resolution of one or more of such proceedings, claims or investigations against the Company could have a material adverse effect on the Company&#8217;s consolidated financial position, cash flows or results of operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Professional Liability Proceedings</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On March 26, 2009, the Company filed a complaint in the Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P., alleging professional negligence/malpractice, breach of fiduciary duty and constructive fraud in connection with the accounting, advisory, auditing, consulting, financial and transactional services they provided to the Company.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On April 14, 2009, the Company amended the complaint (the &#8220;Amended Complaint&#8221;) by naming as additional defendants the Company&#8217;s former outside legal counsel consisting of the law firms of Greenberg Traurig, LLP, Greenberg Traurig, P.A. (collectively, &#8220;Greenberg Traurig&#8221;), Jenkens &amp; Gilchrist, P.C. (&#8220;Jenkens &amp; Gilchrist&#8221;) and Bilzin Sumberg Baena Price &amp; Axelrod LLP (&#8220;Bilzin Sumberg&#8221;) as well as attorney Robert I. Schwimmer who previously represented the Company while an attorney at Jenkens &amp; Gilchrist and later at Greenberg Traurig. Jenkens &amp; Gilchrist went out of business in 2007 and is in the process of winding up its business and affairs. The Company also named as defendants the law firm of Moscowitz &amp; Moscowitz, P.A. and its attorneys Norman A. Moscowitz and Jane W. Moscowitz (collectively, the &#8220;Moscowitz Defendants&#8221;) who conducted the investigation and authored the investigative report requested by the Company&#8217;s Audit Committee following the discovery of alleged improprieties at the Company&#8217;s Asian subsidiaries. The claims against the Company's former outside legal counsel are for breach of fiduciary duty and professional negligence. In addition to these claims, the Amended Complaint contains a claim of civil conspiracy against Ernst &amp; Young LLP, Greenberg Traurig and Mr. Schwimmer.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">79</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The claims against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P. were subsequently stayed in the Circuit Court action and submitted to binding arbitration. A final hearing before the arbitration tribunal was completed on May 27, 2011.&#160; On February 29, 2012, the arbitration tribunal issued a Final Award which found no auditor negligence, denied the Company any recovery against Ernst &amp; Young LLP and Ernst &amp; Young Hong Kong L.P., and further provided that each party shall bear its own attorneys&#8217; fees and costs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On July 11, 2011, defendants Jenkens &amp; Gilchrist, Bilzin Sumberg and the Moscowitz Defendants filed a counterclaim in the Circuit Court against the Company and a Third Party Complaint against its President and Chief Executive Officer, Mark Emalfarb, individually, for abuse of process. The counterclaim and Third Party Complaint filed by Jenkens &amp; Gilchrist and Bilzin Sumberg also included claims for common law indemnity against the Company and Mr. Emalfarb.&#160; In addition, Jenkens &amp; Gilchrist made a claim against the Company for breach of the implied covenant of good faith and fair dealing.&#160; On July 18, 2011, the Moscowitz Defendants filed a motion for summary judgment which the Circuit Court denied in its entirety.&#160; On September 9, 2011, Jenkens &amp; Gilchrist and Bilzin Sumberg amended their counterclaim and Third Party Complaint which dropped their claims for abuse of process but retained their claims for common law indemnity against the Company and Mr. Emalfarb. Bilzin Sumberg also added claims against the Company and Mr. Emalfarb for breach of its retainer agreements and for declaratory relief.&#160; Also on September 9, 2011, the Moscowitz Defendants dropped their claims for abuse of process against the Company and Mr. Emalfarb.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On December 8, 2011, the Circuit Court dismissed without prejudice all counterclaims against the Company and all third party claims against Mr. Emalfarb.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On July 18, 2012, the Company filed a Second Amended Complaint which expanded and amplified the Company&#8217;s prior allegations of negligent acts and omissions by the defendants in the Circuit Court proceedings.&#160; All of the defendants have filed and served their answers and affirmative defenses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On August 8, 2012, the Company, Jenkens &amp; Gilchrist and Mr. Schwimmer entered into a Settlement Agreement and General Releases (the &#8220;J&amp;G Settlement Agreement&#8221;) whereby Jenkens &amp; Gilchrist paid the Company $525,000 for the mutual release and discharge of (1) all causes of action between the Company and Jenkens &amp; Gilchrist, and (2) causes of action between the Company and Mr. Schwimmer including, but not limited to, those in the professional liability lawsuit, but only those which occurred while Mr. Schwimmer served as an attorney at Jenkens &amp; Gilchrist and not while he served as an attorney at Greenberg Traurig or any other time. Pursuant to the J&amp;G Settlement Agreement, the Company, Jenkens &amp; Gilchrist and Mr. Schwimmer have filed a Stipulation of Settlement with the Court to enforce the terms of the J&amp;G Settlement Agreement including, but not limited to, the dismissal of Counts I and II of the Second Amended Complaint against Jenkens &amp; Gilchrist and Mr. Schwimmer with prejudice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On January 24, 2013, each of the remaining defendants served their amended affirmative defenses to the Second Amended Complaint. On February 11, 2013, the Company served its reply to such amended affirmative defenses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On November 26, 2013, the Court entered a Case Management Order.&#160; Pursuant to the Order, all pretrial motions and other litigation activities are to be concluded by the end of 2014.&#160; The Court-ordered mediation, which originally scheduled for September 30, 2014, has now been scheduled for November 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and 11th,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>2014.&#160; The Court has not yet set a trial date for 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On April 9, 2014, the Court amended its Case Management Order by requiring that all summary judgment motions be served on or before April 30, 2014.</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On September 23, 2014, the court entered orders denying all defense motions for summary judgement that had been heard by the court by that date and granting our request to not allow the defendant to claim a particular affirmative defense to our claims. The court has not set a trial date for 2015.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The parties to the suit have completed written discovery.&#160; With the exception of one witness, depositions of fact witnesses are complete.&#160; The parties are presently engaged in deposing opposing expert witnesses.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The court-ordered mediation is scheduled for November 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2014. The court has not yet set a trial date for 2015. Court-ordered mediation and a trial date, may be further delayed.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mark A. Emalfarb Arbitration and Settlement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On September 25, 2007, Mark A. Emalfarb commenced an arbitration proceeding (the &#8220;Emalfarb Arbitration&#8221;) against the Company before the American Arbitration Association seeking monetary damages resulting from his termination for cause related to the matters identified above.&#160;&#160; In October 2013, Mr. Emalfarb and the Company reached a settlement on these matters and in consideration for the dismissal of the arbitration proceedings, the Company agreed to reimburse Mr. Emalfarb approximately $313,000 for past legal expenses incurred. In addition to this reimbursement, Mr. Emalfarb is entitled to receive a percentage of the net proceeds, if any, received by the Company related to the professional liability lawsuit against the Company&#8217;s former outside legal counsel discussed above.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">80</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item9."><!--Anchor--></a><a name="Item9.MarketPriceofandDiv"><!--Anchor--></a>Item 9. Market Price of and Dividends on the Registrant&#8217;s Common Equity and Related Stockholder Matters</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Information</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our common stock is quoted under the symbol &#8220;DYAI&#8221; on the OTCQX U.S. Premier operated by OTC Markets Group.&#160; There is no assurance that our common stock will continue to be traded on the OTC or that any liquidity for our stockholder exists.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Price</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table shows the high and low closing bid quotations for our common stock as reported by the OTC Markets Group for the periods indicated. These quotations reflect inter-dealer prices, without retail markup, markdown or commissions.&#160; Trading on the OTC markets is limited and the prices quoted by brokers are not a reliable indication of the value of our common stock.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="168f9da7c5a44e0abbedbb20a431a922" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">High</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Low</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt"><u>Year ended December 31, 2014</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">First Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.79</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Second Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.79</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.29</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Third Quarter (through August 14, 2014)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.79</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.56</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 11px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt"><u>Year ended December 31, 2013</u></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">First Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.50</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Second Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.18</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Third Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.52</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Fourth Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.40</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt"><u>Year ended December 31, 2012</u></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">First Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.30</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Second Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.48</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.77</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Third Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.99</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Fourth Quarter</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.48</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holders</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of August 1, 2014, 2014 there were 2,705 holders of record of our issued and outstanding common stock.&#160; We believe there are significantly more beneficial holders of our stock.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividends</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>While there are no restrictions on the payment of dividends, we have not declared or paid any cash dividends on shares of Dyadic common stock in the last two fiscal years, and we presently have no intention of paying any cash dividend in the foreseeable future. The Company&#8217;s current policy is to retain earnings, if any, to finance the expansion of its business. The future payment of dividends will depend on the results of operations, financial condition, capital expenditure plans and other factors that we deem relevant and will be at the sole discretion of the board of directors.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">81</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Compensation Plan Information</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table summarizes information about our equity compensation plans as of December 31, 2013:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1a6363a98be143f098e0ef75e0fb59c9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Plan Category</u></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Securities </div>

<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">to be Issued Upon Exercise of&#160; Outstanding Options, </div>

<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warrants and Rights</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted-Average&#160; Exercise Price of Outstanding Options, Warrants </div>

<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">and Rights</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Securities Remaining Available for Future Issuance Under Equity Compensation </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plans (Excluding Securities </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reflected in Column</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Equity compensation plans approved by security holders</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,309,125</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.95</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,499,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>
<hr style="TEXT-ALIGN: center; WIDTH: 30%; HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item10."><!--Anchor--></a><a name="Item10.RecentSalesofUnreg"><!--Anchor--></a>Item 10. Recent Sales of Unregistered Securities</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Equity Awards</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">During the last three fiscal years, the Company has granted stock options to purchase 1,945,000 shares of its common stock, to key employees, directors and consultants at a weighted average price of $2.02 per share under its 2006 Stock Option Plan and 2011 Equity Incentive Plan (the &#8220;Stock Plans&#8221;).&#160; In May 2013, the Company issued 69,000 restricted stock units under the Stock Plans to an officer of the Company.&#160; The issuances of these securities were exempt from registration in reliance on Rule 701 of the Securities Act, pursuant to compensatory plans approved by the Company&#8217;s board of directors and stockholder.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table reflects issuances of our common stock during the last three fiscal years upon the issuance of options granted pursuant to our Stock Plans.&#160; In total, 1,516,750 shares of our common stock were issued to key employees, officers and directors of the Company upon their exercise of stock options.&#160; We received $289,313 in total exercise price proceeds paid by option holders. All of such shares were issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act, as the shares were issued in transactions not involving any public offering or distribution.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fa9eb58a8c0444a58450c904342989e5" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Issuance</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Shares Issued </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Option </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Exercise </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price Paid</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1/10/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,750.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1/30/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,750.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1/30/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,343.75</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/6/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">57,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">13,225.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/6/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">187.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/26/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,312.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4/9/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">187.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4/26/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,343.75</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5/29/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,875</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">431.25</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6/19/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,625.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8/16/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">375.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8/16/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">862.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9/20/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,875</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">431.25</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/13/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">332,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">49,875.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3/19/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,625.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6/19/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,587.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6/19/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">20,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.60</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,000.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6/19/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">23,000.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10/2/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">250,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37,500.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">250,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37,500.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,875.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11/27/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">25,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1.21</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">30,250.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12/27/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">250,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">40,000.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/18/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,150.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/18/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">187.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/18/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">225.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/18/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,150.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/18/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">187.50</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2/18/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">225.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">7/16/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,150.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">No further activity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">82</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Convertible Notes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In the last three fiscal years, the Company has issued convertible notes to raise capital to finance its operations.&#160; In August 2010, the Company issued an aggregate of $4,000,000 convertible subordinated secured promissory notes (the &#8220;2010 Notes&#8221;) to ten investors in a private placement.&#160; The 2010 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a price of $1.82 per share.&#160;&#160; The On January 22-23, 2013, a holder converted $182,000 of such notes into an aggregate of 100,000 shares of the Company&#8217;s common&#8217;s stock, and as of December 31, 2013, the outstanding principal balance of the 2010 Notes was $3,818,000.&#160;&#160; On October 7, 2013, the Company extended the maturity date of the 2010 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014. The 2010 Notes, and the shares of common stock issued upon conversion of the 2010 Notes were issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act, as the securities were issued in transactions not involving any public offering or distribution.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In October 2011, the Company completed the private placement of $3,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2011 Notes&#8221;) to five investors in a private placement. The 2011 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a price equal to $1.28 per share.&#160; On October 7, 2013, the Company extended the maturity date of the 2011 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014. The 2011 Notes were issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act, as the securities were issued in transactions not involving any public offering or distribution.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Warrants</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">No warrants to purchase shares of either our common or preferred shares of stock have been issued in the last three years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The following table reflects issuances of our common stock during the last three fiscal years upon the exercise of warrants.&#160; In total, 1,979,000 shares of our common stock were issued upon the exercise of such warrants.&#160; All of such shares were issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act, as the shares were issued in transactions not involving any public offering or distribution.</div>

<div><br>
</div>

<table style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" id="f40eab1145294f509c994c727a910923" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Issuance</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" colspan="2">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Shares Issued </div>

<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Warrant </div>

<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" colspan="2">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise Price</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" colspan="2">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Exercise Price Paid</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 55%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4/11/2011</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,000.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5/24/2013</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.15</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,875.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6/12/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">983,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0.16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">157,320.00</div>
</td>
<td style="TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item11"><!--Anchor--></a><a name="Item11.DescriptionofRegis"><!--Anchor--></a>Item 11. Description of Registrant&#8217;s Securities to Be Registered</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our authorized capital stock currently consists of 100,000,000 shares of Common Stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share, the rights and preferences of which may be established from time to time by our board of directors.&#160; As of August 1, 2014, 34,048,745 shares of our common stock were issued and outstanding.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">83</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The description of our securities contained herein is a summary only and may be exclusive of certain information that may be important to you.&#160; For more complete information, you should read our Certificate of Incorporation and its restatements, together with our corporate bylaws which have been filed with the SEC as exhibits to this registration statement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Holders of our Common Stock are entitled to receive ratably, from funds legally available for the payment thereof, dividends when and as declared by resolution of the board of directors, subject to any preferential dividend rights which may be granted to holders of any preferred stock authorized and issued by the board of directors. Holders of our common stock do not have cumulative voting rights and are entitled to one vote per share on all matters to be voted upon by stockholders. Our common stock is not entitled to preemptive rights and is not subject to redemption, including sinking fund provisions, or conversion. Upon our liquidation, dissolution or winding up, the assets, if any, legally available for distribution to stockholders are distributable ratably among the holders of our common stock after payment of all classes or series of our preferred stock. All outstanding shares of our common stock are validly issued, fully-paid and non-assessable. The rights, preferences and privileges of holders of our common stock are subject to the preferential rights of all classes or series of preferred stock that we may issue in the future.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preferred Stock</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our Restated Certificate of Incorporation permits us to issue up to 5,000,000 shares of preferred stock, par value $0.0001 per share. The preferred stock may be issued in any number of series as determined by the board of directors. The board of directors may by resolution fix the designation and number of shares of any such series of preferred stock and may determine, alter or revoke the rights, preferences, privileges and restrictions pertaining to any wholly unissued series and the board of directors may increase or decrease the number of shares of any such series (but not below the number of shares of that series then outstanding).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We have no preferred stock issued or outstanding.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transfer Agent and Registrar</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The transfer agent and registrar for the Company&#8217;s common stock is Continental Stock Transfer &amp; Trust Company.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anti-Takeover Effects of Certificate of Incorporation and Bylaws</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Certain provisions in our Restated Certificate of Incorporation and our bylaws could have the effect of impeding or discouraging the acquisition of control of us by means of a merger, tender offer, proxy contest or otherwise, including a transaction in which our stockholders would receive a premium over the market price for their shares, and thereby protects the continuity of our management. Specifically, our Restated Certificate of Incorporation or bylaws contain the following provisions:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="99fc2f4539524274931eb8000e112e1b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Our board of directors is composed of three classes of directors who serve staggered three-year terms so that only one-third of the directors are eligible for election at any annual meeting of stockholders, and cumulative voting in the election of directors is specifically denied.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e8d682e1bc09479fb1b9e2b0bb2b7957" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Any action permitted to be taken by our stockholders is required to be effected at a duly called annual or special meeting of stockholders and cannot be effected by a written consent.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e888a287ccfd4b908bc948a06e2113e5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Our stockholders will not be permitted to call a special meeting of stockholders, and the only business matters permitted to be conducted at any annual or special meeting of stockholders will be business matters properly brought before that meeting in accordance with specified procedures.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5123fb676d3945c18770d5a76853d6fd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Specific procedures are established for stockholder nominations for directors and stockholder proposals of business to be considered at an annual or special meeting of stockholders.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a3183abb4fd3433b83a70f3455f086b1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Our board of directors establishes the number of directors, and vacancies on our board of directors must be filled by a majority approval of the remaining directors, and directors may not be removed by stockholder action without cause.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5515dcdc4b254fcdb8720cd888f2c99c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Our board of directors is empowered to adopt, amend or repeal our bylaws, while our stockholders may adopt, amend or repeal our bylaws only upon an affirmative vote of the holders of at least two-thirds of the voting power of all then outstanding shares of stock entitled to vote.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="62e2a953ea7b401c95213af12e6c8d09" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Our board of directors has the power to designate and establish new classes of preferred stock having terms that the board of directors determines to be advisable.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="679d9497740b492fbb9fd5f937b78287" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">With respect to extraordinary matters that are brought to our stockholders for a vote, including the sale of all or substantially all of our assets, a merger, a consolidation, the conversion of us into another type of entity or the </font>amendment of our Restated Certificate of Incorporation, unless that matter is affirmatively recommended by our board of directors, its approval will require the affirmative vote of the holders of at least two-thirds of the voting power of all then outstanding shares of stock entitled to vote.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">84</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The foregoing provisions of our Restated Certificate of Incorporation and bylaws and other provisions pertaining to the limitation of liability and indemnification of directors may be amended or repealed only with the affirmative vote of the holders of at least two-thirds of the voting power of all then outstanding shares of stock entitled to vote.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">In addition, if in the due exercise of its fiduciary obligations, the board of directors were to determine that a takeover proposal was not in our best interest, shares of common stock or preferred stock could be issued by the board of directors without stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover by:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4a0ef226aec44390a4612890433f609d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">diluting the voting or other rights of the proposed acquirer or insurgent stockholder group;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e03c26c6d2224961bd80ebfb061cd467" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">putting a substantial voting block in institutional or other hands that might undertake to support the incumbent board of directors; or</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 45pt"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="903f4abb72dc486c83c79d3b0b2f9dc5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">effecting an acquisition that might complicate or preclude the takeover.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The effect of all of the foregoing provisions may be to delay or prevent a tender offer or takeover attempt that a stockholder may determine to be in his or her best interest, including attempts that might result in a premium over the market price for the shares held by the stockholders.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware Anti-Takeover Law</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We are not currently subject to the provisions of Section 203 of the Delaware General Corporation Law concerning corporate takeovers.&#160; If we become listed on a national stock exchange or have a class of voting stock held by more than 2000 record holders, we will be governed by the provisions of Section 203 of the General Corporation Law of Delaware. In general, such law prohibits a Delaware public corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless it is approved in a prescribed manner.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As a result of Section 203 of the General Corporation Law of Delaware, potential acquirers may be discouraged from attempting to effect acquisition transactions with us, thereby possibly depriving holders of our securities of certain opportunities to sell or otherwise dispose of such securities at above-market prices pursuant to such transactions.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">eports to Stockholders</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">We intend to comply with the periodic reporting requirements of the Securities Exchange Act of 1934. We plan to furnish our stockholders with an annual report for each fiscal year beginning for the fiscal year ending December 31, 2014 containing financial statements audited by our independent registered public accounting firm. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The public may also read and copy any materials we file with the SEC at the SEC&#8217;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 (call 1-800-SEC-0330 for information).</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">85</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item7a_QuantitativeAndQualitative_150521"><!--Anchor--></a><a name="Item8_FinancialStatementsAndSuppl_150527"><!--Anchor--></a><a name="ReportOfIndependentRegisteredPubl_150635"><!--Anchor--></a><a name="ReportOfIndependentRegisteredPubl_151221"><!--Anchor--></a><a name="ConsolidatedStatementsOfOperation_152316"><!--Anchor--></a><a name="ConsolidatedBalanceSheets_152319"><!--Anchor--></a><a name="ConsolidatedStatementsOfCashFlows_152336"><!--Anchor--></a><a name="ConsolidatedStatementsOfChangesIn_152837"><!--Anchor--></a><a name="CombinedStatementsOfChangesInPare_154302"><!--Anchor--></a><a name="NotesToConsolidatedFinancialState_154415"><!--Anchor--></a><a name="Item12"><!--Anchor--></a><a name="Item12.IndemnificationofD"><!--Anchor--></a>Item 12. Indemnification of Directors and Officers</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Our certificate of incorporation eliminates the personal liability of our directors for monetary damages arising from a breach of their fiduciary duty as directors to the fullest extent permitted by Delaware law. This limitation does not affect the availability of equitable remedies, such as injunctive relief or rescission. Our certificate of incorporation and bylaws require us to indemnify our directors and officers to the fullest extent permitted by Delaware law, including in circumstances in which indemnification is otherwise discretionary under Delaware law.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Under Delaware law, we may indemnify our directors or officers or other persons who were, are or are threatened to be made a party to an action, suit or proceeding because the person is or was our director, officer, employee or agent, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by them in connection with the action, suit or proceeding if the person:</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="139a059ffdd64d4dbc60ad95c31c8802" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f6cefb96a7b243eeae7ec2f1fc34d33d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9679;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">If the person is found liable to the corporation, no indemnification shall be made unless the court in which the action was brought determines that the person is fairly and reasonably entitled, under the circumstances and despite the adjudication of liability, to indemnity for an amount of expenses that the court deems proper.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Insofar as indemnification for liabilities under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item13."><!--Anchor--></a><a name="Item13.FinancialStatement"><!--Anchor--></a>Item 13. Financial Statements and Supplementary Data</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Condensed Consolidated Financial Statements for June 30, 2014</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Consolidated Financial Statements for December 31, 2013 and 2012</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">86</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div>&#160;

<div style="TEXT-ALIGN: center; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><img src="image00012.jpg"></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 12pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 12pt; FONT-WEIGHT: bold">AND SUBSIDIARIES</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Condensed Consolidated Financial Statements</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30, 2014</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">TABLE OF CONTENTS</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30, 2014</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="eac537c99c4540689e5f6d064f0b393d" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PAGE</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">FINANCIAL STATEMENTS:</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Condensed Consolidated Balance Sheets</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Condensed Consolidated Statements of Operations</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Condensed Consolidated Statement of Changes in Stockholders&#8217; Equity (Deficit)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Condensed Consolidated Statements of Cash Flows</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Notes to the Condensed Consolidated Financial Statements</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">5</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONDENSED CONSOLIDATED BALANCE SHEETS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5e16950c96de4d398c668f774d820c31" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30, </div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, </div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Current Assets:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Cash and Cash Equivalents</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,300,494</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">8,892,396</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Restricted Cash</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">171,329</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">200,378</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts Receivable, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,394,651</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,677,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">License Fee Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">110,693</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Inventory, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,830,807</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,800,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Prepaid Expenses and Other Current Assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">296,981</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">171,601</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Current Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">9,994,262</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">13,852,496</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Fixed Assets, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">557,009</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">504,781</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Intangible Assets, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">581,896</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">566,867</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other Assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">35,222</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">16,173</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11,168,389</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14,940,317</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Current Liabilities:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,051,353</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,573,106</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accrued Expenses</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">439,921</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">469,681</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accrued Interest Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">169,736</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">171,601</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Note Payable to Stockholder</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Deferred Research and Development Obligation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">508,948</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">914,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Convertible Subordinated Debt</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,818,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Current Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11,412,899</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,129,157</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Note Payable to Stockholder</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Convertible Subordinated Debt</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,818,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11,412,899</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">12,372,098</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">COMMITMENTS AND CONTINGENCIES</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Stockholders&#8217; Equity (Deficit):</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Preferred Stock, $.0001 Par Value:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Authorized Shares &#8211; 5,000,000; None Issued and Outstanding</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common Stock, $.001 par value,</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Authorized Shares &#8211; 100,000,000; Issued and Outstanding &#8211; 34,043,745 and 34,028,245, Respectively</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,044</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,028</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Additional Paid-in Capital</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">81,585,621</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">81,209,585</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Stock Subscriptions Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(145,963</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(182,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Stock to be Issued</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">49,964</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">27,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accumulated Deficit</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(81,768,176</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(78,520,325</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Stockholders' Equity (Deficit)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(244,510</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,568,219</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11,168,389</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14,940,317</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Unaudited Condensed Consolidated Financial Statements</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">1</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ba14d518c7654fc9b03e29c61d894478" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Revenue:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Product Related Revenue, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,916,724</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,837,358</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,457,564</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,742,286</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">License Fee Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Research and Development Revenue</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,129,991</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">725,248</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">604,119</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">338,512</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,046,715</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">9,562,606</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,061,683</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,080,798</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cost of Goods Sold:</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,137,304</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,898,002</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,158,339</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,936,610</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gross Profit</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,909,411</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,664,604</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">903,344</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,144,188</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Expenses:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">General and Administrative</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,628,587</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,405,739</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,732,880</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,147,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Sales and Marketing</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">582,970</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">419,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">341,550</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">215,682</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Research and Development</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">655,171</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">569,494</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">321,987</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">279,910</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Foreign Currency Exchange Loss (Gain), Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(12,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">33,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">30,852</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(27,243</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Gain on Sale of Fixed Assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(19,755</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(8,155</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Expenses</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,834,973</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,427,895</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,419,114</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,615,724</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income (Loss) from Operations</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(2,925,562</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,236,709</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(1,515,770</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,528,464</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other Income (Expense)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">16,533</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,882</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,738</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(338,822</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(339,641</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(169,979</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(169,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Other Income (Expense)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(322,289</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(336,625</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(163,097</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(168,186</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income (Loss) Before Provision for Income Taxes</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,900,084</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(1,678,867</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,360,278</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Provision for Income Taxes</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(38,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(38,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Income (Loss)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,862,084</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(1,678,867</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,322,278</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Income (Loss) per Common Share</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Basic</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">0.06</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(0.05</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">0.10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Diluted</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">0.05</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(0.05</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">0.10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Weighted Average Common Shares Used in Calculating Net Income (Loss) Per Share:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Basic</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,036,295</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">32,135,525</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,043,745</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">32,232,003</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Diluted</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,036,295</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,175,467</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,043,745</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,136,986</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Unaudited Condensed Consolidated Financial Statements</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="35d39fc3918b4962bbf63bfb5c552252" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Additional</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock</div>

Subscriptions</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock to Be</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Paid In Capital</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Receivable</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issued</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deficit</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Balance at December 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,028,245</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,028</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">81,209,585</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(182,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">27,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(78,520,325</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,568,219</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization of Deferred Compensation on Employee and Nonemployee Stock Options</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">372,927</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">372,927</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Issuance of Stock for Stock Options Exercised</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">15,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">16</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,109</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,125</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Stock to be Issued for Restricted Stock Units</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">22,195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">22,195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Repayment of Stock Subscriptions</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">40,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">40,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (Loss)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Balance at June 30, 2014</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,043,745</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,044</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">81,585,621</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(145,963</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">49,964</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(81,768,176</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(244,510</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Unaudited Condensed Consolidated Financial Statements</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b4d22122694b46b3812144a71715618d" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Activities</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Income (Loss)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,247,851</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,862,084</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation and Amortization of Fixed Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">114,988</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">96,171</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Amortization of Intangible and Other Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">30,344</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">24,762</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Gain on Sale of Fixed Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(19,755</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Reserve (Recovery) of Doubtful Accounts</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">30,072</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(315,567</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Increase (Decrease) in Inventory Reserve</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(52,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">224,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Share-Based Compensation Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">395,122</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">318,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Changes in Operating Assets and Liabilities:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">252,615</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14,865</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">License Fee Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">110,693</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">208,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Inventory</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(978,717</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">370,366</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Prepaid Expenses and Other Current Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(125,380</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">45,518</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(19,049</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(521,753</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">89,522</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accrued Expenses</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(29,760</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">27,476</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accrued Interest Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(1,865</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">167,991</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income Taxes Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">38,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Deferred Research and Development Obligation</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(405,821</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(105,767</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Cash Provided By (Used In) Operating Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(4,468,117</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,066,768</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investing Activities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Purchases of Fixed Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(167,216</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(100,077</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Sale of Fixed Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">19,755</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cost of Patents</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(45,373</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(34,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Restricted Cash</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">29,049</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,024</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Cash (Used In) Investing Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(163,785</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(131,977</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financing Activities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Stock Warrant Exercises</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">64,803</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Stock Option Exercises</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">58,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Repayment of Stock Subscriptions Receivable</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">40,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Cash Provided by Financing Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">40,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">123,303</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Increase (Decrease) in Cash and Cash Equivalents</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(4,591,902</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,058,094</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and Cash Equivalents at Beginning of Period</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">8,892,396</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,990,062</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and Cash Equivalents at End of Period</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,300,494</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,048,156</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental Cash Flow Information:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash Paid for Interest</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">340,687</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">169,745</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Cash Item:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Conversion of Convertible Debt into Shares of Common Stock</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">182,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Non-Cash Advances to Employees for Stock Warrant and Stock Option Exercises</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,125</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">131,980</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" colspan="8">
<div></div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Unaudited Condensed Consolidated Financial Statements</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">4</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ef9627bd273f42efa1c6c51f6be2ad96" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 1:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Basis of Presentation</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The accompanying unaudited interim condensed consolidated financial statements for Dyadic International, Inc. and Subsidiaries (collectively, &#8220;Dyadic&#8221; or the &#8220;Company&#8221;) have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial reporting. Accordingly, certain information and footnote disclosures normally included in annual consolidated financial statements have been condensed or omitted. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments and the elimination of intra-entity accounts) considered necessary for a fair statement of all periods presented.&#160; The results of Dyadic&#8217;s operations for any interim periods are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2013.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidity</div>

<div>&#160;&#160; <br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of June 30, 2014, the Company has liabilities that exceed its assets, negative working capital, and cash flow deficiencies.&#160; In order to address these indicators, the Company is exploring several transactions, including, but not limited to, licensing its C1 technologies to new collaborators, expanding technical or geographical licensing options, anticipated or actual receipt of certain milestone payments (such as the $500,000 milestone payment received by the Company on September 24, 2014, subsequent to the June 30, 2014 financial statements), refinancing the existing debt, raising additional debt or equity financing, and extending the maturity dates of its existing convertible subordinated debt and its note (as in the past).&#160; Professional service fees primarily reflect costs of our lawsuit against our former outside legal counsel. The majority of the legal fees and expenses for expert witness testimony in preparation for the currently scheduled November 10th and 11th, 2014 mediation and the potential trial have now been incurred, therefore, spending on litigation for 2014 is now anticipated to be approximately $1.4 million, of which, $1.1 million has been incurred through June 30, 2014.&#160; The remaining spending is projected at approximately $300,000, or a savings of approximately $800,000 versus the first half of 2014.&#160; The Company is also actively drawing down inventory and targeting a $1.0 million reduction from its June 30, 2014 inventory levels. We have reduced scheduled production and are filling current Product orders from existing stock.&#160; These actions are expected to reduce inventory in the second half of the year by approximately $1.0 million.&#160; The financial statements do not include any adjustments to reflect further effects on the recoverability and classification of assets or amounts and classification of liabilities that may result if the Company&#8217;s plans are unsuccessful.</div>

<div>&#160;&#160; <br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Based upon executing one or more of the anticipated potential funding transactions we are exploring </font>and the anticipated or actual receipt of certain milestone payments discussed <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">in the preceding paragraph, and </font>the current status of our R&amp;D and operating needs, we believe that our existing cash and cash equivalents will be adequate to satisfy our needs for the next twelve (12) months. However, our actual capital requirements will depend on many factors, including those factors potentially impacting our financial condition as discussed in &#8220;Risk Factors That May Affect Future Results&#8221;, more specifically, our ability to extend the maturity dates on some, if not all of our outstanding debt, our ability to encourage our debt holders, all or in part, to convert their debt holdings to shares of common stock, and our ability to source out new investors and/or lenders.&#160; There is no assurance that the Company will be successful in obtaining the necessary funding to meet its business objectives or reduce its operating costs to a level sufficient to provide positive cash flow.&#160;The financial statements do not include any adjustments to reflect future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result if the Company&#8217;s plans are unsuccessful.</div>
</div>

<div>&#160;&#160; <br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Income (Loss) Per Common Share</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Basic income (loss) per share excludes any dilution.&#160; It is based upon the weighted average number of common shares outstanding during the period.&#160; Diluted income per share includes the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. During both of the three and six month periods ended June 30, 2014, 8,291,218 common stock equivalents related to stock options and convertible debt, respectively, were not included in computing diluted earnings per share because their effects were anti-dilutive.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">5</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="18e738e4023949318a1c73fa34c1dcbd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 1:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Basis of Presentation (continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Research and Development Revenue Recognition</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company applies a proportional-performance model using the percentage-of-completion method of revenue recognition associated with activities performed under certain research and development agreements. Since the expected cost to perform the activities can be reasonably estimated, the Company believes a proportional-performance methodology of revenue recognition is appropriate. Under this method, revenue in any period is recognized as a percentage of the total actual cost expended relative to the total estimated costs required to satisfy the performance obligations under the research and development arrangements. Revenue recognized is limited to the amounts that are non-refundable and that the other party to the agreement is contractually obligated to pay to the Company. A change in the period of time expected to complete the activities is accounted for as a change in estimate on a prospective basis.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred Research and Development Obligation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The deferred research and development obligation represents payments received or receivable for certain research and development activities which are deferred until revenue can be recognized under the Company&#8217;s revenue recognition policy. Deferred revenue is classified as current if management believes the Company will be able to recognize the deferred amount as revenue within 12 months of the balance sheet date. At June 30, 2014, the total deferred research and development obligation was approximately $509,000.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multiple Deliverable Arrangements Revenue Recognition</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company evaluates multiple deliverable arrangements contained in its collaboration and license agreements to determine whether the delivered elements that are the obligation of the Company have value to other parties to the agreement on a stand-alone basis and whether objective reliable evidence of fair value of the undelivered items exists. Deliverables that meet these criteria are considered a separate unit of accounting. Deliverables that do not meet these criteria are combined and accounted for as a single unit of accounting. The appropriate recognition of revenue is then applied to each unit of accounting.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On April 23, 2012, the Company&#8217;s non-exclusive license agreement with Abengoa Bioenergy New Technologies, Inc. (&#8220;Abengoa&#8221;) was amended and restated (the &#8220;Amended Abengoa License Agreement&#8221;) to provide Abengoa with additional rights which include, among other things, the granting to Abengoa of worldwide rights to use the Company&#8217;s C1 Platform Technology in the licensed fields.&#160; The Amended Abengoa License Agreement also further clarifies Abengoa&#8217;s rights to sell enzymes produced using the Company&#8217;s C1 Platform Technology to third parties for use in both first and second generation biorefining processes for the production of fuels, chemicals and/or power.&#160; In exchange for entering into the Amended Abengoa License Agreement, Abengoa agreed to pay the Company a non-refundable license fee of $5,500,000, payable as follows: $2,000,000 in October 2012, $1,000,000 in January 2013, and $2,500,000 in July 2013.&#160; The final payment of $2,500,000 was received on July 15, 2013. Abengoa will begin operations at its Hugoton, Kansas facility in the fourth quarter 2014. In connection with the facility start-up, a license milestone was achieved in July 2014 and we received the $500,000 payment in September 2014.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">6</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f4bebd93b0fe47fba67e3673d9ce99fe" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 1:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Basis of Presentation (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On May 6, 2013, the Company entered into a non-exclusive worldwide research, development and license agreement with BASF SE (&#8220;BASF&#8221;).&#160; Under the terms of the agreement, BASF will be able to use Dyadic&#8217;s patented and proprietary C1 Platform Technology to develop, produce, distribute and sell industrial enzymes in certain fields for a variety of applications. BASF will fund research and development at Dyadic&#8217;s research lab in The Netherlands. In addition to this funding, BASF agreed to pay Dyadic a non-refundable upfront license fee of $6,000,000, as well as certain research and commercial milestone fees and royalties upon commercialization.&#160;&#160;As of June 30, 2014 the Company has received payment for the upfront license fee of $5,889,000 in 2013 and the remaining balance of $111,000 on January 6, 2014. In addition, BASF has funded through June 30, 2014 in excess of $600,000 in support of research and development programs.</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3a631d1365aa4abf8b88af6577cc22f5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 2:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounts Receivable</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Accounts receivable are recorded at their net realizable value on the date revenue is recognized or the Company has a contractual right to receive money, either on demand or at fixed or determinable dates.&#160; The Company provides allowances for doubtful accounts for estimated losses resulting from the inability<font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>of its customers to repay their obligations.&#160; If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to pay, additional allowances may be required.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience, adjusted for existing market conditions. If market conditions decline or the Company&#8217;s customers experience economic difficulties, actual collections may not meet expectations and may result in decreased cash flows and increased bad debt expense.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net 60 days.&#160; Once collection efforts by the Company are exhausted, the determination for charging off uncollectible receivables is made.&#160; The Company does not accrue finance or interest charges on past due accounts receivable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Accounts receivable consisted of the following:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3154990971e84fcc9c18d0647c7b4d8a" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,459,033</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,711,648</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less:&#160; allowance for doubtful accounts</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(64,382</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(34,310</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,394,651</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,677,338</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0abcee2b86c04f34ab0c9e5c96d8695b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventory</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Inventory consists of raw materials and finished goods including industrial enzymes used in the industrial, chemical, and agricultural markets, and are stated at the lower of cost or market using the average cost method.&#160; The value of finished goods is comprised of raw materials and manufacturing costs, substantially all of which are incurred pursuant to agreements with independent manufacturers.&#160; Provisions have been made to reduce excess or obsolete inventory to net realizable value.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">7</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="17a89527461447d287367e3301e4f924" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 12px; VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventory (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Inventory consisted of the following:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="746a84fc08cc45dcb8b72ba420fb6958" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,<font style="FONT-SIZE: 10pt"><u> </u></font></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">(Unaudited)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Finished goods</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,992,807</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,014,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less: reserve for obsolescence</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(162,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(214,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,830,807</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,800,090</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="43e2fc2e437846b4b1bd1c24c10dc3c1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 4:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Notes Payable</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -18pt; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note Payable to Stockholder</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Amended and Restated Note dated November 14, 2008 (the &#8220;Note&#8221;) payable to the Mark A. Emalfarb Trust under agreement dated October 1, 1987, as amended (the &#8220;MAE Trust&#8221;), matured on January 1, 2009. On January 12, 2009, the Company repaid $1.0 million of principal of the Note leaving an outstanding principal amount of approximately $1.4 million.&#160; As of January 1, 2010, the MAE Trust and the Company agreed to reduce the interest rate on the outstanding principal balance of the Note from 14% to 9.5% per annum.&#160; On October 11, 2013, the maturity date of the Note was extended to January 1, 2015.&#160; All other provisions remain unchanged. Pursuant to a divorce decree dated March 18, 2014, the $1.4 million note was transferred to Lisa K. Emalfarb, a stockholder, on April 1, 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Under certain conditions, Mr. Emalfarb has the right to assume the Note at maturity should Lisa K. Emalfarb be unwilling or unable to extend the maturity date of the Note, if requested by the Company.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Interest expense on the Note amounted to approximately $33,000 and $67,000 for both the three and six months ended June 30, 2014 and 2013, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -18pt; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Convertible Subordinated Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On August 23, 2010, the Company completed the private placement of $4,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2010 Notes&#8221;) with ten investors. The 2010 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option after January 1, 2011 into unregistered shares of the Company&#8217;s common stock at a conversion price of $1.82 per share. The Company will not effect any conversion of the 2010 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock (the &#8220;Beneficial Ownership Limitation&#8221;). The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice. The 2010 Notes are subordinated to the Note, collateralized by the assets of the Company and mature on January 1, 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">One of the Company&#8217;s third party note holders converted $182,000 of the 2010 Notes during the six months ended June 30, 2013 into an aggregate of 100,000 shares of the Company&#8217;s common stock at a conversion price of $1.82 per share. As a result of this conversion, the outstanding principal balance of the 2010 Notes was $3,818,000 at June 30, 2014 <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 6)</font>.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">8</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e4f2159d78dc42328facf3d6ce4281c1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 4:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Notes Payable <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Continued)</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -18pt; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Convertible Subordinated Debt (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In October 2011, the Company completed the private placement of $3,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2011 Notes&#8221;) with five investors. The 2011 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a conversion price equal to $1.28 per share.&#160; The Company will not effect any conversion of the 2011 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock. The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice. The 2011 Notes are subordinated to the Note and the 2010 Notes, collateralized by the assets of the Company and mature on January 1, 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Approximately $1,900,000 of the 2010 Notes and 2011 Notes are held by four related party interests which include members of management and the Board of Directors, as well as another related party.&#160; Interest expense on the convertible subordinated debt for the three months ended June 30, 2014 and 2013, was approximately $137,000 and $136,000, respectively.&#160; Interest expense on the convertible debt for the six months ended June 30, 2014 and 2013, was approximately $270,000 and $273,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="461e6e6551c34864bfd465308f509481" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 5:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Commitments and Contingencies</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manufacturing Commitment</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company manufactures its enzymes with a third party manufacturer which the Company believes is sufficient to meet its current needs.&#160; In order to grow its business, the Company will require additional manufacturing capacity. There is no assurance that the Company will be able to maintain its current manufacturing capacity or be able to secure additional capacity on acceptable terms and conditions as and when needed by the Company.&#160; Any interruption in or failure to secure such manufacturing capacity could have a material adverse effect on the Company&#8217;s results of operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pending Actions</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Professional Liability Lawsuit</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On March 26, 2009, the Company filed a complaint in the Circuit Court of the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Judicial Circuit in and for Palm Beach County, Florida against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P., alleging professional negligence/malpractice, breach of fiduciary duty and constructive fraud in connection with the accounting, advisory, auditing, consulting, financial and transactional services they provided to the Company.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">9</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d0cf674ccb474794aada9f6b04fc14dd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 5:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commitments and Contingencies (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pending Actions (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Professional Liability Lawsuit (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On April 14, 2009, the Company amended the complaint (the &#8220;Amended Complaint&#8221;) by naming as additional defendants the Company&#8217;s former outside legal counsel consisting of the law firms of Greenberg Traurig, LLP, Greenberg Traurig, P.A. (collectively, &#8220;Greenberg Traurig&#8221;), Jenkens &amp; Gilchrist, P.C. (&#8220;Jenkens &amp; Gilchrist&#8221;) and Bilzin Sumberg Baena Price &amp; Axelrod LLP (&#8220;Bilzin Sumberg&#8221;) as well as attorney Robert I. Schwimmer who previously represented the Company while an attorney at Jenkens &amp; Gilchrist and later at Greenberg Traurig. Jenkens &amp; Gilchrist went out of business in 2007 and is in the process of winding up its business and affairs. The Company also named as defendants the law firm of Moscowitz &amp; Moscowitz, P.A. and its attorneys Norman A. Moscowitz and Jane W. Moscowitz (collectively, the &#8220;Moscowitz Defendants&#8221;) who conducted the investigation and authored the investigative report requested by the Company&#8217;s Audit Committee following the discovery of alleged improprieties at the Company&#8217;s Asian subsidiaries. The claims against the Company's former outside legal counsel are for breach of fiduciary duty and professional negligence. In addition to these claims, the Amended Complaint contains a claim of civil conspiracy against Ernst &amp; Young LLP, Greenberg Traurig and Mr. Schwimmer.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The claims against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P. were subsequently stayed in the Circuit Court action and submitted to binding arbitration. A final hearing before the arbitration tribunal was completed on May 27, 2011.&#160; On February 29, 2012, the arbitration tribunal issued a Final Award which found no auditor negligence, denied the Company any recovery against Ernst &amp; Young LLP and Ernst &amp; Young Hong Kong L.P., and further provided that each party shall bear its own attorneys&#8217; fees and costs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On July 11, 2011, defendants Jenkens &amp; Gilchrist, Bilzin Sumberg and the Moscowitz Defendants filed a counterclaim in the Circuit Court against the Company and a Third Party Complaint against its President and Chief Executive Officer, Mark Emalfarb, individually, for abuse of process. The counterclaim and Third Party Complaint filed by Jenkens &amp; Gilchrist and Bilzin Sumberg also included claims for common law indemnity against the Company and Mr. Emalfarb.&#160; In addition, Jenkens &amp; Gilchrist made a claim against the Company for breach of the implied covenant of good faith and fair dealing.&#160; On July 18, 2011, the Moscowitz Defendants filed a motion for summary judgment which the Circuit Court denied in its entirety.&#160; On September 9, 2011, Jenkens &amp; Gilchrist and Bilzin Sumberg amended their counterclaim and Third Party Complaint which dropped their claims for abuse of process but retained their claims for common law indemnity against the Company and Mr. Emalfarb. Bilzin Sumberg also added claims against the Company and Mr. Emalfarb for breach of its retainer agreements and for declaratory relief.&#160; Also on September 9, 2011, the Moscowitz Defendants dropped their claims for abuse of process against the Company and Mr. Emalfarb.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On December 8, 2011, the Circuit Court dismissed without prejudice all counterclaims against the Company and all third party claims against Mr. Emalfarb.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On July 18, 2012, the Company filed a Second Amended Complaint which expanded and amplified the Company&#8217;s prior allegations of negligent acts and omissions by the defendants in the Circuit Court proceedings.&#160; All of the defendants have filed and served their answers and affirmative defenses.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="df6b6b9b97ca4e0caf62eb8bfa57fbd5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 5:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commitments and Contingencies (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pending Actions (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Professional Liability Lawsuit (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On August 8, 2012, the Company, Jenkens &amp; Gilchrist and Mr. Schwimmer entered into a Settlement Agreement and General Releases (the &#8220;J&amp;G Settlement Agreement&#8221;) whereby Jenkens &amp; Gilchrist paid the Company $525,000 for the mutual release and discharge of (1) all causes of action between the Company and Jenkens &amp; Gilchrist, and (2) causes of action between the Company and Mr. Schwimmer including, but not limited to, those in the professional liability lawsuit, but only those which occurred while Mr. Schwimmer served as an attorney at Jenkens &amp; Gilchrist and not while he served as an attorney at Greenberg Traurig or any other time. Pursuant to the J&amp;G Settlement Agreement, the Company, Jenkens &amp; Gilchrist and Mr. Schwimmer have filed a Stipulation of Settlement with the Court to enforce the terms of the J&amp;G Settlement Agreement including, but not limited to, the dismissal of Counts I and II of the Second Amended Complaint against Jenkens &amp; Gilchrist and Mr. Schwimmer with prejudice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On January 24, 2013, each of the remaining defendants served their amended affirmative defenses to the Second Amended Complaint. On February 11, 2013, the Company served its reply to such amended affirmative defenses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On November 26, 2013, the Court entered a Case Management Order.&#160; Pursuant to the Order, all pretrial motions and other litigation activities are to be concluded by the end of 2014.&#160; The Court ordered mediation is to occur no later than September 30, 2014.&#160; The Court has not yet set a trial date for 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On April 9, 2014, the Court amended its Case Management Order by requiring that all summary judgment motions be served on or before April 30, 2014.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">On September 23, 2014, the court entered orders denying all defense motions for summary judgment that had been heard by the court by that date and granting our request to not allow the defendants to claim a particular affirmative defense to our claims. The court has not yet set a trial date for 2015.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The parties to the suit have completed written discovery.&#160; With the exception of one witness, depositions of fact witnesses are complete.&#160; The parties are presently engaged in deposing opposing expert witnesses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Other</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In addition to the matters noted above, from time to time, the Company is subject to legal proceedings, asserted claims and investigations in the ordinary course of business, including commercial claims, employment and other matters, which management considers immaterial, individually and in the aggregate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable and costly. While the Company believes that it has valid defenses with respect <font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">to the legal matters pending against it, protracted litigation and/or an unfavorable resolution of one or more of such proceedings, claims or investigations against the Company could have a material adverse effect on the Company&#8217;s consolidated financial position, cash flows or results of operations.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a3cd3bd59cb040dc8e7ac2ed8d39c88e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Issuances of Common Stock</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">During the six months ended June 30, 2014, stock options to purchase 15,500 shares of common stock were exercised at exercise prices ranging from $0.15 to $0.23 per share.&#160; The options were exercised under the Company&#8217;s 2013 Employee Loan Program (the Loan Program); therefore no cash was received during the six months ended June 30, 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">As of June 30, 2014, there were no outstanding warrants to purchase any shares of common stock.&#160; At June 30, 2014, 12,500 shares of common stock from warrant exercises had not yet been issued.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">During the six months ended June 30, 2014, the Company advanced certain employees $3,125 under the Loan Program, in connection with their exercise of stock options to purchase 15,500 shares of common stock.&#160; In addition, $40,000 of amounts previously advanced under the Loan Program was repaid.&#160; Amounts borrowed under the Loan Program bear interest at 3% per annum and are payable within 24 months from the date of the loan agreement.&#160; The loans are collateralized by the shares of common stock issued in connection with the exercise of the stock options and warrants.&#160; At June 30, 2014, advances to employees under the Loan Program were approximately $146,000 and are included in Stockholders&#8217; Equity in the June 30, 2014 condensed consolidated balance sheet.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Conversion of Convertible Subordinated Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">A third party debt holder converted a portion of its 2010 Notes during the six months ended June 30, 2013 into an aggregate of 100,000 shares of common stock at a conversion price of $1.82.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b235f0efcbd04da29cbf452719539e69" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share-Based Compensation and Subsequent Event</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On March 3, 2014, the Company granted to its employees and non-employee directors stock options to purchase 310,000 shares of the Company&#8217;s common stock at an exercise price of $1.76 per share. The stock options vest over four years and expire on March 2, 2024. The fair market value of such stock options was $1.24 per stock option based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="17781ea18fbf429891d3d047576cbbf3" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.60</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">78.412</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On April 14, 2014, the Company granted to its employees stock options to purchase 75,000 shares of the Company&#8217;s common stock at an exercise prices ranging from $1.55 to $1.71 per share. The stock options vest over four years and expire on various dates through April 13, 2024.&#160; The fair market value of such stock options was $1.10 and $1.09 per stock option based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="feac6e49341b435a85450427e55e6d72" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.65</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">78.027</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">5-6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">12</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="620395739b8843daa782aa6122f7ef27" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share-Based Compensation and Subsequent Event (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On April 24, 2014, the Company granted to an employee stock options to purchase 50,000 shares of the Company&#8217;s common stock at an exercise price of $1.53 per share. The stock options vest over four years and expire on April 24, 2024.&#160; The fair market value of such stock options was $1.08 per stock option based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="79ec2a203613471d89953205dfcb06f7" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.70</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">77.78</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On May 1, 2014, the Company granted to a consultant options to purchase 100,000 shares of the Company&#8217;s common stock at an exercise price of $1.41 per share. The stock options vest over four years and expire on May 1, 2024.&#160; The fair market value of such stock options was $0.99 per stock option based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ecd4dd33e0c8404396f527a977604685" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.63</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">77.794</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On June 12, 2014, the Company granted to its non-employee director stock options to purchase 30,000 shares of the Company&#8217;s common stock at an exercise price of $1.36 per share. The stock options vest over four years and expire on June 11, 2024.&#160; The fair market value of such stock options was $0.95 per stock option based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fba48eec94d84b11a2d4f2e57fe517d2" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">77.385</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On July 9, 2014, the Company granted to an advisor stock options to purchase 60,000 shares of the Company&#8217;s common stock at an exercise price of $1.66 per share. The stock options vest over twelve months and expire on July 8, 2024.&#160; The fair market value of such stock options was $1.16 per stock option based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="11f6234feb2f4c4599e63b0ea1f1c6b2" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.57</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">77.006</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0eb74c7ecda24e7a951a498d0743daff" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share-Based Compensation and Subsequent Event (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">No stock options expired or were cancelled during the six months ended June 30, 2014.&#160; There were 325,000 stock options that expired or were cancelled during the six months ended June 30, 2013. As of June 30, 2014, there were stock options outstanding under the Company&#8217;s equity plans to purchase 3,858,625 shares of common stock.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On May 6, 2013, the Company granted 69,000 Restricted Stock Units (&#8220;RSU&#8217;s&#8221;) to an officer pursuant to the Company&#8217;s 2011 Equity Incentive Award Plan.&#160; The value of the award per share was $1.93. The RSU&#8217;s vest in equal monthly amounts over a three year period.&#160; During the three and six month periods ended June 30, 2014, the Company recognized approximately $11,000 and $22,000, respectively, in non-cash share-based compensation expense related to these RSU&#8217;s.&#160; The Company will recognize approximately $85,000 in additional non-cash share-based compensation expense related to the RSU&#8217;s over the remaining vesting period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognized non-cash share-based compensation expense for its share-based awards of approximately $223,000 and $125,000 for the three months ended June 30, 2014 and 2013, respectively, and approximately $395,000 and $319,000 for the six months ended June 30, 2014 and 2013, respectively.&#160; These charges had no impact on the Company&#8217;s reported cash flows. Total non-cash share-based compensation expense was allocated among the following expense categories:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="daf30d206b2343bb9944f6901e45dd74" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 42%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 42%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 4.95pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0.35pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">General and administrative</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">301,417</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">190,899</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">169,765</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">59,061</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Research and development</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">17,704</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">49,896</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">8,653</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">24,948</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cost of goods sold</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">30,442</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">37,765</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">15,545</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">18,905</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Sales and marketing</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">45,559</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">40,037</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">28,891</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">21,907</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 42%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">395,122</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">318,597</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">222,854</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">124,821</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4ff401913ec640829ea32d42e2006050" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 8:<font style="FONT-SIZE: 5.4pt">&#160;</font></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Taxes</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">As of June 30, 2014, the Company had significant net operating loss carryforwards remaining that expire beginning in 2022.&#160; The Company has determined that a full valuation allowance against its net deferred taxes is necessary as of June 30, 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company is subject to income taxes in the U.S. federal jurisdiction, various state jurisdictions and certain other international jurisdictions.&#160; Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply.&#160; The Company is not subject to U.S. federal, state and local tax examinations by tax authorities for the years before 2010.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">If the Company were to subsequently record an unrecognized tax benefit, associated penalties and tax related interest expense would be reported as a component of income tax expense.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c737bba2db9d482fa2c3828c8d1726c8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 8:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Taxes (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The provision for income taxes for both the three and six month periods ended June 30, 2013 was calculated based on the estimated annual effective rate for the full 2013 calendar year, adjusted for an income tax benefit from the expected utilization of net operating loss carryforwards.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="840a9980076c4f749e20a9216c22e4c7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 9:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Data Information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Summarized financial information for the Company&#8217;s segments are as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ea7988840ebc41739bfb1cc44e0c258f" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="14">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six Months Ended June 30, 2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Netherlands </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eliminations</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">4,916,724</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,505,792</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,375,801</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6,046,715</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income (Loss) from Operations</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,625,215</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">679,898</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(2,945,317</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">15,561</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">972</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">16,533</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(338,822</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(338,822</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-Based Compensation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(355,096</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(40,026</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(395,122</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Capital Expenditures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,204</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(164,012</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(167,216</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and Amortization</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(43,365</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(101,967</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(145,332</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">7,325,155</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(5,051,779</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">8,895,013</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">11,168,389</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8d38f9e297b94cef9a0007fa8e189bae" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="14">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six Months Ended June 30, 2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Netherlands </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eliminations</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">8,837,358</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,140,738</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(415,490</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9,562,606</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from Operations</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,495,583</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(258,874</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,236,709</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,504</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,512</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(339,641</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(339,641</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-Based Compensation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(241,169</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(77,428</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(318,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Capital Expenditures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(100,077</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(100,077</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and Amortization</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(39,868</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(81,065</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(120,933</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">11,709,659</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(6,011,080</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9,835,653</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">15,534,232</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b28ba275e0ec4dd9aa76fa501cfbfab5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 9:<font style="FONT-SIZE: 5.4pt">&#160;</font></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Data Information (Continued)</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cef6a81eab654d20b31270ca631f4d7d" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended June 30, 2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Netherlands </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eliminations</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,457,564</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,304,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(700,533</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,061,683</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income (Loss) from Operations</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,844,199</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">320,274</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,523,925</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6,461</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">421</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6,882</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(169,979</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(169,979</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-Based Compensation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(197,610</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(25,244</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(222,854</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Capital Expenditures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,204</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(80,096</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(83,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and Amortization</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(21,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(53,463</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(75,075</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="70d91dbd3d34499e96ce0395ffd3e6de" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended June 30, 2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Netherlands </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eliminations</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6,742,286</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">551,308</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(212,796</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">7,080,798</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (Loss) from Operations</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,708,853</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(180,389</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,528,464</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,059</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">679</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,738</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(169,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(169,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-Based Compensation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(86,106</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(38,715</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(124,821</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Capital Expenditures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(11,909</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(11,909</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and Amortization</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(20,247</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(40,872</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(61,119</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d1620e5547d042ac8bcc91e5d466a3c7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 10:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Subsequent Events</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company has evaluated these unaudited condensed consolidated financial statements for subsequent events through August 12, 2014, the date of issuance of these unaudited condensed consolidated financial statements.&#160; Except as noted in Note 7, management is not aware of any other events that have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in the unaudited condensed consolidated financial statements.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">16</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center"><img src="image00012.jpg"></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 12pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 12pt; FONT-WEIGHT: bold">AND SUBSIDIARIES</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consolidated Financial Statements</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2013 and 2012</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TABLE OF CONTENTS</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DECEMBER 31, 2013 AND 2012</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1b4653ba063d483897ad5e5809c8dde4" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PAGE</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">Report of Independent Registered Public Accounting Firm</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">FINANCIAL STATEMENTS:</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Consolidated Balance Sheets</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt">2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Consolidated Statements of Operations</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt">3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Consolidated Statements of Changes in Stockholders&#8217; Equity</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt">4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Consolidated Statements of Cash Flows</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt">5</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Notes to the Consolidated Financial Statements</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt">6</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: rgb(0,70,56); FONT-SIZE: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" id="ab472e39cd80466eaec698fb0f5800a3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 33.33%">
<div><img src="image00013.jpg"></div>
</td>
<td style="WIDTH: 34%">
<div style="TEXT-ALIGN: left; COLOR: rgb(210,159,15); FONT-SIZE: 14pt">&#160;</div>

<div style="TEXT-ALIGN: left; COLOR: rgb(210,159,15); FONT-SIZE: 14pt">&#160;</div>

<div style="TEXT-ALIGN: left; COLOR: rgb(210,159,15); FONT-SIZE: 14pt"><font style="COLOR: #000000">Mayer Hoffman McCann P.C. </font>

<div style="TEXT-ALIGN: left; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 31pt">An Independent CPA Firm</div>

<div style="TEXT-ALIGN: left; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 31pt">1675 N. Military Trail, Fifth Floor</div>
</div>
</td>
<td style="WIDTH: 33.33%"></td>
</tr>

<tr>
<td style="WIDTH: 33.33%">
<div>&#160;</div>
</td>
<td style="WIDTH: 34%; COLOR: #000000">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; MARGIN-RIGHT: 31pt">Boca Raton, Florida 33486</div>
</td>
<td style="WIDTH: 33.33%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.33%">
<div>&#160;</div>
</td>
<td style="WIDTH: 34%; COLOR: #000000">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; MARGIN-RIGHT: 31pt">561.994.5050 ph</div>
</td>
<td style="WIDTH: 33.33%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.33%">&#160;</td>
<td style="WIDTH: 34%; COLOR: #000000">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; MARGIN-RIGHT: 31pt">561.241.0071 fx</div>
</td>
<td style="WIDTH: 33.33%"></td>
</tr>

<tr>
<td style="WIDTH: 33.33%">&#160;</td>
<td style="WIDTH: 34%; COLOR: #000000">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">www.mhm-pc.com</div>
</td>
<td style="WIDTH: 33.33%"></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: rgb(0,70,56); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: rgb(0,70,56); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 12.35pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">To the Board of Directors and Stockholders</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 6.6pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 9.1pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">We have audited the accompanying consolidated balance sheets of Dyadic International, Inc. and Subsidiaries as of December 31, 2013 and 2012, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for each of the two years in the period ended December 31, 2013. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 12.35pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">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 consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 15.1pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Dyadic International, Inc. and Subsidiaries as of December 31, 2013 and 2012, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.</div>

<img src="image00014.jpg">

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Boca Raton, Florida</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">March 12, 2014</div>

<div style="TEXT-ALIGN: center; COLOR: #000000; FONT-SIZE: 10pt">Member of Kreston International &#8211; a global network of independent accounting firms</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">1</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED BALANCE SHEETS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ad19a56aad9b4c9fb807188089118215" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Current Assets:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">8,892,396</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,990,062</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Restricted Cash</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">200,378</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">192,355</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts Receivable, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,677,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,260,798</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">License Fee Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">110,693</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Inventory, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,800,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,765,187</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Prepaid Expenses and Other Current Assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">171,601</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">237,389</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Current Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">13,852,496</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11,945,791</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Fixed Assets, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">504,781</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">393,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Intangible Assets, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">566,867</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">525,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other Assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">16,173</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">16,173</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14,940,317</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">12,881,048</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES AND STOCKHOLDERS' EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Current Liabilities:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,573,106</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,687,177</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accrued Expenses</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">469,681</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">412,483</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accrued Interest Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">171,601</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,905</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Note Payable to Stockholder</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Deferred Research and Development Obligation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">914,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">567,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Current Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,129,157</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,093,906</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Note Payable to Stockholder</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,424,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Convertible Subordinated Debt</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,818,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,000,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Liabilities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">12,372,098</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11,093,906</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">COMMITMENTS AND CONTINGENCIES</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Stockholders&#8217; Equity:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Preferred Stock, $.0001 Par Value:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Authorized Shares &#8211; 5,000,000; None Issued and Outstanding</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common Stock, $.001 Par Value,</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Authorized Shares &#8211; 100,000,000; Issued and Outstanding &#8211; 34,028,245 and 31,656,245, Respectively</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,028</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">31,656</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Additional Paid-In Capital</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">81,209,585</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">79,847,761</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Stock Subscriptions Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(182,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Stock to be Issued</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">27,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accumulated Deficit</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(78,520,325</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(78,092,275</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Stockholders' Equity</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,568,219</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,787,142</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14,940,317</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">12,881,048</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Consolidated Financial Statements</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF OPERATIONS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fea6c6d3e67547b5bca027fb13a2c7cb" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Revenue:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Product Related Revenue, Net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">9,800,767</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,819,547</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">License Fee Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Research and Development Revenue</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,333,974</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,282,173</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Revenue</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">17,134,741</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">15,601,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cost of Goods Sold</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">9,103,957</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,616,222</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gross Profit</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">8,030,784</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,985,498</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Expenses:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">General and Administrative</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,546,999</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,802,653</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Sales and Marketing</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">944,124</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">700,778</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Research and Development</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,066,471</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">921,714</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Foreign Currency Exchange (Gains), Net</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(83,312</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(27,989</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Expenses</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7,474,282</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6,397,156</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from Operations</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">556,502</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,588,342</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other Income (Expense)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14,613</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,245</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest Expense</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(686,022</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(701,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Gain (Loss) on Settlement of Litigation</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(313,143</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">525,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total Other Income (Expense)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(984,552</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(170,845</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income (Loss) before Provision for Income Taxes</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,417,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Provision for Income Taxes</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(68,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Income (Loss)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,349,497</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Income (Loss) per Common Share:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Basic</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">0.04</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Diluted</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">0.04</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Weighted Average Common Shares Used in</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Calculating Net Income (Loss) per Share:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Basic</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">32,797,253</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">31,608,841</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Diluted</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">32,797,253</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,225,590</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Consolidated Financial Statements</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="38efe557dbce49ad874716b5e3bd7fce" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Additional

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Paid-In </div>
</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock to Be</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subscriptions</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issued</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deficit</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Balance at December 31, 2011</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">31,448,745</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">31,449</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">78,608,586</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(79,441,772</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(797,987</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Amortization of Deferred Compensation on Employee and Nonemployee Stock Options</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,198,559</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,198,559</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Issuance of Stock for Stock Options Exercised</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">207,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">207</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">40,616</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">37,073</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Net Income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,349,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,349,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Balance at December 31, 2012</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">31,656,245</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">31,656</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">79,847,761</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(78,092,275</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,787,142</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Amortization of Deferred Compensation on Employee and Nonemployee Stock Options</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">780,663</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">780,663</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Issuance of Stock for Subordinated Debt Conversion</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">181,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">182,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Issuance of Stock for Stock Options Exercised</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,288,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,289</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">242,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(182,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">61,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Issuance of Stock for Warrants Exercised</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">983,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">983</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">156,337</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,875</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">159,195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Stock to Be Issued for Restricted Stock Units</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">25,894</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">25,894</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (Loss)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 30%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Balance at December 31, 2013</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,028,245</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">34,028</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">81,209,585</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(182,838</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">27,769</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(78,520,325</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,568,219</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Consolidated Financial Statements</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">4</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF CASH FLOWS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2ef4f6d591854363a61c89171b1ffe73" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Activities</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Income (Loss)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,349,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments to Reconcile Net Income (Loss) to Net Cash</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Provided By Operating Activities:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and Amortization of Fixed Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">201,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">204,176</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization of Intangible and Other Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">52,279</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">52,305</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase (Decrease) in Allowance for Doubtful Accounts</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(380,507</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">320,573</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase (Decrease) in Inventory Reserve</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(81,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">245,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Compensation Expense on Stock Option Grants</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">806,557</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,198,559</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Change in Operating Assets and Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(36,033</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">193,402</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">License Fee Receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,389,307</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(3,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Inventory</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">46,097</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">266,195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Prepaid Expenses and Other Current Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">65,788</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">43,423</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">885,929</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(348,076</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accrued Expenses</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">57,198</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(26,557</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accrued Interest Payable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">169,696</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(171,591</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Deferred Research and Development Obligation</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">347,369</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">538,266</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Cash Provided by Operating Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5,095,854</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">365,172</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investing Activities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Purchases of Fixed Assets</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(312,145</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(45,815</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Patent Costs</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(93,922</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(80,144</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Restricted Cash</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(8,023</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">22,021</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Cash (Used In) Investing Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(414,090</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(103,938</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financing Activities</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Stock Warrant Exercises</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">159,195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from Stock Option Exercises</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">61,375</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">37,073</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Cash Provided by Financing Activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">220,570</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">37,073</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net Increase in Cash</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4,902,334</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">298,307</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash at Beginning of Year</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,990,062</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,691,755</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash at End of Year</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">8,892,396</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3,990,062</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Cash Flow Information:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash Paid for Interest</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">516,326</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">872,681</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash Paid for Income Taxes</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">68,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Cash Items:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Conversion of Convertible Debt into Share of Common Stock</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">182,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Non-Cash Advances to Employees for Stock Options and</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Stock Warrant Exercises</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">182,838</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Accompanying Notes are an Integral Part of these Consolidated Financial Statements</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">5</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0b19d706d7414474b1d6e0837555dc42" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 1:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Organization and Operations and Subsequent Event</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Dyadic International, Inc. (the &#8220;Company&#8221; or &#8220;Dyadic&#8221;) is a global biotechnology company headquartered in Jupiter, Florida with operations in the United States (&#8220;U.S.&#8221;) and The Netherlands.&#160; Dyadic has 39 full-time employees, 24 of which are dedicated to research and development (&#8220;R&amp;D&#8221;) activities at the Company&#8217;s laboratories in Florida, North Carolina and The Netherlands.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Dyadic uses its patented and proprietary technologies to conduct R&amp;D and commercial activities for the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemicals, biopharmaceuticals, and industrial enzymes industries. Dyadic recognizes substantially all of its revenues from (1) licensing its patented and proprietary technologies; (2) selling its proprietary enzymes; and (3) conducting R&amp;D activities for third parties.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Dyadic&#8217;s R&amp;D activities focus on its patented and proprietary fungal strains and associated technologies.&#160; In particular, Dyadic uses its <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Trichoderma</font> and C1 fungal strains in the production of its industrial enzymes. Dyadic manufactures and sells liquid and dry enzyme products to global customers for use within the animal feed, pulp and paper, starch and alcohol, food and brewing, textiles, and biofuels industries.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Dyadic also utilizes an integrated technology platform based on its patented and proprietary C1 fungus (the &#8220;C1 Platform Technology&#8221;) which enables the development and large-scale manufacture of low cost enzymes and other proteins for diverse market opportunities.&#160; The C1 Platform Technology can also be used to screen for the discovery of novel genes and proteins. Dyadic actively pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of developing, manufacturing and/or utilizing the enzymes and other proteins, which these technologies help produce.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In the biofuels and bio-based chemicals industries, Dyadic&#8217;s primary focus is to continuously improve its C1 Platform Technology for the development of novel enzymes that will efficiently convert biomass into the maximum quantity of fermentable sugars at the lowest cost.&#160; These fermentable sugars, derived from agricultural residues and energy crops, can be used to produce biofuels such as cellulosic ethanol and butanol as well as bio-based chemicals including polymers and plastics and may provide a renewable cost-effective alternative to petroleum and petroleum-based products in a variety of industries.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In addition to facilitating the development and production of enzymes and other proteins, the C1 Platform Technology also has the potential of developing and producing other biological products such as antibodies, vaccines, proteins and polypeptides for the biopharmaceutical industry.&#160; By utilizing a proprietary host organism, the C1 Platform Technology may be used as a &#8220;one-stop shop&#8221; to discover, develop, and express the genes of complex living organisms which can be manufactured for commercial applications.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The Company&#8217;s current patent portfolio consists of 13 U.S. and 41 foreign patents, 34 pending U.S. and foreign patent applications as well as numerous U.S. and foreign publications, including, but not limited to, five international patent cooperation treaty publications.&#160; The Company, as it deems appropriate based on a cost-benefit analysis, may periodically decide to abandon or forego pursuing certain patent applications. In addition, the Company has developed an extensive body of technical know-how regarding R&amp;D of various fermentation technologies from scale-up to large-scale commercialization which the Company protects through confidentiality and other agreements which contain restrictive covenants.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">6</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e8ca3bf1fd8546e69758a4b1ea69a66d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 1:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Organization and Operations and Subsequent Event (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General (Continued)</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Dyadic anticipates that its products and technologies will become more widely accepted and utilized as awareness grows of the financial, operational, environmental and other advantages of applying enzymes and other biological solutions to improve manufacturing processes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Company may incur losses over the next few years as it continues to develop its products and technologies. However, there can be no assurance that the Company's efforts with regard to such development will be successful.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">There is no assurance that the Company will be able to secure licensing transactions or other collaborations, or the timing of those transactions going forward.&#160; This uncertainty may cause revenues to vary significantly from period to period, affecting the comparability of the consolidated financial statements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Organizational History</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Company was incorporated in the State of Delaware in September 2002 under its former name, CCP Worldwide, Inc.&#160; The Company is a holding company that holds all of the outstanding stock of Dyadic International (USA), Inc., a Florida corporation (&#8220;Dyadic-Florida&#8221;).&#160; Dyadic-Florida owns all of the outstanding stock of Geneva Investment Holdings Limited, a company organized under the laws of the British Virgin Islands (&#8220;Geneva&#8221;), Dyadic Nederland BV, a company organized under the laws of the Netherlands (&#8220;Dyadic NL&#8221;) and Dyadic International Sp. z o.o., a company organized under the laws of Poland (&#8220;Dyadic-Poland&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In April 2001, Dyadic-Florida formed Dyadic-Poland for the purpose of managing and coordinating the Company's contract manufacturing of industrial enzymes in Poland and to assist in the marketing and distribution of those products.&#160; Dyadic-Poland ceased operations in 2010 and is now a dormant company under Polish law.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In January 2003, Dyadic-Florida formed Dyadic NL for the development, use and marketing of the C1 Platform Technology.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Historical Results of Operations</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company incurred a net loss for the year ended December 31, 2013 of approximately $428,000, or ($0.01) basic and fully diluted earnings per share.&#160; The Company generated net income during the year ended December 31, 2012 of approximately $1,349,000 or $0.04 per basic and fully-diluted earnings per share.&#160; The Company attributes the majority of its net loss during the year ended December 31, 2013 to decreased revenues associated with research and development activities and certain legal expenses related to its lawsuit against its former outside legal counsel.&#160; The Company attributes the majority of its net income during the year ended December 31, 2012 to increased licensing activities related to the C1 Platform Technology.&#160; In prior years, the Company has incurred losses from operations which have resulted in an accumulated deficit of approximately $78,520,000 as of December 31, 2013.&#160; In order to advance its technologies and to develop new products, the Company has continued to incur discretionary R&amp;D expenditures which the Company believes will continue in 2014 and beyond.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">7</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9b9943493b4d4445950ba1347c323ef5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 1:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Organization and Operations and Subsequent Event (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market for Common Stock</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On March 11, 2014, the Company&#8217;s common stock began trading on OTCQX U.S. Premier, a segment of the OTCQX marketplace, an electronic quotation and trading system for securities traded over-the-counter, under the ticker symbol &#8220;DYAI&#8221;.&#160; The Company has no influence or control over quotations or trading on the OTC Markets or activities of market makers, and there can be no assurance that any purchases or sales of the Company&#8217;s common stock on the OTC Markets has or will reflect true value. There also can be no assurance that a market in the Company's shares (whether on the OTC Markets or any other trading or quotation system) will develop or, if such a market develops, that it will continue.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7a5aba08180f42b798eb99e02fbbc4dd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 2:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Summary of Significant Accounting Policies</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principles of Consolidation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.&#160; All significant intra-entity transactions and balances have been eliminated in consolidation.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of Estimates</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities, at the date of and for the period of the consolidated financial statements.&#160; Actual results could differ from those estimates, and those differences could be material. Significant estimates include the allowance for doubtful accounts, inventories, intangibles, income and other tax accruals, stock-based compensation, the realization of long-lived assets, and contingencies and litigation.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash and Cash Equivalents</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company considers all interest-bearing deposits or investments with original maturities of three months or less to be cash equivalents.&#160; The Company had no cash equivalents as of December 31, 2013 or 2012.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted Cash</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company had restricted cash of approximately $200,000 and $192,000 at December 31, 2013 and 2012, respectively, which was used as security for the build-out of the Company&#8217;s laboratory in the Netherlands <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 5</font>).&#160; Twenty percent of the outstanding restricted cash balance is refunded to the Company each year on the lease anniversary date through its expiration.&#160; The five year lease term expires on October 31, 2017.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">8</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bdc65edfac874c8bab09badce2d356b5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 2:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of Significant Accounting Policies (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounts Receivable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Accounts receivable are recorded at their net realizable value on the date revenue is recognized or the Company has a contractual right to receive money, either on demand or at fixed or determinable dates.&#160; The Company provides allowances for doubtful accounts for estimated losses resulting from the inability<font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>of its customers to repay their obligations.&#160; If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to pay, additional allowances may be required.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience, adjusted for existing market conditions. If market conditions decline or the Company&#8217;s customers experience economic difficulties, actual collections may not meet expectations and may result in decreased cash flows and increased bad debt expense.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net 60 days.&#160; Once collection efforts by the Company are exhausted, the determination for charging off uncollectible receivables is made.&#160; The Company does not accrue finance or interest charges on past due accounts receivable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Accounts receivable consisted of the following at December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="21264da76d1540acacda5d6e17f85a94" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts receivable</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,711,648</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,675,615</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less:&#160; allowance for doubtful accounts</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(34,310</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(414,817</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,677,338</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,260,798</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Risk</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Financial instruments which potentially subject the Company to concentrations of credit risk include cash and uncollateralized accounts receivable <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 9).</font> The Company invests its excess cash in money market funds.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventory</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Inventory consists of raw materials and finished goods, including industrial enzymes used in the industrial, chemical, and agricultural markets, and are stated at the lower of cost or market using the weighted average cost method.&#160; The value of finished goods is comprised of raw materials and manufacturing costs, substantially all of which are incurred pursuant to agreements with independent manufacturers.&#160; Provisions have been made to reduce excess or obsolete inventory to net realizable value.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Inventory consisted of the following at December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c78e5f40efad491b9133fe1741cfb0c2" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Finished goods</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,014,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,052,798</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Raw materials</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">7,389</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,014,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,060,187</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less:&#160; reserve for obsolescence</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(214,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(295,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,800,090</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,765,187</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">9</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7bfcfe1fa8674bb7b5dc9c4e05069e06" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 2:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of Significant Accounting Policies (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fixed Assets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Fixed assets are recorded at historical cost and depreciated and amortized using the straight-line method over their estimated useful lives, which range from three to ten years.&#160; Leasehold improvements are amortized over the lesser of their useful lives or the lease terms.&#160; Upon sale or retirement, the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain or loss is included in the results of operations.&#160; Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Fixed assets consisted of the following at December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8135b1d43cc0484f8b2c42bbc5fed10c" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Estimated Useful</div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Life (Years)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Lab and manufacturing equipment</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3 &#8211; 10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,963,620</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,200,446</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Furniture and fixtures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3 &#8211; 7</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">150,564</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">305,978</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Leasehold improvements</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">5</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">97,752</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">93,278</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,211,936</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,599,702</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less:&#160; accumulated depreciation&#160;&#160; and amortization</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(2,707,155</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,205,842</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">504,781</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">393,860</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Depreciation and amortization expense of fixed assets for the years ended December 31, 2013 and 2012 was approximately $201,000 and $204,000, respectively, of which approximately $192,000 and $194,000, respectively, was included in cost of goods sold and approximately $9,000 and $10,000, respectively, was included in general and administrative costs in the accompanying consolidated statements of operations</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible Assets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Intangible assets include patent and technology acquisition costs which are being amortized using the straight-line method over the estimated useful lives of the patents, determined to be twelve years. Capitalized patent and technology costs during the years ended December 31, 2013 and 2012 were approximately $94,000, and $80,000, respectively. Amortization expense for both of the years ended December 31, 2013 and 2012 was approximately $52,000.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Intangible assets consisted of the following at December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ac2997b1a8c94577975ce033c4f69c7d" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Patents</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,291,592</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,197,671</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less: accumulated amortization</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(724,725</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(672,447</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">566,867</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">525,224</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Estimated annual amortization expense for each of the next five years is approximately $63,000.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="12d259a1c17c488d87d00c272cd67b41" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 2:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Summary of Significant Accounting Policies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-Lived Assets</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company reviews its long-lived assets for impairment, including fixed assets that are held and used in its operations, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such an event or change in circumstances occurs, the Company will estimate the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the undiscounted future cash flows is less than the carrying amount of the related assets, the Company will recognize an impairment loss if the carrying value exceeds the fair value. Assets to be disposed of are reclassified as assets held for sale at the lower of their carrying amount or fair value less costs to sell. Write-downs to fair value less disposal costs are reported as a part of loss from operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company does not believe that there were any events or changes in circumstances which indicate that the carrying amounts of its long-lived assets may not be recoverable as of December 31, 2013 and 2012, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accrued Expenses</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Accrued expenses consisted of the following at December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8fee1d444cfd44a8894bb6d2a8418f01" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accrued bonuses, wages, and benefits</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">187,685</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">118,089</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accrued expenses relating to vendors and others</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">281,996</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">294,394</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">469,681</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">412,483</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value of Financial Instruments</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The carrying amounts of the Company&#8217;s financial instruments, including cash, restricted cash, accounts receivable, license fee receivable, inventory, accounts payable, accrued expenses, deferred research and development obligation and accrued interest payable, approximate their fair values due to the short-term nature of these assets and liabilities. The note payable to stockholder and convertible subordinated debt approximate fair value based upon their short maturities and current rates available to the Company for loans with similar maturities.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenue Recognition</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Revenue is recognized when (1) persuasive evidence of an arrangement exists; (2) services have been rendered or product has been delivered; (3) price to the customer is fixed and determinable; and (4) collection of the underlying receivable is reasonably assured.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognizes revenue on product sales when title passes to the customer based upon the specified freight terms of the respective sale.&#160; Revenues are comprised of gross sales less provisions for expected customer returns, if any.&#160; Reserves for estimated returns and inventory credits are established by the Company, if necessary, concurrently with the recognition of revenue.&#160; The amounts of reserves are established based upon consideration of a variety of factors including estimates based on historical returns.&#160; Amounts billed to customers in sales transactions related to shipping and handling represent revenue earned for the goods provided and are included in net product related revenue in the accompanying consolidated statements of operations.&#160; Costs of shipping and handling are included in cost of goods sold.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6a0dfb10cae244eebd45135d187dbdd1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 2:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Summary of Significant Accounting Policies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenue Recognition (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company may be subjected to various product liability claims.&#160; Although there have been no claims to date against the Company, it is possible that future liability claims could have a material adverse effect on its consolidated financial position, consolidated results of operations and liquidity.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Revenues derived from license agreements typically consist of multiple deliverables including upfront fees, milestone payments, research and development revenues and/or royalties.&#160; The Company evaluates multiple deliverable arrangements contained in its collaboration and license agreements to determine whether the delivered elements that are the obligation of the Company have value to other parties to the agreement on a stand-alone basis and whether objective reliable evidence of fair value of the undelivered items exists. Deliverables that meet these criteria are considered a separate unit of accounting. Deliverables that do not meet these criteria are combined and accounted for as a single unit of accounting. The appropriate recognition of revenue is then applied to each unit of accounting.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">&#160;&#160; </div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognizes revenue based on the terms of each respective license agreement.&#160; Upfront and milestone payments received are recognized as revenue when products are delivered, services rendered over the requisite service period and/or performance criteria are met.&#160; </div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognized license fee revenue during the years ended December 31, 2013 and 2012 in the amount of $6,000,000 and $5,500,000, respectively <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 3)</font>.&#160; Research and development revenues under these agreements for the years ended December 31, 2013 and 201<font style="FONT-SIZE: 10pt">2</font> were approximately $101,000 and $557,000, respectively.&#160;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognizes revenue from research funding under collaboration agreements when earned on a &#8220;proportional performance&#8221; basis as research hours are incurred.&#160; The Company typically&#160;performs services as specified in each respective agreement on a best efforts basis, and is reimbursed based on labor hours incurred on each contract.&#160; The Company initially defers revenue for any amounts billed, or payments received, in advance of any services performed, and recognizes revenue pursuant to the related pattern of performance based on total labor hours incurred relative to total labor hours estimated under the contract. As of December 31, 2013 and 2012, the deferred research and development obligation totaled approximately $915,000 and $567,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognizes milestone payments when earned, as evidenced by written acknowledgement from the collaborator, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the inception of the agreement, (ii) the milestone represents the culmination of an earnings process, (iii) the milestone payment is non-refundable and (iv) the Company&#8217;s past research and development services, as well as its ongoing commitment to provide research and development services under the collaboration, are charged at fees that are comparable to the fees that the Company customarily charges for similar research and development services. The Company recognized research and development revenue during the years ended December 31, 2013 and 2012 in the amount of approximately $1,334,000 and $2,282,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Research and Development Costs</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">R&amp;D costs related to both present and future products are charged to operations when incurred.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">12</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="792d70f022a245ed949b6b580c57bc22" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 2:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Summary of Significant Accounting Policies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Research and Development Costs (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">R&amp;D costs incurred by type of project during the years ended December 31, 2013 and 2012 were approximately as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5fe9954503074a6b87e1b0b8a5852e12" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Internal R&amp;D</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">970,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">822,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Collaborations with third parties</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">96,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">99,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,066,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">921,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">R&amp;D expense based upon type of cost incurred during the years ended December 31, 2013 and 2012 were approximately as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e787e6c3fa854ad1a896f8ef2ab28506" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 66%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Personnel related</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">830,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">688,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Laboratory and supplies</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">15,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Outside services</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">185,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">170,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Facilities, overhead and other</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">49,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">47,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 66%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,066,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">921,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign Currency Translation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The financial statements of the Company's foreign subsidiaries have been translated into U.S. dollars.&#160; Assets and liabilities of the Company's foreign subsidiaries are translated at period-end exchange rates, and revenues and expenses are translated at average rates prevailing during the period.&#160; Certain accounts receivable from customers are collected and certain accounts payable to vendors are payable in currencies other than the functional currencies of the Company and its subsidiaries. These amounts are adjusted to reflect period-end exchange rates.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share-based Compensation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company values its stock options on the date of grant using the Black-Scholes valuation model. Any stock options with modified terms are re-valued using the Black-Scholes valuation model based on the new terms at the date the modifications are approved by the Company&#8217;s compensation committee (the &#8220;Compensation Committee&#8221;) of its Board of Directors (the &#8220;Board&#8221;). Any incremental cost resulting from the revised valuations is charged to results of operations, and the remaining unvested portions of the options are amortized over the modified remaining vesting period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company accounts for equity instruments issued to non-employees by calculating the fair value of the equity instrument using the Black-Scholes valuation model at each reporting period with charges amortized to the results of operations over the instrument&#8217;s vesting period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Taxes</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company accounts for income taxes using the liability method.&#160; Under this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A deferred tax asset valuation allowance is established if, in management's opinion, it is more likely than not that all or a portion of the Company's deferred tax assets will not be realized.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="258fd03549114b699704c746c0adff03" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 2:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Summary of Significant Accounting Policies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Taxes (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">GAAP requires that a position taken or expected to be taken in a tax return be recognized in the consolidated financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities.&#160; A recognized tax position is then measured at the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.&#160; The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.&#160; No such interest or penalties were recognized during the years ended December 31, 2013 or 2012.&#160; The Company&#8217;s management believes it is no longer subject to income tax examinations for years prior to December 31, 2010.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Income (Loss) Per Share</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Basic income (loss) per share excludes any dilution.&#160; It is based upon the weighted average number of common shares outstanding during the period.&#160; Diluted income (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.&#160; During the years ended December 31, 2013 and 2012, 7,867,496 and 4,211,784, respectively, of common stock equivalents related to stock options and convertible debt were not included in computing diluted earnings per share because their effects would be anti-dilutive.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recent Accounting Pronouncements</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In July 2013, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) number 2013-11 (Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists), which provides that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available, in which case the unrecognized tax benefit should be presented in the financial statements as a liability.&#160; This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted.&#160; The Company believes that the implementation of this guidance will have no material impact its consolidated financial statements.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a553620fb54a4b56a70072fe4f325ba3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Agreements and Subsequent Events</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Abengoa Agreement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On February 18, 2009, the Company and Abengoa Bioenergy New Technologies, Inc. (&#8220;Abengoa&#8221;) entered into a non-exclusive license agreement (the "Abengoa License Agreement"). Under the Abengoa License Agreement, the Company granted Abengoa the right to use certain patent rights and know-how owned by the Company relating to the C1 Platform Technology for the large-scale production of enzymes for use in manufacturing biofuels (including cellulosic ethanol and butanol), power and/or chemicals. The Abengoa License Agreement provides for facility fees and royalties to be paid to Dyadic upon the commercialization of biofuels and other products which utilize the Company's materials and technologies.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="37c07e637bca4a6ca4d98cb8afea5b1b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Agreements and Subsequent Events (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Abengoa Agreement (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On April 23, 2012, the Abengoa License Agreement was amended and restated (the &#8220;Amended Abengoa License Agreement&#8221;) to provide Abengoa with additional rights which include, among other things, worldwide rights to use the Company&#8217;s C1 Platform Technology in the licensed fields. The Amended Abengoa License Agreement also further clarifies Abengoa&#8217;s rights to sell enzymes produced using the Company&#8217;s C1 Platform Technology to third parties for use in both first and second generation biorefining processes for the production of fuels, chemicals and/or power. In exchange for entering into the Amended Abengoa License Agreement, Abengoa agreed to pay the Company a non-refundable license fee of $5,500,000, payable as follows: $2,000,000 in October 2012, $1,000,000 in January 2013, and $2,500,000 in July 2013. Accordingly, a license fee receivable of $3,500,000 was classified as a current asset in the accompanying December 31, 2012 consolidated balance sheet. Abengoa will begin operations at its Hugoton, Kansas facility in the fourth quarter 2014. In connection with the facility start-up, a license milestone was achieved in July 2014 and we received the $500,000 payment in September 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BASF Agreement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 31.5pt; MARGIN-LEFT: 4.5pt; FONT-SIZE: 10pt">On May 6, 2013, the Company entered into a non-exclusive worldwide research, development and license agreement with BASF SE (&#8220;BASF&#8221;). Under the terms of the agreement, BASF will be able to use Dyadic&#8217;s patented and proprietary C1 Platform Technology to develop, produce, distribute and sell industrial enzymes in certain fields for a variety of applications. BASF will fund research and development at Dyadic&#8217;s research lab in The Netherlands. In addition to this funding, BASF agreed to pay Dyadic a non-refundable upfront license fee of $6,000,000, as well as certain research and commercial milestone fees and royalties upon commercialization. During the year ended December 31, 2013, the Company recognized license fee revenue in the amount of $6,000,000 related to this agreement. As of December 31, 2013, the Company has received approximately $5,889,000 of the license fee revenue and the remaining $111,000 is included in license fee receivable in the accompanying December 31, 2013 consolidated balance sheet.&#160; The Company received the remaining balance on January 6, 2014. In addition, BASF has funded through December 31, 2013 in excess of $300,000 in support of research and development programs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Codexis License Agreement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt"><font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On November 14, 2008, the Company entered into a non-exclusive license agreement (the &#8220;Codexis License Agreement&#8221;) with Codexis, Inc. (&#8220;Codexis&#8221;) which granted to Codexis the non-exclusive right to use Dyadic&#8217;s C1 Platform Technology for the development, production and sale of enzymes in </font>the fields of biofuels, certain pharmaceuticals, chemicals, air treatment, water treatment and the conversion of biomass into fermentable sugars for use in <font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">certain</font> non-fuel products<font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">. </font>Codexis also obtained access to specified materials of Dyadic relating to the C1 Platform Technology. In the field of biofuels, the license is sublicenseable to Equilon Enterprises LLC dba Shell Oil Products US (&#8220;Shell&#8221;) or any affiliate of Shell in which it holds a 50% or greater ownership interest, and sublicensable to third parties in certain pharmaceuticals, chemicals, air treatment, water treatment and the conversion of biomass into fermentable sugars for non-fuel products. Dyadic and Codexis each agreed that neither it nor its affiliates or sublicensees will assert any claim of infringement of any patent covering improvements to the Dyadic materials that were made by that party or its affiliates or sublicensees against the other party, or its affiliates, sublicensees, successors, distributors, or customers.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="572b4b66572d413a8d0a5158b03a3616" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 3:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Significant Agreements and Subsequent Events (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Codexis License Agreement (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Codexis License Agreement provides for Codexis to pay Dyadic certain license issuance fees, milestone payments, and fees based on the volume of products sold or manufactured using the C1 Platform Technology.&#160; In accordance with t<font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">he Codexis License Agreement, Codexis paid Dyadic an upfront payment of $10 million (the &#8220;Codexis Upfront Payment&#8221;) during the year ended December 31, 2009 after Dyadic satisfied certain performance criteria.&#160; &#160; The Company did not recognize any license revenue from the Codexis License Agreement during the years ended December 31, 2013 or 2012, respectively.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt"><font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Contemporaneously with entering into the Codexis License Agreement, the Company also entered into a Non-Disturbance Agreement (the &#8220;Non-Disturbance Agreement&#8221;) with the Mark A. Emalfarb Trust under agreement dated October 1, 1987, as amended (the</font> &#8220;MAE Trust&#8221;), the Francisco Trust under agreement dated February 29, 1996 (the &#8220;Francisco Trust&#8221;), and Mark A. Emalfarb, individually (collectively, the &#8220;Secured Parties&#8221;).&#160; Among other things, the Non-Disturbance Agreement provides that the Secured Parties shall not take any action against the Company or its affiliates which could diminish, disturb or interfere with (i) the Company&#8217;s rights to the intellectual property or other materials licensed to Codexis under the Codexis License Agreement or (ii) Codexis&#8217;s rights to the licensed intellectual property and other materials under the Codexis License Agreement.&#160; The MAE Trust is a stockholder of the Company whose trustee and beneficiary is the Company&#8217;s President, Chief Executive Officer and Chairman of the Board, Mark A. Emalfarb.&#160; The Francisco Trust is an entity created for the primary benefit of the wife and children of Mark A. Emalfarb.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On March 10, 2014, the Company withdrew a notice of breach dated July 30, 2013, that it provided to Codexis in connection with the Codexis License Agreement with the Company.&#160; Under the terms of the Codexis License Agreement, Codexis obtained a non-exclusive license relating to the Company's C1-based proprietary fungal expression technology for use in certain fields with certain restrictions</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Animal Health and Nutrition License Agreement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company entered into a non-exclusive license agreement with a major global provider of animal nutritional solutions, to develop, manufacture and commercialize animal feed enzyme products.&#160; Under the agreement, Dyadic&#8217;s partner will continue its research cooperation with Dyadic&#8217;s R&amp;D arm, Dyadic NL, and utilize Dyadic&#8217;s patented and proprietary C1 Platform Technology to develop fungal strains that will produce high levels of enzymes for animal health and nutrition applications.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">As part of this agreement, Dyadic has granted its partner a worldwide license to use the developed C1 fungal strains to manufacture and sell animal feed enzyme products.&#160; Dyadic will be eligible to receive additional research, development and commercial milestone payments as well as royalties based on its partner&#8217;s worldwide sales of products, which utilize the C1 Platform Technology. The Company anticipates that this licensee will begin filing to register a product for animal nutrition shortly; however, there is always a risk of delay of approval and/or non-registration due to unforeseen circumstances.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">16</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3bb980052926488db2156af13a72919a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 4:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Notes Payable</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note Payable to Stockholder</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Amended and Restated Note dated November 14, 2008 (the &#8220;Note&#8221;) payable to the MAE Trust under agreement dated October 1, 1987, as amended, matured on January 1, 2009. On January 12, 2009, the Company repaid $1.0 million of principal of the Note leaving an outstanding principal amount of approximately $1.4 million. To date, the MAE Trust has not requested any further repayment of the Note. As of January 1, 2010, the MAE Trust and the Company agreed to reduce the interest rate on the outstanding principal balance of the Note from 14% to 9.5% per annum.&#160; The Note is collateralized by the assets of the Company. On October 11, 2013, the maturity date of the Note was extended to January 1, 2015. All other provisions of the Note remain unchanged.&#160; Consequently, the Note is classified as long-term in the accompanying December 31, 2013 consolidated balance sheet.&#160; Interest expense on the Note amounted to approximately $135,000 for both of the years ended December 31, 2013 and 2012.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -18pt; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Convertible Subordinated Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On August 23, 2010, the Company completed the private placement of $4,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2010 Notes&#8221;) with ten investors. The 2010 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option after January 1, 2011, into unregistered shares of the Company&#8217;s common stock at a price of $1.82 per share, which represents 120% of the average closing price of the Company&#8217;s common stock for the 30-day period preceding August 23, 2010. The Company will not effect any conversion of the 2010 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock (the &#8220;Beneficial Ownership Limitation&#8221;). The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice. The 2010 Notes are subordinated to the Note, and are collateralized by substantially all of&#160; the assets of the Company. On October 7, 2013, the Company extended the maturity date of the 2010 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014. Consequently, the 2010 Notes have been classified as long-term in the accompanying December 31, 2013 consolidated balance sheet.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">One of the Company&#8217;s third party note holders converted $182,000 of its 2010 Notes during the year ended December 31, 2013 into an aggregate of 100,000 shares of the Company&#8217;s common stock at a conversion price of $1.82 per share. As a result of this conversion, the outstanding principal balance of the 2010 Notes was $3,818,000 at December 31, 2013.&#160; At December 31, 2012, the outstanding principal balance of the 2010 Notes was $4,000,000.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In October 2011, the Company completed the private placement of $3,000,000 aggregate principal of convertible subordinated secured promissory notes (the &#8220;2011 Notes&#8221;) with five investors. The 2011 Notes pay interest quarterly at 8% per annum and are convertible at the holder&#8217;s option into unregistered shares of the Company&#8217;s common stock at a price equal to the lesser of $1.28 per share. The Company will not affect any conversion of the 2011 Notes, to the extent that after giving effect to such conversion, any holder would beneficially own in excess of 4.9% of the Company&#8217;s outstanding common stock. The Beneficial Ownership Limitation may be waived by the holder upon not less than 61 days prior notice.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">17</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="93e7e21806a24c12a008a0ac01783ada" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 4:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Notes Payable</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -18pt; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Convertible Subordinated Debt (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The 2011 Notes are subordinated to the Note, and are collateralized by substantially all of the assets of the Company. On October 7, 2013, the Company extended the maturity date of the 2011 Notes to January 1, 2015. The amendment includes a provision that allows the Company to prepay all or part of the outstanding principal, without penalty, any time after March 31, 2014. Consequently, the 2011 Notes have been classified as long-term in the accompanying December 31, 2013 consolidated balance sheet.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Approximately $1,900,000 of the 2010 Notes and the 2011 Notes are held by four related party interests, which include members of management and the Board, as well as another related party. Interest expense on the convertible subordinated debt for the years ended December 31, 2013 and 2012 was approximately $546,000 and $562,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c84d30eaf374455db63872bbf9926956" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 5:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Commitments and Contingencies</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leases</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Jupiter, Florida Headquarters</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company&#8217;s corporate headquarters are located in Jupiter, Florida.&#160; The Company occupies approximately 4,900 square feet with a monthly rental rate and common area maintenance charges of approximately $8,400.&#160; The lease expires on December 31, 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Jupiter, Florida Laboratory</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company leases a laboratory facility in Jupiter, Florida which consists of approximately 3,500 square feet with a monthly rental rate of approximately $4,000.&#160; The lease is currently on a month-to-month basis.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Greensboro, North Carolina Laboratory</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company leases a laboratory facility and a storage building in Greensboro, North Carolina which consists of approximately 3,150 square feet with a monthly rental rate of approximately $2,100.&#160;&#160; The lease is currently on a month-to-month basis.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Netherlands Office and Laboratory</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Dyadic NL leases office and laboratory space in Wageningen, The Netherlands, which consists of approximately 9,400 square feet with a monthly rental rate of approximately<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>$21,000<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">.</font>&#160; The lease expires on December 31, 2018. The lease is secured by Restricted Cash <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 2)</font> of approximately $200,000 and $192,000 at December 31, 2013 and 2012, respectively.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">18</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b6ed9726e21c4d02ba7356a04b839bd0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 5:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Commitments and Contingencies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leases (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Future minimum lease commitments due for facilities and equipment leases under non-cancellable operating leases at December 31, 2013 are approximately as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="09c3853a725a44ffa815965fe7f43a02" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">2014</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">317,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">2015</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">320,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">260,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">260,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">2018</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">260,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,417,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Rent expense under all operating leases for the years ended December 31, 2013 and 2012 totaled approximately $374,000 and $369,000, respectively, of which approximately $43,000 for each year is included in cost of goods sold and approximately $331,000 and $326,000 is included in general and administrative expenses, respectively, in the accompanying consolidated statements of operations.&#160; The Company expanded its Netherlands Research Laboratory during the year ended December 31, 2013, which may result in increased spending and higher losses in the future.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manufacturing Commitment</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company manufactures all of its enzymes with a third party manufacturer which the Company believes is sufficient to meet its current and projected future needs.&#160; In order to further grow its business, the Company will require additional manufacturing capacity. There is no assurance that the Company will be able to maintain its current manufacturing capacity or be able to secure additional capacity on acceptable terms and conditions as and when needed by the Company.&#160; Any interruption in or failure to secure such manufacturing capacity could have a material adverse effect on the Company&#8217;s results of operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pending Actions</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Professional Liability Lawsuit</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On March 26, 2009, the Company filed a complaint in the Circuit Court of the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Judicial Circuit in and for Palm Beach County, Florida against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P., alleging professional negligence/malpractice, breach of fiduciary duty and constructive fraud in connection with the accounting, advisory, auditing, consulting, financial and transactional services they provided to the Company.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">19</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="755c1318bd11409ebfd0ecd0a1ae158a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 5:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Commitments and Contingencies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pending Actions (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">On April 14, 2009, the Company amended the complaint (the &#8220;Amended Complaint&#8221;) by naming as additional defendants the Company&#8217;s former outside legal counsel consisting of the law firms of Greenberg Traurig, LLP, Greenberg Traurig, P.A. (collectively, &#8220;Greenberg Traurig&#8221;), Jenkens &amp; Gilchrist, P.C. (&#8220;Jenkens &amp; Gilchrist&#8221;) and Bilzin Sumberg Baena Price &amp; Axelrod LLP (&#8220;Bilzin Sumberg&#8221;) as well as attorney Robert I. Schwimmer who previously represented the Company while an attorney at Jenkens &amp; Gilchrist and later at Greenberg Traurig. Jenkens &amp; Gilchrist went out of business in 2007 and is in the process of winding up its business and affairs. The Company also named as defendants the law firm of Moscowitz &amp; Moscowitz, P.A. and its attorneys Norman A. Moscowitz and Jane W. Moscowitz (collectively, the &#8220;Moscowitz Defendants&#8221;) who conducted the investigation and authored the investigative report requested by the Company&#8217;s Audit Committee following the discovery of alleged improprieties at the Company&#8217;s Asian subsidiaries. The claims against the Company's former outside legal counsel are for breach of fiduciary duty and professional negligence. In addition to these claims, the Amended Complaint contains a claim of civil conspiracy against Ernst &amp; Young LLP, Greenberg Traurig and Mr. Schwimmer.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The claims against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P. were subsequently stayed in the Circuit Court action and submitted to binding arbitration. A final hearing before the arbitration tribunal was completed on May 27, 2011.&#160; On February 29, 2012, the arbitration tribunal issued a Final Award which found no auditor negligence, denied the Company any recovery against Ernst &amp; Young LLP and Ernst &amp; Young Hong Kong L.P., and further provided that each party shall bear its own attorneys&#8217; fees and costs.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On July 11, 2011, defendants Jenkens &amp; Gilchrist, Bilzin Sumberg and the Moscowitz Defendants filed a counterclaim in the Circuit Court against the Company and a Third Party Complaint against its President and Chief Executive Officer, Mark Emalfarb, individually, for abuse of process. The counterclaim&#160; and Third&#160; Party Complaint&#160; filed by Jenkens &amp; Gilchrist and Bilzin Sumberg also included claims for common law indemnity against the Company and Mr. Emalfarb.&#160; In addition, Jenkens &amp; Gilchrist made a claim against the Company for breach of the implied covenant of good faith and fair dealing.&#160; On July 18, 2011, the Moscowitz Defendants filed a motion for summary judgment which the Circuit Court denied in its entirety.&#160; On September 9, 2011, Jenkens &amp; Gilchrist and Bilzin Sumberg amended their counterclaim and Third Party Complaint which dropped their claims for abuse of process but retained their claims for common law indemnity against the Company and Mr. Emalfarb. Bilzin Sumberg also added claims against the Company and Mr. Emalfarb for breach of its retainer agreements and for declaratory relief.&#160; Also on September 9, 2011, the Moscowitz Defendants dropped their claims for abuse of process against the Company and Mr. Emalfarb.&#160; On December 8, 2011, the Circuit Court dismissed without prejudice all counterclaims against the Company and all third party claims against Mr. Emalfarb.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On July 18, 2012, the Company filed a Second Amended Complaint which expanded and amplified the Company&#8217;s prior allegations of negligent acts and omissions by the defendants in the Circuit Court proceedings.&#160; All of the defendants have filed and served their answers and affirmative defenses.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">20</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0bc419b1193d4aefab489f78af54347a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 5:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Commitments and Contingencies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pending Actions (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On August 8, 2012, the Company, Jenkens &amp; Gilchrist and Mr. Schwimmer entered into a Settlement Agreement and General Releases (the &#8220;J&amp;G Settlement Agreement&#8221;) whereby Jenkens &amp; Gilchrist paid the Company $525,000 for the mutual release and discharge of (1) all causes of action between the Company and Jenkens &amp; Gilchrist, and (2) causes of action between the Company and Mr. Schwimmer including, but not limited to, those in the professional liability lawsuit, but only those which occurred while Mr. Schwimmer served as an attorney at Jenkens &amp; Gilchrist and not while he served as an attorney at Greenberg Traurig or any other time. Such amount is included in other income in the consolidated statement of operations for the year ended December 31, 2012. Pursuant to the J&amp;G Settlement Agreement, the Company, Jenkens &amp; Gilchrist and Mr. Schwimmer have filed a Stipulation of Settlement with the Court to enforce the terms of the J&amp;G Settlement Agreement including, but not limited to, the dismissal of Counts I and II of the Second Amended Complaint against Jenkens &amp; Gilchrist and Mr. Schwimmer with prejudice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On January 24, 2013, each of the remaining defendants served their amended affirmative defenses to the Second Amended Complaint. On February 11, 2013, the Company served its reply to such amended affirmative defenses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company and the defendants in the Circuit Court proceedings are continuing to engage in written discovery, oral depositions and motion practice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On November 26, 2013, the Court entered a Case Management Order.&#160; Pursuant to the Order, all pretrial motions and other litigation activities are to be concluded by the end of 2014.&#160; The Court ordered mediation is to occur no later than September 30, 2014.&#160; The Court has not yet set a trial date for 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Other</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In addition to the matters noted above, from time to time, the Company is subject to legal proceedings, asserted claims and investigations in the ordinary course of business, including commercial claims, employment and other matters, which management considers immaterial, individually and in the aggregate. The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable and costly. While the Company believes that it has valid defenses with respect <font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">to the legal matters pending against it, protracted litigation and/or an unfavorable resolution of one or more of such proceedings, claims or investigations against the Company could have a material adverse effect on the Company&#8217;s consolidated financial position, cash flows or results of operations.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">21</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="37afbba33a4044b887c3aa1f8f7d5f08" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 5:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Commitments and Contingencies (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Litigation, Claims and Assessments (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Resolved Actions</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Mark A. Emalfarb Arbitration</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On September 25, 2007, Mark A. Emalfarb commenced an arbitration proceeding (the &#8220;Emalfarb Arbitration&#8221;) against the Company before the American Arbitration Association seeking monetary damages resulting from his termination for cause pursuant to his employment agreement dated as of April 1, 2001 (as amended, the &#8220;Employment Agreement&#8221;). This arbitration action asserts, among other things, that &#8220;cause&#8221; as defined in the Employment Agreement, did not exist and that his reputation had been damaged by the Company. On October 22, 2007, the Company filed an answering statement and motion to dismiss the arbitration. On April 1, 2008, Mr. Emalfarb responded to Dyadic&#8217;s answering statement and motion to dismiss and filed a Supplemental Demand for Arbitration against Dyadic asserting various counts and demanding full recompense from the Company for damages relating to such termination. The Company&#8217;s primary and excess insurance carriers denied coverage for the Emalfarb Arbitration based on their interpretation of exclusions and assertion of other coverage defenses contained in the Company&#8217;s insurance policies.&#160; In consideration for the contribution by the insurance carriers to the resolution of a stockholder class action litigation against the Company, which was resolved on July 27, 2010, all pending claims with such insurance carriers with respect to the Emalfarb Arbitration were released.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On October 22, 2013, in consideration for the dismissal of the arbitration proceedings, the Company agreed to reimburse Mr. Emalfarb approximately $313,000 for past expenses incurred. Such amount is included in other expense in the consolidated statement of operations for the year ended December 31, 2013. In addition to this reimbursement, Mr. Emalfarb will be entitled to receive a percentage of the net proceeds, if any, received by the Company related to the professional liability lawsuit against the Company&#8217;s former outside legal counsel discussed above.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="044c00d77112478ba88fd49807ea4dac" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 12px; VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital Structure</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Since 2001, the Company has raised approximately $81 million in equity capital including, but not limited to, the following transactions:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issuances of Common Stock</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company issued 1,288,750 shares of its common stock during the year ended December 31, 2013 for stock options exercised at prices ranging from $0.15 to $1.21 per share.&#160; Cash received from stock option exercises during the year ended December 31, 2013 was approximately $61,400.&#160; The Company issued 207,500 shares of its common stock during the year ended December 31, 2012 for stock options exercised at prices ranging from $0.15 to $0.23 per share. Cash received from stock option exercises during the year ended December 31, 2012 was approximately $37,000, net of $3,750 for common shares that were exercised but not issued as of December 31, 2011 <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 7).</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">During the year ended December 31, 2013, warrants to purchase 995,750 shares of common stock were exercised at exercise prices ranging from $0.15 to $0.16 per share. Cash received from stock warrants exercises during the year ended December 31, 2013 was approximately $159,000. At December 31, 2013, 12,500 shares of common stock from warrant exercises had not yet been issued.&#160; There were no exercises of warrants during the year ended December 31, 2012 (<font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Note 7</font>).</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="401905b9d2c64a959471f685a2c32bbd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital Structure</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issuances of Common Stock (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">During the year ended December 31, 2013, the Company advanced certain employees and directors approximately $183,000 under the 2013 Employee Loan Program (the &#8220;Loan Program&#8221;), in connection with their exercise of stock options to purchase 906,250 shares of common stock. During the year ended December 31, 2013, the Company also advanced a member of management approximately $94,000 under the Loan Program in connection with his exercise of warrants to purchase 589,950 shares of common stock, which was repaid as of December 31, 2013. Amounts borrowed under the Loan Program bear interest at 3% per annum and are payable within 24 months from the date of the loan agreement. The loans are collateralized by the shares of common stock issued in connection with the exercise of the stock options and warrants. At December 31, 2013, outstanding advances to employees under the Loan Program were approximately $183,000 and are included in stock subscriptions receivable in the December 31, 2013 consolidated balance sheet.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conversion of Convertible Subordinated Debt</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">A third party debt holder converted a portion of its 2010 Notes during the year ended December&#160; 31, 2013 into an aggregate of 100,000 shares of common stock at a conversion price of $1.82 <font style="FONT-STYLE: italic; FONT-SIZE: 10pt">(Note 4)</font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cb9bc07fd4a4464a84c892c5d6042526" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warrants</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">At December 31, 2013, there were no shares of common stock reserved for the issuance of warrants.&#160; At December 31, 2012, approximately 1,045,750 shares of common stock were reserved for issuance under outstanding warrants.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">All of the warrants were fully vested and were exercised prior to, or expired on, May 29, 2013. Information concerning the Company&#8217;s warrant activity is as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f3a84fb2c7074c6ea4fd650fccb5510f" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warrants</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted-</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warrants</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted-</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average </div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise </div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Outstanding at the beginning of the year</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,045,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,045,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Retired</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Exercised</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(995,750</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 42%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Outstanding at the end of the Year</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,045,750</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">23</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c3c22a8daacd4fd68f2d79d88dbb7aa9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Repricing of Specified Warrants</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On November 12, 2008, the Board approved the resetting of the exercise prices of certain warrants issued prior to November 12, 2008, that were not exercised as of such date, to the Company&#8217;s officers, directors, advisors or consultants or any other person who was then employed by or serving the Company or its subsidiaries, or as otherwise specified by the Company. The reset exercise price was based upon a specific formula which resulted in a reset price of $0.15 per share or $0.16 per share with respect to the warrants previously granted to the MAE Trust.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description of Equity Plans</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company maintains the Dyadic International, Inc. 2006 Stock Option Plan, as amended (the &#8220;2006 Stock Option Plan&#8221;) and the Dyadic International, Inc. 2011 Equity Incentive Award Plan (the &#8220;2011 Equity Incentive Plan&#8221;) (the 2006 Stock Option Plan and the 2011 Equity Incentive Plan are hereinafter collectively referred to as the &#8220;Equity Compensation Plans&#8221;).&#160; All options granted under the Equity Compensation Plans are service-based and typically vest over a four year period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">2006 Stock Option Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The 2006 Stock Option Plan was adopted by the Company in April 2006 and amended in December, 2009. The purpose of the 2006 Stock Option Plan is to retain and attract key management, employees, non-employee directors and consultants by providing those persons with a proprietary interest in the Company.&#160; The Compensation Committee of the Board administers the 2006 Stock Option Plan and may grant incentive stock options or nonqualified stock options that do not comply with Section 422 of the Internal Revenue Code. Under the 2006 Option Plan, 4,700,000 shares of common stock have been reserved for issuance.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">As of December 31, 2013, there were 2,019,125 stock options outstanding and 851,878 available for grant under the 2006 Stock Option Plan. As of December 31, 2012, there were 3,571,375 stock options outstanding and 745,845 available for grant under the 2006 Stock Option Plan. The term of the stock options outstanding under the 2006 Option Plan is no more than ten years. All outstanding stock option awards granted under the 2006 Stock Option Plan will continue to be subject to the terms and conditions set forth in the agreements evidencing such stock option awards and the 2006 Stock Option Plan and shall be unaffected by the approval of the 2011 Equity Incentive Plan by the Company&#8217;s stockholders.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">2011 Equity Incentive Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The 2011 Equity Incentive Plan was adopted by the Company&#8217;s Board on April 28, 2011, and approved by the Company&#8217;s stockholders on June 15, 2011. The principal purpose of the 2011 Equity Incentive Plan is to attract, retain and motivate selected employees, consultants and directors through the granting of stock-based compensation awards and cash-based performance bonus awards. The 2011 Equity Incentive Plan is also designed to permit the Company to make cash-based awards and equity-based awards intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Internal Revenue Code of 1986, as amended.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">24</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="20d7c3db89cc434b9a8aebf4be950bc3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation (continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description of Equity Plans (continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Under the 2011 Equity Incentive Plan, 3,000,000 shares of the Company&#8217;s common stock have been initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights (&#8220;SARs&#8221;), restricted stock awards, restricted stock unit awards, deferred stock awards, dividend equivalent awards, stock payment awards and performance awards and other stock-based awards, in addition to the number of shares remaining available for future awards under the 2006 Stock Option Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2011 Equity Incentive Plan will be increased by (i) any shares available for issuance under the 2006 Stock Option Plan or are subject to awards under the 2006 Stock Option Plan that are forfeited or lapse unexercised and which following the effective date of the 2011 Equity Incentive Plan are not issued under the 2006 Stock Option Plan and (ii) an annual increase on the first day of each fiscal year beginning in 2012 and ending in 2021, equal to either 1,500,000 shares or such smaller number of shares of stock as determined by our Board of Directors.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45.8pt; FONT-SIZE: 10pt">As of December 31, 2013, there were 1,290,000 stock options outstanding under the 2011 Equity Incentive Plan and 1,685,000 stock options were available for grant under the 2011 Equity Incentive Plan.&#160; As of December 31, 2012, there were 919,000 stock options outstanding under the 2011 Equity Incentive Plan and 2,081,000 stock options were available for grant.&#160;&#160; The term of any stock option awards under the 2011 Equity Incentive Plan is no more than ten<font style="COLOR: rgb(192,0,0); FONT-SIZE: 10pt">&#160;</font>years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Valuation of Stock Options</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Share-based compensation related to stock options is determined using the single option approach under the Black-Scholes valuation model. The fair value of options is amortized to expense over the vesting periods of the underlying options, generally four or five years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The fair value of stock option awards for the years ended December 31, 2013 and 2012 was estimated on the date of grant using the assumptions in the following table. The expected volatility in this model is based on the historical volatility of the Company&#8217;s stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time awards are granted, based on maturities which approximate the expected life of the stock options. The expected life of the stock options granted is estimated using the historical exercise behavior of employees. The expected dividend rate takes into account the absence of any historical payments and the Board&#8217;s intention to retain all earnings, if any, for future operations and expansion.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Assumptions used in the Black-Scholes valuation model for stock options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5b894b41ef464b55b9fd355899e3165b" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 50%; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">Year Ended</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">December 31, 2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">Year Ended</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">December 31, 2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 50%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.61-1.88</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.03</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 50%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 50%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">81.35-84.36</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">268.89 &#8211; 306.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 50%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">5 &#8211; 6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">25</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bb484a7098cc4598bb6f793737fb05d1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Repricing of Specified Stock Options</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On November 12, 2008, the Board approved the resetting of the exercise prices of certain stock options issued prior to November 12, 2008, that were not exercised as of such date, to the Company&#8217;s officers, directors, advisors or consultants or any other person who was then employed by or served the Company or its subsidiaries, or as otherwise specified by the Company. The reset exercise price was based upon a specific formula which resulted in a reset price of $0.15 per share, which estimated the fair market value of the Company&#8217;s common stock on the modification date, or $0.16 per share with respect to the stock options previously granted to the MAE Trust or the Company&#8217;s President and Chief Executive Officer, Mark A. Emalfarb.&#160; The fair market value for such options, calculated using an average risk-free interest rate of 1.55% and an average volatility factor of 70.25%, was $0.11 per share.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Forfeiture Rate for Options</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company is required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods on a cumulative basis in the period the estimated forfeiture rate changes for all share-based awards.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">During the years ended December 31, 2013 and 2012, the Company terminated four and six employees, respectively.&#160; A cumulative adjustment of approximately $205,000 and $168,000 was recorded as a reduction to non-cash share-based compensation expense in the Company&#8217;s consolidated results of operations for the years ended December 31, 2013 and 2012, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company considered its historical experience of stock option forfeitures as the basis to arrive at its estimated average stock option forfeiture rate of 5% per year for remaining stock options for the years ended December 31, 2013 and 2012 for all stock option awards.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-cash Share-based Compensation Expense</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company recognized non-cash share-based compensation expense/recovery for its share-based awards of approximately $807,000 and $1,199,000 for the years ended December 31, 2013 and 2012, respectively. These charges had no impact on the Company&#8217;s reported cash flows.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Total non-cash share-based compensation expense was allocated among the following expense categories:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="30ba74a15feb404dbd08f4d8c644cd14" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">General and administrative</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">608,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">608,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Research and development</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">67,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">330,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cost of goods sold</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">48,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">271,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Sales and marketing</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">84,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(10,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">807,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,199,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">26</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b1342a3ebb71418da0038e0714e87da6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Compensation Plans Awards Activity</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Information with respect to the Company&#8217;s Equity Compensation Plans is as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="be1ff4a5864c47c3a0487b065e17458c" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: middle" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" colspan="2">
<div></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted Average</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise Price</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Outstanding at December 31, 2011</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,880,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.13</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Granted</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,006,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Exercised</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(182,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.23</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Expired</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cancelled</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(213,375</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.38</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Outstanding at December 31, 2012</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">4,490,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Granted</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">536,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Exercised</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,288,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.32</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Expired</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cancelled</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(428,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.60</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Outstanding at December 31, 2013</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,309,125</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.67</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Exercisable at December 31, 2013</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,670,792</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.66</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The weighted average grant date fair values of stock options granted during the years ended December 31, 2013 and 2012 were $1.32 and $1.05 per share, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Cash received from stock option exercises during the years ended December 31, 2013 and 2012 was approximately $61,000 and $37,000, respectively. The Company has a net operating loss carry forward as of December 31, 2013 and, therefore, no excess tax benefits for tax deductions related to the stock options were recognized.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">27</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bfded29b66a647679a80a5d61da9c3e4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Compensation Plans Awards Activity (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">A further detail of the stock options outstanding as of December 31, 2013 is set forth as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 60%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8407d5e46db744d685b239bb5630ef08" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Range of </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Prices</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted-</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Remaining </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Life in Years</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted-</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise Price </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per Share</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercisable</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">98,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3.5</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">98,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.23</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">180,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">5.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.23</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">180,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">5,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">8.6</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">654,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">8.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">163,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">100,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.61</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9.8</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.61</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.67</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9.3</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.67</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.71</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">10,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9.8</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.71</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.75</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">100,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.75</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">7.8</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.83</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">400,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9.3</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.83</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">66,667</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.88</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6.0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.88</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">739,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">7.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">394,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.08</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">346,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.08</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">259,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.12</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">150,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.12</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.28</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.28</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">225,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.73</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">75,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">6.4</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.73</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">56,250</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,309,125</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,670,792</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrecognized Share-Based Compensation Expense</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">As of December 31, 2013, there was approximately $743,000 of total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the Equity Compensation Plans. This expense is expected to be recognized over a weighted-average period of 1.8<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>years as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f648a359c2cd4dbc82bf26ef276371dc" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">2014</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">495,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">2015</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">190,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">53,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">2017</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">5,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">743,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">28</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4f2343a5167e4f8cad0b632168535a22" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 7:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Share-Based Compensation (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrecognized Share-Based Compensation Expense (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On February 28, 2012, the Company granted to its employees, non-employee directors and consultants stock options to purchase an aggregate of 976,000 shares of the Company&#8217;s common stock at an exercise price of $1.21 per share which vest over four years and expire on February 27, 2022, except for a stock option to purchase 100,000 shares which was granted to an employee director at an exercise price of $1.33 which vest over four years and expire on February 27, 2017.&#160; One stock option grant to purchase 50,000 shares of common stock at $1.21 per share was subsequently forfeited.&#160; The fair market value of such stock options to employees, non-employee directors and consultants was $1.06 and to the employee director was $1.10, based on the Black-Scholes valuation model.&#160; Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="95da659490784d5ba2fb34695fa2446c" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.03</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">120.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">5 - 6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On March 4, 2013, the Company granted to its non-employee directors stock options to purchase a total of 100,000 shares of the Company&#8217;s common stock at an exercise price of $1.75 per share.&#160; The stock options vest over four years and expire on March 3, 2023. The fair market value of such stock options was $1.52 per stock option based on the Black-Scholes valuation model.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="14d251aa6ff54313b255a90455a17a60" border="0" cellspacing="0" cellpadding="0" align="center">
<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.88</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">116.622</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On April 1, 2013, the Company granted to a new employee stock options to purchase 25,000 shares of the Company&#8217;s common stock at an exercise price of $1.67 per share.&#160; The stock options vest over four years and expire on March 31, 2023. The fair market value of such stock options was $1.22 per stock option based on the Black-Scholes valuation model.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="eb52ee8cf7f94fe2ba5c7fb035f5bf8a" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.86</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">83.532</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On May 1, 2013, the Company granted to a new employee stock options to purchase 400,000 shares of the Company&#8217;s common stock at an exercise price of $1.83 per share.&#160; The stock options vest over four years and expire on April 30, 2023. The fair market value of such stock options was $1.34 per stock option based on the Black-Scholes valuation model.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">29</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d4296299077440dbb5b0179779a04721" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share-Based Compensation (Continued)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrecognized Share-Based Compensation Expense (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="aa84d971ae24400e891ccbf43bd9693d" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1.66</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">83.890</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On October 21, 2013, the Company granted to a new employee stock options to purchase 1,000 shares of the Company&#8217;s common stock at an exercise price of $1.61 per share.&#160; The stock options vest over four years and expire on October 20, 2023. The fair market value of such stock options was $1.15 per stock option based on the Black-Scholes valuation model.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="76b297234f9e414b9525e411364da9d9" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.63</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">81.41</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On October 23, 2013, the Company granted to a new employee stock options to purchase 10,000 shares of the Company&#8217;s common stock at an exercise price of $1.71 per share.&#160; The stock options vest over four years and expire on October 22, 2023. The fair market value of such stock options was $1.22 per stock option based on the Black-Scholes valuation model.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Assumptions used in the Black-Scholes valuation model for options granted were as follows:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1ba9dd9c50c24c349f6e202f571308ab" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Risk-Free Interest Rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2.51</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Dividend Yield</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Volatility Factor</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">84.35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 68%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Average Option Life</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6.5 years</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On May 6, 2013, the Company granted 69,000 Restricted Stock Units (&#8220;RSU&#8217;s&#8221;) to an officer pursuant to the Company&#8217;s 2011 Equity Incentive Award Plan.&#160; The value of the award per share was $1.93.&#160; The RSU&#8217;s vest in equal monthly amounts over a three year period.&#160; During the year ended December 31, 2013, the Company recognized approximately $28,000 in non-cash share-based compensation expense related to these RSU&#8217;s.&#160; The Company will recognize approximately $107,000 in additional non-cash share-based compensation expense related to the RSU&#8217;s over the remaining vesting period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b26b8cfc0396498e99972c4e9edc556f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 8:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Employee Benefit Plan</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">On October 1, 2009, the Company instituted a 401(k) defined contribution plan (the &#8220;401(k) Plan&#8221;) under which participants may elect to defer up to 100% of their compensation up to a maximum amount determined annually pursuant to Internal Revenue Service regulations. Employee contributions may begin 90 days after the date of hire and are immediately vested.&#160; The 401(k) Plan provides a safe harbor basic match contribution for all eligible employees who make salary deferrals. The match contribution is equal to 100% of the employee&#8217;s salary deferral up to 4% of such employee&#8217;s annual deferred compensation.&#160; This match contribution is credited to the employee&#8217;s account plans and is 100% vested. A total of approximately $48,000 and $54,000 of match contribution expense was reported for the years ended December 31, 2013 and 2012, respectively.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">30</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="020b075a98e2450a984a746a026313cc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 9:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Segment Data Information and Concentrations of Business Risk</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Information</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">Operating segments are defined as components of an enterprise engaging in business activities about which separate financial information is available that is evaluated regularly by the chief operating decision maker or group in deciding how to allocate resources and in assessing performance.&#160; Utilizing these criteria, the Company has identified its reportable segments based on the geographical markets they serve, which is consistent with how the Company operates and reports internally.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company has two reportable segments: U.S. operations and The Netherlands operations. The U.S. reportable segment includes a subsidiary in Poland that is considered auxiliary to the U.S. operations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The accounting policies for the segments are the same as those described in the summary of significant accounting policies. The Company accounts for intersegment sales as if the sales were to third parties, that is, at current market prices. The U.S. operating segment is a developer, manufacturer and distributor of enzyme products, proteins, peptides and other bio-molecules derived from genes and a collaborative licensor of enabling proprietary and patented technologies for the development and manufacturing of biological products and use in R&amp;D.&#160; The Netherlands operating segment is also a developer of enzyme products, proteins, peptides and other bio-molecules derived from genes and, to date, has mainly invested in R&amp;D activities.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">31</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a4d021d59e15407895c99e02868ded9f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 9:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Segment Data Information and Concentrations of Business Risk (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Information (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The following tables summarize the Company's segment and geographical information:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f3ead736c24548bca3bfb97bb8fdc818" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31, 2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div></div>

<div></div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. </div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Netherlands</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>

<div></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eliminations</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>

<div></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total net revenues</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">15,800,767</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,724,482</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,390,508</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">17,134,741</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from operations</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">535,755</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">20,747</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">556,502</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">11,929</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,684</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">14,613</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expenses</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(686,022</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(686,022</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on settlement of litigation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(313,143</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(313,143</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Compensation expense on stock option grants</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(710,897</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(95,660</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(806,557</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(312,145</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(312,145</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(80,866</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(172,637</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(253,503</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total assets at December 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">10,379,077</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(5,186,813</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">9,748,053</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">14,940,317</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d10675b1f87a4f498bc12b3e06b9addf" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="14">
<div></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31, 2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating </div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Netherlands</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>

<div></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eliminations</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>

<div></div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total net revenues</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">13,319,547</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,604,780</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(322,607</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">15,601,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income (loss) from operations</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">1,727,359</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(139,021</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">1,588,342</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,648</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">5,245</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expenses</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(701,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(701,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on settlement of litigation</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">525,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">525,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Compensation expense on stock option grants</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(947,879</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(250,680</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,198,559</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(45,815</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(45,815</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(86,980</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(169,591</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(256,481</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total assets at December 31, 2012</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">8,964,724</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(5,682,990</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">9,599,314</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt">12,881,048</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">32</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6f8285cfbd084752b97d46dbe10464be" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 9:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Segment Data Information and Concentrations of Business Risk (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Information (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The United States represents 10% or more of the Company&#8217;s total revenues in each year presented. Revenues in the United States totaled $2,738,856 in 2013 and $7,565,464 in 2012. Both Germany and Belgium represented 10% or more of the Company&#8217;s total revenues in 2013 only.&#160; Revenues during 2013 in Germany and Belgium totaled $6,397,184 and $1,760,570, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Concentrations</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company's credit risks consist primarily of cash and cash equivalents and uncollateralized accounts receivables. The Company performs periodic credit evaluations of its customers' financial condition and provides allowances for doubtful accounts as required.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">At times, the Company has cash and cash equivalents at financial institutions exceeding the Federal Depository Insurance Company (&#8220;FDIC&#8221;) insured limit.&#160; The Company has not experienced any losses on these accounts.&#160; At December 31, 2013 and 2012, amounts on deposit at financial institutions exceeded the FDIC insured limit by approximately $7,714,000 and $1,781,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">For the year ended December 31, 2013, there were two customers that accounted for approximately 18% and 11%, respectively, of net product sales. For the year ended December 31, 2013, there were four customers that accounted for approximately 23%, 22%, 21% and 16%, respectively, of research and development revenue.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">For the year ended December 31, 2012, there were two customers that accounted for approximately 14% and 11%, respectively, of net product sales.&#160; For the year ended December 31, 2012, there were four customers that accounted for approximately 25%, 22%, 18% and 12%, respectively, of research and development revenue.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">As of December 31, 2013, there were two customers that accounted for approximately 14% and 13%, respectively, of total accounts receivable.&#160; As of December 31, 2012, there were three customers that accounted for approximately 14%, 11% and 10%, respectively, of total accounts receivable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company conducts operations in The Netherlands through its foreign subsidiary (<font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Note 1</font>).&#160; The net assets of the Company as of December 31, 2013 had a favorable foreign currency exchange difference of approximately 84,000<font style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt"> euros</font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The Company does not own enzyme manufacturing facilities and relies on third party contract manufacturers to produce all of its enzymes.&#160; The Company has and will continue to utilize third party manufacturers to fulfill its current and future production needs. In order to address future growth, the Company will require additional manufacturing capacity. There is no assurance that the Company will be able to maintain its current manufacturing capacity or be able to secure additional capacity on acceptable terms and conditions as and when needed by the Company.&#160; Any interruption in or failure to secure such manufacturing capacity could have a material adverse effect on the Company&#8217;s results of operations.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">33</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fe934e11e99f42d4b941626bc25ac08f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.8pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 9:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Segment Data Information and Concentrations of Business Risk (Continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Concentrations (Continued)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">For the years ended December 31, 2013 and 2012, there was one vendor that accounted for 10% or greater of purchases, which represented approximately 71% and 42%, respectively, of total purchases.&#160; This vendor accounted for approximately 73% and 68% of total accounts payable balance as of December 31, 2013 and 2012, respectively.</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="187dfa5dba054d5990b5b5a387ec3901" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 10:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Income Taxes</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">There was no current U.S. income tax provision recognized during the year ended December 31, 2013.&#160; The Company&#8217;s current U.S. income tax provision for the year ended December 31, 2012 was $68,000.&#160; The Company has incurred operating losses and has established a full valuation allowance. The Company's operations in The Netherlands are subject to income taxes in those jurisdictions. No provision for current foreign income taxes has been recognized for either of the years ended December 31, 2013 or 2012.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">There was no provision or benefit for either U.S. or foreign deferred income taxes for the years ended December 31, 2013 and 2012.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The U.S. and foreign components of income (loss) from operations before income taxes consisted of the following for the years ended December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1927b409010f4140a190318b92ec2622" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">United States</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,371,231</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Foreign</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">46,266</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(428,050</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,417,497</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The primary difference between the Company's income tax benefit computed at the U.S. statutory rate of 35% and the effective tax rates for the years ended December 31, 2013 and 2012 is the change in the valuation allowance in the respective periods that results from the Company fully offsetting the deferred income tax benefit of its net operating losses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">A reconciliation of the Company&#8217;s income tax provision (benefit) to amounts calculated at the federal statutory rate is as follows for the years ended December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="03c9588946094e1f8a57161ba9464f4e" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Federal statutory tax rate</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">35.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">35.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">State income taxes, net of federal tax benefit</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">3.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Nondeductible items, primarily incentive&#160;stock options</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(72.42</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">34.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase (decrease) in deferred tax assets valuation allowance</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">33.84</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(68.03</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>Effective federal tax rate</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">4.80</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">34</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="971d8bf07d0f4ab4a353623de0f6ee47" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 10:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Income Taxes (continued)</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">The significant components of the Company&#8217;s net deferred tax assets and liabilities consisted of the following as of December 31:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d8ee2e2f8b354a448330b7c48f3cc789" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Current tax assets and liabilities:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Allowance for doubtful accounts</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">13,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">160,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Inventory reserves</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">83,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">113,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other items, net</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">138,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">60,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(17,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(74,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">217,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">257,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Non-current tax assets and liabilities:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net operating loss and tax credit carryforwards</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">23,650,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">23,739,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Valuation allowance</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(23,867,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">(23,996,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 56%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net deferred tax assets</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45.8pt; FONT-SIZE: 10pt">GAAP requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, management has determined that a full valuation allowance of approximately $23,867,000 and $23,996,000 against its net deferred taxes is necessary as of December 31, 2013 and 2012, respectively.&#160; The decrease in valuation allowance for the years ended December 31, 2013 and 2012 was approximately $129,000 and $1,600,000, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">At December 31, 2013, the Company had approximately $61,301,000 of U.S. net operating loss carryforwards remaining, which will expire beginning in 2021. As a result of certain ownership changes, the Company may be subject to an annual limitation on the utilization of its U.S. net operating loss carryforwards pursuant to Section 382 of the Internal Revenue Code. A study to determine the effects of this change, if any, has not been undertaken.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c34278677df643c3acbc0ef1de1cf3bf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Note 11:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Subsequent Events</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45.8pt; FONT-SIZE: 10pt">The Company has evaluated these unaudited consolidated financial statements for subsequent events through March 12, 2014, the date of issuance of these unaudited consolidated financial statements. Except as disclosed in Notes 1 and 3, management is not aware of any events that have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in the consolidated financial statements.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">35</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="28f3c1bfc8c54ebbb2f3a5efc3b0c769" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item14."><!--Anchor--></a>Item 14.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">There have been no changes in and/or disagreements with Mayer Hoffman McCann P.C., our independent registered public accountants, on accounting and financial disclosure matters.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a id="Item15" name="Item15"><!--Anchor--></a>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d93bd62fadf94f4db7a4a4c9b9bda409" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item15."><!--Anchor--></a>Item 15.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibits</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Exhibits required by Item 601 of Regulation S-K.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5eb3f5a1e9a04eb8ae3c9a00dfc61c6a" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit </div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">No.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description of Exhibit</div>
</td>
</tr>

<tr>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3.1&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Restated Certificate of Incorporation dated November 1, 2004</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3.2&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Amended and Restated Bylaws dated June 25, 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4.1&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Specimen stock certificate evidencing shares of common stock.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.1*&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Dyadic International, Inc. 2006 Stock Option Plan.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.2*&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Dyadic International, Inc. 2011 Equity Incentive Plan.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.3*&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Form of Restricted Stock Unit Agreement Pursuant to the Dyadic International, Inc. 2011 Equity Incentive Plan.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.4*&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Employment Agreement, dated as of October 23, 2013, by and between Dyadic International, Inc. and Mark A. Emalfarb.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.5*&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Employment Agreement, dated as of April 29, 2013, by and between Dyadic International, Inc. and Danai E. Brooks.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.6*&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Employment Agreement, dated as of June 1, 2011,&#160;by and between Dyadic International, Inc. and Richard H. Jundzil.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.7&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Form of Director and Officer Indemnification Agreement.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.8&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Intracoastal Pointe Office Building Lease Agreement by and between Dyadic International, Inc. and Quentin Partners Co. dated as of December 30, 2010.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.9&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Lease Agreement by and between Dyadic International, Inc. and 500 West Commerce Way LLC dated as of July 1, 2008.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.10&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Lease Agreement by and between Dyadic International (USA), Inc. (f/k/a CPN International Ltd., Inc.) and Thomas &amp; Howard Company dated as of November 18, 1997, as amended July 19, 2002, June 29, 2005, September 25, 2005, October 18, 2006, November 15, 2007, November 19, 2008 and December 17, 2009.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><a href="ex10_11.htm">10.11</a></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Lease of Office Accommodation by and among Dyadic Nederland B.V., Dyadic International, Inc. and BioPartner Center Wageningen B.V. dated as of June 8, 2007. (Translated from Dutch)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><a href="ex10_12.htm">10.12</a></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Second Addendum to Lease of Office Accommodation by and among Dyadic Nederland B.V., Dyadic International, Inc. and Kadans Biopartner B.V. dated as of January 31, 2012. (Translated from Dutch)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.13**&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Research, Development and License Agreement by and among Dyadic International (USA), Inc., Dyadic Netherland B.V. and BASF SE dated as of May 6, 2013.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.14**&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Amended and Restated License Agreement by and among Dyadic International (USA), Inc., Dyadic International, Inc. and Abengoa Bioenergy New Technologies, Inc. dated as of April 23, 2012.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><a href="ex10_15.htm">10.15</a></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Form of Convertible Subordinated Secured Promissory Note dated as of August 23, 2010. </div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">87</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7e6b540138e7466a8a8f047c51bd71d8" border="0" cellspacing="0" cellpadding="0">
<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><a href="ex10_16.htm">10.16</a></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Form of Convertible Subordinated Secured Promissory Note dated as of September 30, 2011. </div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.17&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Amended and Restated Note by and among Dyadic International (USA), Inc., Dyadic International, Inc. and the Mark A. Emalfarb Trust dated as of November 14, 2008, as amended April 12, 2012 and September 24, 2013.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(255,255,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: rgb(204,238,255)">
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">21.1&#8224;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Subsidiaries of the Registrant.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4183915ef42a4d119797cb28c38f423f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Identifies each management contract or compensatory plan or arrangement.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3e2528cc09cf4a08823b4914ca9835ce" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Confidential treatment requested.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="77a60664a98145f7a8af74c78be68046" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">&#8224;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Exhibit was previously filed.</div>
</td>
</tr>
</table>
</div>

<div>
<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">88</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: normal"><a href="#TABLEOFCONTEN">Table of Contents</a></div>
</div>
</div>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">SIGNATURES</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, on&#160;October 9, 2014.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="76058c383bd844baa3aa3a521c8aa0f4" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dyadic International, Inc.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">/s/ Mark A. Emalfarb</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Mark A. Emalfarb</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">President and Chief Executive Officer</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">/s/ Thomas L. Dubinski</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Thomas L. Dubinski</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President and Chief Financial Officer</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">/s/ Michael J. Faby</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Michael J. Faby</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President of Finance</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt">89</div>
</div>

<div>
<hr style="HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea">&#160;</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>2
<FILENAME>ex10_11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Thomson Reuters
    Document created using Disclosure Solutions PROFILE 3.0.0.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="HEIGHT: 4px; COLOR: #000000" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.11</div>

<div style="TEXT-ALIGN: right">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-WEIGHT: bold">SIGNATURE COPY</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="91efbde19e684f8b931c35f93a055d88" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd </sup>ADDENDUM TO RENTAL AGREEMENT OFFICE SPACE</font></div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u style="FONT-SIZE: 10pt">and other business premises within the meaning of Article</u></div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top"><u style="FONT-WEIGHT: bold">7:230a BW [<font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Dutch Civil </font><font style="FONT-SIZE: 10pt">Code] dated August 4, 2007</font></u></td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top"></td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">KAOANS</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">BIOFACILITIES</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nieuwe Kanaal 7 6709 PA Wageningen PO Box 143</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5260 AC Vught</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">T 0411 625 628 F 0411 625 620 info@biofacilities.nl</div>

<div><br>
</div>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Visionaries in Real Estate</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The undersigned:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Kadans Biopartner B.V.</font>, located in the Netherlands at the Nieuwe Kanaal 7 (6709 PA) in Wageningen, registered in the Trade Register under number 09113198, duly represented by Mr. J.Th. Gielen, hereafter referred to as &#8220;Landlord&#8221;;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dyadic Nederland B.V.</font>, located at the Nieuwe Kanaal 7a (6709 PA) in Wageningen, registered in the Trade Register under number 30186473, VAT nr. NL8117.99.128.B.O1, duly represented by Dyadic International Inc., located in Jupiter, Florida 33477, United States of America at the 140 Intracoastal Point Drive, Suite 404, registered in the Trade Register in the Department of State, Florida, under number p96000018919, in turn duly represented by Mr. W. van der Wilden, hereafter referred to as &#8220;Tenant&#8221;;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">considering that:</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">on August 4, 2007, Tenant concluded a rental agreement with BioPartner Center Wageningen B.V. which has changed its name in January 1, 2010 to Kadans Biopartner B.V.;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">the rental agreement concerns the rental of space within the BioPartner Center Wageningen;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">on July 1, 2009 parties signed an addendum to the rental agreement of August 4, 2007;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">parties want to extend the current rental agreement to November 1, 2017;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">parties have reached an agreement about the rental conditions of this extension and would like to record this in this (2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) addendum.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">hereby agree that in the rental agreement dated August 4, 2007 or the addendum dated July 1, 2009, the following articles are amended or supplemented: 3.1, 4.1 and 4.8.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Term, extension, and cancelation</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0289b555a5124903a23f8166bf63b0e4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">3.1</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Parties agree to extend the existing rental agreement incl. addendum through October 31, 2017.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-SIZE: 10pt">2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> addendum Dyadic Nederland 8 B.v. Tenant initials</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-SIZE: 10pt">
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" id="bb009767957f442ca2f42c7c53c9fe49" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="WIDTH: 30%">
<div><em>Landlord initials</em></div>
</td>
<td style="WIDTH: 30%">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">[illegible]</div>
</td>
<td style="WIDTH: 30%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%">
<div>CoC 01920.72.82</div>
</td>
<td style="WIDTH: 30%">
<div>&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">SIGNATURE COPY</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rent, rent adjustment, payment obligation, payment period </font><font style="FONT-SIZE: 10pt">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 5pt">&#160;</font><font style="FONT-SIZE: 10pt">The rent is $141,478.02 annually, excl. VAT.</font></div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b3ee4bdc40e14347aeb2203291bd1f33" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">4.8</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Per payment period of one calendar month, the Tenant shall owe the Landlord, from March 1, </font><font style="FONT-SIZE: 10pt">2012:</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="411c9a31210c4ef592fab3c3cf03696f" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the rent per month</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">11,789.83</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the VAT owed over the rent</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,240.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the advance compensation for supplies and services by or on behalf of the Landlord</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,337.29</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the advance compensation for supplies and services by or on behalf of the Landlord, for electricity, gas and water (incl. VAT)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,381.57</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- OZB (other) (incl. VAT)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">193.12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total (incl. VAT):</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,941.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In words: Eighteen thousand nine hundred forty-one dollars and 90 cents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The other provisions in the rental agreement dated August 4, 2007 and addendum dated July 1, 2009 shall remain unaffected.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">This addendum and the rental agreement dated August 4, 2007 and addendum dated July 1, 2009 with associated annexes are inextricably linked.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Thus prepared and signed in duplicate.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cd382acd1b3546868cc4ffa36091eb91" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ W. van der Wilden</div>
</td>
<td style="WIDTH: 4.4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 46.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ J. Th. Gielen</div>
</td>
<td style="WIDTH: 4.4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">W. van der Wilden</div>
</td>
<td style="WIDTH: 4.4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 46.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">J. Th. Gielen</div>
</td>
<td style="WIDTH: 4.4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dyadic Nederland B.V.</div>
</td>
<td style="WIDTH: 4.4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 46.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Kadans Biopartner B.V.</div>
</td>
<td style="WIDTH: 4.4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Wageningen, January 31, 2012</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">RENTAL AGREEMENT OFFICE SPACE</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">and other business premises within the meaning of Article 7:230a SW dated August 4, 2007</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="18644cf93f7949ebbb5248b0940cddd1" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> addendum Dyadic Nederland B.V.</font></div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Tenant initials</div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">08/13/2014</div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Landlord initials:</div>
</td>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Bing Translator</div>
</td>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top"></td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">(Conversion per x-rates.com of 09/21/2014: 1 EUR = $1.282)</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">- 2 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0a35b515c3304e24ae1413aa000ba100" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">4.4</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The financial year of the Tenant runs from January 1 through December 31.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="46210a3ad2e04c2980a222e05e4db3fc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.5</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The rent is adjusted annually, per January 1, for the first time on January 1, 2008, in accordance with Articles 9.1 through 9.4 of the general terms and conditions.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9798aac3a6bf4caaa80f2820bd2fc551" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.6</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The compensation owed by the Tenant for supplies and services by or on behalf of the Landlord are determined in accordance with Article 16 of the general terms and conditions. A system of advance payments with later settlement is applied to this compensation, as determined therein.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5f21bcae62a4457aa86ee6abbb0ae83f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.7.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The payment obligation of the Tenant consists of:</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">the rent;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">the VAT owed over the rent;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">the advance compensation for the additional supplies and services to performed by or on behalf of the Landlord &#8211; without striving for completeness as described in Article 5 of this agreement &#8211; including the VAT owed on such;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">the advance energy expenses;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">the owed property taxes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bf8c3fb35c3142ca8c7ec1057a9c6ec2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.7.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Tenant will no longer owe VAT over the rent if the rental object may no longer be rented with VAT, while parties had agreed to such. If this is the case, the VAT payments referred to in 19.3a of the general terms and conditions shall replace these, and the payment referred to in 19.3a sub I is set in advance at the relevant VAT rate of the actual rent.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8b2f387d006c4b6cb0e4234508159059" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.8</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Per payment period of a calendar month, at the start of the rental agreement, the following payments are owed:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d29cbf04f5cb4a5ba015a219f8ba2703" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The rent</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">10,732.72</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The advance for service costs</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,994.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The advance for energy costs</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,924.34</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">O.Z.B. [<font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Property Tax</font>] users part</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">$</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">pm</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">14,651.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In words: fourteen thousand six hundred fifty one dollars and 98 cents.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">These amounts are exclusive of VAT.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0d110939304d4b1684b41d648a321dcc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.9</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">In view of the start date of the rent, and the tenant-specific investments to be carried out by the Landlord, the first payment of the Tenant concerns the period from September 1, 2007 through September 30, 2007, and the amount owed for this period is $14,651.98, excl. VAT. Tenant will pay this amount including the sales tax within one week after the signing of this agreement.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f1230837d2dc478fa25d95612d3147ac" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.10</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">With the exception of the first period as described in Article 4, paragraph 9 of this agreement which must be paid within one week after the signing of the agreement, the other periodic payments owed by the Tenant to the Landlord under this rental agreement, as outlined in 4.8, are owed as advance payment in dollars and must be paid in full before or on the first day of the relevant payment period to bank account 85.24.29.479, by means of a direct debit order.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">- 3 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1defa4328ed746d3bdcac2dbada2358a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.11</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Unless otherwise stated, all amounts in this rental agreement and the relevant general terms and conditions are exclusive of VAT.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplies and services</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="882a89fd73134250af33f74c15c52be2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Parties agree to the following additional supplies and services to be performed by or on behalf of the Landlord:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Energy costs according to actual use:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">electricity consumption;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">gas consumption;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">heat for the ventilation of the laboratory;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">heat for the central heating system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">water consumption;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">fixed fee including consumption metering.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Operation, failure remediation, inspection costs, energy consumption, insurances and such of installations associated with the building for:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">elevator system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">air treatment system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">central heating system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">warm water system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">intercom system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">entry doors;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">sunscreen system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">fire extinguishing equipment (and the fillings);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">sweeping of chimneys and ventilation channels, cleaning of boilers and burners;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">joint heat supply, water usage and lighting, including the costs of fixtures, tubes ad</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="072b1d7267e2487599864e6c5b17f084" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">lamps;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">glass insurance of all exterior glass and window frames;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">surveillance and security service;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">cleaning of the windows and window frames of the general/joint and operation areas on the inside and outside;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">waste disposal household waste and old paper, and everything necessary for this purpose (container rental, county taxes, etc.);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">waste water drainage;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">maintenance of gardens;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">cleaning of the general/joint areas and operating areas, general terrains, parking areas, snow removal including the maintenance and replacement of planters, furniture and upholstery in the general/joint areas;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">officers who perform services for the building which the rental object is part of;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">service fee for towel dispensers, soap dispensers and such;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">joint promotional costs of the BioPartner Center Wageningen;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">6% management and administration expenses over the abovementioned supplies and services.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bank guarantee</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="73ad492afbf045fbaba76df07504c35f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The amount of the bank guarantee as referred to in 12.1 of the general terms and conditions, is set between parties at &#8364;52,310.17, in words; fifty-two thousand three hundred ten dollars and 17 cents. The bank guarantee must be submitted to the Landlord within one week after the signing of this agreement.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manager</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5708e2c0268f49239ff185d10867933b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">7.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Until the Landlord determines otherwise, the Landlord shall act as manager.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ed76e415757a411fb0796c84df251e5e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">7.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Unless otherwise determined in writing, the Tenant must contact the manager with regard to the content and all other issues concerning this rental agreement.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Special provisions</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8490bedbb90b484394cce0dcb788a653" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Tenant must comply with all bylaws. The Bylaws (attached as annex) and the now known annexes are an integral part of this agreement. It shall also inform its personnel and the employees about these bylaws and supervise the compliance therewith.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ce615623d8f34a3fb4835971f9caa969" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">In deviation of Article 6.7.1 of the General Terms and Conditions, parties agree that the Landlord will become the applicant and holder of the required permits, namely: Wvo (Clean Water Act), WM (Environmental Act) and the user permit. Tenant shall provide all information that is required for the application to the Landlord in a timely manner. Tenant also agrees to strictly comply with all associated conditions, costs and all other obligations resulting from the permit(s), without prejudice to the provisions in Articles 6.8.1 through 6.8.3 and 6.11.1 through 6.11.7 of the General Terms and Conditions, and to assume any consequences resulting thereof unconditionally as if the permit was issued in name of the Tenant. It shall indemnify the Landlord against such in and outside of court. To monitor that what is agreed here, the Landlord or a designated third party shall have access to the rental object at all times, after prior appointment. In order to comply with the law or the conditions of the permit, the Landlord may also review all documents of the Tenant and third parties employed by Tenant, and if necessary can also give unilateral directions and further instructions. Tenant must give its full cooperation in this. The latter does not release the Tenant from its obligation to immediately provide the Landlord with all information that is necessary for the permits and/or application and changes within its organization that could impact the permit. The costs associated with the changes are fully borne by the Tenant.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">The refusal of a change or extension of the issued permit and/or refusal of a &#8211; new &#8211; application or required permit and/or revocation of a permit shall not give rise to the termination of the rental agreement or to any other or further action against Landlord. The Landlord only has an obligation with regard to the provisions in this article. Insofar as the government requires that the Tenant itself applies for the permit and/or exemption, the provisions of Articles 6.7.1 cf of the General Terms and Conditions shall apply in full.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c6784674b4464185837b2ecf176acb67" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.3</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Tenant shall properly use and maintain the tenant-specific installations referred to in Article 1.1, as well as the design of the spaces, in accordance with the statutory provisions and the recommendations of the suppliers or manufacturers. All maintenance costs of these tenant-specific installations and mentioned designs shall be for the account of the Tenant and are not settled in the rent referred to in Article 4.1 nor in the service costs as described in Article 5 of this agreement. The replacement of installations (or parts thereof) within ten years after the start of this agreement is considered maintenance and therefore shall take place for the account of the tenant. After the mentioned period of ten years, parties will make further arrangements regarding the maintenance and replacement of the installations. As long as parties did not reach an agreement about this, the maintenance and replacement of installations are entirely for the account of Tenant.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d709636dad024361bacab5b223169993" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.4</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Without prejudice to its liability for lost rental income and the associated costs towards the Landlord, Tenant owes the following amounts as compensation for the tenant-specific investments financed by the Landlord, if the rental agreement is terminated (in the interim) for whatever reason.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8c38d15544cb447bbdec6dd5194885b5" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Effective date termination:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">Compensation</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">The day of signing of this rental agreement through</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">September 1, 2008:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">250,165.17</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2008 through September 1, 2009:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">230,921.69</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2009 through September 1, 2010:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">211,678.22</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2010 through September 1, 2011:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">186,020.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2011 through September 1, 2012:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">160,362.29</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2012 through September 1, 2013:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">134,704.32</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2013 through September 1, 2014:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">109,046.35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2014 through September 1, 2015:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">76,973.89</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2015 through September 1, 2016:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">44,901.44</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2016 through September 1, 2017:</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">no fee.</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">These amounts are excl. VAT</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Interim cancellation includes the right of the Landlord to dissolve the rental agreement without default effective immediately if in the opinion of the Landlord there are circumstances which severely hinder or threaten its redress against Tenant, such without prejudice to the right of Landlord to claim compliance of Tenant and/or compensation. A circumstance includes the application for a suspension of payment or bankruptcy of Tenant or if Tenant in any way loses the free disposal of all or part of its assets. In case of dissolution by the Landlord based on the aforementioned, all remaining rent installments and compensation for the tenant-specific investments are immediately payable: the rental period ends at the time of the dissolution. The compensation forfeited by the Tenant to the Landlord at any time is immediately payable and in case of the dissolution by the Landlord amounts to at least the sum of all remaining rent installments which would have occurred in the normal execution of the agreement, increased with the abovementioned compensation associated with the tenant-specific investments.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="62c5aafb390e4b49bab0c82bd805c0b2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.5</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The rental object is delivered including the tenant-specific investments, being &#8211; laboratory &#8211; installations and facilities, present floor coverings and light fixtures. No rights can be derived from this. This all remains the property of the Landlord. Tenant is responsible for normal use and maintenance. If Tenant is of the opinion that something must be replaced, the costs are for its own account. Replacement is only permitted after the written approval of the Landlord.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2d78f74a7e3d4d82b61ce99ad1e88bdf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.6</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">This agreement is subject to Dutch law.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt"><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="02dbd517b7434cc39c486c30df29b4bc" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Thus prepared and signed in duplicate</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">City Jupiter, FL&#160;&#160; Date 6/8/07</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">City</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Date</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">[signature]</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ Wayne Moor</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ J.Th. Gielen</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Dyadic Nederland B.V.</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">BioPartner Center Wageningen B.V.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Dyadic International Inc.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Mr. Wayne Moor, Interim CEO</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">J.Th. Gielen</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Annexes:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">general terms and conditions</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">drawing of the rented business premises</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">house rules</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">official report of acceptance</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">bank guarantee</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Separate signature(s) of Tenant(s) for the receipt of an own copy of the &#8220;GENERAL TERMS AND CONDITIONS RENTAL AGREEMENT OFFICE SPACE and other business premises within the meaning of Article 7:230a BW&#8221; as referred to in 2.1.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Tenant signature:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">/s/ Wayne Moor</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">
<hr style="HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>3
<FILENAME>ex10_12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Thomson Reuters
    Document created using Disclosure Solutions PROFILE 3.0.0.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="HEIGHT: 4px; COLOR: #000000" noshade="noshade">
</div>

<div>
<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.12</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="42969fd7fdfe40a29e02e11e245177b9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">SIGNATURE COPY</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">[LOGO:]</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">KAOANS</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">BIOFACILITIES</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Nieuwe Kanaal 7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">6709 PA Wageningen</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>2</u></font><font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd </sup><font style="FONT-SIZE: 10pt"><u>ADDENDUM TO RENTAL AGREEMENT OFFICE SPACE</u></font></font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">PO Box 143</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt"><u>and other business premises within the meaning of Article 7:230a</u></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">T 0411 625 628</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div><u>BW [<font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Dutch Civil </font><font style="FONT-SIZE: 10pt">Code] dated August 4, 2007</font></u></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">F 0411 625 620</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">info@biofacilities.nl</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">www.biofacilities.nl</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">The undersigned:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Kadans Biopartner B.V., located in the Netherlands at the Nieuwe Kanaal 7 (6709 PA) in Wageningen, registered in the Trade Register under number 09113198, duly represented by Mr. J.Th. Gielen, hereafter referred to as &#8220;Landlord&#8221;,</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">and</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Dyadic Nederland B.V., located at the Nieuwe Kanaal 7a (6709 PA) in Wageningen, registered in the Trade Register under number 30186473, VAT nr. NL8117.99.128.B.O1, duly represented by Dyadic International Inc., located in Jupiter, Florida 33477, United States of America at the 140 Intracoastal Point Drive, Suite 404, registered in the Trade Register in the Department of State, Florida, under number p96000018919, in turn duly represented by Mr. W. van der Wilden, hereafter referred to as &#8220;Tenant&#8221;;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">considering that:</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="49617f0ccb394b9c921fe61b7bd2ab5c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">on August 4, 2007, Tenant concluded a rental agreement with BioPartner Center Wageningen B.V. which has changed its name in January 1, 2010 to Kadans Biopartner B.V.;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fedb008dc48b4833b2a5d31c717ced2d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">the rental agreement concerns the rental of space within the BioPartner Center Wageningen;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f97ac7fa04fa415caaf4699b7c956293" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">on July 1, 2009 parties signed an addendum to the rental agreement of August 4, 2007;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="25ffbf1242624d94a9bdb93dfb488520" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">parties want to extend the current rental agreement to November 1, 2017;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6ddbb82177b9477faf49685525fba3a4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">parties have reached an agreement about the rental conditions of this extension and would like to record this in this (2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) addendum.</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">hereby agree that in the rental agreement dated August 4, 2007 or the addendum dated July 1, 2009, the following articles are amended or supplemented: 3.1, 4.1 and 4.8.</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Term, extension, and cancelation</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2c4ab6f64dce4f05a03b31f427cffba0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">3.1</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Parties agree to extend the existing rental agreement incl. addendum through October 31, 2017.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="42a49ace90964430930f19dc717b4800" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">[initials]</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> addendum Dyadic Nederland B.V.</font></div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">[initials]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Tenant initials</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">CoC 092077282</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Landlord initials:</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">- 1 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">SIGNATURE COPY</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rent, rent adjustment, payment obligation, payment period</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0b6642c8003740e193cf60d128d400a4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">4.1</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">The rent is $141,478.02 annually, excl. VAT.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f3c62ba3248e4b58b40080c908920337" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">4.8</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Per payment period of one calendar month, the Tenant shall owe the landlord, from March 1, </font><font style="FONT-SIZE: 10pt">2012:</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="85c96b2fb3994202987d76bb5e7ce957" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the rent per month</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">11,789.83</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the VAT owed over the rent</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,240.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">-</font> the advance compensation for supplies and services by or on behalf of the Landlord</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,337.29</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- the advance compensation for supplies and services by or on behalf&#160; of the Landlord, for electricity, gas and water (incl. VAT)</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">2,381.57</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">- OZB (other) (incl. VAT)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">193.12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total (incl. VAT):</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,941.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In words: Eighteen thousand nine hundred forty-one dollars and 90 cents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">The other provisions in the rental agreement dated August 4, 2007 and addendum dated July 1, 2009 shall remain unaffected.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">This addendum and the rental agreement dated August 4, 2007 and addendum dated July 1, 2009 with associated annexes are inextricably linked.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Thus prepared and signed in duplicate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Wageningen, January 31, 2012</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6d28b601be494af58a9e86b376058480" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ W. van der Wilden</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ J. Th. Gielen</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">W. van der Wilden</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">J. Th. Gielen</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dyadic Nederland B.V.</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Kadans Biopartner B.V.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a88db1665c124861886546889d07a05c" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 66.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> addendum Dyadic Nederland B.V.</font></div>
</td>
<td style="WIDTH: 33.09%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 66.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Tenant initals</div>
</td>
<td style="WIDTH: 33.09%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 66.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 33.09%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 66.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 33.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Landlord initials:</div>
</td>
</tr>
</table>
</div>

<div>
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">(Conversion per x-rates.com of 09/21/2014: 1 EUR = $1.282)</div>

<br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">-&#160;2 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">
<hr style="HEIGHT: 2px; COLOR: rgb(0,0,0)" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">RENTAL AGREEMENT OFFICE SPACE</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">and other business premises within the meaning of Article 7:230a SW</div>
</div>

<div>
<hr style="HEIGHT: 2px; COLOR: rgb(0,0,0)" noshade="noshade">
<br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The undersigned:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The private company BioPartner Center Wageningen B.V., located in 6709 PA Wageningen at the Nieuwe Kanaal 7, hereafter referred to as &#8220;Landlord&#8221;, registered in the Trade Register under number 09113198, duly represented by Mr. J.Th. Gielen;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">and</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The private company Dyadic Nederland B.V., located in 3704 HE Zeist, at the Utrechtseweg 48, hereafter referred to as &#8220;Tenant&#8221;, registered in the Trade Register under number 30176473, VAT nr. NL8117.99.128.B.01, duly represented by Dyadic International, Inc., located in Jupiter, Florida 33477, United States of America at the 140 Intracoastal Pointe Drive, Suite 404, registered in the Trade Register in the Department of State, Florida, under number p96000018919, in turn duly represented by Mr. Wayne Moor, Interim CEO;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Agree as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The rental object, purpose</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="954ee10a11d84fca8335222e3cc4149e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Landlord rents to Tenant, and Tenant rents from Landlord, the business premises, hereafter referred to as &#8220;the rental object&#8221;, located at the Nieuwe Kanaal 7, 6709 PA Wageningen, known in the Land Registry as Wageningen County, Section H, number 548, on the second floor of the phase 2 incubator building BioPartner Center Wageningen, and which business premises is further indicated on the drawing signed by parties which is attached as Annex 1 to this agreement and which is part thereof, as well as an acceptance report signed by both parties indicating which installations and other facilities are part of the rental object and which installations and other facilities are not, and which also includes a description of the condition of the rental object, possibly supplemented with photos signed by the parties.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Also, parties record in writing which installations, systems and other facilities were installed by the Landlord specifically for the Tenant, the so-called tenant-specific investments. This description of the condition of acceptance is prepared, initialed and signed upon the delivery of the rental object by the Landlord to the Tenant, possibly supplemented with photos and/or video material. This initialed and signed description is added to this agreement and is part thereof.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b941e8e6a0ba4c06841b31cb072165c4" border="0" cellspacing="0" cellpadding="0" align="left">
<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Area</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt"><u>Surface</u></div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Purpose</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt"><u>Maximum floor load</u></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">2<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> floor, phase 2</font></div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">approx. 491m<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Office and Laboratory space</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">400 kg/m<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
</td>
</tr>
</table>
</div>

<div style="CLEAR: both"><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e1eda34349f74186aae6c58257c2a4a2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.2</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The rental object will be rented by or on behalf of the Tenant for the sole purpose of laboratory and office space, to be operated by the Tenant for carrying out research in the field of life science.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e0385d1cdfc149ed888f2971b696fb36" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.3</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Tenant is not permitted to use the rental object for a purpose other than described in 1.2, without the prior permission of the Landlord.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="525b6fee21de4bc8bece25cefabdc943" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.4</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The highest permissible floor load of the rental object is reflected in Article 1.1. under maximum floor load.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conditions</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0b0875853ca84bb6af6cf0a96fd4dc20" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The &#8220;GENERAL TERMS AND CONDITIONS RENTAL AGREEMENT OFFICE SAPCE and other business premises within the meaning of Article 7:230a BW [Dutch Civil Code], filed with the Clerk of the Court in The Hague on July 11, 2003, and registered there under number 72/2003 are part of this agreement and are hereafter referred to as &#8220;general terms and conditions&#8221;. The contents of these general terms and conditions is known to parties. Tenant and Landlord have received a copy of the general terms and conditions.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c8e54f7d06eb471ebd77107e5530c443" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The general terms and conditions that are referred to in 2.1 shall apply, unless these are explicitly deviated from in this agreement, or the application thereof is not possible with regard to the rental object.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Term, extension and cancellation</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="df9403adcabe4b55830b626d69ad2b68" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">This agreement is concluded for a term of 5 (five) years, starting on September 1, 2007 and will expire on August 31, 2012.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d71d7d0316ce4ab5bc7dc66084d77eb4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">After the expiration of the period stated in 3.1, this agreement shall continue for a consecutive period of each time 1 (one) year.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="60ded5a84b2b449f9ce676f2f86ac662" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.3</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cancellation of this agreement takes place by giving notice at the end of the rental period, taking into account a notice period of at least 12 (twelve) months.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="65423b0bed0d4cd3949ee8ed1195973b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.4</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Cancellation must take place by writ or by registered letter.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rent, tax, rent adjustment, tax obligation, payment period</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6032dd75ae4f4414addf2362bb0fab19" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The initial rent of the rental object is $128,806.19 annually.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -27pt; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">In words: one hundred and twenty-eight thousand eight hundred six dollars and 19 cents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f89e56383faf4dc8ba8e8faa817a76d1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Parties agree that Landlord will charge tax over the rent.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9e17b0db0373455cb4c7d08a67cfa368" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.3</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">If parties have agreed on a rent including VAT, the Tenant and Landlord shall use the option to waive a joint option request for a taxed rent, based on Announcement 45, decision of March 24, 1999, nr. VB 99/571. Tenant declares by signing the rental agreement also for the successor(s) of the Landlord that he will use the rental object or has such used for purposes for which there is a full or almost full right to deduct the VAT based on Article 15 of the Value Added Tax Act of 1968.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="24f420a0c42e40fc9eb24594f61c0467" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">4.4</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">The financial year of the Tenant runs from January 1 through December 31.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="64f64e44df5940cf985228f1e7a0797f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.5</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The rent is adjusted annually, per January 1, for the first time on January 1, 2008, in accordance with Articles 9.1 through 9.4 of the general terms and conditions.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="231d0ae3992a486f8927f88e7b6824eb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.6</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The compensation owed by the Tenant for supplies and services by or on behalf of the Landlord are determined in accordance with Article 16 of the general terms and conditions. A system of advance payments with later settlement is applied to this compensation, as determined therein.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="dbea3a836e904425aba43baa60f2deed" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.7.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The payment obligation of the Tenant consists of:</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">the rent;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">the VAT owed over the rent;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">the advance compensation for the additional supplies and services to performed by or on behalf of the Landlord &#8211; without striving for completeness as described in Article 5 of this agreement &#8211; including the VAT owed on such;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">the advance energy expenses;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">the owed property taxes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8ccf83cf561343bbaa8db874baffb7c4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.7.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Tenant will no longer owe VAT over the rent if the rental object may no longer be rented with VAT, while parties had agreed to such. If this is the case, the VAT payments referred to in 19.3a of the general terms and conditions shall replace these, and the payment referred to in 19.3a sub I is set in advance at the relevant VAT rate of the actual rent.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cb36688abd9f4049aeac1c04550eca51" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.8</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Per payment period of a calendar month, at the start of the rental agreement, the following payments are owed:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="37c581f26a8c47c6b323be76ee451264" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The rent</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">10,732.72</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The advance for service costs</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,994.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The advance for energy costs</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">1,924.34</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">O.Z.B. [<font style="FONT-STYLE: italic; FONT-SIZE: 10pt">Property Tax</font>] users part</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">pm</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">14,651.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">In words: fourteen thousand six hundred fifty one dollars and 98 cents.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-SIZE: 10pt">These amounts are exclusive of VAT.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5003a159325d4213a2d817498de9abcb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.9</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">In view of the start date of the rent, and the tenant-specific investments to be carried out by the Landlord, the first payment of the Tenant concerns the period from September 1, 2007 through September 30, 2007, and the amount owed for this period is $14,651.98, excl. VAT. Tenant will pay this amount including the sales tax within one week after the signing of this agreement.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a779d19cf11f4e079c7ec705264c61b3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.10</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">With the exception of the first period as described in Article 4, paragraph 9 of this agreement which must be paid within one week after the signing of the agreement, the other periodic payments owed by the Tenant to the Landlord under this rental agreement, as outlined in 4.8, are owed as advance payment in dollars and must be paid in full before or on the first day of the relevant payment period to bank account 85.24.29.479, by means of a direct debit order.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a32104014e5b4991bcaf017d02dc2624" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.11</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Unless otherwise stated, all amounts in this rental agreement and the relevant general terms and conditions are exclusive of VAT.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplies and services</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f3f0b6a541bc4f668d795867bee07504" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Parties agree to the following additional supplies and services to be performed by or on behalf of the Landlord:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Energy costs according to actual use:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">electricity consumption;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">gas consumption;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">heat for the ventilation of the laboratory;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">heat for the central heating system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">water consumption;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">fixed fee including consumption metering.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Operation, failure remediation, inspection costs, energy consumption, insurances and such of installations associated with the building for:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">elevator system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">air treatment system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">central heating system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">warm water system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">intercom system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">entry doors;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">sunscreen system;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">fire extinguishing equipment (and the fillings);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">sweeping of chimneys and ventilation channels, cleaning of boilers and burners;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">joint heat supply, water usage and lighting, including the costs of fixtures, tubes ad</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="72ae00a0231c490d90c5741e043696f9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">lamps;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">glass insurance of all exterior glass and window frames;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">surveillance and security service;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">cleaning of the windows and window frames of the general/joint and operation areas on the inside and outside;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">waste disposal household waste and old paper, and everything necessary for this purpose (container rental, county taxes, etc.);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">waste water drainage;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">maintenance of gardens;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">cleaning of the general/joint areas and operating areas, general terrains, parking areas, snow removal including the maintenance and replacement of planters, furniture and upholstery in the general/joint areas;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">officers who perform services for the building which the rental object is part of;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">service fee for towel dispensers, soap dispensers and such;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">joint promotional costs of the BioPartner Center Wageningen;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">6% management and administration expenses over the abovementioned supplies and services.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bank guarantee</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8fa466e85aab423da853ee3a55b7dc4d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The amount of the bank guarantee as referred to in 12.1 of the general terms and conditions, is set between parties at &#8364;52,310.17, in words; fifty-two thousand three hundred and ten dollars and 17 cents. The bank guarantee must be submitted to the Landlord within one week after the signing of this agreement.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manager</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="24f28d720adb4984b5503214e714ef22" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">7.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Until the Landlord determines otherwise, the Landlord shall act as manager.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e39cf7d88acb46a6990d15b138abafc8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">7.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Unless otherwise determined in writing, the Tenant must contact the manager with regard to the content and all other issues concerning this rental agreement.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Special provisions</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a902a3cab419400d8f894771217afe13" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Tenant must comply with all bylaws. The Bylaws (attached as annex) and the now known annexes are an integral part of this agreement. It shall also inform its personnel and the employees about these bylaws and supervise the compliance therewith.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d1447f17083b49d9b53bf72fe23a9b44" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="TEXT-ALIGN: justify; WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.2</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">In deviation of Article 6.7.1 of the General Terms and Conditions, parties agree that the Landlord will become the applicant and holder of the required permits, namely: Wvo (Clean Water Act), WM (Environmental Act) and the user permit. Tenant shall provide all information that is required for the application to the Landlord in a timely manner. Tenant also agrees to strictly comply with all associated conditions, costs and all other obligations resulting from the permit(s), without prejudice to the provisions in Articles 6.8.1 through 6.8.3 and 6.11.1 through 6.11.7 of the General Terms and Conditions, and to assume any consequences resulting thereof unconditionally as if the permit was issued in name of the Tenant. It shall indemnify the Landlord against such in and outside of court. To monitor that what is agreed here, the Landlord or a designated third party shall have access to the rental object at all times, after prior appointment. In order to comply with the law or the conditions of the permit, the Landlord may also review all documents of the Tenant and third parties employed by Tenant, and if necessary can also give unilateral directions and further instructions. Tenant must give its full cooperation in this. The latter does not release the Tenant from its obligation to immediately provide the Landlord with all information that is necessary for the permits and/or application and changes within its organization that could impact the permit. The costs associated with the changes are fully borne by the Tenant.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">The refusal of a change or extension of the issued permit and/or refusal of a &#8211; new &#8211; application or required permit and/or revocation of a permit shall not give rise to the termination of the rental agreement or to any other or further action against Landlord. The Landlord only has an obligation with regard to the provisions in this article. Insofar as the government requires that the Tenant&#160; itself applies for the permit and/or exemption, the provisions of Articles 6.7.1 cf of the General Terms and Conditions shall apply in full.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b60e43c8594746b7a2dd1f7d47f84194" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.3</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Tenant shall properly use and maintain the tenant-specific installations referred to in Article 1.1, as well as the design of the spaces, in accordance with the statutory provisions and the recommendations of the suppliers or manufacturers. All maintenance costs of these tenant-specific installations and mentioned designs shall be for the account of the Tenant and are not settled in the rent referred to in Article 4.1 nor in the service costs as described in Article 5 of this agreement. The replacement of installations (or parts thereof) within ten years after the start of this agreement is considered maintenance and therefore shall take place for the account of the tenant. After the mentioned period of ten years, parties will make further arrangements regarding the maintenance and replacement of the installations. As long as parties did not reach an agreement about this, the maintenance and replacement of installations are entirely for the account of Tenant.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f13c08f8ab6b4dfeb3ddb7b944717270" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.4</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Without prejudice to its liability for lost rental income and the associated costs towards the Landlord, Tenant owes the following amounts as compensation for the tenant-specific investments financed by the Landlord, if the rental agreement is terminated (in the interim) for whatever reason.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 90%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a1eca27264a146109a587ca67cd047ed" border="0" cellspacing="0" cellpadding="0" align="center">
<tr style="HEIGHT: 13px">
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Effective date termination</div>
</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 10pt">Compensation</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The day of signing of this rental agreement through</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">September 1, 2008:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">250,165.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2008 through September 1, 2009:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">230,921.69</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2009 through September 1, 2010:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">211,678.22</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2010 through September 1, 2011:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">186,020.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2011 through September 1, 2012:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">160,362.29</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2012 through September 1, 2013:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">134,704.32</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2013 through September 1, 2014:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">109,046.35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2014 through September 1, 2015:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">76,973.89</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2015 through September 1, 2016:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt">44,901.44</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">September 1, 2016 through September 1, 2017:</div>
</td>
<td style="BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">no fee.</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">These amounts are excl. VAT</div>
</td>
<td style="BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1.16%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Interim cancellation includes the right of the Landlord to dissolve the rental agreement without default effective immediately if in the opinion of the Landlord there are circumstances which severely hinder or threaten its redress against Tenant, such without prejudice to the right of Landlord to claim compliance of Tenant and/or compensation. A circumstance includes the application for a suspension of payment or bankruptcy of Tenant or if Tenant in any way loses the free disposal of all or part of its assets. In case of dissolution by the Landlord based on the aforementioned, all remaining rent installments and compensation for the tenant-specific investments are immediately payable: the rental period ends at the time of the dissolution. The compensation forfeited by the Tenant to the Landlord at any time is immediately payable and in case of the dissolution by the Landlord amounts to at least the sum of all remaining rent installments which would have occurred in the normal execution of the agreement, increased with the abovementioned compensation associated with the tenant-specific investments.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="671b71add60c4e3e86177394aef0922a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.5</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The rental object is delivered including the tenant-specific investments, being &#8211; laboratory &#8211; installations and facilities, present floor coverings and light fixtures. No rights can be derived from this. This all remains the property of the Landlord. Tenant is responsible for normal use and maintenance. If Tenant is of the opinion that something must be replaced, the costs are for its own account. Replacement is only permitted after the written approval of the Landlord.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="68993c8158094eb4bf77d82a8b9817fa" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.6</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">This agreement is subject to Dutch law.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt"><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0e0ff2c50b9747adad750017d63fcb65" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Thus prepared and signed in duplicate</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">City Jupiter, FL Date 6/8/07</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">City</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Date</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">/s/ Wayne Moor</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">(signature tenant)</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">(signature landlord)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Dyadic Nederland B.V.</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">BioPartner Center Wageningen B.V.</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Dyadic International Inc.</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Mr. Wayne Moor, Interim CEO</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">J.Th. Gielen</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Annexes:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">general terms and conditions</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">drawing of the rented business premises</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">house rules</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">official report of acceptance</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">bank guarantee</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Separate signature(s) of Tenant(s) for the receipt of an own copy of the &#8220;GENERAL TERMS AND CONDITIONS RENTAL AGREEMENT OFFICE SPACE and other business premises within the meaning of Article 7:230a BW&#8221; as referred to in 2.1.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Signature Tenant:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -36pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">/s/ Wayne Moor</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<hr style="HEIGHT: 2px; COLOR: rgb(0,0,0)" noshade="noshade">
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>4
<FILENAME>ex10_15.htm
<DESCRIPTION>EXHIBIT 10.15
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Thomson Reuters
    Document created using Disclosure Solutions PROFILE 3.0.0.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="HEIGHT: 4px; COLOR: #000000" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.15</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Explanatory Note &#8211; Notes were issued in the amounts listed below to the parties indicated below on separate agreements identical in form and substance, mutatis mutandis, to this Exhibit 10.15.</div>

<div><br>
</div>

<table style="WIDTH: 60%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9c477daae3f74a71a6e64decd730150c" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holder</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: medium none; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid; BORDER-RIGHT: medium none" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Original Balance</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">MARK A. EMALFARB TRUST</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1,000,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">LISA JOY EMALFARB</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">MICHAEL FABY</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">UNIVEST MANAGEMENT</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">PINNACLE FAMILY TRUST *</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,000,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">JOHN S LEMAK</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">200,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">MARIO MAFFEI</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">JSL KIDS PARTNERS</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">MICHAEL WEISS</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">100,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">SAMUEL FROMKIN</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">200,000</div>
</td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total 2010 Convertible Note</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,000,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">*&#160; $182,000 converted to shares of common stock.&#160; Outstanding balance as of September 30, 2014 was $1,818,000.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>LOAN AGREEMENT</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">THIS LOAN AGREEMENT</font> (&#8220;Agreement&#8221;) made this ____ day of August, 2010 by and among <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">___________________________________________________</font> a ______________ (the &#8220;Lender&#8221;), and <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</font>, a Delaware corporation, and its wholly-owned subsidiary <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</font>, a Florida corporation (together, the &#8220;Borrower&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recitals:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="df8eb5aba1fa4c9fa01e0703e05197c9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">A.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Borrower seeks to borrow up to four million dollars ($4,000,000) in the aggregate on or before September 30, 2010 from private lenders (the "Offering").</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cb28d6f3a5034ea9b74aaec9ede01726" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">B.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Lender has agreed to participate in the Offering.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bf4764ae2f2942e4867ee9d26b9528e0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">C.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The loans comprising the Offering shall be subordinated, secured and convertible into restricted shares of the Borrower's common stock, all on the terms set forth herein below.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOW THEREFORE</font>, based on the foregoing and for valuable consideration, the parties hereto hereby agree as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fa356aeab34e48f1b9987ac4a571166b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Lending Commitment</u></font>.&#160; The Lender hereby commits to lend _____________ dollars ($_____________) to the Borrower (the &#8220;Commitment&#8221;).&#160; The Lender shall disburse funds under the Commitment upon receipt of a fully executed Convertible Subordinated Secured Promissory Note in the form attached hereto as <font style="FONT-SIZE: 10pt"><u>Exhibit &#8220;A&#8221;</u></font> (the &#8220;Note&#8221;) and a fully executed Security Agreement in the form attached hereto as <font style="FONT-SIZE: 10pt"><u>Exhibit "B"</u></font> (the "Security Agreement"), each of which forms a part hereof, provided such receipt occurs on or before August 31, 2010.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1710e33cc9bd418bb2a3fc64ffa41f61" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Representations and Warranties</u></font>.&#160; The Borrower hereby represents and warrants that:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5dcc3a3b6a9140ba9375980f911f2e23" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower is duly organized, validly existing and in good standing under the laws of Delaware in the case of Dyadic International, Inc. and the laws of Florida in the case of Dyadic International (USA), Inc.; has the corporate power to carry out the business in which it is engaged; and the execution and delivery of this Agreement and any related documents (including but not limited to the Note and the Security Agreement) have been duly authorized by all necessary action of the directors of the Borrower and are not and will not be in contravention of any provision of law nor in contravention of any organizational documents of the Borrower, nor result in the breach of any agreement, indenture, or undertaking to which it is a party or by which it is bound.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cc995bb855d6416bb531f3fde4e006d4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">There is no action, suit, proceeding or investigation at law in equity or before any court, public board or body pending, or to the Borrower&#8217;s knowledge, threatened against or affecting it, that could or might adversely affect the validity or enforceability of this Agreement, or the Borrower&#8217;s ability to discharge its </font>obligations under this Agreement., or would, if there were an unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a material and adverse effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Lender and its subsidiaries (a &#8220;Material Adverse Effect&#8221;).</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7a692c2578e546af9f6cbaf59258ea6c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">No consent or approval is necessary from any governmental authority as a condition to the execution and delivery of this Agreement by the Borrower or the performance of any of its obligations hereunder.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9522257d14134ae198a246b13a678f31" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The execution, delivery and performance of this Agreement, the Note and the Security Agreement (the &#8220;Transaction Documents&#8221;) by the Borrower and the consummation by the Borrower of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the Borrower's or any of the Borrower&#8217;s subsidiaries&#8217; certificate or articles of incorporation (as applicable), bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Borrower or subsidiary debt or otherwise) or other understanding to which the Borrower or any subsidiary is a party or by which any property or asset of the Borrower or any subsidiary is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Borrower or any subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Borrower or any subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8aae625802054bb2aecaace57dc2f2cb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The common stock of Dyadic International, Inc. issuable upon conversion of the Note (the &#8220;Common Stock,&#8221; and together with the Note, the &#8220;Securities&#8221;) have been duly authorized and, when issued and paid for in accordance with the Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens.&#160; The Borrower has reserved from its duly authorized capital stock a number of shares of Common Stock issuable upon conversion of the Note.&#160; All securities previously issued by the Borrower were duly and validly issued, fully paid and nonassessable when issued.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left"><a id="OLE_LINK2" name="OLE_LINK2"><!--Anchor--></a><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bbea5e418939470f89abc459daba5c5b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The number of shares and type of all authorized, issued and outstanding capital stock of the Borrower, and all shares of Common Stock reserved for issuance under the Borrower&#8217;s various option and incentive plans, are specified in Schedule 2(f).&#160; Except as specified in Schedule 2(f), no securities of the Borrower are entitled to preemptive or similar rights, and no person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.&#160; Except as </font>specified in Schedule 2(f), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Borrower or any subsidiary is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock.&#160; The issue and sale of the Securities will not, immediately or with the passage of time, obligate the Borrower to issue shares of Common Stock or other securities to any person and will not result in a right of any holder of the Borrower securities to adjust the exercise, conversion, exchange or reset price under such securities.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e7c043250c104d64afee7be9c34faab0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Since the date of the latest audited financial statements, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Borrower has not incurred any liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past practice and (B) liabilities (not to exceed fifty thousand dollars ($50,000)) not required to be reflected in the Borrower's financial statements pursuant to United States Generally Accepted Accounting Principles, (iii) the Borrower has not altered its method of accounting or the identity of its auditors, (iv) the Borrower has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (v) the Borrower has not issued any equity securities to any officer, director or affiliate, except pursuant to existing the Borrower stock option plans and consistent with past practice.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="89d9a5e11ab64264a592c19a541d55d4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(h)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">No material labor dispute exists or, to the knowledge of the Borrower, is imminent with respect to any of the employees of the Borrower.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fc15c4318dbf49a1baa33d18cb732a5f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Neither the Borrower nor any subsidiary (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Borrower or any subsidiary under), nor has the Borrower or any subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including, without limitation, all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0cbf44163ab8460b85d7101b8bf76033" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(j)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower and its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such permits could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, and neither the Borrower nor any subsidiary has received any notice of proceedings relating to the revocation or modification of any such permits.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8eb9d9410c93407e94c3473067aa2a3e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(k)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower and the subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use in connection with their respective businesses and which the failure to so have could, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect (collectively, the &#8220;Intellectual Property Rights&#8221;).&#160; Neither the Borrower nor any subsidiary has received a written notice that the Intellectual Property Rights used by the Borrower or any subsidiary violates or infringes upon the rights of any person.&#160; To the knowledge of the Borrower, all such Intellectual Property Rights are enforceable and there is no existing infringement by another person of any of the Intellectual Property Rights.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ca8dcf0e565a4d8d9e83bacbaf7b1526" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(l)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower and the subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with United States Generally Accepted Accounting Principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fb8aa60048ba4e7ebade410a6e37888c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(m)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower&#8217;s assets constitute sufficient capital to carry on its business for the current fiscal year as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Borrower, and projected capital requirements and capital availability thereof.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="271811b366b64711a6eed2bb155d450c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(n)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower is not, and is not an affiliate of, and immediately following the date hereof will not have become, an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4ccbaea875284366a02cec2cc2124619" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(o)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">As of the date of this Agreement, other than as set forth in Schedule 2(o), the Borrower has no debt that is secured by any lien.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ddc156c3c2f549ac9913e54f9c817aaa" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(p)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">As of the date of this Agreement, except as set forth on Schedule 2(p), no </font>indebtedness of the Borrower is senior to the Note in right of payment, whether with respect to interest or upon liquidation or dissolution, or otherwise.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">4</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="87ef697fc53e43bd87351dfc5215d88c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(q)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower confirms that neither it nor any person acting on its behalf has provided the Lender or its respective agents or counsel with any information that the Borrower believes constitutes material, non-public information except insofar as the existence and terms of the proposed transactions hereunder may constitute such information.&#160; The Borrower understands and confirms that the Lender will rely on the foregoing representations and covenants in effecting transactions in securities of the Borrower.&#160; All disclosure provided to the Lender regarding the Borrower, its business and the transactions contemplated hereby, furnished by or on behalf of the Borrower (including the Borrower&#8217;s representations and warranties set forth in this Agreement) are true and correct in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="02ddd5970b444515923e92dc74b87231" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Covenants</u></font>.&#160; The Borrower shall at all times preserve its legal existence.&#160; In the event the Borrower wishes to: sell, lease, or otherwise dispose of all or substantially all of its assets; make a public offering of its capital stock; or take any action which would result in a change in the control of, or in fifty percent (50%) or more of, the equity ownership (including, without limitation, a merger, reorganization or consolidation) of the Borrower from the form of ownership or control (as the case may be) which exists as of the date of this Agreement, the Borrower shall provide the Lender thirty (30) days written notice prior to the effective date of such event and, upon the date of closing of such event, the outstanding principal and any accrued interest under the Note shall be immediately due and payable to the Lender and this Agreement may be terminated by the Lender.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="edb0ddda0e80464684a045ec216fb20d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Independent Status</u></font>.&#160; Neither this Agreement nor any provisions hereof shall be deemed to create a partnership or joint venture between the Lender and the Borrower. The relationship of the parties is strictly that of a borrower and lender.&#160; The Borrower specifically agrees that it shall not represent itself as an agent or employee of the Lender, nor is this Agreement intended to be construed so as to make the Borrower an agent or employee of the Lender.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5ad6d6d3feca4dc89bcfc15494db409a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Disclosure of Information</u></font><font style="FONT-SIZE: 10pt">.</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c3e1208498524d21beec35f2dc8c40ac" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Although the Borrower is under no obligation to provide trade secrets or confidential proprietary information to the Lender, in the event that the Borrower provides any such information to the Lender, the Lender shall exert its best efforts to protect the confidentiality of technical, scientific or financial information considered proprietary by the Borrower until such time as such information becomes publicly available through no fault of the Lender and in accordance with the terms of any confidentiality agreement between the Borrower and the Lender.&#160; The Borrower acknowledges and agrees that as of the date hereof no trade secrets, <font style="FONT-SIZE: 10pt">confidential proprietary information, or non-public information with respect to the Borrower or its subsidiaries has been provided to the Lender.</font></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">5</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6fcfe36a3f194eeebd72a80660daa6fc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower periodically discloses material financial and other information to the public through its financial statements. The Lender hereby acknowledges having had the opportunity to review such financial statements before entering into this Agreement including, but not limited to, the Borrower&#8217;s financial statements for the year ended December 31, 2009 and the quarterly periods ended March 31, and June 30, 2010.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4ac6d789643a4d278a12c6e5c09ad1d9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Events of Default and Remedies</u></font><font style="FONT-SIZE: 10pt">.</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="dece41733c26418194cb909691ee4c0e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Each of the following shall constitute an &#8220;Event of Default&#8221; by the Borrower under this Agreement, whatever the reason for such Event of Default and whether it shall be voluntary or involuntary, or be affected by operation of law or otherwise:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a329e1b4fa7b4ae9b65f0a33ec9edced" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">i.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any payment of principal or interest on the Note, or any other amount due hereunder, is not made when due;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7fa498058dca4af382dc40c072232737" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">ii.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any provision, covenant or agreement of the Borrower in this Agreement (including the Note and the Security Agreement), is breached or proves to be untrue or misleading in any material respect;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e17c71071dfc44678e0c5ed1856ab92d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">iii.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any warranty, representation or statement made or furnished to the Lender by the Borrower in this Agreement (including the Note and the Security Agreement), is untrue or misleading in any material respect;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1e7a65ebd0eb47b7b1fc6c5297ad125c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">iv.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any voluntary or involuntary bankruptcy, reorganization, insolvency, arrangement, receivership, or similar proceeding is commenced by or against the Borrower under any federal or state law, or the Borrower makes an assignment for the benefit of creditors; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b2e43a64fd1e4c379f7014a919945efd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">v.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any substantial part of the inventory, equipment or other property of the Borrower, real or personal, tangible or intangible, is damaged or destroyed and the damage or destruction is not covered by collectible insurance.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="58551f85508d49829151d052b5fb4206" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Subject to Section 7.3(a) of the Security Agreement, upon the occurrence of any Event of Default, and in every such event, the Lender, upon notice to the Borrower, may declare the principal of and interest on the Note and other amounts payable under this Agreement to be, and the Note and all such other amounts shall thereupon become, due and payable to the Lender, without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the Note to the contrary notwithstanding.&#160; In addition to the foregoing, the Lender shall have all the rights and remedies of a secured party under Florida law.&#160; No remedy herein conferred upon or reserved to the Lender is </font>intended to be exclusive of any other remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now hereafter existing in law or equity.&#160; No failure or delay by the Lender in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise of any power or right.&#160; The Lender may, by written notice to the Borrower, at any time and from time to time, waive any Event of Default or "Unmatured Event of Default" (as defined below), which shall be for such period and subject to such conditions as shall be specified in any such notice. In the case of any such waiver, the Lender and the Borrower shall be restored to their former position and rights hereunder, and any Event of Default or Unmatured Event of Default so waived shall be deemed to be cured and not continuing; but no such waiver shall extend to or impair any subsequent or other Event of Default or Unmatured Event of Default. No failure to exercise, and no delay in exercising, on the part of the Lender of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Lender herein provided are cumulative and not exclusive of any rights or remedies provided by law. "Unmatured Event of Default" means any event or condition which might become an Event of Default if continuing after notice or the passage of time or both.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">6</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fca1f9a6421b4ef3b68ae5ac7c17dcd3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Notices</u></font>.&#160; All notices required or permitted to be delivered hereunder and all communications in respect hereof shall be in writing and shall be deemed given on the date it is personally delivered or on the date it is deposited in the United States mail, certified, return receipt requested, first class postage prepaid and addressed as follows:</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">If to the Lender, to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Attn.:</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9c2995da5f454d918c5337dd36584b00" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.15pt"></td>
<td style="WIDTH: 123.85pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">If to the Borrower, to:</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Dyadic International, Inc.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Dyadic International (USA), Inc.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">140 Intracoastal Pointe Dr., Suite 404</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Jupiter, FL 33477</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Attn: General Counsel</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">or addressed to such other address or to the attention of such other individual as the Lender or the Borrower shall have specified in a notice delivered pursuant to this section.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="09b2bdc951b3411594f1755237ace65f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Construction</u></font>.&#160; This Agreement shall be construed and governed by the laws of the State of Florida, excepting only its conflict of law principles.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="50fc2a3d6d23431192c723f7d2ac8357" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">9.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Benefit and Assignment</u></font><font style="FONT-SIZE: 10pt">.&#160; The rights, duties and obligations of the parties under this Agreement shall inure to the benefit of the parties and shall be binding upon their successors and permitted assigns.&#160; Neither this Agreement nor the respective rights, </font>duties, obligations, and responsibilities of the Borrower may be transferred or assigned, in whole or in part, by the Borrower to any other person, firm or organization (including sub-agents) without the prior written consent of the Lender.&#160; The Lender may freely assign or transfer its rights, duties, obligations and responsibilities, in whole or in part, to any other party, other than a competitor of the Borrower, without the prior consent of the Borrower.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">7</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5aa78e28fb8b4e6d9e1f436c3fe083fa" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">10.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Surviva</u></font>l.&#160; All representations and warranties made by the Borrower herein shall survive delivery of the Note hereunder.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cb16c794c1c940ff8a7223bae5fcd570" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">11.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Severability of Provisions</u></font>.&#160; Any provision of this Agreement which is prohibited or unenforceable in any manner, in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4eb68caf78b0403884f103a9ce7baf86" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">12.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Furnishing of Information</u></font>.&#160; If the Borrower is not required to file reports pursuant to the Securities Exchange Act of 1934, as amended, it will prepare and furnish to the Lender and make publicly available in accordance with Rule 144(c) such information as is required for the Lender to sell the Common Stock under Rule 144.&#160; The Borrower further covenants that it will take such further action as the Lender may reasonably request, all to the extent required from time to time to enable the Lender to sell the Common Stock without registration under the Securities Act of 1933, as amended, within the limitation of the exemptions provided by Rule 144.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9c5c6d52b5e8468a8bc63c3e124bc138" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">13.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Reservation of Shares</u></font>.&#160; The Borrower shall maintain a reserve from its duly authorized shares of Common Stock equal to the shares of Common Stock required to comply with its conversion obligations under the Note.&#160; If on any date the Borrower would be, if notice of conversion were to be delivered on such date, precluded from issuing the number of shares of Common Stock issuable upon conversion in full of the Note due to the unavailability of a sufficient number of authorized but unissued or reserved shares of Common Stock, then the Board of Directors of the Borrower shall promptly prepare and mail to the stockholders of the Borrower proxy materials or other applicable materials requesting authorization to amend the Borrower&#8217;s certificate of incorporation or other organizational document to increase the number of shares of Common Stock which the Borrower is authorized to issue so as to provide enough shares for issuance of the Common Stock.&#160; In connection therewith, the Board of Directors shall (a) adopt proper resolutions authorizing such increase, (b) recommend to and otherwise use its best efforts to promptly and duly obtain stockholder approval to carry out such resolutions (and hold a special meeting of the stockholders as soon as practicable, but in any event not later than the 60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day after delivery of the proxy or other applicable materials relating to such meeting) and (c) within five (5) business days of obtaining such stockholder authorization, file an appropriate amendment to the Borrower&#8217;s certificate of incorporation or other organizational document to evidence such increase.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">8</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0451c04586ba40b595a93b14b001da3a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">14.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Remedies.</u></font>&#160; In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Lender and the Borrower will be entitled to specific performance under the Transaction Documents.&#160; The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="50225f7383d545fe86074085b2adaff8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">15.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Indemnification of Lender</u></font>.&#160; The Borrower will indemnify and hold the Lender and its members, partners, employees and agents (each, a &#8220;Lender Party&#8221;) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation (collectively, &#8220;Losses&#8221;) that any such Lender Party may suffer or incur as a result of or relating to any misrepresentation, breach or inaccuracy of any representation, warranty, covenant or agreement made by the Borrower in the Transaction Documents.&#160; In addition to the indemnity contained herein, the Borrower will reimburse each Lender Party for its reasonable legal and other expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith, as such expenses are incurred.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4014216049d6483ab6b817dfe5db8d71" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">16.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Payment Set Aside</u></font>.&#160; To the extent the Borrower makes a payment or payments to the Lender pursuant to any Transaction Document or the Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">9</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="59abf23047154b348d3cb3e73bef72c8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">17.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Entire Agreement</u></font>.&#160; This Agreement (including the Note and the Security Agreement) and any related documents (including financing statements as applicable) supersede all prior discussions and/or agreements between the Lender and the Borrower, and express the entire understanding with respect to the subject matter hereof, and shall not be amended, modified, or altered, nor any of their provisions waived, without the prior written consent of both the Borrower and the Lender.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, the parties hereto have executed this Agreement as of the date first above written.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="20d058f2679f4438a8998b86cb917340" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">LENDER:</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Name of Entity]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160; &#160;&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="344ec28f79bc4cd7b157c554bb8d64f8" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">BORROWER:</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Exhibit A</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NEITHER THIS CONVERTIBLE SUBORDINATED SECURED PROMISSORY NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT&#8221;).&#160; NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE SUBORDINATED SECURED PROMISSORY NOTE</div>

<div><br>
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Jupiter, Florida</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4a0465ae43924fd7a8b0d2871c71b4e9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 51.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$______________</div>
</td>
<td style="WIDTH: 48.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">August ___, 2010</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For value received</font>, Dyadic International, Inc., a Delaware corporation, and Dyadic International (USA), Inc., a Florida corporation (together, &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Payor</font>&#8221;), hereby promises to pay to the order of ______________________________, a __________________________ (&#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holder</font>&#8221;), the principal sum of _______________ dollars ($____________) with interest on the outstanding principal amount at the rate of eight percent (8%) per annum, compounded annually based on a 365-day year.&#160; Interest shall commence upon the date hereof and shall continue on the outstanding principal until paid in full or converted pursuant to Section 2 below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Payment; Maturity.&#160; </font>At any time upon or after the earlier of (i) January 1, 2013, (ii) an Event of Default, or (iii) a Change of Control (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maturity Date</font>&#8221;), if this Note has not been converted in accordance with the terms of Section 2 below, Holder may demand payment of the entire outstanding principal balance of this Note and all unpaid accrued interest thereon.&#160; Interest shall be paid on the last day of each calendar quarter beginning on December 31, 2010.&#160; All payments of interest and principal shall be in lawful money of the United States of America.&#160; All payments shall be applied first to accrued interest, and thereafter to principal.&#160; If any payments on this Note become due on a Saturday, Sunday or a public holiday under the laws of the State of Florida, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment.&#160; An &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Event of Default</font>&#8221; shall have the meaning set forth in that certain Loan Agreement dated of even date herewith between Payor and Holder (the <font style="FONT-SIZE: 10pt"><u>&#8220;</u></font><font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Loan Agreement</font>&#8221;) to which this Note is an exhibit.&#160; A &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change of Control</font>&#8221; means (a) the consummation of a sale, transfer or lease of all or substantially all of Payor's assets, or (b) the consummation of an acquisition of Payor by another entity in which Payor's stockholders immediately prior to the transaction do not control a majority of the voting securities of the surviving entity.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ELECTIVE CONVERSION</font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The outstanding principal balance and the interest thereon of this Note may be converted, in whole or in part, by Holder, as follows.&#160; To effectuate Holder&#8217;s election to convert this Note pursuant to this Section 2(a), Holder shall deliver to Payor a notice setting forth its desire to convert no earlier than January 1, 2011 and Holder shall surrender this Note, duly endorsed, to Payor or its transfer agent.&#160; Payor shall not be obligated to issue certificates evidencing the common stock of Dyadic International, Inc. (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</font>&#8221;) issuable upon such conversion unless this Note is either delivered to Payor or its transfer agent, or Holder notifies Payor or its transfer agent that this Note has been lost, stolen or destroyed and executes an agreement satisfactory to Payor to indemnify Payor from any loss incurred by it in connection with this Note.&#160; Payor shall, within five (5) business days after such delivery, or such agreement and indemnification, issue and deliver at such office to Holder a certificate or certificates for the Common Stock to which Holder shall be entitled.&#160; Such conversion shall be deemed to have been made immediately prior to the close of business on the date of the closing of receipt of Holder's notice of election.&#160; The person or persons entitled to receive Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such Common Stock on such date.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If by the fifth trading day after the date the Note is delivered for conversion Payor fails to deliver to Holder such shares issuable upon conversion of this Note in such amounts and in the manner requested, then Holder will have the right to rescind its conversion request pertaining thereto by giving written notice to Payor prior to Holder&#8217;s receipt of such shares.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If by the fifth trading day after the date the Note is delivered for conversion Payor fails to deliver to Holder the required number of shares in the manner requested, and if after such fifth trading day and prior to the receipt of such shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by Holder of the shares which Holder anticipated receiving upon such conversion (a &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Buy&#8209;In</font>&#8221;), then Payor shall: (1) pay in cash to Holder (in addition to any other remedies available to or elected by Holder) the amount by which (x) Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of shares that Payor was required to deliver to Holder in connection with the exercise at issue by (B) the closing price at the time of the obligation giving rise to such purchase obligation and (2) at the option of Holder, either void the conversion at issue and reinstate the principal amount of the Note (plus accrued interest therein) for which such conversion was not timely honored or deliver to Holder the number of shares of Common Stock that would have been issued had Payor timely complied with its exercise and delivery obligations hereunder.&#160; Holder shall provide Payor reasonably detailed evidence or written notice indicating the amounts payable to Holder in respect of the Buy&#8209;In.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding anything to the contrary contained herein, the number of shares of Common Stock that may be acquired by Holder upon conversion of the Note (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned by Holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with Holder&#8217;s for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exchange Act</font>&#8221;), does not exceed 4.9% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such conversion) of Payor.&#160; For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.&#160; By written notice to Payor, Holder may waive the provisions of this Section 2(d) as to itself but any such waiver will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after delivery thereof.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The conversion price in the event of such an elective conversion shall be equal to one hundred twenty percent (120%) of the trailing 30-day average closing price of Payor&#8217;s Common Stock as of the date that the Loan Agreement, this Note and the Security Agreement (as defined below) are executed and delivered by Holder and Payor, subject to equitable adjustment for any stock dividends, splits, combination, distribution, or other transaction having similar effect.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subordinate Debt</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">.&#160; </font>The indebtedness represented by this Note is subordinate in right of payment to all current secured indebtedness of Payor as set forth in the condensed consolidated financial statements, including the notes thereto, of Payor for the quarter ended June 30, 2010.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">12</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Security</font>.&#160; Payment of this Note is secured and otherwise entitled to the benefits of that certain Security Agreement of even date herewith (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Security Agreement</font>&#8221;) made by Payor in favor of Holder.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Waiver; Payment of Fees and Expenses</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Payor expressly and irrevocably waives presentment, protest and demand for payment.&#160; The right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law.&#160; No delay by Holder shall constitute a waiver, election or acquiescence by it.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Payor agrees to pay upon demand all expenses (including without limitation attorneys' fees, legal costs and expenses, whether in or out of court, in original or appellate proceedings or in bankruptcy) incurred or paid by Holder or any holder hereof in connection with the enforcement or preservation of its rights hereunder or under any document or instrument executed in connection herewith.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPRESENTATIONS AND WARRANTIES OF HOLDER.&#160; </font>Holder hereby represents and warrants to Payor as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purchase Entirely for Own Account</font>.&#160; This Note is issued to Holder in reliance upon the Holder&#8217;s representation to Payor, which by Holder&#8217;s execution of this Note Holder hereby con-firms, that this Note and the Common Stock issuable upon the conversion hereof (together, the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities</font>&#8221;) will be acquired for investment for Holder&#8217;s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.&#160; By executing this Note, Holder further represents that Holder does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities.&#160; Holder has not been formed for the specific purpose of acquiring the Securities.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted Securities</font>.&#160; Holder understands that no public market now exists for any of the Securities to be issued by Payor in the event of conversion of the Note and that Payor has made no assurances that a public market will ever exist for the Securities.&#160; Holder understands that the Securities have not been and may never be registered under the Act, and without such registration, may only be sold through a specific exemption from the registration provisions of the Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Holder&#8217;s representations as expressed herein.&#160; Holder understands that the Securities are &#8220;restricted securities&#8221; under applicable U.S. federal and state securities laws and that, pursuant to these laws, Holder must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accredited Investor</font>.&#160; Holder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Act.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Miscellaneous</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Governing Law.&#160; </font>This Note and any document or instrument executed in connection herewith shall be governed by and construed in accordance with the internal laws of the State of Florida.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Successors and Assigns; Assignment.&#160; </font>The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.&#160; Payor may not assign this Note or delegate any of its obligations hereunder without the written consent of Holder.&#160; Holder may freely assign or transfer its rights, duties, obligations and responsibilities, in whole or in part, to any other party, other than a competitor of Payor, without the prior consent of Payor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Titles and Subtitles.</font>&#160; The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting the Note.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notices.</font>&#160; All notices required or permitted under this Note shall be given in writing and shall be deemed effectively given:&#160; (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) five (5) days after deposit in the United States mail, by registered or certified mail, postage prepaid and properly addressed to the party to be notified, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Default Rate of Interest</font>.&#160; Upon the occurrence of an Event of Default, interest shall accrue on the outstanding principal of this Note so long as such default continues at the rate of four-teen percent (14%) per annum.&#160; Payor does not intend or expect to pay, nor does Holder intend or expect to charge, accept or collect any interest which, when added to any fee or other charge upon the principal which may legally be treated as interest, is in excess of the highest lawful rate. If acceleration, prepayment or any other charges upon the principal or any portion thereof, or any other circumstance, result in the computation or earning of interest in excess of the highest lawful rate, then any and all such excess is hereby waived and shall be applied against the remaining principal balance. Without limiting the generality of the foregoing, and notwithstanding anything to the contrary contained herein or otherwise, no deposit of funds shall be required in connection herewith which will, when deducted from the principal amount outstanding hereunder, cause the rate of interest hereunder to exceed the highest lawful rate.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Miscellaneous</font>.&#160; Unless the context requires otherwise, wherever used herein the singular shall include the plural and vice versa, and the use of one gender shall also denote the other.&#160; Captions herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof; references herein to Sections or provisions without reference to the document in which they are contained are references to this Note.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In Witness Whereof, </font>the parties have executed this <font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Convertible Subordinated secured Promissory Note</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>as of the date first written above.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b3b94f663546415881987de240d8b770" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160; </div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160; </div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">AGREED TO AND ACCEPTED</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">this __ day of August, 2010:</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Name of Entity]</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160; </div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Exhibit B</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>SECURITY AGREEMENT</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">THIS SECURITY AGREEMENT (&#8220;Agreement&#8221;) </font>made this _____ day of August, 2010 by and among <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</font>, a Delaware corporation, and <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</font>, a Florida corporation (together, the &#8220;Obligor&#8221;), and <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">______________________________________</font>, a ___________________ (the &#8220;Secured Party&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recitals:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">A.<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Secured Party is simultaneously herewith providing the Obligor with a loan pursuant to the terms of a Loan Agreement of even date herewith (the &#8220;Loan Agreement&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">B.<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Obligor is evidencing its repayment obligation for such loan by executing and delivering to the Secured Party a Convertible Subordinated Secured Promissory Note of even date herewith (the &#8220;Note&#8221;).&#160; Payment of the Note is secured by the security interest granted herein below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOW THEREFORE</font>, based on the foregoing, for value received, the parties hereto agree as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 1&#160; Grant of Security Interest</u></font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.1<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Grant of Security</u></font>.&#160; To secure the Obligor&#8217;s obligation to pay the principal amount represented by the Note and any accrued and unpaid interest, the Obligor hereby grants to the Secured Party a continuing subordinated security interest in and to all of the Obligor&#8217;s right, title and interest in, to and under:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all of the assets of the Obligor and its subsidiaries, wherever located, of every kind and description, tangible or intangible, including, but not limited to, all biological materials, strains and molecular tools of any kind, all laboratory and other equipment, including, without limitation, the following property of the Obligor, whether now or hereafter owned (in whole or in part), existing, acquired or arising and wherever now or hereafter located:&#160; (a) all Accounts and all Goods the sale, lease or other disposition of which by the Obligor has given rise to Accounts and has been returned to, or repossessed or stopped in transit by, the Obligor; (b) all Chattel Paper, Instruments, Documents and General Intangibles (including, without limitation, all patents, patent applications, trademarks, trademark applications, tradenames, trade secrets, goodwill, copyrights, copyright applications, registrations, licenses, software, franchises, customer lists, tax refund claims, claims against carriers and shippers, guarantee claims, contract rights including, without limitation, leases and grants, payment intangibles, security interests, security deposits, rights to indemnification, strains and microorganisms and related mutants and derivatives thereof now existing or hereafter produced, fermentation processes and protocols, proprietary and confidential information and materials, sequenced genome, annotated genome, genes, genetic material, research and development projects, research tools and materials, research equipment and supplies and know-how); (c) all Inventory including, without limitation, raw materials; (d) all Goods (other than Inventory) including, without limitation, Equipment, vehicles and Fixtures; (e) all Investment Property; (f) all Deposit Accounts, bank accounts,<font style="FONT-SIZE: 10pt">&#160;</font>prepaid expenses and all deposits and cash; (g) all Letter of Credit Rights; (h) all Commercial Tort Claims, and all other claims and causes of action, whether in contract, tort or otherwise, including but not limited to the proceeds of any recovery in the Obligor&#8217;s professional negligence/malpractice lawsuit against its former auditors and legal counsel; (i) any property of the Obligor now or hereafter in the possession, custody or control of the Secured Party or any agent or any parent, affiliate or subsidiary of the Secured Party for any purpose (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise); (j) all additions and accessions to, substitutions for, and replacements, products and Proceeds of the foregoing property, including, without limitation, proceeds of all insurance policies insuring the foregoing property including, but not limited to, the proceeds of all insurance policies owned or for the benefit of the Obligor including, but not limited to, life insurance policies on its officers, directors and/or employees, all of the Obligor&#8217;s books and records relating to any of the foregoing and to the Obligor&#8217;s business; and (k) all access fees, milestone payments, facility fees, royalties, research and commercial payments and any other payments made in the past, present or future by any of the Obligor&#8217;s licensees, collaborators or strategic partners.&#160; &#8220;Account&#8221;, &#8220;Account Obligor&#8221; &#8220;Chattel Paper&#8221;, &#8220;Commercial Tort Claims&#8221;, Deposit Accounts&#8221;, &#8220;Documents&#8221;, &#8220;Equipment&#8221;, &#8220;Fixtures&#8221;, &#8220;General Intangibles&#8221;, &#8220;Goods&#8221;, &#8220;Instruments&#8221;, &#8220;Inventory&#8221;, &#8220;Investment Property&#8221;, &#8220;Letter of Credit Rights&#8221;, &#8220;Proceeds&#8221; and &#8220;Tangible Chattel Paper&#8221; shall have the meanings assigned to such terms, as of the date of this Agreement in the Uniform Commercial Code (&#8220;UCC&#8221;);</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">16</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all proceeds of any and all of the foregoing (including, without limitation, any property or cash) and, to the extent not otherwise included, all payments under insurance (whether or not the Secured Party is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing; and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other property or right constituting any part of the foregoing.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The items covered in subsections (a) - (c) shall be collectively referred to as the "Collateral".</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.2<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt"><u>Financing Statements</u></font>.&#160; The Secured Party is hereby authorized by the Obligor to file any documents, including, without limitation, UCC Financing Statements, to perfect and/or record the security interest in the Collateral granted herein and to file amendments, releases and termination statements relating to any UCC Financing Statements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.3<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt"><u>Assignment</u></font>.&#160; The rights under this Agreement and the security interest granted hereby only may be assigned or transferred by the Secured Party together with the Note in circumstances where the transfer of the Note is allowed under the terms of the Note.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 2&#160; Security for Obligations</u></font>.&#160; This Agreement secures the payment of all obligations of the Obligor now or hereafter existing under the Note (all such obligations of the Obligor being the "Obligations").</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 3&#160; Obligor Remains Liable</u></font>.&#160; Anything herein to the contrary notwithstanding, should any agreements or contracts of the Obligor to the Secured Party be deemed part of the Obligor&#8217;s assets and, accordingly, a part of the Collateral, (a) the Obligor shall remain liable under the contracts and agreements included in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Secured Party of any of the rights hereunder shall not release the Obligor from any of its duties or obligations under the contracts and agreements included in the Collateral, and (c) the Secured Party shall have no obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Secured Party be obligated to perform any of the obligations or duties of the Obligor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">17</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 4&#160; Representations and Warranties</u></font>.&#160; The Obligor represents and warrants as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Obligor is the legal and beneficial owner of the Collateral subject to those liens, security interests, and other encumbrances reflected in the public records and/or on the Obligor's financial statements.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font>This Agreement has been duly executed and delivered by the Obligor and is a valid and binding obligation of the Obligor, enforceable against the Obligor in accordance with its terms.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The execution and delivery by the Obligor of this Agreement and the performance of its obligations hereunder are within the Obligor&#8217;s authority and capacity and, to its knowledge, do not contravene any law, regulation, order or contractual restriction binding on or affecting the Obligor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The grant of the security interest in the Collateral pursuant to this Agreement creates a valid subordinated security interest in the Collateral in favor of the Secured Party securing the payment of all of the Obligations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 5&#160; The Obligor&#8217;s Covenants</u></font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5.1<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt"><u>Affirmative Covenants</u></font>.&#160; The Obligor hereby covenants that so long as this Agreement remains in effect or any amount due hereunder or under the Note remains outstanding and unpaid, it will, unless otherwise consented to in writing by the Secured Party:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>do all things necessary to preserve and keep in full force and effect its corporate existence, including, without limitation, all licenses or similar qualifications required by it to engage in business as presently conducted; and continue to (i) engage in business as presently conducted, and (ii) conduct business substantially as presently conducted or as otherwise permitted hereunder;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>pay and discharge when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or in respect of its assets or upon any properties belonging to it, before the same shall become delinquent or in default which, if unpaid, would reasonably be expected to give rise to liens or charges upon such assets or any part thereof; provided, however, that the Obligor shall not be required to pay any such tax, assessment, charge or levy which is being contested in good faith by proper proceedings and adequate reserves for the accrual of same are maintained if required by GAAP;</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">18</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>comply in all material respects with all federal, state and local laws and regulations, orders, judgments, decrees, injunctions, rules, regulations, permits, licenses, authorizations and requirements applicable to the operation of its business (collectively, "Requirements") of all governmental bodies, departments, commissions, boards, companies or associations insuring the Obligor or any of its assets, except where the failure so to comply would not have a material adverse effect ("Material Adverse Effect") on the Obligor or the assets; <font style="FONT-SIZE: 10pt"><u>provided, however, </u></font>that nothing provided herein shall prevent the Obligor from contesting the validity or the application of any Requirements;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>keep proper records and books of account with respect to its business activities, in which proper entries reflecting all financial transactions are made.&#160; Such books and records shall be open at reasonable times and upon reasonable notice to inspection by the Secured Party;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>notify the Secured Party in writing, promptly upon learning thereof, of any litigation or administrative proceeding commenced or threatened against the Obligor which involves a claim in excess of one hundred thousand dollars ($100,000);</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>maintain at all times, preserve, protect and keep its assets used or useful in the conduct of its business in good repair, working order and condition, and make all needed and proper repairs, renewals, replacements and improvements thereof as shall be reasonably required in the conduct of its business;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to the extent necessary for the operation of its business, keep adequately insured by financially sound reputable insurers, all property of a character usually insured by similar entities and carry such other insurance as is usually carried by similar entities;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(h)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>defend the title to the Collateral against all persons and against all claims and demands whatsoever, other than secured parties with priority lien positions;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>keep the Collateral free and clear of all further liens, security interests, options or other charges or encumbrances, except as authorized herein and in the ordinary course of the Obligor&#8217;s business;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(j)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in addition to the requirements set forth in Section 1.2 herein, on at least twenty (20) days notice in writing by the Secured Party, furnish further assurance of title, execute any written agreement or do any other acts necessary to effectuate the purposes and provisions of this Agreement, execute any instrument or statement required by law or otherwise in order to perfect, continue or terminate the security interest of the Secured Party in the Collateral including, but not limited to, filing the proper UCC financing statements and entering into account control agreements with the Obligor&#8217;s banking institutions, and pay all costs in connection therewith;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(k)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>retain possession of the Collateral and not remove, sell, exchange, assign, loan, deliver, lease, license, mortgage or otherwise dispose of same outside of the normal course of business without the prior written consent of the Secured Party; and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(l)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>promptly give notice in writing to the Secured Party of the occurrence<font style="FONT-SIZE: 10pt">&#160;</font>of any default or Event of Default under this Agreement or of any default under any other material instrument or agreement to which any of them is a party.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">19</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5.2<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt"><u>Negative Covenants</u></font>.&#160; The Obligor hereby covenants that so long as this Agreement remains in effect or any amount due hereunder or under the Note remains outstanding and unpaid, it will not, unless otherwise consented to in writing by the Secured Party:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>take any action or fail to take any action that would cause any lien, security interest, option or other charge or encumbrance (except for the security interests contemplated in this Agreement), whether by contract or operation of law, to be placed on any of the Collateral or otherwise to sell or transfer any such Collateral, except in the ordinary course of business;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>amend its Certificate of Incorporation in the case of Dyadic International, Inc., or Articles of Incorporation, in the case of Dyadic International (USA), Inc. or its respective Bylaws;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>incur any subsequent indebtedness senior to the Note; other than in cases of trade payables incurred in the ordinary course of business;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>create, incur, assume or suffer to exist any lien, security interest, option or other charge or encumbrance (except for the security interests contemplated in this Agreement) upon the Collateral (tangible or intangible) or assets, income or profits secured hereunder, whether now owned or hereafter acquired, except for (i) liens contemplated by this Agreement; (ii) statutory liens; (iii) purchase money liens and other liens granted in the ordinary course of business on equipment, fixtures and similar property; and (iv) liens which, in the aggregate, would not exceed one hundred thousand dollars ($100,000);</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>guarantee, assume or otherwise become responsible for (directly or indirectly) the indebtedness for borrowed funds or performance obligations of any person;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consummate any merger, combination or consolidation involving the Obligor (whether in a single transaction or a related series of transactions) or sell, lease, transfer or assign to any persons or otherwise dispose of (whether in a single transaction or a related series of transactions) all or substantially all of the assets (whether now owned or hereafter acquired);</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>negatively alter the compensation or employment status of Mark A. Emalfarb, or remove him as Chairman of the Board of Directors or Director or President or Chief Executive Officer of the companies defined as the Obligor or its subsidiaries without his written consent; or</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(h)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Purchase or acquire any stock, obligations, assets or securities of, or any interest in, or make any capital contribution or loan or advance of money, credit or property to, any other person, or make any other investments.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">20</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 6&#160; Further Assurances</u></font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Obligor agrees that from time to time it will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Secured Party may reasonably request, in order to perfect and protect the security interest granted or purported to be granted hereby or to enable the Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral including, but not limited to, account control agreements with the Obligor&#8217;s banking institutions.&#160; Without limiting the generality of the foregoing, the Obligor will: (i) deliver and pledge to the Secured Party promptly upon receipt thereof all instruments or certificates representing or evidencing any of the Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to the Secured Party; and (ii) execute and file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Secured Party may request, in order to perfect and preserve the security interest granted or purported to be granted hereby.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Obligor hereby authorizes the Secured Party to file financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral without the signature of the Obligor where permitted by law.&#160; A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Obligor will furnish to the Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Secured Party may reasonably request, all in reasonable detail.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 7&#160; Default; Acceleration</u></font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.1<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Events of Default</u></font>.&#160; An Event of Default shall have been deemed to have occurred hereunder immediately at such time as any Event of Default under the Loan Agreement or the Note shall have occurred and any period for remedying such default prescribed in the Loan Agreement, the Note or this Agreement shall have expired.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.2<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Acceleration</u></font>.&#160; In addition to any other remedies provided by the Loan Agreement or the Note, upon the occurrence of an Event of Default, the Secured Party may, by written notice to the Obligor, take any or all of the following actions to enforce the Secured Party&#8217;s claims against the Obligor: (a) declare the principal of and any accrued interest and all other amounts payable under the Note to be due and payable, whereupon the same shall become forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Obligor, or (b) exercise any other remedies available at law or in equity, including specific performance of any covenant or other agreement contained in this Agreement.&#160; In addition to any other remedies provided by the Note, upon the occurrence of an Event of Default, then without prejudice to the rights and remedies specified in clause (b) above, the Note and other obligations of the Obligor pursuant to this Agreement shall automatically be immediately due and payable with interest and other fees, if any, thereon<font style="FONT-SIZE: 10pt">&#160;</font>without notice, demand or any other act by the Secured Party.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">21</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.3<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Remedies</u></font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>On the occurrence of an Event of Default, the Secured Party shall have the following rights and remedies, which are cumulative in nature and are in addition to the rights set forth in the Loan Agreement and the Note and shall be available to the Secured Party after the Secured Party provides the Obligor written notice of the Event of Default and ten (10) days from the date of receipt of the notice to cure the default.&#160; However, if the nature of the Event of Default is such that it cannot be cured within such ten (10) day period, the Obligor shall not be deemed to be in default if the Obligor within that period commences to cure the Event of Default and thereafter diligently pursues the cure to completion within a thirty (30) day period:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>All rights and remedies provided by law, including but not limited to those provided by the UCC, and equitable remedies for specific performance and injunctive relief; and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(ii)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>All rights and remedies provided in the Loan Agreement including the Note and this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon any default by the Obligor hereunder, the Secured Party shall have all the rights, remedies and privileges with respect to repossession, retention and sale of any or all of the Collateral of the Obligor and disposition of the proceeds as are accorded by the applicable sections of the UCC and the Obligor shall fully cooperate with the Secured Party in exercising such rights, remedies and privileges.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Upon any default by the Obligor hereunder and upon demand of the Secured Party, the Obligor shall, at its sole expense, assemble the Collateral and make it available to the Secured Party at the place and at the time designated in the demand.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 8&#160; Secured Party May Perform</u></font>.&#160; If the Obligor fails to perform any agreement contained herein, after notice of such failure and a reasonable cure period, the Secured Party may itself perform, or cause performance of, such agreement including, but not limited to, taking any other action which the Secured Party deems necessary or desirable for the preservation of the Collateral or the Secured Party's interest therein and the carrying out of this Agreement or the Loan Agreement or the Note, including without limiting the generality of the foregoing: (i) any action to collect or realize upon the Collateral; (ii) the discharge of taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral; (iii) the discharge or keeping current of any obligation of the Obligor having an effect on the Collateral; or (iv) receiving, endorsing and collecting all checks and other orders for the payment of money made payable to the Obligor representing any dividend, interest payment or other distribution payable or distributable in respect of the Collateral or any part thereof, and to give full discharge for the same, and the expenses of the Secured Party incurred in connection therewith shall be payable by the Obligor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 9&#160; Secured Party&#8217;s Duties</u></font>.&#160; The powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers.&#160; Except for accounting for moneys actually received by the Obligor hereunder, the Secured Party shall have no duty as to any Collateral, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 10&#160; Remedies</u></font>.&#160; If any Event of Default shall have occurred and be continuing:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Secured Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party in the event of default under the UCC in effect in the State of Florida at that time&#160; (whether or not the UCC applies to the affected Collateral), and also may (i) require the Obligor to, and the Obligor hereby agrees that it will at its expense and upon request of the Secured Party forthwith, assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place to be designated by the Secured Party which is reasonably convenient to both parties, and (ii) without notice except as specified below, sell or, to the extent permitted by applicable law, purchase the Collateral or any part thereof at public or private sale, for cash, on credit or for future delivery, and upon such other terms as the Secured Party may deem commercially reasonable.&#160; The Obligor agrees that, to the extent notice of sale shall be required by law, at least twenty (20) days' notice to the Obligor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.&#160; The Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.&#160; The Secured Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.&#160; The Obligor hereby waives any claim against the Secured Party arising by reason of the fact that the price at which any Collateral may have been sold at a private sale was less than the price that might have been obtained at a public sale, even if the Secured Party accepts the first offer received and does not offer such Collateral to more than one offeree; and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any cash held by the Secured Party as Collateral and all cash proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Secured Party, be held by the Secured Party as collateral for, and then or at any time thereafter be applied (after payment of any amounts payable to the Secured Party under Section 14 of this Agreement) in whole or in part by the Secured Party against all or any part of the Obligations in such order as the Secured Party shall elect.&#160; Any surplus of such cash or cash proceeds held by the Secured Party and remaining after payment in full of all the Obligations shall be paid over to the Obligor or to whomsoever may be lawfully entitled to receive such surplus.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 11&#160; Obligations Unconditional; Waiver of Defenses</u></font>.&#160; The Obligor irrevocably agrees that no fact or circumstance whatsoever which might at law or in equity constitute a discharge or release of, or defense to the obligations of, a guarantor or surety shall limit or affect any obligations of the Obligor under this Agreement or any document or instrument executed in connection herewith.&#160; Without limiting the generality of the foregoing:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Secured Party may at any time and from time to time, without notice to the Obligor, take any or all of the following actions without affecting or impairing the liability<font style="FONT-SIZE: 10pt">&#160;</font>of the Obligor on this Agreement:</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">23</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>renew or extend time of payment of the Obligations;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(ii)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>accept, substitute, release or surrender any security for the Obligations; and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(iii)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>release any person primarily or secondarily liable on the Obligations (including without limitation any endorser, and any guarantor)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No delay in enforcing payment of the Obligations, nor any amendment, waiver, change, or modification of any terms of any document or instrument which evidences or is given in connection with the Secured Obligations, shall release the Obligor from any obligation hereunder.&#160; The obligations of the Obligor under this Agreement are and shall be primary, continuing, unconditional and absolute (notwithstanding that at any time or from time to time all of the Obligations may have been paid in full), irrespective of the value, genuineness, regularity, validity or enforceability of any documents or instruments respecting or evidencing the Obligations.&#160; In order to hold the Obligor liable or exercise rights or remedies hereunder, there shall be no obligation on the part of the Secured Party, at any time, to resort for payment to any guarantor or to any other security for the Secured Obligations.&#160; The Secured Party shall have the right to enforce this Agreement as against any one or all of the Obligor and irrespective of whether or not other proceedings or steps are being taken against any other property securing the Obligations or any other party primarily or secondarily liable on any of the Obligations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Expect as otherwise provided in any note, agreement, instrument or document evidencing the Obligations, the Obligor irrevocably waives presentment, protest, demand, notice of dishonor or default, notice of acceptance of this Agreement, notice of any loans made, extensions granted or other action taken in reliance hereon, and all demands and notices of any kind in connection with this Agreement or the Obligations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>While this Agreement remains in full force and effect, the Obligor waives any claim or other right which the Obligor might now have or hereafter acquire against any other person primarily or contingently liable on the Obligations (including without limitation any maker, endorser or guarantor) or that arises from the existence or performance of the Obligor&#8217;s obligations under this Agreement, including without limitation any right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim or remedy of the Secured Party against the Obligor or any other person primarily or contingently liable on the Obligations (including without limitation any maker, endorser or guarantor) or any other collateral security for the Obligations, which the Secured Party now has or hereafter acquires, however arising.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 12&#160; Amendments</u></font>.&#160; No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Obligor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Secured Party.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 13&#160; Continuing Security Interest</u></font>.&#160; This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the payment in full of the Obligations and all other amounts payable under the Note; (b) be binding upon the Obligor, its successors and assigns; and (c) inure to the benefit of, and be enforceable by, the Secured Party and its successors, transferees and assigns.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">24</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 14&#160; Payment of Fees</u></font>.&#160; The Obligor agrees to pay all costs and expenses of the Secured Party in enforcing or preserving any of the rights and remedies available to the Secured Party under this Agreement, the Note, the Loan Agreement or under any other documents, instruments or writings executed and delivered to the Secured Party in connection herewith including, without limitation, legal fees, costs and disbursements of the Secured Party&#8217;s attorneys in the enforcement thereof.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 15&#160; Liability for Deficiency</u></font>.&#160; The Obligor shall remain liable for any deficiency relating to the obligations underlying the Note resulting from a sale of the Collateral and shall pay any such deficiency forthwith on demand.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 16&#160; Survival of Agreements</u></font>.&#160; All agreements, representations and warranties made herein and in any certificates delivered pursuant hereto shall survive the execution and delivery of this Agreement and the Note, and shall continue in full force and effect until the indebtedness of the Obligor under the Note and all other Obligations hereunder and thereunder have been paid in full.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 17&#160; Successors and Assigns</u></font>.&#160; This Agreement shall be binding upon and inure to the benefit of the Obligor and its successors and assigns, except that the Obligor may not transfer or assign any of its rights or interests hereunder without the prior written consent of the Secured Party, which consent may be given or withheld in the Secured Party&#8217;s absolute discretion.&#160; The Secured Party may only assign this Agreement and its rights or interests hereunder together with an assignment of the Loan Agreement and the Note that is allowable under the terms of the Loan Agreement and the Note.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 18&#160; Construction of Agreement; Jurisdiction and Venue</u></font>.&#160; This Agreement and the Note and the rights and obligations of the parties hereunder and thereunder shall be governed by, and construed and interpreted in accordance with, the law of the State of Florida, without regard to principles of conflicts of law.&#160; THE OBLIGOR AND THE SECURED PARTY, IN ANY LITIGATION IN WHICH THE SECURED PARTY OR THE OBLIGOR SHALL BE AN ADVERSE PARTY, WAIVE TRIAL BY JURY, WAIVE THE RIGHT TO CLAIM THAT A FORUM OR VENUE SPECIFIED HEREIN IS AN INCONVENIENT FORUM OR VENUE AND WAIVE THE RIGHT TO INTERPOSE ANY SETOFF, DEDUCTION OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION, AND IRREVOCABLY CONSENT TO THE JURISDICTION OF THE FLORIDA STATE COURT IN PALM BEACH COUNTY IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND THE OBLIGOR AND THE SECURED PARTY FURTHER AGREE TO ACCEPT AND ACKNOWLEDGE SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED UPON THEM IN ANY SUCH SUIT, ACTION OR PROCEEDING VIA CERTIFIED MAIL TO THE ADDRESS AS SET FORTH IN THE ASSET PURCHASE AGREEMENT WITH RESPECT TO THE OBLIGOR AND THE SECURED PARTY.&#160; If any of the provisions of this Agreement shall be or become illegal or unenforceable under any law, the other provisions shall remain in full force and effect.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">25</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 19&#160; Counterparts</u></font>.&#160; This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and both such counterparts together shall be deemed an original of this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, the undersigned have hereunto set their hands as of the date first written above.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a7754024540e402db475b67df5bbb6ef" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Name of Entity]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">26</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Schedule 2(f)</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Capital Stock</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Common Stock, $.001 par value</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Authorized Shares:&#160; 100,000,000 (as of June 30, 2010)</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Issued and Outstanding:&#160; 31,006,995 and 30,613,995, respectively (as of June 30, 2010)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Preferred Stock, $.0001 par value</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Authorized Shares:&#160; 5,000,000 (as of June 30, 2010)</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Issued and Outstanding:&#160; None (as of June 30, 2010)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Description of Equity Plans</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower maintains the Dyadic International, Inc. 2001 Equity Compensation Plan (as amended and restated, the &#8220;2001 Equity Plan&#8221;) and the Dyadic International, Inc. 2006 Stock Option Plan, as amended (the &#8220;2006 Option Plan&#8221;) (the 2001 Equity Plan and the 2006 Option Plan are hereinafter collectively referred to as the &#8220;Equity Compensation Plans&#8221;).&#160; All options granted under the Equity Compensation Plans are service-based and typically vest over a four year period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2001 Equity Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Under the 2001 Equity Plan, 4,478,475 shares of common stock have been reserved for issuance. As of the date hereof, there were 43,500 stock options outstanding and 3,926,475 stock options available for grant under the 2001 Equity Plan.&#160; The term of the stock options outstanding under the 2001 Equity Plan is five years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2006 Stock Option Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Under the 2006 Option Plan, 4,700,000 shares of common stock have been reserved for issuance.&#160; As of the date hereof, there were 3,147,125 stock options outstanding and 1,403,000 stock options available for grant under the 2006 Option Plan.&#160; The term of the stock options outstanding under the 2006 Option Plan is ten years.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">27</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Schedule 2(o)</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Secured Indebtedness</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Amended and Restated Note dated as of November 14, 2008 (the &#8220;MAE Note&#8221;) payable to the Mark A. Emalfarb Trust under agreement dated October 1, 1987, as amended (the &#8220;MAE Trust&#8221;), matured on January 1, 2009 and has not been amended since that time.&#160; The MAE Note is secured by all of the assets of the Borrower.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">As of June 30, 2010, the outstanding principal amount of the MAE Note was approximately $1.4 million.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">As of June 30, 2010, accrued interest payable to the MAE Trust under the MAE Note was approximately $34,000.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 8pt">28</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">
<hr style="HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>5
<FILENAME>ex10_16.htm
<DESCRIPTION>EXHIBIT 10.16
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Thomson Reuters
    Document created using Disclosure Solutions PROFILE 3.0.0.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="HEIGHT: 4px; COLOR: #000000" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.16</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Explanatory Note &#8211; Notes were issued in the amounts listed below to the parties indicated below on separate agreements identical in form and substance, mutatis mutandis, to this Exhibit 10.16.</div>

<div><br>
</div>

<div>
<table style="WIDTH: 60%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a59a1a18e48949e3a6b8913c1604bd50" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid" valign="bottom">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holder</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: medium none; WHITE-SPACE: nowrap; VERTICAL-ALIGN: bottom; BORDER-TOP: rgb(0,0,0) 2px solid; BORDER-RIGHT: medium none" colspan="2">
<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Original Balance</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">MICHAEL FABY</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">FRANCISCO TRUST</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">UNIVEST MANAGEMENT</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">50,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">PINNACLE FAMILY TRUST*</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">SANDOR CAPITAL MASTER FUND</div>
</td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt">400,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: rgb(204,238,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total 2011 Convertible Note</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BORDER-LEFT: medium none; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; BORDER-RIGHT: medium none" valign="bottom">
<div style="COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,000,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: rgb(255,255,255); WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">&#160;<u>LOAN AGREEMENT</u></font>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">THIS LOAN AGREEMENT</font> (&#8220;Agreement&#8221;) made this 30<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of September, 2011 by and among <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">______________________________________</font>,<font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>(the &#8220;Lender&#8221;), and <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</font>, a Delaware corporation, and its wholly-owned subsidiary <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</font>, a Florida corporation (together, the &#8220;Borrower&#8221;).</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recitals:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d672ac6fb6ca41faa009502cf457432a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">A.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Borrower seeks to borrow up to three million dollars ($3,000,000) in the aggregate on or before October 31, 2011 from private lenders (the "Offering").</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="255e8eb645f446fe86c9c54008e8d2bf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">B.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Lender has agreed to participate in the Offering.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3c15b7d647034925aa22dc8e9f7ed6ea" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">C.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The loans comprising the Offering shall be subordinated, secured and convertible into restricted shares of the Borrower's common stock, all on the terms set forth herein below.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOW THEREFORE</font>, based on the foregoing and for valuable consideration, the parties hereto hereby agree as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ace20dec010441dbb6e727a8dff1cbbb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Lending Commitment</u></font>.&#160; The Lender hereby commits to lend _________________ dollars ($_________) to the Borrower (the &#8220;Commitment&#8221;).&#160; The Lender shall disburse funds under the Commitment upon receipt of a fully executed Convertible Subordinated Secured Promissory Note in the form attached hereto as <font style="FONT-SIZE: 10pt"><u>Exhibit &#8220;A&#8221;</u></font> (the &#8220;Note&#8221;) and a fully executed Security Agreement in the form attached hereto as <font style="FONT-SIZE: 10pt"><u>Exhibit "B"</u></font> (the "Security Agreement"), each of which forms a part hereof, provided such receipt occurs on or before September 30, 2011.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="965b26291c2440a0a676e7626c23d938" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Representations and Warranties</u></font>.&#160; The Borrower hereby represents and warrants that:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="019b193cc71f4c5baa8183fea900a915" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower is duly organized, validly existing and in good standing under the laws of Delaware in the case of Dyadic International, Inc. and the laws of Florida in the case of Dyadic International (USA), Inc.; has the corporate power to carry out the business in which it is engaged; and the execution and delivery of this Agreement and any related documents (including but not limited to the Note and the Security Agreement) have been duly authorized by all necessary action of the directors of the Borrower and are not and will not be in contravention of any provision of law nor in contravention of any organizational documents of the Borrower, nor result in the breach of any agreement, indenture, or undertaking to which it is a party or by which it is bound.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="04f0cbeba5294cb388222a3732d98c02" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">There is no action, suit, proceeding or investigation at law in equity or before any court, public board or body pending, or to the Borrower&#8217;s knowledge, threatened against or affecting it, that could or might adversely affect the validity or enforceability of this Agreement, or the Borrower&#8217;s ability to discharge its obligations under this Agreement., or would, if there were an unfavorable <font style="FONT-SIZE: 10pt">decision, individually or in the aggregate, have or reasonably be expected to result in a material and adverse effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Lender and its subsidiaries (a &#8220;Material Adverse Effect&#8221;).</font></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="96d21606483041d9b1bae16c2b8afaf0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">No consent or approval is necessary from any governmental authority as a condition to the execution and delivery of this Agreement by the Borrower or the performance of any of its obligations hereunder.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b6f0a6c65b934c83a9b7909862724483" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The execution, delivery and performance of this Agreement, the Note and the Security Agreement (the &#8220;Transaction Documents&#8221;) by the Borrower and the consummation by the Borrower of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the Borrower's or any of the Borrower&#8217;s subsidiaries&#8217; certificate or articles of incorporation (as applicable), bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Borrower or subsidiary debt or otherwise) or other understanding to which the Borrower or any subsidiary is a party or by which any property or asset of the Borrower or any subsidiary is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Borrower or any subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Borrower or any subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="62fe6668ad774ea688d4b9fbff267574" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The common stock of Dyadic International, Inc. issuable upon conversion of the Note (the &#8220;Common Stock,&#8221; and together with the Note, the &#8220;Securities&#8221;) have been duly authorized and, when issued and paid for in accordance with the Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens.&#160; The Borrower has reserved from its duly authorized capital stock a number of shares of Common Stock issuable upon conversion of the Note.&#160; All securities previously issued by the Borrower were duly and validly issued, fully paid and nonassessable when issued.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="df24dbde09534c0c816f3dd4259fa53a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The number of shares and type of all authorized, issued and outstanding capital stock of the Borrower, and all shares of Common Stock reserved for issuance under the Borrower&#8217;s various option and incentive plans, are specified in Schedule 2(f).&#160; Except as specified in Schedule 2(f), no securities of the Borrower are entitled to preemptive or similar rights, and no person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.&#160; Except as specified in Schedule 2(f), there are no outstanding options, warrants, scrip rights </font>to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Borrower or any subsidiary is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock.&#160; The issue and sale of the Securities will not, immediately or with the passage of time, obligate the Borrower to issue shares of Common Stock or other securities to any person and will not result in a right of any holder of the Borrower securities to adjust the exercise, conversion, exchange or reset price under such securities.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5517201117f44a5d80c17543a7098edc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Since the date of the latest audited financial statements, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Borrower has not incurred any liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past practice and (B) liabilities (not to exceed fifty thousand dollars ($50,000)) not required to be reflected in the Borrower's financial statements pursuant to United States Generally Accepted Accounting Principles, (iii) the Borrower has not altered its method of accounting or the identity of its auditors, (iv) the Borrower has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (v) the Borrower has not issued any equity securities to any officer, director or affiliate, except pursuant to existing the Borrower stock option plans and consistent with past practice.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e2e2424c71144f25a8a0c36f7b1818e0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(h)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">No material labor dispute exists or, to the knowledge of the Borrower, is imminent with respect to any of the employees of the Borrower.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="887b706c1418411b843d1d4483926c06" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Neither the Borrower nor any subsidiary (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Borrower or any subsidiary under), nor has the Borrower or any subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including, without limitation, all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3de14b7768f44203a160950fc37f6a0c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(j)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower and its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such permits could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, and neither the Borrower nor any subsidiary has received any notice of proceedings relating to the revocation or modification of any such permits.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="57554082750645d09d1b2fd3c74552b5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(k)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower and the subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use in connection with their respective businesses and which the failure to so have could, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect (collectively, the &#8220;Intellectual Property Rights&#8221;).&#160; Neither the Borrower nor any subsidiary has received a written notice that the Intellectual Property Rights used by the Borrower or any subsidiary violates or infringes upon the rights of any person.&#160; To the knowledge of the Borrower, all such Intellectual Property Rights are enforceable and there is no existing infringement by another person of any of the Intellectual Property Rights.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="35b3101079f24dfabe1c6bcf67898f59" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(l)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower and the subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with United States Generally Accepted Accounting Principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2ce991d882d44b5a85141ba29ee33eb7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(m)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower&#8217;s assets constitute sufficient capital to carry on its business for the current fiscal year as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Borrower, and projected capital requirements and capital availability thereof.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="713ed2e44b4e43909f8debd3fab4dba6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(n)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower is not, and is not an affiliate of, and immediately following the date hereof will not have become, an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0cfcee5a72a94952903c47242f2550eb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(o)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">As of the date of this Agreement, other than as set forth in Schedule 2(o), the Borrower has no debt that is secured by any lien.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1fed4e3d7fc94dfba00bcdae54a30157" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(p)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">As of the date of this Agreement, except as set forth on Schedule 2(p), no indebtedness of the Borrower is senior to the Note in right of payment, whether <font style="FONT-SIZE: 10pt">with respect to interest or upon liquidation or dissolution, or otherwise.</font></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">4</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ffd08e05e7f240b3b88489da108bed6c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(q)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower confirms that neither it nor any person acting on its behalf has provided the Lender or its respective agents or counsel with any information that the Borrower believes constitutes material, non-public information except insofar as the existence and terms of the proposed transactions hereunder may constitute such information.&#160; The Borrower understands and confirms that the Lender will rely on the foregoing representations and covenants in effecting transactions in securities of the Borrower.&#160; All disclosure provided to the Lender regarding the Borrower, its business and the transactions contemplated hereby, furnished by or on behalf of the Borrower (including the Borrower&#8217;s representations and warranties set forth in this Agreement) are true and correct in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c4603d18b2334b59bcd135ea58063c59" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Covenants</u></font>.&#160; The Borrower shall at all times preserve its legal existence.&#160; In the event the Borrower wishes to: sell, lease, or otherwise dispose of all or substantially all of its assets; make a public offering of its capital stock; or take any action which would result in a change in the control of, or in fifty percent (50%) or more of, the equity ownership (including, without limitation, a merger, reorganization or consolidation) of the Borrower from the form of ownership or control (as the case may be) which exists as of the date of this Agreement, the Borrower shall provide the Lender thirty (30) days written notice prior to the effective date of such event and, upon the date of closing of such event, the outstanding principal and any accrued interest under the Note shall be immediately due and payable to the Lender and this Agreement may be terminated by the Lender.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="425df1e05ae84cc88331f3ffed06e839" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Independent Status</u></font>.&#160; Neither this Agreement nor any provisions hereof shall be deemed to create a partnership or joint venture between the Lender and the Borrower. The relationship of the parties is strictly that of a borrower and lender.&#160; The Borrower specifically agrees that it shall not represent itself as an agent or employee of the Lender, nor is this Agreement intended to be construed so as to make the Borrower an agent or employee of the Lender.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fedeb1c9887e428090e939b88980d94b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Disclosure of Information</u></font><font style="FONT-SIZE: 10pt">.</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="94ecabde5d104424838d3cca3e21836d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Although the Borrower is under no obligation to provide trade secrets or confidential proprietary information to the Lender, in the event that the Borrower provides any such information to the Lender, the Lender shall exert its best efforts to protect the confidentiality of technical, scientific or financial information considered proprietary by the Borrower until such time as such information becomes publicly available through no fault of the Lender and in accordance with the terms of any confidentiality agreement between the Borrower and the Lender.&#160; The Borrower acknowledges and agrees that as of the date hereof no trade secrets, confidential proprietary information, or non-public information with respect to the Borrower or its subsidiaries has been provided to the Lender.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">5</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f45a7ce03e494d9ba9d972a350f804b5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower periodically discloses material financial and other information to the public through its financial statements. The Lender hereby acknowledges having had the opportunity to review such financial statements before entering into this Agreement including, but not limited to, the Borrower&#8217;s financial statements for the year ended December 31, 2010 and the quarterly periods ended March 31, and June 30, 2011.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7f287dad4d0648809668c683f09e5c43" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Events of Default and Remedies</u></font><font style="FONT-SIZE: 10pt">.</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9f852a8f176b4a63a23e1c3607677e41" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Each of the following shall constitute an &#8220;Event of Default&#8221; by the Borrower under this Agreement, whatever the reason for such Event of Default and whether it shall be voluntary or involuntary, or be affected by operation of law or otherwise:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1fcde1becfcc41929c4450c658b67b61" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">i.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any payment of principal or interest on the Note, or any other amount due hereunder, is not made when due;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="072ac9aeb6f546c2a0f7c9e17d357fa6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">ii.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any provision, covenant or agreement of the Borrower in this Agreement (including the Note and the Security Agreement), is breached or proves to be untrue or misleading in any material respect;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d2efff634f6b487093fd02f24a787b92" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">iii.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any warranty, representation or statement made or furnished to the Lender by the Borrower in this Agreement (including the Note and the Security Agreement), is untrue or misleading in any material respect;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0391e0f01e71480283d63900a54b77be" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">iv.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any voluntary or involuntary bankruptcy, reorganization, insolvency, arrangement, receivership, or similar proceeding is commenced by or against the Borrower under any federal or state law, or the Borrower makes an assignment for the benefit of creditors; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a46c4b7e190249b49cc2c09d2bbde38d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">v.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Any substantial part of the inventory, equipment or other property of the Borrower, real or personal, tangible or intangible, is damaged or destroyed and the damage or destruction is not covered by collectible insurance.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="785c6808f6fc467e99b46bc37cc17f3d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt">&#160;</td>
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Subject to Section 7.3(a) of the Security Agreement, upon the occurrence of any Event of Default, and in every such event, the Lender, upon notice to the Borrower, may declare the principal of and interest on the Note and other amounts payable under this Agreement to be, and the Note and all such other amounts shall thereupon become, due and payable to the Lender, without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the Note to the contrary notwithstanding.&#160; In addition to the foregoing, the Lender shall have all the rights and remedies of a secured party under Florida law.&#160; No remedy herein conferred upon or reserved to the Lender is intended to be exclusive of any other remedy </font>or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now hereafter existing in law or equity.&#160; No failure or delay by the Lender in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise of any power or right.&#160; The Lender may, by written notice to the Borrower, at any time and from time to time, waive any Event of Default or "Unmatured Event of Default" (as defined below), which shall be for such period and subject to such conditions as shall be specified in any such notice. In the case of any such waiver, the Lender and the Borrower shall be restored to their former position and rights hereunder, and any Event of Default or Unmatured Event of Default so waived shall be deemed to be cured and not continuing; but no such waiver shall extend to or impair any subsequent or other Event of Default or Unmatured Event of Default. No failure to exercise, and no delay in exercising, on the part of the Lender of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Lender herein provided are cumulative and not exclusive of any rights or remedies provided by law. "Unmatured Event of Default" means any event or condition which might become an Event of Default if continuing after notice or the passage of time or both.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">6</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5125e3d96e96448eb67d8305a33e22a7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">7.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Notices</u></font>.&#160; All notices required or permitted to be delivered hereunder and all communications in respect hereof shall be in writing and shall be deemed given on the date it is personally delivered or on the date it is deposited in the United States mail, certified, return receipt requested, first class postage prepaid and addressed as follows:</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">If to the Lender, to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="cb4bf1df7a9149c897574d83ca385181" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 117pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">If to the Borrower, to:</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Dyadic International, Inc.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Dyadic International (USA), Inc.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">140 Intracoastal Pointe Dr., Suite 404</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Jupiter, FL 33477</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Attn: General Counsel</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">or addressed to such other address or to the attention of such other individual as the Lender or the Borrower shall have specified in a notice delivered pursuant to this section.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="108880ad33a444989672e982a48a7bcb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">8.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Construction</u></font>.&#160; This Agreement shall be construed and governed by the laws of the State of Florida, excepting only its conflict of law principles.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1e168d16c4e04b5d8df599f3d0a7857a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">9.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Benefit and Assignment</u></font>.&#160; The rights, duties and obligations of the parties under this Agreement shall inure to the benefit of the parties and shall be binding upon their successors and permitted assigns.&#160; Neither this Agreement nor the respective rights, duties, obligations, and responsibilities of the Borrower may by transferred or assigned, in whole or in part, by the Borrower to any other person, firm or organization (including sub-agents) without the prior written consent of the Lender.&#160; The Lender may freely assign or transfer its rights, duties, obligations and responsibilities, in whole or in part, to <font style="FONT-SIZE: 10pt">any other party, other than a competitor of the Borrower, without the prior consent of the Borrower.</font></td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">7</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2fe35150f4b84450a9a0d069592e2ea5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">10.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Surviva</u></font>l.&#160; All representations and warranties made by the Borrower herein shall survive delivery of the Note hereunder.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0d50867e10c64c76ae36ff94456b6471" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">11.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Severability of Provisions</u></font>.&#160; Any provision of this Agreement which is prohibited or unenforceable in any manner, in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="dc2d4feb42b549f58506bdeefb44b16f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">12.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Furnishing of Information</u></font>.&#160; If the Borrower is not required to file reports pursuant to the Securities Exchange Act of 1934, as amended, it will prepare and furnish to the Lender and make publicly available in accordance with Rule 144(c) such information as is required for the Lender to sell the Common Stock under Rule 144.&#160; The Borrower further covenants that it will take such further action as the Lender may reasonably request, all to the extent required from time to time to enable the Lender to sell the Common Stock without registration under the Securities Act of 1933, as amended, within the limitation of the exemptions provided by Rule 144.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="29b1416f25ca45c6a7a054b29287c60f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">13.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Reservation of Shares</u></font>.&#160; The Borrower shall maintain a reserve from its duly authorized shares of Common Stock equal to the shares of Common Stock required to comply with its conversion obligations under the Note.&#160; If on any date the Borrower would be, if notice of conversion were to be delivered on such date, precluded from issuing the number of shares of Common Stock issuable upon conversion in full of the Note due to the unavailability of a sufficient number of authorized but unissued or reserved shares of Common Stock, then the Board of Directors of the Borrower shall promptly prepare and mail to the stockholders of the Borrower proxy materials or other applicable materials requesting authorization to amend the Borrower&#8217;s certificate of incorporation or other organizational document to increase the number of shares of Common Stock which the Borrower is authorized to issue so as to provide enough shares for issuance of the Common Stock.&#160; In connection therewith, the Board of Directors shall (a) adopt proper resolutions authorizing such increase, (b) recommend to and otherwise use its best efforts to promptly and duly obtain stockholder approval to carry out such resolutions (and hold a special meeting of the stockholders as soon as practicable, but in any event not later than the 60<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day after delivery of the proxy or other applicable materials relating to such meeting) and (c) within five (5) business days of obtaining such stockholder authorization, file an appropriate amendment to the Borrower&#8217;s certificate of incorporation or other organizational document to evidence such increase.</font></td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2c00c13d00cd47d5ba0fc8881f27336b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">14.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Remedies.</u></font>&#160; In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Lender and the Borrower will be entitled to specific performance under the Transaction Documents.&#160; The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive <font style="FONT-SIZE: 10pt">in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.</font></td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">8</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c3dcdd0706064b16b113c33e68479ce4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">15.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Indemnification of Lender</u></font>.&#160; The Borrower will indemnify and hold the Lender and its members, partners, employees and agents (each, a &#8220;Lender Party&#8221;) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation (collectively, &#8220;Losses&#8221;) that any such Lender Party may suffer or incur as a result of or relating to any misrepresentation, breach or inaccuracy of any representation, warranty, covenant or agreement made by the Borrower in the Transaction Documents.&#160; In addition to the indemnity contained herein, the Borrower will reimburse each Lender Party for its reasonable legal and other expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith, as such expenses are incurred.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fa7c655e39cb4cf1bc8c945a276ca5d9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">16.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Payment Set Aside</u></font>.&#160; To the extent the Borrower makes a payment or payments to the Lender pursuant to any Transaction Document or the Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f9bb1ceb76c0465599d7e9e3aa9ceb84" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">17.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-SIZE: 10pt"><u>Entire Agreement</u></font>.&#160; This Agreement (including the Note and the Security Agreement) and any related documents (including financing statements as applicable) supersede all prior discussions and/or agreements between the Lender and the Borrower, and express the entire understanding with respect to the subject matter hereof, and shall not be amended, modified, or altered, nor any of their provisions waived, without the prior written consent of both the Borrower and the Lender.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, the parties hereto have executed this Agreement as of the date first above written.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a34f7679afb441689b35fd31a71fbc83" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">LENDER:</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Name of Entity]</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">9</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9b8d7d8371794e22b2ffd1c93fcc2013" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">BORROWER:</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Exhibit A</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">NEITHER THIS CONVERTIBLE SUBORDINATED SECURED PROMISSORY NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT&#8221;).&#160; NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM.</div>

<div style="TEXT-ALIGN: justify; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE SUBORDINATED SECURED PROMISSORY NOTE</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Jupiter, Florida</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a43a277d8fdf48dd829b8744c6c499bb" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">$_____________</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">September 30, 2011</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For value received</font>, Dyadic International, Inc., a Delaware corporation, and Dyadic International (USA), Inc., a Florida corporation (together, &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Payor</font>&#8221;), hereby promises to pay to the order of ____________________ (&#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holder</font>&#8221;), the principal sum of ____________________ dollars ($___________) with interest on the outstanding principal amount at the rate of eight percent (8%) per annum, compounded annually based on a 365-day year.&#160; Interest shall commence upon the date hereof and shall continue on the outstanding principal until paid in full or converted pursuant to Section 2 below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font><font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Payment; Maturity.&#160; </font>At any time upon or after the earlier of (i) January 1, 2013, (ii) an Event of Default, or (iii) a Change of Control (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maturity Date</font>&#8221;), if this Note has not been converted in accordance with the terms of Section 2 below, Holder may demand payment of the entire outstanding principal balance of this Note and all unpaid accrued interest thereon.&#160; Interest shall be paid on the last day of each calendar quarter beginning on December 31, 2011.&#160; All payments of interest and principal shall be in lawful money of the United States of America.&#160; All payments shall be applied first to accrued interest, and thereafter to principal.&#160; If any payments on this Note become due on a Saturday, Sunday or a public holiday under the laws of the State of Florida, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment.&#160; An &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Event of Default</font>&#8221; shall have the meaning set forth in that certain Loan Agreement dated of even date herewith between Payor and Holder (the <font style="FONT-SIZE: 10pt"><u>&#8220;</u></font><font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Loan Agreement</font>&#8221;) to which this Note is an exhibit.&#160; A &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change of Control</font>&#8221; means (a) the consummation of a sale, transfer or lease of all or substantially all of Payor's assets, or (b) the consummation of an acquisition of Payor by another entity in which Payor's stockholders immediately prior to the transaction do not control a majority of the voting securities of the surviving entity.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font><font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ELECTIVE CONVERSION</font>.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The outstanding principal balance and the interest thereon of this Note may be converted, in whole or in part, by Holder, as follows.&#160; To effectuate Holder&#8217;s election to convert this Note pursuant to this Section 2(a), Holder shall deliver to Payor a notice setting forth its desire to convert and Holder shall surrender this Note, duly endorsed, to Payor or its transfer agent.&#160; Payor shall not be obligated to issue certificates evidencing the common stock of Dyadic International, Inc. (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock</font>&#8221;) issuable upon such conversion unless this Note is either delivered to Payor or its transfer agent, or Holder notifies Payor or its transfer agent that this Note has been lost, stolen or destroyed and executes an agreement satisfactory to Payor to indemnify Payor from any loss incurred by it in connection with this Note.&#160; Payor shall, within <font style="FONT-SIZE: 10pt">five (5) business days after such delivery, or such agreement and indemnification, issue and deliver at such office to Holder a certificate or certificates for the Common Stock to which Holder shall be entitled.&#160; Such conversion shall be deemed to have been made immediately prior to the close of business on the date of the closing of receipt of Holder's notice of election.&#160; The person or persons entitled to receive Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such Common Stock on such date.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If by the fifth trading day after the date the Note is delivered for conversion Payor fails to deliver to Holder such shares issuable upon conversion of this Note in such amounts and in the manner requested, then Holder will have the right to rescind its conversion request pertaining thereto by giving written notice to Payor prior to Holder&#8217;s receipt of such shares.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If by the fifth trading day after the date the Note is delivered for conversion Payor fails to deliver to Holder the required number of shares in the manner requested, and if after such fifth trading day and prior to the receipt of such shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by Holder of the shares which Holder anticipated receiving upon such conversion (a &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Buy&#8209;In</font>&#8221;), then Payor shall: (1) pay in cash to Holder (in addition to any other remedies available to or elected by Holder) the amount by which (x) Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of shares that Payor was required to deliver to Holder in connection with the exercise at issue by (B) the closing price at the time of the obligation giving rise to such purchase obligation and (2) at the option of Holder, either void the conversion at issue and reinstate the principal amount of the Note (plus accrued interest therein) for which such conversion was not timely honored or deliver to Holder the number of shares of Common Stock that would have been issued had Payor timely complied with its exercise and delivery obligations hereunder.&#160; Holder shall provide Payor reasonably detailed evidence or written notice indicating the amounts payable to Holder in respect of the Buy&#8209;In.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding anything to the contrary contained herein, the number of shares of Common Stock that may be acquired by Holder upon conversion of the Note (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned by Holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with Holder&#8217;s for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exchange Act</font>&#8221;), does not exceed 4.9% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such conversion) of Payor.&#160; For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.&#160; By written notice to Payor, Holder may waive the provisions of this Section 2(d) as to itself but any such waiver will not be effective until the 61<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after delivery thereof.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The conversion price in the event of such an elective conversion shall be equal to the lesser of (i) $1.82 and (ii) one hundred twenty percent (120%) of the 30-day average closing price of Payor&#8217;s Common Stock for the 30 trading days immediately following the date on which Payor publicly discloses the final determination of its binding arbitration proceedings against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P., subject to equitable adjustment for any stock dividends, splits, combination, distribution, or other transaction having similar effect.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">12</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subordinate Debt</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">.&#160; </font>The indebtedness represented by this Note is subordinate in right of payment to all current secured indebtedness of Payor as set forth in the condensed consolidated financial statements, including the notes thereto, of Payor for the quarter ended June 30, 2011.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.</font><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Security</font>.&#160; Payment of this Note is secured and otherwise entitled to the benefits of that certain Security Agreement of even date herewith (the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Security Agreement</font>&#8221;) made by Payor in favor of Holder.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.</font><font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Waiver; Payment of Fees and Expenses</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; </font>Payor expressly and irrevocably waives presentment, protest and demand for payment.&#160; The right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law.&#160; No delay by Holder shall constitute a waiver, election or acquiescence by it.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payor agrees to pay upon demand all expenses (including, without limitation, attorneys' fees, legal costs and expenses, whether in or out of court, in original or appellate proceedings or in bankruptcy) incurred or paid by Holder or any holder hereof in connection with the enforcement or preservation of its rights hereunder or under any document or instrument executed in connection herewith.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.</font><font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPRESENTATIONS AND WARRANTIES OF HOLDER.&#160; </font>Holder hereby represents and warrants to Payor as follows:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purchase Entirely for Own Account</font>.&#160; This Note is issued to Holder in reliance upon the Holder&#8217;s representation to Payor, which by Holder&#8217;s execution of this Note Holder hereby con-firms, that this Note and the Common Stock issuable upon the conversion hereof (together, the &#8220;<font style="FONT-STYLE: italic; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities</font>&#8221;) will be acquired for investment for Holder&#8217;s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.&#160; By executing this Note, Holder further represents that Holder does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities.&#160; Holder has not been formed for the specific purpose of acquiring the Securities.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted Securities</font>.&#160; Holder understands that no public market now exists for any of the Securities to be issued by Payor in the event of conversion of the Note and that Payor has made no assurances that a public market will ever exist for the Securities.&#160; Holder understands that the Securities have not been and may never be registered under the Act, and without such registration, may only be sold through a specific exemption from the registration provisions of the Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Holder&#8217;s representations as expressed herein.&#160; Holder understands that the Securities are &#8220;restricted securities&#8221; under applicable U.S. federal and state securities laws and that, pursuant to these laws, Holder must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accredited Investor</font>.&#160; Holder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Act.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7.</font><font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Miscellaneous</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Public Disclosure of Arbitration.&#160; </font>Payor covenants to<font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>publicly disclose the final determination of its binding arbitration proceedings against Ernst &amp; Young LLP and Ernst &amp; Young-Hong Kong, L.P. as promptly as possible following its being notified of the final determination of such proceeding.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Governing Law.&#160; </font>This Note and any document or instrument executed in connection herewith shall be governed by and construed in accordance with the internal laws of the State of Florida.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Successors and Assigns; Assignment.&#160; </font>The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.&#160; Payor may not assign this Note or delegate any of its obligations hereunder without the written consent of Holder.&#160; Holder may freely assign or transfer its rights, duties, obligations and responsibilities, in whole or in part, to any other party, other than a competitor of Payor, without the prior consent of Payor.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Titles and Subtitles.</font>&#160; The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting the Note.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notices.</font>&#160; All notices required or permitted under this Note shall be given in writing and shall be deemed effectively given:&#160; (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) five (5) days after deposit in the United States mail, by registered or certified mail, postage prepaid and properly addressed to the party to be notified, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Default Rate of Interest</font>.&#160; Upon the occurrence of an Event of Default, interest shall accrue on the outstanding principal of this Note so long as such default continues at the rate of four-teen percent (14%) per annum.&#160; Payor does not intend or expect to pay, nor does Holder intend or expect to charge, accept or collect any interest which, when added to any fee or other charge upon the principal which may legally be treated as interest, is in excess of the highest lawful rate. If acceleration, prepayment or any other charges upon the principal or any portion thereof, or any other circumstance, result in the computation or earning of interest in excess of the highest lawful rate, then any and all such excess is hereby waived and shall be applied against the remaining principal balance. Without limiting the generality of the foregoing, and notwithstanding anything to the contrary contained herein or otherwise, no deposit of funds shall be required in connection herewith which will, when deducted from the principal amount outstanding hereunder, cause the rate of interest hereunder to exceed the highest lawful rate.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Miscellaneous</font>.&#160; Unless the context requires otherwise, wherever used herein the singular shall include the plural and vice versa, and the use of one gender shall also denote the other.&#160; Captions herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof; references herein to Sections or provisions without reference to the document in which they are contained are references to this Note.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In Witness Whereof, </font>the parties have executed this <font style="FONT-VARIANT: small-caps; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Convertible Subordinated secured Promissory Note</font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>as of the date first written above.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="dc08162170d94ca8ae971b40c89800e1" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-VARIANT: small-caps; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">AGREED TO AND ACCEPTED</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">this 30<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of September, 2011:</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Name of Lender]</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">Name: </div>

<div style="TEXT-ALIGN: left">Title: </div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Exhibit B</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>SECURITY AGREEMENT</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">THIS SECURITY AGREEMENT (&#8220;Agreement&#8221;) </font>made this 30<font size="2"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of September, 2011 by and among <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</font>, a Delaware corporation, and <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</font>, a Florida corporation (together, the &#8220;Obligor&#8221;), and <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">____________________________________</font> (the &#8220;Secured Party&#8221;).</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recitals:</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">A.<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Secured Party is simultaneously herewith providing the Obligor with a loan pursuant to the terms of a Loan Agreement of even date herewith (the &#8220;Loan Agreement&#8221;).</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">B.<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font>The Obligor is evidencing its repayment obligation for such loan by executing and delivering to the Secured Party a Convertible Subordinated Secured Promissory Note of even date herewith (the &#8220;Note&#8221;).&#160; Payment of the Note is secured by the security interest granted herein below.</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOW THEREFORE</font>, based on the foregoing, for value received, the parties hereto agree as follows:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 1&#160; Grant of Security Interest</u></font>.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.1<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Grant of Security</u></font>.&#160; To secure the Obligor&#8217;s obligation to pay the principal amount represented by the Note and any accrued and unpaid interest, the Obligor hereby grants to the Secured Party a continuing subordinated security interest in and to all of the Obligor&#8217;s right, title and interest in, to and under:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all of the assets of the Obligor and its subsidiaries, wherever located, of every kind and description, tangible or intangible, including, but not limited to, all biological materials, strains and molecular tools of any kind, all laboratory and other equipment, including, without limitation, the following property of the Obligor, whether now or hereafter owned (in whole or in part), existing, acquired or arising and wherever now or hereafter located:&#160; (a) all Accounts and all Goods the sale, lease or other disposition of which by the Obligor has given rise to Accounts and has been returned to, or repossessed or stopped in transit by, the Obligor; (b) all Chattel Paper, Instruments, Documents and General Intangibles (including, without limitation, all patents, patent applications, trademarks, trademark applications, tradenames, trade secrets, goodwill, copyrights, copyright applications, registrations, licenses, software, franchises, customer lists, tax refund claims, claims against carriers and shippers, guarantee claims, contract rights including, without limitation, leases and grants, payment intangibles, security interests, security deposits, rights to indemnification, strains and microorganisms and related mutants and derivatives thereof now existing or hereafter produced, fermentation processes and protocols, proprietary and confidential information and materials, sequenced genome, annotated genome, genes, genetic material, research and development projects, research tools and materials, research equipment and supplies and know-how); (c) all Inventory including, without limitation, raw materials; (d) all Goods (other than Inventory) including, without limitation, Equipment, vehicles and Fixtures; (e) all Investment Property; (f) all Deposit Accounts, bank accounts, <font style="FONT-SIZE: 10pt">prepaid expenses and all deposits and cash; (g) all Letter of Credit Rights; (h) all Commercial Tort Claims, and all other claims and </font>causes of action, whether in contract, tort or otherwise, including but not limited to the proceeds of any recovery in the Obligor&#8217;s professional negligence/malpractice lawsuit against its former auditors and legal counsel; (i) any property of the Obligor now or hereafter in the possession, custody or control of the Secured Party or any agent or any parent, affiliate or subsidiary of the Secured Party for any purpose (whether for safekeeping, deposit, collection, custody, pl<font style="FONT-SIZE: 10pt">edge, transmission or otherwise); (j) all additions and accessions to, substitutions for, and replacements, products and Proceeds of the foregoing property, including, without limitation, proceeds of all insurance policies insuring the foregoing property including, but not limited to, the proceeds of all insurance policies owned or for the benefit of the Obligor including, but not limited to, life insurance policies on its officers, directors and/or employees, all of the Obligor&#8217;s books and records relating to any of the foregoing and to the Obligor&#8217;s business; and (k) all access fees, milestone payments, facility fees, royalties, research and commercial payments and any other payments made in the past, present or future by any of the Obligor&#8217;s licensees, collaborators or strategic partners.&#160; &#8220;Account&#8221;, &#8220;Account Obligor&#8221; &#8220;Chattel Paper&#8221;, &#8220;Commercial Tort Claims&#8221;, Deposit Accounts&#8221;, &#8220;Documents&#8221;, &#8220;Equipment&#8221;, &#8220;Fixtures&#8221;, &#8220;General Intangibles&#8221;, &#8220;Goods&#8221;, &#8220;Instruments&#8221;, &#8220;Inventory&#8221;, &#8220;Investment Property&#8221;, &#8220;Letter of Credit Rights&#8221;, &#8220;Proceeds&#8221; and &#8220;Tangible Chattel Paper&#8221; shall have the meanings assigned to such terms, as of the date of this Agreement in the Uniform Commercial Code (&#8220;UCC&#8221;);</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">16</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all proceeds of any and all of the foregoing (including, without limitation, any property or cash) and, to the extent not otherwise included, all payments under insurance (whether or not the Secured Party is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing; and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other property or right constituting any part of the foregoing.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The items covered in subsections (a) - (c) shall be collectively referred to as the "Collateral".</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.2<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Financing Statements</u></font>.&#160; The Secured Party is hereby authorized by the Obligor to file any documents, including, without limitation, UCC Financing Statements, to perfect and/or record the security interest in the Collateral granted herein and to file amendments, releases and termination statements relating to any UCC Financing Statements.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.3<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Assignment</u></font>.&#160; The rights under this Agreement and the security interest granted hereby only may be assigned or transferred by the Secured Party together with the Note in circumstances where the transfer of the Note is allowed under the terms of the Note.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 2&#160; Security for Obligations</u></font>.&#160; This Agreement secures the payment of all obligations of the Obligor now or hereafter existing under the Note (all such obligations of the Obligor being the "Obligations").</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 3&#160; Obligor Remains Liable</u></font><font style="FONT-SIZE: 10pt">.&#160; Anything herein to the contrary notwithstanding, should any agreements or contracts of the Obligor to the Secured Party be deemed part of the Obligor&#8217;s assets and, accordingly, a part of the Collateral, (a) the Obligor shall remain liable under the </font>contracts and agreements included in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Secured Party of any of the rights hereunder shall not release the Obligor from any of its duties or obligations under the contracts and agreements included in the Collateral, and (c) the Secured Party shall have no obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Secured Party be obligated to perform any of the obligations or duties of the Obligor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">17</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 4&#160; Representations and Warranties</u></font>.&#160; The Obligor represents and warrants as follows:</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160;&#160;&#160; &#160;&#160; </font>The Obligor is the legal and beneficial owner of the Collateral subject to those liens, security interests, and other encumbrances reflected in the public records and/or on the Obligor's financial statements.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160;&#160;&#160; &#160;&#160; </font>This Agreement has been duly executed and delivered by the Obligor and is a valid and binding obligation of the Obligor, enforceable against the Obligor in accordance with its terms.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160;&#160;&#160;&#160; &#160; </font>The execution and delivery by the Obligor of this Agreement and the performance of its obligations hereunder are within the Obligor&#8217;s authority and capacity and, to its knowledge, do not contravene any law, regulation, order or contractual restriction binding on or affecting the Obligor.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160; &#160;&#160;&#160;&#160; &#160; &#160; </font>The grant of the security interest in the Collateral pursuant to this Agreement creates a valid subordinated security interest in the Collateral in favor of the Secured Party securing the payment of all of the Obligations.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 5&#160; The Obligor&#8217;s Covenants</u></font>.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5.1<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Affirmative Covenants</u></font>.&#160; The Obligor hereby covenants that so long as this Agreement remains in effect or any amount due hereunder or under the Note remains outstanding and unpaid, it will, unless otherwise consented to in writing by the Secured Party:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>do all things necessary to preserve and keep in full force and effect its corporate existence, including, without limitation, all licenses or similar qualifications required by it to engage in business as presently conducted; and continue to (i) engage in business as presently conducted, and (ii) conduct business substantially as presently conducted or as otherwise permitted hereunder;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; </font>pay and discharge when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or in respect of its assets or upon any properties belonging to it, before the same shall become delinquent or in default which, if unpaid, would reasonably be expected to give rise to liens or charges upon such assets or any part thereof; provided, however, that the Obligor shall not be required to pay any such tax, assessment, charge or levy which is being contested in good faith by proper proceedings and adequate reserves for the accrual of same are maintained if required by GAAP;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">18</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>comply in all material respects with all federal, state and local laws and regulations, orders, judgments, decrees, injunctions, rules, regulations, permits, licenses, authorizations and requirements applicable to the operation of its business (collectively, "Requirements") of all governmental bodies, departments, commissions, boards, companies or associations insuring the Obligor or any of its assets, except where the failure so to comply would not have a material adverse effect ("Material Adverse Effect") on the Obligor or the assets; <font style="FONT-SIZE: 10pt"><u>provided, however, </u></font>that nothing provided herein shall prevent the Obligor from contesting the validity or the application of any Requirements;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font>keep proper records and books of account with respect to its business activities, in which proper entries reflecting all financial transactions are made.&#160; Such books and records shall be open at reasonable times and upon reasonable notice to inspection by the Secured Party;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>notify the Secured Party in writing, promptly upon learning thereof, of any litigation or administrative proceeding commenced or threatened against the Obligor which involves a claim in excess of one hundred thousand dollars ($100,000);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font>maintain at all times, preserve, protect and keep its assets used or useful in the conduct of its business in good repair, working order and condition, and make all needed and proper repairs, renewals, replacements and improvements thereof as shall be reasonably required in the conduct of its business;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font>to the extent necessary for the operation of its business, keep adequately insured by financially sound reputable insurers, all property of a character usually insured by similar entities and carry such other insurance as is usually carried by similar entities;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(h)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>defend the title to the Collateral against all persons and against all claims and demands whatsoever, other than secured parties with priority lien positions;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font>keep the Collateral free and clear of all further liens, security interests, options or other charges or encumbrances, except as authorized herein and in the ordinary course of the Obligor&#8217;s business;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(j)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in addition to the requirements set forth in Section 1.2 herein, on at least twenty (20) days notice in writing by the Secured Party, furnish further assurance of title, execute any written agreement or do any other acts necessary to effectuate the purposes and provisions of this Agreement, execute any instrument or statement required by law or otherwise in order to perfect, continue or terminate the security interest of the Secured Party in the Collateral including, but not limited to, filing the proper UCC financing statements and entering into account control agreements with the Obligor&#8217;s banking institutions, and pay all costs in connection therewith;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(k)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>retain possession of the Collateral and not remove, sell, exchange, assign, loan, deliver, lease, license, mortgage or otherwise dispose of same outside of the normal course of business without the prior written consent of the Secured Party; and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">(l)</font><font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font><font style="FONT-SIZE: 10pt">promptly give notice in writing to the Secured Party of the occurrence </font>of any default or Event of Default under this Agreement or of any default under any other material instrument or agreement to which any of them is a party.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">19</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5.2<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Negative Covenants</u></font>.&#160; The Obligor hereby covenants that so long as this Agreement remains in effect or any amount due hereunder or under the Note remains outstanding and unpaid, it will not, unless otherwise consented to in writing by the Secured Party:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>take any action or fail to take any action that would cause any lien, security interest, option or other charge or encumbrance (except for the security interests contemplated in this Agreement), whether by contract or operation of law, to be placed on any of the Collateral or otherwise to sell or transfer any such Collateral, except in the ordinary course of business;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>amend its Certificate of Incorporation in the case of Dyadic International, Inc., or Articles of Incorporation, in the case of Dyadic International (USA), Inc. or its respective Bylaws;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font>incur any subsequent indebtedness senior to the Note; other than in cases of trade payables incurred in the ordinary course of business;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; </font>create, incur, assume or suffer to exist any lien, security interest, option or other charge or encumbrance (except for the security interests contemplated in this Agreement) upon the Collateral (tangible or intangible) or assets, income or profits secured hereunder, whether now owned or hereafter acquired, except for (i) liens contemplated by this Agreement; (ii) statutory liens; (iii) purchase money liens and other liens granted in the ordinary course of business on equipment, fixtures and similar property; and (iv) liens which, in the aggregate, would not exceed one hundred thousand dollars ($100,000);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(e)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>guarantee, assume or otherwise become responsible for (directly or indirectly) the indebtedness for borrowed funds or performance obligations of any person;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(f)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; </font>consummate any merger, combination or consolidation involving the Obligor (whether in a single transaction or a related series of transactions) or sell, lease, transfer or assign to any persons or otherwise dispose of (whether in a single transaction or a related series of transactions) all or substantially all of the assets (whether now owned or hereafter acquired);</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(g)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>negatively alter the compensation or employment status of Mark A. Emalfarb, or remove him as Chairman of the Board of Directors or Director or President or Chief Executive Officer of the companies defined as the Obligor or its subsidiaries without his written consent; or</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(h)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Purchase or acquire any stock, obligations, assets or securities of, or any interest in, or make any capital contribution or loan or advance of money, credit or property to, any other person, or make any other investments.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">20</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 6&#160; Further Assurances</u></font><font style="FONT-SIZE: 10pt">.</font></div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Obligor agrees that from time to time it will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Secured Party may reasonably request, in order to perfect and protect the security interest granted or purported to be granted hereby or to enable the Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral including, but not limited to, account control agreements with the Obligor&#8217;s banking institutions.&#160; Without limiting the generality of the foregoing, the Obligor will: (i) deliver and pledge to the Secured Party promptly upon receipt thereof all instruments or certificates representing or evidencing any of the Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to the Secured Party; and (ii) execute and file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Secured Party may request, in order to perfect and preserve the security interest granted or purported to be granted hereby.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Obligor hereby authorizes the Secured Party to file financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral without the signature of the Obligor where permitted by law.&#160; A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Obligor will furnish to the Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Secured Party may reasonably request, all in reasonable detail.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 7&#160; Default; Acceleration</u></font>.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.1<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Events of Default</u></font>.&#160; An Event of Default shall have been deemed to have occurred hereunder immediately at such time as any Event of Default under the Loan Agreement or the Note shall have occurred and any period for remedying such default prescribed in the Loan Agreement, the Note or this Agreement shall have expired.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.2<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Acceleration</u></font>.&#160; In addition to any other remedies provided by the Loan Agreement or the Note, upon the occurrence of an Event of Default, the Secured Party may, by written notice to the Obligor, take any or all of the following actions to enforce the Secured Party&#8217;s claims against the Obligor: (a) declare the principal of and any accrued interest and all other amounts payable under the Note to be due and payable, whereupon the same shall become forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Obligor, or (b) exercise any other remedies available at law or in equity, including specific performance of any covenant or other agreement contained in this Agreement.&#160; In addition to any other remedies provided by the Note, upon the occurrence of an Event of Default, then without prejudice to the rights and remedies specified in clause (b) above, the Note and other obligations of the Obligor pursuant to this Agreement shall automatically be immediately due and payable with interest and other fees, if any, thereon without notice, demand or any other act by the Secured Party.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">21</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.3<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt"><u>Remedies</u></font>.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On the occurrence of an Event of Default, the Secured Party shall have the following rights and remedies, which are cumulative in nature and are in addition to the rights set forth in the Loan Agreement and the Note and shall be available to the Secured Party after the Secured Party provides the Obligor written notice of the Event of Default and ten (10) days from the date of receipt of the notice to cure the default.&#160; However, if the nature of the Event of Default is such that it cannot be cured within such ten (10) day period, the Obligor shall not be deemed to be in default if the Obligor within that period commences to cure the Event of Default and thereafter diligently pursues the cure to completion within a thirty (30) day period:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All rights and remedies provided by law, including but not limited to those provided by the UCC, and equitable remedies for specific performance and injunctive relief; and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(ii)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All rights and remedies provided in the Loan Agreement including the Note and this Agreement.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon any default by the Obligor hereunder, the Secured Party shall have all the rights, remedies and privileges with respect to repossession, retention and sale of any or all of the Collateral of the Obligor and disposition of the proceeds as are accorded by the applicable sections of the UCC and the Obligor shall fully cooperate with the Secured Party in exercising such rights, remedies and privileges.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon any default by the Obligor hereunder and upon demand of the Secured Party, the Obligor shall, at its sole expense, assemble the Collateral and make it available to the Secured Party at the place and at the time designated in the demand.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 8&#160; Secured Party May Perform</u></font>.&#160; If the Obligor fails to perform any agreement contained herein, after notice of such failure and a reasonable cure period, the Secured Party may itself perform, or cause performance of, such agreement including, but not limited to, taking any other action which the Secured Party deems necessary or desirable for the preservation of the Collateral or the Secured Party's interest therein and the carrying out of this Agreement or the Loan Agreement or the Note, including without limiting the generality of the foregoing: (i) any action to collect or realize upon the Collateral; (ii) the discharge of taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral; (iii) the discharge or keeping current of any obligation of the Obligor having an effect on the Collateral; or (iv) receiving, endorsing and collecting all checks and other orders for the payment of money made payable to the Obligor representing any dividend, interest payment or other distribution payable or distributable in respect of the Collateral or any part thereof, and to give full discharge for the same, and the expenses of the Secured Party incurred in connection therewith shall be payable by the Obligor.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 9&#160; Secured Party&#8217;s Duties</u></font>.&#160; The powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers.&#160; Except for accounting for moneys actually received by the Obligor hereunder, the Secured Party shall have no duty as to any Collateral, or as to the taking of any <font style="FONT-SIZE: 10pt">necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 10&#160; Remedies</u></font>.&#160; If any Event of Default shall have occurred and be continuing:</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Secured Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party in the event of default under the UCC in effect in the State of Florida at that time&#160; (whether or not the UCC applies to the affected Collateral), and also may (i) require the Obligor to, and the Obligor hereby agrees that it will at its expense and upon request of the Secured Party forthwith, assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place to be designated by the Secured Party which is reasonably convenient to both parties, and (ii) without notice except as specified below, sell or, to the extent permitted by applicable law, purchase the Collateral or any part thereof at public or private sale, for cash, on credit or for future delivery, and upon such other terms as the Secured Party may deem commercially reasonable.&#160; The Obligor agrees that, to the extent notice of sale shall be required by law, at least twenty (20) days' notice to the Obligor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.&#160; The Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.&#160; The Secured Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.&#160; The Obligor hereby waives any claim against the Secured Party arising by reason of the fact that the price at which any Collateral may have been sold at a private sale was less than the price that might have been obtained at a public sale, even if the Secured Party accepts the first offer received and does not offer such Collateral to more than one offeree; and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any cash held by the Secured Party as Collateral and all cash proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Secured Party, be held by the Secured Party as collateral for, and then or at any time thereafter be applied (after payment of any amounts payable to the Secured Party under Section 14 of this Agreement) in whole or in part by the Secured Party against all or any part of the Obligations in such order as the Secured Party shall elect.&#160; Any surplus of such cash or cash proceeds held by the Secured Party and remaining after payment in full of all the Obligations shall be paid over to the Obligor or to whomsoever may be lawfully entitled to receive such surplus.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 11&#160; Obligations Unconditional; Waiver of Defenses</u></font>.&#160; The Obligor irrevocably agrees that no fact or circumstance whatsoever which might at law or in equity constitute a discharge or release of, or defense to the obligations of, a guarantor or surety shall limit or affect any obligations of the Obligor under this Agreement or any document or instrument executed in connection herewith.&#160; Without limiting the generality of the foregoing:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(a)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Secured Party may at any time and from time to time, without notice to the Obligor, take any or all of the following actions without affecting or impairing the liability of the Obligor on this Agreement:</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">23</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(i)<font style="FONT-SIZE: 10pt">&#160; &#160; &#160; &#160; &#160; &#160; </font>renew or extend time of payment of the Obligations;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(ii)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>accept, substitute, release or surrender any security for the Obligations; and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(iii)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>release any person primarily or secondarily liable on the Obligations (including without limitation any endorser, and any guarantor)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(b)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No delay in enforcing payment of the Obligations, nor any amendment, waiver, change, or modification of any terms of any document or instrument which evidences or is given in connection with the Secured Obligations, shall release the Obligor from any obligation hereunder.&#160; The obligations of the Obligor under this Agreement are and shall be primary, continuing, unconditional and absolute (notwithstanding that at any time or from time to time all of the Obligations may have been paid in full), irrespective of the value, genuineness, regularity, validity or enforceability of any documents or instruments respecting or evidencing the Obligations.&#160; In order to hold the Obligor liable or exercise rights or remedies hereunder, there shall be no obligation on the part of the Secured Party, at any time, to resort for payment to any guarantor or to any other security for the Secured Obligations.&#160; The Secured Party shall have the right to enforce this Agreement as against any one or all of the Obligor and irrespective of whether or not other proceedings or steps are being taken against any other property securing the Obligations or any other party primarily or secondarily liable on any of the Obligations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(c)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Expect as otherwise provided in any note, agreement, instrument or document evidencing the Obligations, the Obligor irrevocably waives presentment, protest, demand, notice of dishonor or default, notice of acceptance of this Agreement, notice of any loans made, extensions granted or other action taken in reliance hereon, and all demands and notices of any kind in connection with this Agreement or the Obligations.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">(d)<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>While this Agreement remains in full force and effect, the Obligor waives any claim or other right which the Obligor might now have or hereafter acquire against any other person primarily or contingently liable on the Obligations (including without limitation any maker, endorser or guarantor) or that arises from the existence or performance of the Obligor&#8217;s obligations under this Agreement, including without limitation any right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim or remedy of the Secured Party against the Obligor or any other person primarily or contingently liable on the Obligations (including without limitation any maker, endorser or guarantor) or any other collateral security for the Obligations, which the Secured Party now has or hereafter acquires, however arising.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 12&#160; Amendments</u></font>.&#160; No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Obligor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Secured Party.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 13&#160; Continuing Security Interest</u></font>.&#160; This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the payment in full of the Obligations and all other amounts payable under the Note; (b) be binding upon the <font style="FONT-SIZE: 10pt">Obligor, its successors and assigns; and (c) inure to the benefit of, and be enforceable by, the Secured Party and its successors, transferees and assigns.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">24</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 14&#160; Payment of Fees</u></font>.&#160; The Obligor agrees to pay all costs and expenses of the Secured Party in enforcing or preserving any of the rights and remedies available to the Secured Party under this Agreement, the Note, the Loan Agreement or under any other documents, instruments or writings executed and delivered to the Secured Party in connection herewith including, without limitation, legal fees, costs and disbursements of the Secured Party&#8217;s attorneys in the enforcement thereof.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 15&#160; Liability for Deficiency</u></font>.&#160; The Obligor shall remain liable for any deficiency relating to the obligations underlying the Note resulting from a sale of the Collateral and shall pay any such deficiency forthwith on demand.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 16&#160; Survival of Agreements</u></font>.&#160; All agreements, representations and warranties made herein and in any certificates delivered pursuant hereto shall survive the execution and delivery of this Agreement and the Note, and shall continue in full force and effect until the indebtedness of the Obligor under the Note and all other Obligations hereunder and thereunder have been paid in full.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 17&#160; Successors and Assigns</u></font>.&#160; This Agreement shall be binding upon and inure to the benefit of the Obligor and its successors and assigns, except that the Obligor may not transfer or assign any of its rights or interests hereunder without the prior written consent of the Secured Party, which consent may be given or withheld in the Secured Party&#8217;s absolute discretion.&#160; The Secured Party may only assign this Agreement and its rights or interests hereunder together with an assignment of the Loan Agreement and the Note that is allowable under the terms of the Loan Agreement and the Note.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 18&#160; Construction of Agreement; Jurisdiction and Venue</u></font>.&#160; This Agreement and the Note and the rights and obligations of the parties hereunder and thereunder shall be governed by, and construed and interpreted in accordance with, the law of the State of Florida, without regard to principles of conflicts of law.&#160; THE OBLIGOR AND THE SECURED PARTY, IN ANY LITIGATION IN WHICH THE SECURED PARTY OR THE OBLIGOR SHALL BE AN ADVERSE PARTY, WAIVE TRIAL BY JURY, WAIVE THE RIGHT TO CLAIM THAT A FORUM OR VENUE SPECIFIED HEREIN IS AN INCONVENIENT FORUM OR VENUE AND WAIVE THE RIGHT TO INTERPOSE ANY SETOFF, DEDUCTION OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION, AND IRREVOCABLY CONSENT TO THE JURISDICTION OF THE FLORIDA STATE COURT IN PALM BEACH COUNTY IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND THE OBLIGOR AND THE SECURED PARTY FURTHER AGREE TO ACCEPT AND ACKNOWLEDGE SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED UPON THEM IN ANY SUCH SUIT, ACTION OR PROCEEDING VIA CERTIFIED MAIL TO THE ADDRESS AS SET FORTH IN THE ASSET PURCHASE AGREEMENT WITH RESPECT TO THE OBLIGOR AND THE SECURED PARTY.&#160; If any of the provisions of this Agreement shall be or become illegal or unenforceable under any law, the other provisions shall remain in full force and effect.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">25</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><u>Section 19&#160; Counterparts</u></font>.&#160; This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and both such counterparts together shall be deemed an original of this Agreement.</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, the undersigned have hereunto set their hands as of the date first written above.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b73406be20b94552a1e6a07b283746e1" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Name of Lender]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL, INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">&#160;&#160; </div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">DYADIC INTERNATIONAL (USA), INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt"></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Adam J. Morgan</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Vice President General Counsel &amp; Business Development</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">26</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Schedule 2(f)</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Capital Stock</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Common Stock, $.001 par value</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Authorized Shares:&#160; 100,000,000 (as of June 30, 2011)</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Issued and Outstanding:&#160; 31,409,620 (as of June 30, 2011)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Preferred Stock, $.0001 par value</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Authorized Shares:&#160; 5,000,000 (as of June 30, 2011)</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Issued and Outstanding:&#160; None (as of June 30, 2011)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Description of Equity Plans</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">The Borrower maintains the Dyadic International, Inc. 2006 Stock Option Plan, as amended (the &#8220;2006 Option Plan&#8221;) and the Dyadic International, Inc. 2011 Equity Incentive Award Plan (the &#8220;2011 Plan&#8221;)(the 2006 Option Plan and the 2011 Plan are hereinafter collectively referred to as the &#8220;Equity Compensation Plans&#8221;).&#160; All options granted under the Equity Compensation Plans are service-based and typically vest over a four year period.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2006 Stock Option Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Under the 2006 Option Plan, 4,700,000 shares of common stock have been reserved for issuance.&#160; As of the date hereof, there were 4,050,375 stock options outstanding and 304,750 stock options available for grant under the 2006 Option Plan.&#160; The term of the stock options outstanding under the 2006 Option Plan is ten years.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2011 Plan</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Under the 2011 Plan, 3,000,000 shares of our common stock will be initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights (&#8220;SARs&#8221;), restricted stock awards, restricted stock unit awards, deferred stock awards, dividend equivalent awards, stock payment awards and performance awards and other stock-based awards, plus the number of shares remaining available for future awards under our 2006 Option Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2011 Plan will be increased by (i) the number of shares represented by awards outstanding under our 2006 Stock Option Plan that are forfeited or lapse unexercised and which following the effective date are not issued under the 2006 Stock Option Plan and (ii) an annual increase on the first day of each fiscal year beginning in 2012 and ending in 2021, equal to either 1,500,000 shares or such smaller number of shares of stock as determined by our Board.&#160; As of the date hereof, there were no stock options outstanding under the 2011 Option Plan.&#160; The term of the stock options under the 2011 Option Plan will be ten years.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">27</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: rgb(0,0,0); MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: rgb(0,0,0); CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: right; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Schedule 2(o)</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Secured Indebtedness</u></div>

<div style="TEXT-ALIGN: center; COLOR: rgb(0,0,0); FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4bd592c3c2764449ac3695857c291d8c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">1.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated May 7, 2000, as amended, by and between Dyadic International, Inc., a Florida corporation (now known as Dyadic International (USA), Inc.), and the Mark A. Emalfarb Trust under agreement dated October 1, 1987, as amended.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="81624430f7234a5d8f0af832919dec1e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">2.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated May 29, 2003, as amended, by Dyadic International, Inc., a Florida corporation (now known as Dyadic International (USA), Inc.) in favor of the Mark A. Emalfarb Trust, under agreement dated October 1, 1987, as amended.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="28ae0a4c9d814d689efa37c7ba3751fa" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">3.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Loan and Security Agreement dated as of November 14, 2008 by Dyadic International (USA), Inc. and Dyadic International, Inc. in favor of the Mark A. Emalfarb Trust under agreement dated as of October 1, 1987, as amended.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a348c5c4af7e44339971ffcd3a5003e4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">4.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Collateral Assignment of Inventions and Patents and Patent Application dated as of November 14, 2008 by Dyadic International (USA), Inc. and Dyadic International, Inc. in favor of the Mark A. Emalfarb Trust under agreement dated as of October 1, 1987, as amended.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7e2b4ed04db4462aa36e7e0ee324950d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">5.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Collateral Assignment of Trademarks dated as of November 14, 2008 by Dyadic International (USA), Inc. and Dyadic International, Inc. in favor of the Mark A. Emalfarb Trust under agreement dated as of October 1, 1987, as amended.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="13bc6e3e836945a68cb10ac8da19c746" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">6.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and John S. Lemak IRA Rollover Morgan Keegan &amp;Co. Inc. Custodian.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="81d41565f55c4926b22bc2af884f6ab4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">7.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and JSL Kids Partners.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="975d611ca68244feb247d48025fa3a22" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">8.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Lisa Joy Emalfarb.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="423a30ae6ff84e48828ba326a1f8971e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">9.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Mario F. Maffei.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="48dd145b266d4e578174fbc9122c40cc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">10.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Mark A. Emalfarb Trust.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8122b4316bee481fa5cf2ced15681f7f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">11.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Michael J. Faby.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7cc41234254c440d90d348dc5c619fcc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">12.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Michael Weiss.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="06d65c8c67e5480e85160578b6ef0a94" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">13.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Pinnacle Family Investments.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5dacad198fe446959b6e1ddea72f5ced" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">14.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Samuel Fromkin.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a0b41c1254a947e782927e27dd0f3b8e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">15.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; COLOR: rgb(0,0,0); FONT-SIZE: 10pt">Security Agreement dated as of August 23, 2010 by and among Dyadic International, Inc., Dyadic International (USA), Inc. and Univest Management Inc. EPSP.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: -27pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt">28</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt">
<hr style="HEIGHT: 2px; COLOR: #000000" noshade="noshade">
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image0.jpg
<TEXT>
begin 644 image0.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`$E`24#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**2B@!:*2B@!:*2B@!:*2B@!:
M*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:
M*2B@!:*2B@!:*2B@!:*2B@!:*2B@#X!HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
+`"BBB@`HHHH`_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image00007.jpg
<TEXT>
begin 644 image00007.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"`&:`L(#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Z-\9>)=/\
M(Z#<:SJ[2+90,H<QKN/S,%''U(KSK_AH?P+_`,_%_P#^`K5>_:9_Y([K/_72
M#_T:M?$U>CA,)"M#FEW.:M6=.5D?9?\`PT/X%_Y[W_\`X"M1_P`-#^!?^>]_
M_P"`K5\:45U?V=2,?K,C[+_X:'\"_P#/>_\`_`5J/^&A_`O_`#WO_P#P%:OC
M2BC^SJ0?69'V7_PT/X%_Y[W_`/X"M1_PT/X%_P">]_\`^`K5\:44?V=2#ZS(
M^R_^&A_`O_/>_P#_``%:C_AH?P+_`,][_P#\!6KXTK=\'^%M7\7:NNG:%:-<
MSD;G/1(U_O,>PI/`48J[&L1-NR/J[_AH?P+_`,][_P#\!6H_X:'\"_\`/>__
M`/`5J\.UKX">+=-TV:\@DT[43"-TD%K*3(!WX(YKR9OE8AN"#@@\8/TJ:>#H
M5/@=RI5JD=6?97_#0_@7_GO?_P#@*U'_``T/X%_Y[W__`("M7QJ,=<_C2%EQ
MCCBK_L^D3]8F?9?_``T/X%_Y[W__`("M1_PT/X%_Y[W_`/X"M7QJV%4$D?GU
MHR,`]A3_`+.I!]9F?97_``T/X%_Y[W__`("M1_PT/X%_Y[W_`/X"M7QID>HH
MQ2_L^CT%]9D?9?\`PT/X%_Y[W_\`X"M1_P`-#^!?^>]__P"`K5\:44?V=2#Z
MS(^R_P#AH?P+_P`][_\`\!6H_P"&A_`O_/>__P#`5J^-**/[.I!]9D?9?_#0
M_@7_`)[W_P#X"M1_PT/X%_Y[W_\`X"M7QI11_9U(/K,C[+_X:'\"_P#/>_\`
M_`5JZ+P-\5_#7C;6'TW0Y;IKE(C,PEA*#:..M?"5>V?LE?\`)2+S_KP;_P!"
M%95\%3ITW)="Z>(E*23/K]3FEIOK2K7D([!:**#TI@(:AENH(6VS3Q1MUP[@
M&I6[5\Z_M`?\CM;\G_CT7H?>HG+E5S?#4/;SY+V/H+[?:?\`/W;_`/?P?XT?
M;[3_`)^[?_OX/\:^,OQ;\Z/Q;\ZQ]OY'H?V4_P"8^S?M]I_S]V__`'\'^-'V
M^T_Y^[?_`+^#_&OC+\6_.C\6]<YH]OY!_93_`)C[-^WVG_/W;_\`?P?XT?;[
M3_G[M_\`OX/\:^/--T^\U.Z%MIUO/<SGG9$"V/KZ5:UCP_J^BHC:MI]U:H_W
M7D4[3^--UFE>Q/\`9BO;G/KC^T+3_G[M_P#OZ/\`&E^WVG_/W;_]_!_C7QYI
MFG7NJW0MM.MYKFX(W;(^3CU]JKR(T<C(^Y64E2,G@CJ*/;>0_P"RU>RF?9?V
M^T_Y^[?_`+^#_&C[?:?\_=O_`-_!_C7QE^+?G1^+?G2]OY%/*&G\1]F_;[3_
M`)^[?_OX/\:/M]I_S]V__?P?XU\9?BWYT?BWYT>W0O[*_O'V;]OM/^?NW_[^
M#_&C[?:?\_=O_P!_!_C7QE^+?G1CW;\Z?M_(/[)?\Q]F_;[3_G[M_P#OX/\`
M&C[?:?\`/W;_`/?P?XU\9_BP_&KMKI5_=V%S>VUM-):6XS-*I^5*2K^0?V5;
M>1]?_;[3_G[M_P#OX/\`&C[?:?\`/W;_`/?P?XU\9_\``C[8-)^+?G3]OY!_
M9+WYC[-^WVG_`#]V_P#W\'^-'V^T_P"?NW_[^#_&OC+\6_.C\6_.DL0M-`_L
ME])'V;]OM/\`G[M_^_@_QH^WVG_/W;_]_!_C7QE^+?G1^+?G1[?R#^RG_,?9
MOV^T_P"?NW_[^#_&D.H6G_/W;_\`?P?XU\9_BWYT<CH6_.CV_D']E/\`F/M*
M*5)E#1NKJ>A5L@U+7"?!'GX=Z>3R=S_SKN5ZUT)W5SRZD/9S<>PZBBBF0%-E
M<1QN['"J"2?04ZH-0_X\+G_KDW\C0!P#?&CP&K%6U^$,I*D;6X(_"C_A=7@+
M_H/P?]\M_A7P]<_\?5Q_UT?_`-"-18KUUEL+7NSB>*=[6/N;_A=7@+_H/P_]
M\M_A1_PNKP%_T'X?^^6_PKXQ\*^'M0\4ZU%I6BPK+>RAF178("`,GDUV=_\`
M`[QY8V<UU)I4,B1*6*Q3J[$#T%1/!48.TIV*C7G+9'TW_P`+J\!?]!^'_OEO
M\*/^%U>`O^@_#_WRW^%?#;KY;LLB[&4E2K<%2.H--!!YXQZUI_9L/YA/$R70
M^YO^%U>`O^@_#_WRW^%'_"ZO`7_0?A_[Y;_"OAI2#SP16IK.@:EH<5C+JUF]
MJM]&9K<2##.@.-V.U)Y=37V@6)D[Z'VC_P`+J\!?]!^'_OEO\*/^%U>`O^@_
M#_WRW^%?#.1DXQGTK;_X1C4F\)_\)&$A_LL2^07\T;]W^YU_&AY=37V@6(D^
MA]E_\+J\!?\`0?A_[Y;_``H_X75X"_Z#\/\`WRW^%?#/'J/2EQ3_`+-A_,Q?
M6GV/N7_A=7@+_H/P_P#?+?X4?\+J\!?]!^'_`+Y;_"OAKY=O)%&!MR<?6C^S
M8;<S']99]R_\+J\!?]!^'_OEO\*/^%U>`O\`H/P_]\M_A7PT"#QP:3(Z<$^U
M']FP_F%]:EV/N;_A=7@+_H/P_P#?+?X4?\+J\!?]!^'_`+Y;_"OAHX"\X_&M
M[4O">K:;X7T_Q#=V\:Z5?-M@D$@+$^X[4GEU.-DY%+$2>R/L?_A=7@+_`*#\
M/_?+?X4?\+J\!?\`0?A_[Y;_``KX:&,!N,>M*<8)X%/^S8?S,GZTS[D_X75X
M"_Z#\/\`WRW^%'_"ZO`7_0?A_P"^6_PKX>MH'NKF*"VC:::5@B(@R68]@*MZ
MYI%[H.IRZ=JL'D7L0!>)CRN1D4O[.IWMS%?6)6O8^UO^%U>`O^@_#_WRW^%'
M_"ZO`7_0?A_[Y;_"OAG@],&C%/\`LV'\S)^M2['W+_PNKP%_T'X?^^6_PKI/
M"?C'0_%T5Q)X>OTO$MV"RE`1M)Z=:_/:OI_]CD?\2GQ+_P!=XO\`T%JPQ&"C
M1IN:9=.NYRL?1M%%%><=1Y9^TS_R1W6?^ND'_HU:^)Z^V?VF?^2.ZQ_UT@_]
M&K7Q-7MY:_W37F<&*^-"44N*,5WG,)12XHQ0`E%+BC%`"5[O\&Y)[+X*^.KW
M1`5UE1M\R/[ZICJ,<],UX3BNL^'7CK5?`FK/>:7Y<L,P"7%M-]R5?Z'WK*O!
MU(-1-*4E&:;/1_@'HQU+_3;#QY+IGB"Z,D36)`F=T'\15CR>^>U;?PY\%0Z=
MHOBG6EBTK5-<AU![.WDU?`@7!^9F'3)SFN>N/CK;VD<LOACP7I>DZI*,-=C:
MQ&>I`"CG\:Y/PA\1Y])M=6L/$.G1:]I.J2^?<V\K^63+UW`CISZ5PNE5DI22
MML=*G!-)OJ>C>./#6CCQ5X#U6.'2(]1O+Z.WU*SL75X&;/4+Z<5T=I>Z#<_&
M74O`X\*:.NFR0NTD_P!G'FF3;DD'L.V!7B.J>-]-G\4Z'JFC>%[/2K72I$D$
M$,I9YMISAFQS]<5=L_B?]G^+5QXV_LO(F4J;03XQE0/O8_I5>PFXI6>S^\GV
MD5>WD=_\+/!UG:>'?$VN6EEI5WJ<&H2V5DNJMFWB56QEL]\&E\<>'O"4.O>#
M=9UM-)MOM$[1:O;Z;(&@R%^5@!T&1S7G/A?XDG2O[<LM5T>#5=!U:=[F6PDD
MVE&9L@JP'T[=J9J'Q!MH_$NE:IX8\,Z=HZ:>-HA_UOG`C!$A/7OSC-'LJCJ-
MZ_TA^TA8]G\<Z%-J/AG6O[+\.>%-9TL1E[:72P(;BW`YR<?>(&#Q7RP1CKUK
MV"X^,5E;6^IR^&?"5OI&KZE&4N+I;DNO/WB$Q@&O(&!SR<GJ:VPD:D$^9:&=
M:46DD-HI<48KK.<2BEQ1B@!**7%&*`"O:_V2_P#DI%Y_UX-_Z$*\4Q7M?[)?
M_)2+S_KP;_T(5SXO^#(UH_&CZ^I5HI>]?.(],*#THI&I@(>U?.O[0'_([6__
M`%Z+_.OHJOG7]H#_`)':W_Z]!_.L:WPG?EO\;Y'FM%%%<A]"%)2TA]Z`]#U;
M0;N3PM\'WU?2@L>I7MQL:?;DJ,XP*YW_`(3[6KOPUJ&EZG&-4BE'$\JY,/XC
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M,H_"NAVMS#=K<;9KQY-P"#EE`_3-7]$\/^"-7\7RZ%!:WR26NX>8TN5N"O4'
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MZ)HFM:$DT-OJ"',$K;BIZ]:K0Z_8I\*YM`9G_M%KGS=NT[<9'>G^*/$5AJ7@
M7P[I5JTAN['_`%P9-H'!Z43M9^5CIIPJ0J)-NR;^ZVAQM%%%8G<%%%%($?37
MP1_Y)UIWU?\`]"KN5^]7"_!'_DG>G_[S_P`Z[RO0A\*/E<3_`!9>HM%%%48A
M4&H?\>%S_P!<F_D:GJOJ'_(/N?\`KDW\C36XGL?G#<_\?5Q_UT?_`-"-1"I;
MK_CZG_ZZO_Z$:BZU]1'X4>3+=GI_[-G_`"5W3/\`KE-_Z`:]?T^Y\-^#O%VH
MZ_J/Q*N+]4:7=I1F+A6)^YMR>G85X!\*?%%MX-\;VFM7T$MQ!"CJR1?>^92!
M6!K]TFI>(-1OXDV)=7#RJK=0"<@&N2K0=:J[Z*QO"JH1/:_`=OX6UGPIX]\7
M:WH<5VEO?/<01D[6"G!">PR:SO#5AX7O/#^O?$/6?#\2Z=;,L%GH\#GR]V,9
M8]\YKEO"?C>RT3X:^*/#<]M<276JN#%*N-B#`Z_E1\.?'=KX?T74O#_B+33J
M?A_4>98D?;)&W]Y3^53*E+WFK]+>A:G%\M_5G2ZMI?AGQ%\/6\<:+H2:;<:3
M=HE[IRR$PS)D<`X[YKO?B_;6'BC7_`_AMM,AAFU.&.1;U6.^WB!RT:^Q'%>2
M>,?'NER^"U\)>"M+FTW1V<2W$ES)OEF;KS[9K7\0_%+2]0LO#6H6VFW<'BK1
M%CCBE+@P,@/S`CW%9^SF[22>C=ON&IQ2:ZV/3-0^%FDZA)JVB?\`"'II5C;0
MDV.LI=JTDLBCC<N<X/O7E,GA_3H?V?;G4WM4.KQ:K]F:X!.[:&QCTJYXB^(/
M@G5O[1U%O#NKG6[Y,LAOV2&.0]67!_I7-_\`"9VG_"G6\(-;SF]:^^UB;(*8
MSG'KFIITZMO>ONAN4.;0]3\167@7POK/@ZSF\)P7ESK-M")G,A"Q@@?,%[L2
M:\C^,WAVS\+?$#5M+TM62SCV21JQSMW#./IFM?QQ\0-/\0>(?".H6UK<Q1Z+
M#%%*KXS(4(SM_*L+XL>)[;QEXSO];L898(+A$58Y2-P(&*VHTYQE%N_7_@&<
MI1<?N/4O$2>"O!?A/P;J%YX3@U*^U*U_>;I"BX&-SD=VYXJQ'\//#D'QI\/0
M6]HLV@:S8M>+9RG(C.W./ITJWX[U7PS8^`_A_#XOT6?48'L_-C>VEV/&RA>/
M=3GFN,A^+T,OQ5L/$]WI\D>DZ?;M:VMI$061,8'/3-91524I.-_M%^[RZ^1I
MP:)X9\;_`!,'A+2="BTC3=-GE:YNHW)FN$C."OMD_6K/AV#P'X_\0:AX2LO#
M*Z5(B.+'48Y279DXRX]^M>:Z+XWN-"^)%UXHTJ+*RW,DOD2G&Z-V)*GWQ7:Q
M_$_PEH5QJ.L>$/#-U;>([Y2#+<3;HH&;EB@^OL*<Z4TE9/;\1J46WZ_@.T'0
M?#O@WX8R>*?$FD)KE_<WKV<%O(^V-`K%<G\J['Q(NCZSX`^&J6-AY.D76J*#
M9NV\*">4SZ9KS/PE\0=*'@ZX\+^.=,GU+3&G-S#+;R;)8Y&8D_J2:TO%/Q5T
MJ\T#PU8>'M'FL/[#O5N(HY'#*R*>!GKD]Z4Z=1SU3WW%&44KKLS8TCPIH4O[
M2&H:%+IENVD()-MJ1\@PHK/\,^&_#VC^&?%?C'7-+&I16.H26EG8%]L8^;`S
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M>55U8134+3,:W*W=!7T_^QS_`,@GQ)_UWB_]!:OF"OI[]CG_`)!/B7_KO%_Z
M"U1C]*###_&?1M%%%>">B8'C?PS8^,/#USHNJF46DY0OY3;6^5@PY^HKS,?L
MX^#/^>NI_P#?_P#^M7H'Q.U^Z\,>#[W5;!(I+B%HPJR`E3N8#M]:\.D^/7B9
M(\_8=+S_`+K_`.-=F&I8B<;TMC*HX)^\=C_PSAX,_P">NI_]_P#_`.M1_P`,
MX>#/^>NI_P#?_P#^M7$CX_>*",_8=+_[Y?\`QIG_``T!XHYQ8:5_WR__`,56
M\J.,CJW^)%Z78[G_`(9P\&?\]=3_`.__`/\`6H_X9P\&?\]=3_[_`/\`]:O/
MW_:'\5JQQI^DD?[K_P#Q50G]HOQ6#_R#M)_[Y?\`^*K%RQ*^T/\`=]CT;_AG
M#P9_SUU/_O\`_P#UJ/\`AG#P9_SUU/\`[_\`_P!:O.?^&B_%G_0/TC_OE_\`
MXJC_`(:+\6?]`[2/^^7_`/BJ7/B/Y@_=]CT;_AG#P9_SUU/_`+__`/UJ/^&<
M?!G_`#UU/_O_`/\`UJ\\7]HGQ63_`,@[2/\`OE__`(JI/^&A?%1_YA^D_P#?
M#_\`Q5'-B'U8?N^QW_\`PSCX,_YZZG_W_P#_`*U'_#.'@S_GKJ?_`'__`/K5
MP/\`PT'XJ_Z!^D_]\/\`_%5(/V@?%!ZV&E?]\O\`_%52>)EU#]WV.Z_X9Q\&
M?\]=3_[_`/\`]:C_`(9P\&?\]=3_`.__`/\`6KA?^&@?%'_/AI7_`'R_^-._
MX7_XI[:?I7_?+_XTU'%=P_=]CN/^&<?!G_/74_\`O_\`_6H_X9Q\&?\`/74_
M^_\`_P#6K@G_`&A/%*_\P_2O^^7_`/BJC/[0_BH=-/TG_OA__BJ3^L]9!^[[
M'H/_``SAX,_YZZG_`-__`/ZU'_#./@S_`)ZZG_W_`/\`ZU>>?\-$>*_^@?I'
M_?+_`/Q5*/VA_%A_YA^D_P#?+_\`Q53S8CN/]WV/0O\`AG#P9_SUU/\`[_\`
M_P!:C_AG#P9_SUU/_O\`_P#UJX6']H+Q1(V&L-*'_`7_`,:M?\+Z\38R++2_
M^^7_`,:J+Q4MF)^R['8?\,X>#/\`GKJ?_?\`_P#K4?\`#.'@S_GKJ?\`W_\`
M_K5Q#_'_`,3K_P`N.E_]\O\`XTD'[0/B5KVW22PTWRVE56VJ^<$XXYJFL5'=
MBO2M>QW'_#.'@S_GKJ?_`'__`/K4?\,X>#/^>NI_]_\`_P"M6]XD\?W>E_9V
MC%HB2+O_`'@))'YU0\/_`!+U+69&6&"RRIX&6!8>O6MHX;&RCSIZ>IC]8H=O
MP*'_``SAX,_YZZG_`-__`/ZU=+X`^$GA[P+K3ZEHSWAN)(C"?.DW#:3FN+L?
MC)K%S<7L9M+%6MYGCVX;.`?K72>"/B->^(O$MKIMQ%;QK(KL=@.>%)]:*V#Q
MD:;E-W5K[CAB:#DE'<]44@YP<^M.K`TJ^+^)-8LF.3'Y<BC/8K_]:MY:\D[1
M:1J6B@!AXKR?XG?#S5O%7B*.^TZ>U2)(!&1*Q!SG/85ZRW:N&\<?$[0O!>JQ
M6&KI>&>2+S5,,088SCU%3**DK,THU949<T3S+_A2_B+_`)^]._[Z;_"C_A2_
MB+_G[T[_`+Z;_"NK/Q^\(#_EGJ?_`(#C_P"*I/\`A?W@_P#YY:G_`.`X_P#B
MJS]A`Z_[2K^7W'*_\*7\1?\`/WIW_?3?X4?\*7\1?\_>G?\`?3?X5U9^/W@\
M?\L]3_\``<?_`!5'_"_O!^>(]3_\!Q_\51["`?VE7\ON.4_X4MXB_P"?O3O^
M^V_PH_X4OXBZ_:]._P"^V_PKJF^/_@]5)\K5#[?9Q_\`%4^;X]>#HV4#^T),
MJ&RD`.,]CSUI^QB']I5_(Y'_`(4OXB_Y^]._[Z;_``H_X4OXB[7>G?\`?3?X
M5U7_``O_`,'G_EGJ?_@./_BJ7_A?_@_&1%J>/^O<?_%4>PB']HUOZ1RO_"E_
M$7_/WIW_`'VW^%(?@OXB[W>G?]]-_A75?\-`^#_^>6J?^`X_^*H_X:`\'GCR
MM4_&W'_Q5'L8A_:5?R.63X->)$<,E]8(ZG*LKL"#[<5L7?@#X@7=LUM<^(XY
M8&&#&T[8(]^*T?\`A?\`X.R!Y6I_^`X_^*I/^&@/!^?]5J?_`(#C_P"*IJE%
M;$RQ]66KM]QRW_"E_$0Z7>G?]]-_A0?@QXB`_P"/O3O3[[?X5U7_``O_`,'9
M_P!5J?\`X#C_`.*H/Q_\'=XM3_\``<?_`!53[")7]HUO(Y7_`(4QXB_Y^]._
M[[;_``H_X4QXB_Y^].Y_VV_PKJ?^&@/!V/\`5:G_`.`X_P#BJ0?M`^#L\1:G
M_P"`X_\`BJ?L8B68U_(Y<_!CQ%C_`(^]._[[;_"C_A2_B+_G[T[_`+[;_"NI
M_P"&@?!O_//4_P#P''_Q5)_PT'X-R?W6J?\`@./_`(JAT8,?]I5_(Y?_`(4O
MXB_Y^]._[[;_``H_X4OXB_Y^]._[[;_"NG'[0?@TG!BU7_P''_Q5#?M"^#1_
MRRU7_P`!Q_\`%4>QB']HUO(YG_A2_B+_`)^]._[Z;_"C_A2_B+_G[T[_`+Z;
M_"ND/[0_@P#_`%6J_P#@./\`XJD_X:(\&?\`/+5?_`<?_%4O80'_`&E7\ON.
M<_X4OXB_Y^]._P"^F_PI#\%_$0'_`!]Z?_WTW^%=&?VBO!8_Y9:K_P"`X_\`
MBJ3_`(:*\%G_`)9:K_X#C_XJCV$!?VE7\ON._P#AUH=SX<\*6FF7K1O/$6+-
M&<KR<UIPWV?$4UB3]VW651^.#5;P7XEL?%WA^WUG2EF%I.6"B5=K<'!XK#U.
M]^Q_%734SA;BS,1^N<BM4K;'#*3DW)]3NJ*3-+3$%1W$?FV\L9.`ZE<^F14E
M%`'SS)^S+I4DLCGQ!?#>Y;'E+QDYI/\`AF+2O^AAOO\`OTM>[2:M81S-&]PN
M]#@X!.#2?VUI_P#S\#_OD_X5T+%UE]HS]E#L>$G]F+2?^AAO_P#OTM*/V8M*
M'_,PW_\`WZ6O=?[:T_\`Y^!_WR?\*/[:T_\`Y^!_WR?\*/K=;^8/90['A7_#
M,6E9_P"1AO\`_OTM!_9CTK_H8;[_`+]K7NO]M:?_`,_`_P"^3_A1_;6G?\_`
M_P"^3_A1]<K_`,P>RAV/"O\`AF+2O^AAOO\`OVM'_#,6E8_Y&&^_[]K7NO\`
M;6G_`//P/^^3_A1_;6G_`//P/^^3_A1]<K?S![*'8\*_X9CTK_H8;_\`[]+2
M?\,QZ3_T,-^/^V2U[M_;6G?\_`_[Y/\`A1_;6G?\_`_[Y/\`A1]<K_S![*'8
M\)_X9DTG_H8;_P#[]K1_PS'I/_0PW_T\I:]V_MG3O^?A?^^3_A1_;.G?\_"_
M]\G_``H^N5OY@]E#L>'S_LV6-Q'$EQXHU.5(QB-752$'H/2H?^&8]*&?^*AO
MO^_:U[M_;6G?\_`_[Y/^%']M:=_S\#_OD_X4OK=;^8/90>YX4/V8M*'_`#,-
M_P#]^UH_X9BTK_H8;[_OVM>Z_P!M:?\`\_`_[Y/^%']M:?\`\_`_[Y/^%5]=
MK_S![*'8\+_X9CTK_H8;_P#[]K2?\,Q:4/\`F8;[_OTM>Z_VUI__`#\#_OD_
MX4?VUI__`#\#_OD_X4?7:_\`,'LH=CPK_AF+2O\`H8;[T_U2T?\`#,6E?]##
M??\`?M:]U_MK3_\`GX'_`'R?\*/[:T__`)^!_P!\G_"CZ[7_`)@]E#L>%?\`
M#,6E?]##?_\`?I:/^&8]*'3Q%?\`_?M:]U_MK3_^?@?]\G_"C^VM._Y^!_WR
M?\*/KE;^8/90['A7_#,6D_\`0PW_`/WZ6C_AF+2?^AAO_P#OTM>Z_P!M:?\`
M\_`_[Y/^%']M:?\`\_`_[Y/^%+ZY6_F#V4.QX5_PS%I/_0PWW_?M:]&^$_PV
MMOAS:ZA#:7\UX+QU=C*H7;M!';ZUU_\`;6G_`//P/^^3_A5FUNX+Q"]M()$5
MMI([&IEB*DU:3'&G&+NBS1116)9YW\?&V_"_53Z-#_Z,6ODLDNIST[5]9_M`
M#_BUNJ_[\/\`Z,6ODT\1U[^622P[]7^2./$+WD0GA<5%(-JU8QGDU!+R:VJR
MYC)%&3WJLPYJY.G6H3$2,]JX9P[&J9`*4<FI/+I43FHY6,=$*L`5&J$5.M6H
M@`6A3BGBHSWJ["N)YF#3S<`+55C43-VI.5N@$LLNZH=V32-GO6SX3\)ZWXLO
M)(-!LS/Y>/,E)Q&GU-92EJ%[;F,HRU7(XLXS7>ZI\&/%NEVIN3';76U=S10M
M\P%<?'$\<S12HR2H<,CC!!HCKL2II[#4AQT%60,+S4L0^6G2*`M=<(:";,R?
MBMCP+8?;/$$5Q/'OM;,&:3/0XZ"LBXX!]>E=OIEE/I^@6MK;H6GNW$USCJ%[
M+6M&BZD[(SK5.6-D>E^))K#?'>7,9F?R598B,XST%9>C:A%+<K)#;012H<LH
M&TD>U:GB2[^S:7`UO;DS>0HSMR5XYKB-"U);V]\QBLC`G`(PPQ7HTH)TF['!
MJSF-5N?['^(FHQ`%8+B3>`?<5Z/\)H)1\4]-FC!^SF*;)[?<->>_%`+/JDEQ
M#S+&B'@>U>@_L[ZU'?:]90/@S!)"#W^Z:,5.^&FX_P`K.FG'WHMGJ=K>?9OC
M!=P$X6YME7\0,UZ&O2O&?%UY]@^+-O<@X"-$#]",'^=>RQG*Y]>:^*/9'444
M4`%?+/[48/\`PG5AC_GS'_H5?4U?+?[49_XKJP]/L7/_`'U0!XVPY[?2EX&.
M,TBXZCG(I<`\Y_"@`(YI^%"L`I,I(VD=*CS\W%'..`<]*`!N&YY],4UOE;`!
M]:4\<$Y-`(H`,*#UY[TC'T-!'R@4A]QG-``1G.?6D8@#OB@]>.OI3%]2![T`
M/!^6D/RDY^HIN<'D\$T<MN"@ENV*`'!OQSUI,],=:CSQAN_:@D^PH`=N8_A^
MM&<`8ZGK3`Q)Z?C2!L9&:`'LX_\`U4W/7MGI35)!Y--+'/K0`XMACSVIC/S[
M4CMWJ)FSQT)[T`.)&>:83Z4UWQ[CI41?%`#RXVY)Q2>9SVJ`L*?9PS7=S';V
ML;33RD+'&BY+'VH`^U_V:^?@_H_UD_\`0C5/XGW1L/'VC72\&)%)^FZMOX#Z
M-?Z!\,M)T_5H3#=H&9XR<E<G(Z5RWQKS_P`)';8Z_9N/SH`]HC8.BNIR&`(^
ME/K%\&WHU#PSIUQG),04_4<5M4`%%%%`&3H2*8[LE5)^TR=1[UI^6G]Q?RK-
MT'_57?\`U\R?SK4H$,V)_<7\J-B?W%_*GT4A#-B?W%_*C8G]Q?RIU%`#=B?W
M%_*C8G]Q?RI]%`QFQ/[B_E1L3^XOY4X\4=J`&[$_N+^5&Q/[B_E2Y-,DD2*,
MO*ZHHZECBDW;<$.V)_<7\J-B?W%_*N0\1?$7PWH"_P"FZBC2_P#/.(%FKG9/
MC7X;-E+-:BYEE7[L6W!:LYUZ</BDC2-"I+9'J7EI_<7\J/+3^XOY5Y!HOCGQ
MAXSTVZG\-Z3'8Q1G"3W0SO\`91WKD)OB#\0?#VIF+7##(`?N&`*"/8UC/&TX
M*[O8WCA*DFTK7]3Z-V)_<7\J-B?W%_*N:\"^*8/%6D"ZB!BG0[98B>5-=-Z5
MT0J*<>:.QS3A*$G&6XFQ/[B_E1L3^XOY4^BK)&;$_N+^5&Q/[B_E3Z*`&;$_
MN+^5&Q/[B_E3Z*`&^6G]Q?RK/TH`7NIX`'[\=!_LBM&L_2_^/W4_^NX_]!%`
M&E1113&><_M!''PKU7_?A_\`1BU\DE\[1VKZU_:#_P"25ZKG^_#_`.C%KX]F
MGPWRFO3P=3EI->9S5E=EUGXP*9MS4$;[N:MPCGFNV$N8P:*\D>1FI?+7R>@J
MV8U9:A\LC([5IRH5S.9.:$3YJNM!31'BL_9ZE*1'LXINW'2I\4UQ1R%)D1;`
M--0Y%-EXJ`L5Z5E+08ZXX/%56.:<S$GFFDU@WJ,0!F(5.68A1]2>*^Q/!_AX
M>$_!^GZ?8*`%C$TY`^>20\GG]*^2_#L!N?$6E0C_`):74:_^/"OL'7[TQN8\
MDC.SAMH-$(.<DD<F*FXV1IV.I>=&6*LKQ#)4_>'K7G_Q"\)Z7XFW30>7;:D!
MN1UX\SV-;9U&2""24I%(@3<K!_F^GO7B>A^-F>YU"RUB:4J]PQA<##Q<]17;
M0PCE)LYHRET,FZT#4[.Z-NUK+(1G#*N<U9MO"6NWR9BL65?5SBN@OM0\7V<D
M<5NT=Q:,=T5R@SN4],^AJ>\M_&&HV\L9O!&,`@1\9KK^JZ7N:JN]C*TSX8ZF
M;J&XU*YM(+9&WLI;)Q7:6.EZ=;3W-U+K2,A.$15Z#%<W8^&[RZL7CO-1F2[5
M2OS28%4_[%T.QL4AU?5A;W.WG+YVG_Z]7&E&G]JR(E*4^AUGC*\%KX9MTLIR
M\<PPLN,LX[FN%T=TAU:&XB58Y`PCEW=67UKH-8N4M_#=F+$B=_)VPE1E4CSU
M^IKC_#MX9M7Q@)A^0>IQ7?AXI469QO83QE/Y/C-X9?\`5R0J#COUK=_9^A-A
M\8K*W.1')%,5_P"_9KF/BT"OBY<#:1;H0?6NM^`4OVWXG:),?OQPS`_]^S7A
MNORPJTWU3/0IJZBSO?BL2OC:X8=52-A^`KVKPY=B^T.QN5.?,A4GZXYKQ7XK
M_P#(ZW.?^>:?RKT?X17OVKPC'$3EK>1HC].H_G7SBVN>CY':T444P"OEK]J3
M/_"=:?V'V+_V8U]2U\M?M1?\CW8=O]"'_H1H`\;`QSZ4X8SR.*3//2CVS0`'
MJ01S2]>1P*;C[N<_44N3SSCTXH`&&!Q@'UIB@D=>!S3]WR@%.1WSUII/''`]
M*`&DDG/I03DGM29QWSFFY/)H`5VXR`!49)V\D'/I2,<8_.F,W/'!H`<[@=\`
MTT/L;,9([9S43N#QWZ9IA;WY'ZT`3L^%YZTF\[>>E5R_R\D#US2>8H'#4`60
MWH:3?G/K5??QQS2ACGI0!,S<X]J0MVS4(?.>>:0MS0`_=SZ^IJ)FI&?J:A9N
M*`',_'OUJ)W/J*C=OPQ4+29[]:`)"^<@U](_L[>'+/3?#_\`PDUTL$NH7980
MM)_RP0<<#U-?,JR=:^A_@+JYN?`UQ:,F38W(3=U^4\XH`^H/#-Q]IT>&4DG<
M3U&.]>5_&K_D9+7_`*]_ZUZ;X+39X?M_<LWTR:\R^-/_`",MK_U[_P!:`.J^
M"][Y_AF6V)YMYB`/8\UZ!7C7P4O?+UN]M"?]=$''U!KV6@`HHHH`RM!_U5W_
M`-?,G\ZU*R]!_P!5=_\`7S)_.M2D(***0G@T`)Z<TZO(KVTU/Q9\0]7?2M9N
M[.VTV%8HGB.8_/ZD$=Q73>%_%-T+]]%\3QK:ZK%PL@/[NX'JI]?:LO:QO9FW
MLFXW6OD=O13<YHS@5H8C)9%BC+R,%11DL>`*\O\`$?QCTFQU5=*TB&34;^1M
MD:Q_=+>F:H_&S7[W<-%T]V1&3=.RGU[5RWP%\*Q-XKN-1N5W&U3*;AGYCWKS
M*F-YZZP]-G;'#<M+VLR[XXD^)<L?VNYG%E9`9\NWP,`^I]:XJ[N];U>S%M?Z
MI=[5XR&Q7O7Q>G>/PC+%$Y0RN%)]J\,LIBFV.<=%^5O45Y&:U*E&KR1DV>EE
M].-2GS22/1-!T;POIWPSF;ROMMPBYEEFYD,AZ=>@KR&.VAE9F6,1R`GY<\,/
M4>];\]^RV<]N)6$4F"5'<BL_3!;O<*)R`-K88G`#8XKDGB?K'*K6LCJI4%0Y
MGOJ=Y\+/%\NCWD>F7;;M/F;"9_Y9G_"O7O%7AVR\2Z:UM=H,D924#E3]:^4+
MO5%MRF#AU8`8/?-?1A\57\&GZ7IVB67]I:Q);I(ZLVV.-<=6;MFO8RNI*=.5
M*JKKS/-S"FH352GHSD_A-!>:!XZU'1;P;3Y><>H'1A^%>U@]Z\RT%]4U'XE1
MW6IZ+)82P6ACEE#;HW],-WKT[`KU,)3]C!TULGH<.)J>UFI,6BBBNHY@HHHH
M`****`$[UGZ7_P`?NI_]=Q_Z"*T.]9^E_P#'[J?_`%W'_H(H0(TJ***8SS3]
MHMMGPEU<_P"W#_Z-6OC)FW$&OLO]H_\`Y)'J_P#OP?\`HU:^-57)&:[,._=9
MA5W+EH.E:4?2J-JM7T'%=U.Z.>1:A0E:>(2U+;GY:G5P@KKBS-HA:`"JDJ!3
M5MY,FJ=P_/6K<U8%<B--8<4F^AFJ&TRBO(N:J,M7V&<U69:PG&Y:949:BYS5
MMDS413YN*YW`HTO"+E/%VB..JWD?_H5?3WC5;:.Z$\RF0J,1Q9P#GK7S#X<Q
M%XDTAV.T+=QDD?[U?0GCYS<ZDT!?8D8^:0GA1W/UKJP4.:I8X,7K)$<-Q93:
M1=F*,Q.(SE%.5S[>E<IXP\!1:[IEG?Z-(J7.U3(%/7WS6KI;VR6-Q!#+F()P
MQYW#_&N8T[Q/-H]PTD9+VWFF.6//W#U!'X5ZDH2IWE`PAS<VAD^']>U+PSJ3
M6%SNQ&<21RDE7'M717M[>QJVH:1>?:K.3K$I^:(]P1Z5M:G;:3XWTQQ:F&/4
M&7Y6<@;CZ$^M>:60U3PE>S-<QR1HC^5(KC/X_0^M:4I0GJM^QI)7T.G\)^9>
MW%S=7[,<9(!:N$\8V5U-JD]Q(HD3/RC'.*[-YTN[&1M*E19F.9;<G!'NOM6;
M))O>-)@68\%&ZU-?#*MIL%.HZ;+E_*\7A"UAAQ'*T2M/)T'`X`K!\*><?$-O
MYTD9W$9`[@UL^*I9UTF&TC0`9Z_WQVQ6=X'=;K6X+61,2*^8_5:[%#DI6704
M'HWW*WQ8F6;QI,%!!CA12#V.*Z#]FZ4K\6--C[-%-Q_VS-9OCK1)[SQ9J,[,
M"2P48'8"NE^`&BR6?Q4TV9^@BF'_`(X:^6Q%*I[T[:69WTI*R1W?Q8_Y':YS
MT\M/Y5T/P1O=EQJ5D3]Y1*H]2.#_`$KGOBO_`,CM<_\`7-/Y5'\,+S['XRL\
MG"S@Q'\>G\J\8]#S/?Q2T44`%?+7[4?_`"/6G\9_T+_V8U]2U\M?M1C/CK3^
M?^7+_P!F-`'C@PW.:0'/08(H8=!1[@\^U`"\KSZ_I3<^I[TN<'ZTPDA<`8[\
MT`+C(/?TH+?X?2@\CCK3&Z<4`+RO3!S4;=?_`*].8X.6X]JA8]#0`.?E/%5W
M8A>?P]JD=\'GI5=V-``S8)Y%;/@WP[?^+-8&GZ:8D?&^264X6->Y-<\S')KM
M?@SK*:=XT2WF8(E_&8-Y.-K=J`/>/"OPU\$Z-9"*^LAJ=P!^\N[CD,?9>PK<
MD^''P]?AM#MP)N589`_^M6?%%*(I5=PTB'`!.,UH^&=4)O$L+KYX7;"Y'W#]
M:`.,\5?L^Z1?AYO"E^]C/G/D3L'C_`]17AWCSP1KW@B[$.MVNV)N([J,EHG^
MA]:^N(Y);/6'>*1)8]^QU_B:M7Q-H=CXK\.W&FWD2W-E.""I.'C;U7/<4`?!
MOF=ACUH+=ZZ#XF>"[WP'XEDL+DM):.-]M<8X=?3ZBN4\S*^]`$Y;/^>E0.U-
M9SMJ-F]:`"1O?-5W<;O6AVYXJ"1\<T`=#X7\*ZWXIU!+#0]/EN;AT,@XVKM'
M4YKTSX0Z'XL\-^+KFRU#2+Z"TE79.&B.S?\`PD>M>\_LS:5]C^%^DR31L'E#
MNK2*`Z@L>`>NWO7H^IZ_IMC,8+JYC5\="1Q]:`$\&K/'H-NETC),"P96&".:
M\Q^-/_(RVN/^??\`K7K^G745[:I/;MOC;HWK7D'QJ_Y&6U_Z]_ZT`<_X!O?L
M/B_39<X1I/+;Z$8KZ)KY9@E,$T4J]8W#C\#7T]I]P+NRM[A#D21J_P"8H`LT
M444`96@_ZJ[_`.OF3^=:E9.AY$-W_P!?,G\ZDU'6+'35)O;N.(@9VD\GZ"I;
M4=V%FW9&B3@5Q'BKQ#/=R/H^A2HMPQVW%VQPENG?G^]Z53\4>)[NXTNZGL$F
MMM/B7#W+C!EST">Y/%8OA/X;C4+&.\\475P_FXD6TBD*(`>F[U-<TZLIRY(+
MYG9"C&$>>H_D=MX3&AZ9:1Z;I%[:R.G+E9`6=N['U-7?$F@V>O69BNAB1>8I
M5^]&WJ#65/\`#[PX;<K;60M9,Y66!BK@^N:KZ7JMYX>U*WT?7I#-#<-LM+P]
M&_V6]ZMMJT)K1F=KOGIR?-YE2R\2:AX7E&G^*H97MQQ#J$:%E9?1L=#5GPCX
M^A\1^(K_`$N.RN+=8`'AFD7`F7UQVKK=1F@M[&:>[VF&%"SAP".*Y3X?V+7$
MU]X@NTVS:@^8%/2.$?=`I*].2@GH)\M2+G:S[_\``.#^(B(WBZ^+'G(X_"MK
MX0SI%J=[;\#S4#`Y]/2JWQ:\+:]=ZQ%?^'K3[6LPQ*N[!4^M>;OX$^)PU"*\
MM;<V[PL&0)-BOGJ>`Q%/'NNEHFW\F>E+$TIX54F];'L_QM$J^#_/C1F6&4-)
MC^%?6OG6?6[<;/G`8<]>@KZB\'ZD?$/AU[;6K<"\B'V>\AD'5@.3]#7(O\'/
M`MKJ,U[=;RLAR(9)\(OT%>AB\##%S59.VAAAL9*A#V5NIX3X7E;Q-XNL-)A=
MP+B3:SJ,[1ZUT&J_"[QS#K<EC962S6A8[;G?A2O]*^AO"NC^%;"1QX<M;!)H
MQAFB`+*/K732.$0O(P55&2Q.`!6M'+J*CW(J8ZKS.Q\T:7\$]3LI!J'BC4H$
MM+<^8883N,A'(7->[>"M.^R:2MQ+'MN;@!GXY`[#Z`50EN_^$JU$6EI'NTFW
M<-+<?PRL/X5]<5F_%35]1MX]'\.Z#)]GU'69C`)\?ZB-1EF_+I77A<,JE9*"
MT7]-F%:M+V=IO5G92ZWI<%U]FFU"TCN/^>;3`-^6:T5;<`000>1CG->?1?";
MPI_9GV:ZLY+F9A\]U)*3*Q_O;JS8=)\4^`)"='GFU_P\!D6<S%KB+_=;N*])
M4:<_=A+7STOZ?\&QR7:U9ZM17#>'?B7H.M7L.GF6:PU.4E5M;N,H^X=1[UV^
M3BL)PE3ERR5F4K-70ZBBBI`****`$[UGZ7_Q^ZG_`-=Q_P"@BM#O6?I?_'[J
M?_7<?^@BA`C2HHHIC/,_VCO^21ZO_OP?^C5KXZC6OL;]HL9^$VKC_;A_]&K7
MQ[$/6NW#+W685=RS%QTJTC<<U73%/56(..:[DC!ER*;;T-*TVZLW<5]J%DSS
MFJYK"Y2])+Q5&:7-(\O')JI-)Z5+J#2+"R9Z5,I.:S8G.ZM*'MFB,[C:+*Q;
MEXJO)"0:NQ-3Y(P5X%="M8SN93)BH2.:TGC.,57:$BH<"KC=.&W4K-QR%F0^
M_P!X5[OX]9+=IY&9?,F`9F?ITX`%>)Z7$#JEENX7ST!_.O8_BA<QP722>3Y[
M!,8QPM=>"I_O;')BI:HQO#D&89W49#KEESP*\V@F2#Q1J.GW3D0W#G8Y[-VK
MOO!DAEN)"TI+;20O3CTKBOB)8?O(=8M1\C.89\#_`%<@/'YBO4=-7Y6]S.F_
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MK797J_NB5"T3G?$6N3OX@U1]V1]ID`QZ`X_I7:_`35'NOBII<9!`,,V>?^F9
MK-F\+VLKO+)*A9V9CSW)KLO@SX<BT_X@V%U%(A*QRC`/JAK'$2I+"32>O*RJ
M3]]&S\5O^1VN?^N:?RKFM+N39ZG:7*G!AE5_R(KIOBO_`,CM<_\`7)/Y5Q_:
MOANA[)]3V\@F@CD7D.H8?B*DK`\!WOV_PGILV<D1!#]1Q6_0`5\M?M1_\CU8
M?]>7_LQKZEKY9_:D_P"1[T__`*\O_9C0!XX3P,#Z^U&[\Z,\'.:81D>E`#CC
M;GTX--R>C<<\4IW=!^(IN<YST[T`'\7O322<9)_"E)SUZTT'@=:`&OWW?K43
MG^5/8@+GD^U1LW''2@")R#^-5Y6XXJ9C563OB@"&5L\>O6JGGR0RK)&Q1U.Y
M6'52.]23'`(JG.^%)YZ4`?1_PP\9-XKTGR;DL=4M!B8J/O)V;ZUW-K=$`^:5
M25N"P[CMCWKY2\(>-]7\(_:1H\D2I<X$RO&&+@=L]J]*\)_%NUO)A;ZQ;BU=
MAA95;<N?Z4`>]6=XMK?(\Y)C`X./YUMC)FBD29FMW;<=IQ^=>?:-<7&M6ZM9
MSJ;9#M,PZ$^WK77Z9H<TUB\?]J;9V^XQCP`?0T`<Y\3M!B\7Z!<Z;<MLG0M)
M;N1DQR#D?@1Q7Q](TD,[PS`+)&Q1ACH17U]JE]<V9EM=2@*7]O\`ZW!SYD?9
MAZUXS;_#-_%'Q,N$:=H=$F4W<MPHZ#^[]30!QFC^"?$>MZ(-5TC3I+RS,GE!
MHV!;=[BNTT#X"^*M6A,EW/9:;ZI.V6'Y5]"Z5;6.@Z;!INAO:Z780C"X!>1O
M<GUJTNOZ=:[OM3RWDB$!0./,/J:`/GW5OV=O$-K9O);:I8W$Z](1E2X]C5WQ
MS\%-+T'P+ITGVRYC\0.5:5&C+;BV,I@>GK7O5YJ)NK83:9ILTT1;<2V04;T'
MM71Z==Z=,7>X*S:C;H&N(R,F/-`&9H]G+X2\"V>G)=2W%W:VJJTA3.[(X&.V
M*\[TK189[=[GQ%=,M['.970N?G4<\CTKN/B!XQAL/!$FJ6;XN&D5%#+@C)[B
MO.;/QUI_BFWD>[2./584*1#:4+M_=!Z$4`>\^$7BET.VEMU*Q2`LH/&,^GM7
ME_QJ_P"1EM?^O?\`K7H/PUU"YU3PA975]$(IVW*R`8"X.!7GWQJ_Y&6U_P"O
M?^M`'GQ&1BOH#X8WWVWP=8DG+19B;\#7@%>M?!&\W6NHV3'E'$JCV-`'J%!Z
M44'IQQ0!YM\0O$,_AGX?:YJ-FX2X6X=$8#/)/;WJ;X;:?H^J^';#6(W;4)[B
M,,\URV]@W<>U<A\8]32;PS>>'[>'[3>3W#S2A?\`EA$#]\^];_AWX:Z5_P`(
M[8'3+V_L$DA5I!;S$!V(Y..U<[;<W97L>A[%T\+&JW9R;7R+_BR>+6O%&D^'
MK!T=8)/M-VJ'A5'13CIDUWX0*HV@#'`K!\+>%=+\-12#3XR9ICF:XD;=)(?<
MUNR,L<;,QVJ@))]!5TX.-Y''5DI6A'9#L9'3K7#_`!<`B\-03J`9(;N)D)['
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MR.XMR<-$YX(]0:]C\'Z_X&U14M[_`$^*QNL`?O22K'ZUYU*O7K/E<TCU:^"I
M89<\8.2\C@U\0:G-#=79U"199)?WHC.TGCVJ(:E)*RBZNGD[?.YS7KGC;1-)
MT>UL-7L;"W>TCF5;A$^Z\9XSGVKL;?PWH15)8M,M2&`*MLSD41RRK4E*,IVM
M\SC684J<5*,-SQCP+J,XUZ*UTNZ$%Q<@H7,9(XKTI_!FIZE<9\0Z_/<68(/V
M:`>6K>S'TKKX--LK=PT%K!&XZ,J`'\ZMX%>G@\']6AR-W//Q>+>(GS\MBO8V
M5OI]K';V<*0PQC"H@P!7`^./W/Q*\%3NA.7FB##H"5[UZ-SVKR[XR:A!H^J^
M#]3OI1#9PW["63KM!7CBO6P+2JV[J2_!G%4;MS'IDDBHI9W"*.I/`JDVM:8A
MP][`#[M7EWB'7;C6;AG$KI9M_JT!X([&N)U^+$3[0<@X'-..'TO)GRM;B>"J
MN-&%TNK9Z]\1=#L/%'A2\:R:(:A;C[3;W4(&^-UY'S#GFM;X=ZW)X@\':=J$
MX`F>/;*/]H<&OE:S\7:KX7OA)9W<BP-E)(F.00:^AO@'<_;/AQ:RX"[II>`?
M>M)4T\/)WV:_&_\`D>Y@\9]9U:L_P/2J*2CFN([Q:***`$[UGZ7_`,?NI_\`
M7<?^@BM"L_2_^/W4_P#KN/\`T$4($:5%%%,9YO\`M##/PIU;_?A_]&K7R`JU
M]@?M"?\`)*M5_P!^'_T8M?(.[;7H8->ZV85=QP&/K3EG,7;K43R9Z57D?WKK
M;,;#Y9,U#N.>#Q3&:C-9R8T$DAZ5$3GK3FIM9L8Z,X:M&%NE9@X.:MPRTXNP
M&I&^,5;#;EK*22K<<H(YK>,R'$L,!36"E>E,W@TPMQ6RF18L:0N=:L`.OVA,
M#\:],^(=VLMUMB)2UA)WL.I->:^&U\[Q-I:>MPG\Z[_XGR1).;6WD"?-N9O4
MUZ.7/FJ,Y<0O>1D^%WW7_FK@EU()7OQ5>1_MMUJNFR[%6]3"#L)5^[^)Z5#X
M-2[L]9MT;$D#<EE]*I^),1ZU=B`L-DF5/H?6M\5/EES(4(WE8Y;P_<-:7\^G
M7/R13$QLK?P-FF7T+VT[PR##H<?7WK9\76D5SIEKK]J,2M)Y5V@'W9`.&_&J
M]TBZGI\=]%GS(QLE4<_C6..I^WI*M$WA*TK&%UKKO#=HT/A#4KQ\*EY<K;JQ
MZG:,Y'XURS1D$[1N;.%'J>U=SXFC&EZ1IND,ZJ;"#=*OK,_S'\NE>;@*#G75
M^A5>?NV.)U`RM=)`S8RV"?6O2=+DET7X6Z[.?W4IVVL3>I)KSO20+F\8S<*O
MW>YW5W7Q0G:+PYX=L@=GG@W,D9XZ#"DUZV9R4**B9P5Y)'$KK-YY>!,^1WKT
M7]GG4[RY^*VF133%HS%-E3_US->4#(KTO]G#GXO:7_UQG_\`19KYJK*7*]3L
MA%)H]3^*_P#R.US_`-<T_E7(=C^===\5_P#D=KK_`*YI_*N1KS3KZGLWP6O?
M-T&ZM"?F@F)'T->B5XM\%[WR?$%S:$\3Q;A]5/\`]>O:%H`6OEC]J4X\=Z?Q
MD&RY_P"^C7U/7RQ^U+_R/FG_`/7D/_0C0!XZI`(R#L'6D9EYP.^:3N<#`[TA
M.&Y`%`"MG`_2F-G&#2CD\FD)R.3[4`-;G'M3,G'<\\4X\]^>E,+GI_2@!"^.
ME0L<*".E/SD<=NO%1L1Q0!"XSDCZU7D/R^E3R'`..]5)3ZYQB@"I,<U1F/-7
M)C5&1N3UH`@;K]:U?">A77B7Q!9:58C]]<.%R>BKW)^@K(_BKUK]G6T8^)M0
MOBA*6UH06'4;CCB@#Z&T6WLO#6BVNDZ<%CM;=-BR8YD(ZM^)K7T34OM;R*)E
MC>(;U./O5R=[,BW9D@<&*(!0I;I[XHL]4BBNXWC0[>C"@#J?'WAU/$NBI-;%
MX=3CC(A=>AS_``GV->:_#4ZA:6(T^[AF%YYK+.'_`.6>.@_^O7I]AJ3V\2A9
MMT!.1W('H:XGX@ZI)HGB&WU&V(6VOU\N5E/0XH`NZA&J2P))/DIDNR<_@*R;
MR]C9I&A4C`V$L/FQ[53L#+=3H899)=W8'D?6KEU9W4LT\4<#%H(]\I7G`'4D
MT`=OX!\77LVFS:6(8WGMUS;$-@N?0^]=3KUW;V>@W,B+!!=7"@.O\3MW_*O)
M_#&RQ$NJ"=1<0<P#/$A/I]*:;B>YO9)9Y6D=SG+'-`&3\8[6YU3P?Y4+RR2E
MT*A."Y&.N*YN*VM_"]KHFJ:](;.ZLPSI;S+E9V[&K_Q0\;2>&8=/%D4DNR^0
MAYX'>G65C>^,[/3-4\>JL]Q`I>VMQ\H"$Y&X4`?1OPKU]/$W@G3]4B0(LP;(
M"[1D'L*X/XU?\C+:_P#7O_6O0/AFL">#[%;9%2)=P55'`YKS_P"-7_(RVO\`
MU[_UH`\_KM?A%>?9O%RQ$X2YC9/J1R*XJM#P[>'3]>T^Z!QY<RD_3.*`/IJ@
MTT-G&#D$9S3J`///^$:22#Q=J"`->WQDC4XY55'`_.M/X8ZHFJ>#[$KQ)`OD
MRIW5U."#6UH8_<W?_7S)_.N.UKPIJ^D:Y+K?@J6)9;C_`(^K&=B(I?=?0UDU
MROF7S.V%55J;HU'9Z-/\+>1Z&<UXC^T+XWN]/M+?1-$NECN+C/VET(+*O3;[
M$UTGVOX@:YF$6-GHD#922=F+R`>JCUKRW]H7P]H7AK0=+D6^EEUXR[B';+W"
M]V/IBJY*E;W*2U9M@XX?#5HU,5):=%K]]CA](LKG3K-;^PO)8KF,[AM;!)ZU
MZ?IOC7SAI?B9CY6MVJ^1J$!7!N(!T8>I'6O%O"^NI<ZK!!>HR*QVIEN`>V:[
MWQ/87N^!B%!#*JD#IGCGVKRL72Q>55UA\7'EYMK_`*=!Y_Q7@Y8RA0PT/=;:
MD[6NGT1]3Z==P:A8P7EO('AF0,C#T->*_%;Q)J%_KD4=DZKX>TR\B@O]XR)7
M<]/H*D^'7BK^POAK>V]W+NOK:[DM+:`']X[$_+@=>]=A9>"?MOPWN-'U%E6_
MOU,LTI7.)2<@_A7HRE*:20HT8864IS[V7^?W?B<9XT^"T-P&U+P5<)"[#=]E
M=LQO_NGM7DVH6E[H]X;76K*2RN%.W;*/E;W4]#7=Z)XD\3_"K6HM*\41R76E
M2-M249*D>J,?Y5[-JUUX?\0>%9;^YMXM2L/+W;50._3H/0UPUL)2Q%[>[)'?
M'%U\OLV^>F]F?-O_``D^HV6C7&G174CVMRNPP.-PQ[5[I\/OB/I&HZ;96-V_
MV2Z2-8QYA^5B!CK7SV4M([^Z>U1XH'D/EI*V6C7/2H`63S456*JP8,HX'UKS
M,/C*E";C%W-*E.ACJCYERWZ_YGVE&^]<J0P(X([U)7RAX>^(.MZ%+#]GO7FL
MT8,T,AW9'<5[!-\8]`&BP3V@GNM4N/DBT^)-TI?TQZ>]>_AL3'$6C'<\7&8"
MIA-9:Q[G<>(=>L?#VG/>:G.L48X4$\NW8`=S7CGB^RU/Q)9/XG\2QO;Z9;L/
ML&G-_#G_`):/_2NN\,>$M1US4D\0^.2LMQ]ZUTX<Q6R]1D'JU==XLT3^WO#M
M[IA?R?/3:C]=I[&O4C.&&5H:RZOMY+_,\C$TI5Z4H)VNM/4\E\,:?J6KQK]A
MLW:+`P[C:@_&NYL_AU:2QYU:1I=PRT2'"@^QI++3/&D=G%;W&J:=:Q0IMS!$
M22`/>O/=8^(VN)]NTVUOH;AX"?WZ+@LM+FG4V9\Y'`8/+VJE:#DVO*WW7_.Y
MZ'<?#7P>T1AN;"([AC+2$'^=>;Z;JY^$?CU]%WM+X6NR#'DY\@G_``KBH8_&
MWB82RZ<U[-$IR9B2J#WS5/4EN;JWCM]2E:XN8P59F.[)]*WHVC>,_>3W_P`S
MHGF2H*/)!13?X?<?5'_"7Z`MJMP=8LO)89#>:*R[CXH>#8.)/$%F#C/#9K$\
M`:#X-UG2+<Q:9:O>PQ*D\<B_,#CJ1Z'UKLE\)^'UC\M=%T[8>,&W7_"N=QP\
M79\S^Y?YGT$)NI%36S%\'^)M/\6Z*FJZ/(TEH[L@+#!R#@UN5Y=\#56RM_$V
MD(`B66INJ(!@*K<C`KO=2U_2M,!.H:C:6VWJ))E6LZU%PJNG$TYE:YJ5GZ7_
M`,?NI_\`7<?^@BL%OB1X/214;Q#IVXGC]\M:OAR]M]0DU"YL;B*XMGF&V2)@
MRM\HZ$5#I3@KR30U8VZ***D9YQ^T)_R2K5?]^'_T8M?'LC5]@_M#?\DIU;_?
MA_\`1BU\<2-S7H83X'ZF%7<6HGYI0W%,8UM)F8QJ`:#S25`"DTE%%`!2J<=*
M2E49H0$JRU/%<<XJH/>@'!XIIB-19*=OS6>DU/6:M%(5CJ/`J>;XSTE<`?O@
M0?P-;GQ0>-M;:%0[-'RQ'>J?PCMA<^,H9I/NVT33<^PK+\<:B\VHW,N2BM*2
MI/4U[>37O*1Q5US5$ET.B\!2&6\MB,@$%"#ZUDZ]&W]M7@?D^:<UH_#J07%T
M.<-!&S'WR*K^)0%U,R#_`):H''M6N-M>Y-._M+%;1RA2]TJYQ]GU!`JD_P`$
M@^Z?Z5RVC3-INK3V4JE5=C&R'U'6MJ7++\I(;J#Z&JWC2W$\=IKMJNTS?NIP
M/X95'.?J.:SPE2_[I[,VFK%KP[IB2^)8UN<BVM2;F0XZHO('XFJ7C#4QJ.H7
M4V=RRON`]36IINI^;H-S*KB,2*JR,!RVW^'/I7&W,K7%UF,`#.%&.!79@\-[
M!R9DY.I+7H=5\/M%?5=8L%1?W7F`,/?UJ7XC:@-6\6WKH0;>U_T2`#IM3O\`
MB<UU7A&(Z%X6NM3+*L4=NVV3'WI&X517GP0E?FY8_,3ZDUYF8R]I4LMD:T5J
MY,S?*Z\5Z1^SFFWXN:7_`-<9_P#T6:X9H_QKT']GE=OQ:TSC_EE/_P"BS7CU
MJ?N-HZXO5'HWQ7_Y':Z_ZYI_*N0KK_BQ_P`CM<_]<T_E7(5Y7D=9N>![PV/B
MW3)LX4R^6Q]CQ7T:*^5XY#%(DBG#(P8'Z5]/:3<B\TVUN%Z2Q*_YB@"W7RQ^
MU+_R/6GXZ_8O_9C7U/7RO^U-C_A.]/\`7[%_[,:`/&U;GG)IKG''Z4IZTFX'
MVH`&Y&"133]>OI0<^Q--4Y["@`)]SD4S.2U*Q7GO4;-W'XT`-<^E0L:<S#%0
M2-GI0`R0]ZK3-D>@I\CY[U5E<'K0!7F;TJG(>M33-51SDT`=;\+8[";QOIZ:
MG:_:868[8B,J6QQGVKW'3IK*U\;7MAIUG!9RNJ23>0NU2/3%?/O@6[>Q\7Z3
M<QN49)U.0,\?2O?-1\06<OC18T(:XN$8HRI@DCM]*`-K8L&H7*S?Q8"C/6H(
MT";I-[':WRCN"*?KEPCW`N6_U8QOV]1]*@O(\6SW$4Q*,.A]/\:`.KU+$7V:
M[M207C5WC)Q]>*P/B6GV[P0TVS+*"Z8ZJP__`%5J.SW5GI;(-S*AC8BJX(O-
M)O8&.6#?,A'8\4`8/P0D'B/P\+B>X%M*)_+=^[`#C%>^:7HFE62I]G8,QR6+
M8)DR.=WM[5\>3>/#X3O;O3K*T:,1-M4*<!3US[UKW'QB:X^'NHB6YEB\27+B
M"%81A8HN[?4T`?2FI?\`".6U\5U,6<<B#,44(XQ[^E>+>+?%VEZ&EQ+)<1&4
M%O+AC.21GBOGBX\1ZQ<%C-J5TQ(`),AR:RY)7E<M*[.Q[L<F@#LM-U.;Q;\0
M+"?4\,AE!$8Y"J.@KVO4-2=Y9%7C+8&TX``KYOT"_.EZS:7B_P#+)P3].]>\
MJZ7<<<]L^Z&7YE8<X![4`?2OP>;?X"T\YSRW\ZXKXU?\C+:_]>_]:[3X.(4\
M`:>I/0O_`#KB_C5_R,MK_P!>_P#6@#S^D.>HZCD4M%`'TKX6O!J'AW3KG/\`
MK(5S]1Q_2M6N$^#M[]I\+&!CEK:9D_`\BNZ;[IH`X"?Q[X>\.75W9:K?I#<B
MY<LF,XR>*WM,\7:#JRC[#JMK(Q'3>`?UKP'X@>$K[Q+\0-673K<RS/+C/\(X
M')-6M2^#3:!X1EO;R_,UXA#%$^54YZ`UYJQ=1N3C&Z1Y7UZJW-J-U']#W3Q)
MXITGPY8M<ZK=)&HY55(9F^@KY.^(]^?'WC"34IDFCC"^7;0YZ*.Y]S6I;Z9.
M)DFFEDG=1C]\Q;'YU0\1W^QU46/ER1_>P<$_2N".?5O:)X1\K[K<\>MG<\3+
MV=!:'+ZOX>O;.T@:&T`,3[MX^\?3->E6M]<:]%I-A;KYM[*4!4<X(ZDURMEX
MA+P-$T;O&!AXV.2OO78_L[WL=OX\F@=$"W$3;6DZ@@\;:[<7F^+SSV5',&KT
MW=-+5^IKA,!4S.36*:C[/5>?_!/<K#X?Z!::T-8^P*U^0I)8Y4,!C<!TS[UU
MS`\8HQG@FE(`7':O3243ZF4I2^)F3XDT#3O$FDRZ?JD"S02#`)'S(?4'L:^9
MM9F\3?!GQ3Y$$YO-&N01''(3LD4^W9AZU]7]N*\Z^/&E:?J'P[OIK]<268\Z
M%QP5?_`UA5@I+F6ZV.K"XITTZ4M82W7ZGS+)?F>YFFEX\UC(1Z9YKWKX'^#H
MI=$.L:ALGAOH]HMY$R``3SS7S9'+OBP<Y(ZYZ5]0?!+QSI^I:%::')BVO[5-
MBH3Q*/45Y&!I053FEOT-ZSG*G>&RW(_&OP;L]4N(I]!E33\9\Q"/E;/3'I7F
MEG\-O$-CX[N&T"[ADO-+13YH.#D]J]XUGQ>;?7'TG2K+[=>PIYDX\P((UQGO
MUKFOA9KMO?:CJM]J06WO;^<[!_"RKP,'UKW:-"G&-2;5G:R?F_\`@&$L1B+1
MB_>6]F7_``_XPUBSM&B\6Z1<I/&=HEMX]RR5)JGBOQ'<VDMWH>B".UA4N[WA
MVD@>@KT!AGH,_45S/C[5/[.T*2WMP'OKP>1;Q=V8\?IUK)J48W<A1G"I*RIK
M7[D6%O9-=\%M=V.5GNK8E,?PMBOEWP-%&WBB2+63Y4*2LEP9#MQZ@U]6>&M-
M.E:!964A#/#&%8CUZFOG_P"-WA"?2=6U&_TN(NFIE9`B]0X^]BNNC+0^>SBB
MG:HMD[>6YM>-/'UH=.&A^$D6#3T&QY$&W(]!CM7FI80LDS98*V<$?>]JP]-G
MF\SRI4:.0<;6&"/PKV[PC\,+>;2XM6\4SF.';YOV<?+M&.I-=47&G&\CPJF'
MQ&,K[[?@CB8O&<]OX@L?$6FQ"TV,()H5^[(@X((_6OIG1=6MM8TZ*\LI%='`
M/T^M?*?B5K"76GBT6/9IZ/LC0'J?6O6;&-OA=865_P#:)KC3;TH+F&3DQL>Z
MGTYHKTXRLUN=V6XF=)R4G[B_"^QQ/Q=\2ZM\-?$/B=-/C>)=?6.:UNE!Q&P&
M'_&O`KB^NM0;S;ZZGN)'Y8RN6Y_&ON[QKX5TCQ[X;^Q:BOF03`/%,OWE]"#7
MB5G^S,\=X1/XA#60;*A8</CTSFOI>'LYPF$O]9T=M[7O;8]RM2E)+E/FVXA4
M,"/3)'3%?8G[*/\`R2>/DD?:Y<9/TIDOP9\`^&]'FO\`68)+B*U3S'>60@$C
MZ>M;7[/]Y:7_`(+N;C3+1;.R>^F,,*\[4&,5R9YCZ.84G5P\7RIVO;JRJ,'!
MV;/4****^7.@\U_:*./A-JQ_VX?_`$:M?&CMDG%?;WQFT&\\2_#[4-+TTQBZ
MF>(J9#A>'!/\J^:K[X(>+[=5-N;"Y##)Q+C'M79AW:#.:M)*5F>9[L49S6MK
M'A?7]%W_`-JZ/>6Z*<>;Y99/S%8^0>E;LBZ%HI,THH`*2G!2:"I'6BP""@'!
MH%%(9(I#4WO2(<&@'FJ`*EA7YAGO4>*L1#H118#TOX5P>7!J]\>`D0B!_4UY
M]XNGN+G5))%3]V3\HKTGPJ38?#B:4#,EW<X'T`KS6^D:7Q!\Q^7=@@=*^IRF
M'+0;.!R_>-]CN?A_L32[BY/RNL+$D]ZJ>)'$BV%PN")(B#]<UIZ3;QVW@:]D
M=3F5_+7'7%8WB`*-'LI4SB-_+Y]"N:QQ:O!LB#O4N9N_/`K<\*Z>^KG4-.=<
MVDL.923Q&W\+#WKG-/BFO[V"SLT,ES,P2-1W/^%=IXAO+;P?HO\`8NGN);RX
M7-S<`]^^/;M7FX:+JU%R'35:CHSSOQ)<06+1Z;8L3;6Y*[^GF-W:H_#.GSZM
M>K%:@MSR,<GZ5FR1->7.\L&/]VO7?A_9P>&=#N]>N\*8HR(\]Y#]T#U->_B:
MJHT]S.RMIN1_$>[6TM]-\-P."EBBR707H93T'X"N*)R3]:BFNY;NXEN;AB\T
MSF1V/))-('KYWFYG=[FR5D/9?2O0/V?UQ\5]+/\`TRG_`/19K@5(->A?`$8^
M*NF'_IE-_P"BS6>(C^[=NQI#='>?%?\`Y':Z_P"N:?RKD:Z[XK_\CM=?]<T_
ME7(UX)W/<.QSZ5[[\+;S[9X-M`3EH2T1_`UX%7J_P1O<PZE9,?NE95'UX-`'
MJ=?*W[4^/^$\L,_\^0_]"-?5%?*_[4Y_XKS3L_\`/D/_`$(T`>-MT!/Y4TGU
MQ2$YS@<4SW[>M`#LDNU,R.V0:.O>F2'@"@!&Y&.E1,<=:<[8QDU7=L9_2@!'
M([U5EDQFG2R>HYJE-)0`LDG&!Q186%[JUP(=,M)[N4G&(D+8/OZ5H>"_#\_B
MSQ-::5"XC$AW2N>B(/O'\J^H;)M&\-646EZ)$UG;1@!G@7,DA_O,>^:`/GQO
M@_XT*H9-.CB++N"O,H(K!UKX?^)M(FV7NDS\C(:,;U/XBOK%=9A"CS+B&>)A
M_'&=X^M,DEN)U\RS:VNK8=(D;E?J.M`'Q;B:RN1D/#-&<C(P0:UO#NMSV?B7
M3[^XE9_*E&2QSA2>:^GO$/AW2?$MN\6I:$D$Q&U9\;&'OFN9D^`/AZ*U+W'B
M"X2;(58T"MU]:`-+4`IN&>(;K.=`RMGH3T/TIFGW(_L:2%B2I?:,]B*;=:/)
MX8L[.TEO#>V4J&%;IEVD$=`:SK59%@GAE;C=N4CJ#Z4`=)8S2QO!Y,I"8RWL
M:NQ3.L4MP0`YE"`XX85S=O,8VCPW.,9[5<U#6+>TTF=I01L^<8YY'I0!\^?$
MAPWC74]N.),'ZXKF<U[!X?\`@WXF\7W4NJ:@G]G6]TQE7S02[`]./2M[4_V?
M/[/C3S=7=I67(Q'QF@#P)!N8`U*4C';]:[+Q-\-=>\/Q2W4D*S6D;8$B'DCZ
M5R-M'+<7"00QF29SM"`9)-`%=AM?&>*[/X?:AXACN?L^CPFYMV/S)(/D7\>U
M=KX5^$:1)%>>*9T0L-R6L;9_[Z->A06>AZ?;^5;RF.-!CRH$VJ?J>]`'M_P;
M6X7X?Z<+Q8UGRVX1G('-<9\:O^1EM?\`KW_K7=_"IH7\%636RE8LM@$Y[UPG
MQJ_Y&6U_Z]_ZT`>?T444`>E?!&\\O4M0LF/^L02`>I'%>P'I7SS\-[W[#XRL
M&)PLK&(_B*^A:`,3P_;Q)]NE5`)'N7+,/XJY#X]RO'\.KQHI%5UDC8KGYF&X
M<"M;7->'AGP=KFKLN\VTLK*OJV>*^8&\0:CK<,FK:[?27$LCEE1C\J#L`*YL
M9/V-!U&MW8X,?7C0IO3<[ZQFMS:128#%D!K%\3PVDI$K;4CZ$GC!K%CUV&.!
M$W#*\C!K)\2176NQ1O:7)2-&VE<_>-?#X7`R==<\N5'PV#RZH\1%-\MWY]=D
M;VCV*7UVMMH]L;B91OF<#A%'7)K9CT@Q72R6\@BN8CE&7CGV-7_@[XDA\.6]
MYX>U*UBC,\3.ET5P6;'1C5I9"ZAF!#9.WC&X&NC,Z?U50G2G=N_X'LY_E5;)
M)0I5'[S_`*T.HNOC/:Z':V\6H:?=3SA!YCKP`?6N@T'XP>%]6A1WNFM">")E
MP%/UKQCQ1%!)9R7$^!'$,-N/7Z5U/@#X8Z7JG@-]9C68W=VA:-)!P`/0>]>Q
ME^-Q->CSI7M^)ZF78O$8B@JB5SW>PU.RU!`UC>03@\_(P->-_M0^(8[3PW::
M+&P,]W()'7T0>OXURVCZ;<:1>K<6$\EM,AYPV.!V->8_$3Q%>>)O%5Y?:@0&
M4^2JJ>%5:UHYK'%QE!*S1Z67XM8MM6LUN4-"TV]U.66/3;62ZDB0R.B#G:.I
MJZNH?V8J7,3E)\_)MX.X?X5[C\'M-LOA]\/[SQ7XCQ#)<)N4-UV?P@>YKYT\
M6:^=?\17NHI;16D$KED@C&`@_P`3UKU\MRKZS-3GMU\SU99H\+"4(K5[>19E
M\2:G/KDNK37<@O)CF616P2.A'Y5]>^!XM'\3_#[3?L<!BA6,!#C#1N.X/UYK
MP+X,_":[\6W$6J:Y$]OH*'**1M>Y(]NR^]?65C8VMA:16MG"D-O$H5(T&``*
M]W-:]&<8T8+;[CR,*IQE[3J<JB^+-/3[/"MK?1CB.9SM8#WJ70/#$D>HC5=?
MN1>ZICY0.(X?]P?UKK@*,`5X:II>9Z#K2DFDDK[C6Z'%9FNZ5::M9&*]&%7E
M7!P4/J#7/>+O%E]I.KV6E:1I9U&_N$:;:6V*B+UY]:ATSQ)!XKN5LGWV#1_Z
M^"7Y'8^@]143Q$:;23U>QQ3G2D_9SZZ6_KJ>7>-/!3V&K?VS:7<5Z\3!\@<\
M=-P[UR_C+QWXDUFV6*]DC&G],6XPI]C[U]1365A;V#+<101VR+\VX``#ZUX!
MJ3V7B#5[R'2X+6/3(9&&](\--SU/M6JQ52G)*4;W['B9G1IX*GSPDTGT;;N5
M/@OX0E\1:I'J=T,:;:MD@_QN.WTKK_CUJT5RD&CP.K,HRX'\-8MS<7F@Z3(^
ME7D]N(Q\J1<+^(KA8[JXU*\\R]E:261N9"-W-=5/$2YO:5HVBNVOWVU/,IX^
M,L.Z=&-FWK_P#Z*^#UW-=>`=.:X.63=&I]@>*[-C\I)/`KRW0_&>G>%_#]EI
MYTG5Y9HT^80VK,K,>^:ZD7D?CGP/>'2YY[%KN)X0S#:\+].:YG5IU)^Z]SZO
M"5$Z<8WNTM3YV_:&^))\1:L_A_2)\:3:/MG=3Q-(,\?05ZS^R[_R2^/C_E[E
M_I7R%XJT35/"?B"ZTO5XV2YB<_,?NR`G[P/<&OKK]E5O,^%,3?\`3W+_`$K[
M#,IT(9/"C0VNF_-]RH)NJY,]CHHHKY`Z3)\3.T>DS,HS@KP/K7#0ZFR2S0RH
M6@`#1M[^E=QXH?9H\Y]U'ZUX=JWB1X+J:WM2I(/S.>@KV<MH>V@UYGCYA)1J
M+T.HO_$=Q;78LI\3+)&\FUAN`4#H:XWQ'X0\'>);07/V1M'OW<(TML`HW,.#
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MAY#[D9KRNSC,][*\+;W7YN>]=_\`%K50;F>T@)VAN>V!Z5R'A2V9Y-L2[WF&
MP>U?84%[+#GGQUO(](GD6T\(6,:IYDP`F<#T)QFN5U837^EI;64;7$SR*$CC
M&2S9[?G747T4K:Y<VL4$C6EKIPBEE"D*C9!Y-<LUU-HJP3:=.8+B.1MK]P".
M:X8KVT)(5^75&Y;16/@329FN#Y_B&5"C,H_U)(^ZOT[FO-]1FFNKP!W:25AZ
M]33]3U2XOYI6GD:1VYWL>>M:7AC19=3O$Q#(VSYAM'WC75AL/3PM/S-).[NR
MYX1\+O?ZE!;LP#L0Q'I['TJW\0-8AN;Z/2]-?.F:=\@(/$TO=_?'05M^+-2_
MX0O23H]J4&O7L>ZXE7DV\;=%SV8BO,`V6VJ#]/2O#QV,]M/38VHT_M,F\S+5
M-&P(SSUJGM`;!<9[XJ];!2550<=S7%"3.AI%J!7<_*,UZ7\!8F7XH::S=HIO
M_0#7):58APOOWKT[X.V(@^(5@^/^6<O_`*`:UJ7]G)/LS.+M-&M\5_\`D=KG
M_KFG\JY"NN^*_P#R.US_`-<T_E7(UX)Z'F%=E\);W[+XPBB)PMS&T9^O45QM
M7]`N_L&MV-UG`BF4GZ9P?YT`?35?*W[5()\=Z?@X_P!"_P#9C7U2I#*&'<9K
MY4_:J./'FG\X_P!"'_H1H`\9W'!QQ2$`#/;TII<GTICF@`<TR1LGC..](6Q^
M-1.^`>WK0`C'\:KROU)_"G2/@53F<E>M`#)).>6-=#X3^'OB7Q=+"=+L2+64
MG%W*=L0(]ZY.:0A3ZU]8>#+VYTCX;Z#IT=ND,3PF4J.N2<[OQH`XSP!\*_$W
M@W5VU"]MH;H30F-3;2;_`"V)Z-CIFNUU&,V$Z-=JBWF,>2C!MI'K70Z/K<EN
MS-!*<G&X^OU%8WCK2Y+J)M1T,)!J+?-/$W*S>X]#0!E/J;NNR>!-C#G9UJLE
M]:0[C!83(#_&C$FN.M_%,>^2WN#'!+&=K*RX(/O3KKQ`\2LRW^5`SA2`H%`'
M>6-WIU],IDNKF.5.1'(V5;\Z?<:A))>$1CM@9'2O)8_&M@UTJQXGG8XRJDDG
MT&*]5T#0O$NJ6:3Q:6]NKCY9+C"#!]NM`%GQ&T=QX8N+6<C+#<I/4,.]>?\`
MA>XO-:^RVEO;2->S2F%%QG=CC)]!]:[#QKHFLZ)IPDO/+ND(P)(3N53[UU'P
M2GT;2/#=V=FS5=S23RN.7&,X0]J`.6\2>!/%&D6\$[VOVH,,N+=MWE_6M;X7
M>!]6FU=[SQ#IB_9HU!B$K`@FO2K3QK;:A%&+>VENK*X)B\S@*OKNK9U[^T(-
M%1?#=O#<%,*T8.,K[&@"&.:[E2?S(88H4&?E;)45DW]T%9$<K+'C(;TJ\9S)
M#$@4VUW<1G-J[98$=/PKDY5EAO#;W@"NO)7//X4`8_BJSANK*=;AF>-\\YKR
MCP!X6L+*^NM>(69WD,=O&5P(\=6KT7QK--:VL\,*NT>S<&(KGI)OLFCVL"87
M$8Z#N>30!-<SQDE^2S')(_I4!2RG7=(X2//*CJ:QC*Y(WL=V>O:K#%3`@*Y&
M<8`ZT`?2'PE2-/`M@(23'EL$_6N&^-7_`",MK_U[_P!:[/X-(4^'^G*01RW!
M^M<9\:O^1EM?^O?^M`'G]%%%`$UG.;:\@G7K'(KC\#7T[:3+<VD,R])$#C\1
MFOEL]*^A/AW>_;?!NGR$_-&GEL3ZB@"GK.A+XE\(ZWI+OL^TRRJK>ASQ7RQ)
MX=UWPW<7.EZOI-RR*=H=4+*X[,"*^HM(\6:;9ZKJVFWTZ6LD%PSAI#A6!Q4U
MWXOM)V,>EV,VIRD87RTX/XFN7$5:-2#I5)?YI^AYV+>'KQY)2U7;5_<M3XW^
MSK).\"12,X.`1P1[8K:BM;O2+.&:<[8M^[`Y;/O73^/O"&JZ3K-SJ<D#6\5X
MWFC`R$/ID53\':!JOC#7;6UMX)&L5E4SS%"$4#J.>YKR/9.<U&*TOU_X)U9=
MEK5:&+HU(RA"S:E=._HT<W=WL\\D-XT-P\`;F98VV'V^M;L/B>-]JJ0VWD$M
MQFOKJ#1]/BT]+(6=N;=0%V&,8.!BN`\7_!WPKJT$]Q!;-I]SM+AX#M7/TK?$
MY3"HO0K/HRSG$_6:CL[62['F'@GP9)\0]3\W4IY8M%M_F:)?^6Q],^E>NWFH
M6GPYLIO.8C2DCS;0#JI_NBM3X;Z#;Z#X9BMX`>22S'J:X3]HQ;N[L=*T^TM9
M9!)+O,@7*YZ!<UO2I^QPL5%VMJ7A:7L:<<.ME^9P^G>*UUM=5NWACA=2SF('
M@9Z55^%?P]_M&:;Q5XJ`M]"MV,^)>#*0<Y.?X:W_``G\/8M&TNZU;5]2MX[R
M-0SVTG"`#DALUA_$'Q;JOQ#L(](\*&&/2H%Q<10Y!?'';^&N++<'3C7G5F[*
M5G?=)^=MOF<BC#!5:CC]K4Y'XR?$:7QMJB66FJ\>@6IVVT"K_K2.-Q'\J[7X
M'_!E-22#7_$ZA[0G?;VG9_=_\*ZKX.>!/"WA]8Y]3OK2^UQU!Q)@+%GL`>]>
MA>'3-X;DNK"]A8V32M+;SH,KM/.*^IK9C3ITU"B_=6[+ITO:OGD=A!!%!$L4
M,:QQH-JJHP`/05+5!=7L73(NHAGU.*1M7L0I/VF,@>AS7G_6*._,OO.KE9:N
M[F*U@>:=PB*,DFL*/Q3`S_O+6YC@SQ,R?*?>F74;Z_=PQ[72PA;>S]/,/I]*
MV[K[/%;;9O+6'&W#8QBHC.55MPT0W:.K///BE/'IMUH?B"WF9=DGDR,G>-NM
M;VN>']#U73([R=UA*Q[X[R-MKJ/7-<MXDE\..P@DOI;FR5R?LL?S`GN,^E>*
M7'BO4X+PV_VB=K"UF/DVLK94+G@'UJ:M.5"]7$0]UV1XN(QM"G.48M2ONNS/
M8]/\):IXBN#'>>(;^[\/*>!)\IF]O<5M^+_"]OI^DV\FAV<4<5LNUXT7!V^O
MO7(>"?C#/>ZC::9>Z;&!,ZQH8>,9]J]9\5RF+1947CSB(LCJ,UHJU)Q<X+1#
MAAZ6+P\HK>2^[L>%WUZD\#Q-]R12#CK6]\(_`ME?6J:M>2B=4D*B(=!CL:X_
MQQI\OAS6GLYV<HRAXW/\0K9^%/C&+0I-4ANV(BEC\V-2>KCM^-=4VXPO>R/G
M\IY<)B7"LM/U/9/$VN0:+9[8@LMY(-D,"#YLG@$CTI/!6CR:-H:Q7)!GFD:>
M0#H&;DU0\%Z+)*O]MZR3-J5T-R[ND2'H!77].!S7'2C*<O:2T[(^LI*<Y>UG
MIV7EY^9YW\8OA;8?$73H<NMIJEN<1707)V]U/M6A\(/"J^"?#,N@I<-<_9YR
MQE(QDL`37;^E9>BS17%UJCP2*ZBXV;E.1D*,BNWVM3D]G?0Z[(V****@9S'Q
M'G%OX1OI&R`-G3_>%?-T/Q)\/6MS/9ZAH4_DYVR7"'+?E7OWQJF^S_#S4)/]
MN$?^1%KXZ\7PF/6&<<"1=P->QA7*.$<X.SYOT1Y]>G&=:TNQL_$#4&BDM;G2
M&<:1/B2%B>6'=3]*[CPG/#XAT&)+>VB;4(QAI&Z*N.I]:\VT';K.C7.@S']^
M&^TV1/\`>`^:/\>U.^'^OW&BZMY4;*),E0'Z?0^V:^BI5?;X?G3U1QU**CHD
M=C>Z#=Z?-)*^7+?NXL#.X#J?I7+VL3:CK#Q7$Z1!R0&D&`F.]>@VGQ!TK5I'
ML-4WZ-J6XQY;YHOP;MFL_P`4>"G>R.J:1<+.T1&0C!C@]SCL:5+&0K+EGHR%
M2<=;'/R?;]!N'AEED@N5/[J2-R%ESW![UMVOC)KN-H/$-G9:JZC;B>,%L>FZ
ML_3-7MM9C.AZ\@6.(_),GWH&]O45SOB*PNM*UN:"2$C/,3@Y65>S`UHX4ZCY
M*JU$DUU.A7PMX4UN26>UO;C0'Z_9W_>I[X]!5'4?AIJJ()]%N[35K1ONO&P1
MOQ!KF+R\>,-N4B5>"3W%>B>#[KPS9Z=$VIQW4MV/GWB0JH/I@5PXC+81UB;*
MM*.YP]QX,\26W^NT:Z^JC</TK(:TNDE,3V=R)!_"8CFOHB36O#`1+==1O?G`
M,<<<IZ^F>U:LNJZ7$T=NFHL+C&`P"M@>A/>O/>%:V3-%B7V/F*.UG=MJV\Y8
M<E1&<BO6OAAIZ^'=`O=>U%#'-<#RXD<894'?VR:]`O+6.4F&/7?)EDP/W<"D
MG\:XSXH7<EI9PV'G;X\Y>5A@O@=,5OA<*I5%<SG7<URH\F\4WKZCJSRR'_6.
M>*[/X::2#J3>>0$C4,/IU->?6TR7NK+&1P7P/85ZE++%X>\)ZK?H&-S<*MI!
MVQGJ:^@Q<K14$2XV7*S/\9?$&XN)+J"TFCAM5RG[L<'T^IKS6YU:ZU"="V6C
M`P2.Y]:NQ:7//#YDD9%N`"<#_.:ZGP;X*O+FX^UQ;?LB_,V\<8]ZR]VA$N/*
MD9GAK1)[AT9K&2;<WR!3UKO]4U:W^'VDO#&T<OBBZ7*Q*<I:KV8^_M5/Q)XY
MMM$LFT[PT86U)@8WNT&5MQW"^K>]>52/)+(TDSO)(YW.[G)8^YKQL;F$JCY(
M[%TZ-]9#[B>:ZN))[J9YYY3NDD<Y+'UIB'&[''%)1WKR5YG6*O4>E:NC*);U
M$QG(.%!QN..GXUEBGPN4<,"00<C%7"5A-'J&@1EEB\VW:V=UR87.2GXUZK\-
M+=4\86##KLD_]!->)>'+Z0E7=V9B.K')KV/X3W7G>,K%<_\`+.3_`-!-=4GS
M4IOR9SI?O$-^*_\`R.US_P!<T_E7(5U_Q7_Y':Z_ZYI_*N0KP#U.@4C=.*6D
M;[IH`^E/"=Z-0\.:?<YR7A7/U'!KYI_:L./'>GG_`*<A_P"A&OI3P?9?V?X:
MTZWQ@K$"?J>:^:OVK?\`D?-/Z_\`'E_[,:`/%S@<?C43'D9YI7^M0N3V%`"E
MLY[5!*V1BE=L=_RJO+(`#Q0!'*_^%4IY,>U2ROBJ,TA!(.,T`"$/<1!_NEP#
M],U]<7%Q%+)80HVV%;:-$`_W17Q_N.X'WXKZ<MYB_AW3;G[DJ0(Q]\8S0!I"
MZFMC(5/0X..W-7?[3<(4D+&,\QL#T-8MU)MFGQRDJA\>N:SC>NMA)$9#L4YQ
M0!P?QFL1-?PZA$GE3-B.0)_RT/8_6MGX??!:[UE([KQ%-<:=I[#<L9_ULP]<
M?PCZUZAX2\+VS_9]7UV.-V8A[*"7G./XR*[6X:]UAY%@*I:1C,LAXW#T'KCT
MH`S?"N@^%/"4:Q>&])@:\/'GRJ'=O?<U;4^JYG59]WF.<<OG'X5S[7-JC/%;
MB1I,8:5ASCT%7],:*6[)OD*Q[<*X'(/8F@#60>9&\5PPE1SMVD<`5YCXH\06
M/A^ZU"SL[1!&N02S?*?7->F:>AB7SY)%,:EG8]MH'6OC[XE#4[K5]2O5GDFL
MI[AG"CLN>/PH`GM/B?JVDS:I#:F.:TN6^1#D+'S_``CTKWSX/?$35]0\*^?=
M2QM)GRT0+T_.OCWM6_X?\6ZQH<$D6GW116'&>=GN/2@#[+F=VM_M[MF<G89`
M<$*>IJ.^@DN9H!)+^[P&,A;+$#M7SQ_PMV]N_"'V74Y%FOTE5414P#'CDDCO
M70:+K6O:IHT;17BR6:#,4C?+*I_NMZXH`Z_Q]J$]QNBLKB-D0$F,G!^E<QH&
MM6FN)%I[3+%?PD!XB>2OJOJ:X[Q^?$K,OFJ%M]O%R@Y?/8UYJ;>]@N-X\Q90
M<[P<'\Z`/I>WTP/J<B)@11H6#S'&?_KU3C(MG$DVQ1][GD9]J\5L?&?B>W5(
M4NI9@#PLB[OPKV3X<:1<)8C5_$EQ)<74QW);L,I&/I0!]'_"5S)X'L&.?F+'
MD8[UP_QJ_P"1EM?^O?\`K7HOP]N%NO"MI(@"KE@`!C'->=?&K_D9;7_KW_K0
M!Y_1110`5[-\%_-_X1NY\S_4BX;9^0S7C.<<U]!?#BR^Q>#=/0C#2)YK?\"H
M`XKQ9X'BUJ#4]3L?,;4//?=&&X8#&/QKE=`^*6H^%[A=.\06`N;)/E2:!=LH
M`]1WQ7H=A=-I'C9_,D(LM2ED7#'`61?\:XOXU6&C/?QQ0WT4-_<'(1",JW9O
M;-8QE&2:6C/$QM&6%G]:HZ7W7ZGHECK^@>.=`NHM-NX;OS8V#0MPZG'3!Y!J
M/X4R;O"<$#HJ2VTC0N``#E3W]Z^4XFGL-0\R"=]/U6!L,T1V[O0UZ3\,_B7/
MH$ES%K,9G\^7S7?ID]V^M<LZ_)44I*W1A#,H2G&<M._H?3.*@U!=]C.H[H1^
ME<';_%[PQ*OSRSQM_=:,U9E^*GA5$#/>R8/_`$R)K9XFC)64D>M&M"6L6=+X
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M]-N-.OR'N].E-N^1R0/NG\14^K^-M,L;?-L7O+EN(X84+%C_`$%1>`=%N[%+
M_4=4PE_J4OGRQ#D1CLOY5*<)33IOU--').)TLFGV<A)>WB)/7Y:5+*U0?)!&
M/^`U@>)/&$&BW!A6WFNWC`:;RAQ$I[FLV[UW4M=UC^S?#LD<$44:R3W$B\_,
M.`!52G3CT-6VMSM^%7C``]*\%^*OB(7OB9H;+4&:TA39)$IPN_O6C\1_%^H>
M%D31Y]26YN;I"':+`:)?7VKRN9[#2;QEU%GO977<D4/SLQ/KBNBACZ>$ESUH
M2OT5M_F>-F,JE>/L:77<V;:[7SHT8@.[!5]6YK5\?_#'65N+K5].BCFM1&KF
M)/OGCYL"N!\/ZIJFGZFUR^@2WB@@HDT+?)CT->NQ?&F_:W7/AR596&T`A@,_
ME1F694<;!0FFD<^#RA4XR]J]7;5'@@N)(;@E'>*:-@5;[K(1_*OHKX6^/8O&
M>BOH6L.(M7B3"/VE`Z,/>O"?&UW/K&K3Z@UE';2N3YL40^4^]<[I^HW&G7L5
MY9RM%/$X9&7KD5XM&48MJ+T'2<\%4MT/IWXK:1+K/A=O.MG35;`;HW`RLB]Q
MFOG.SOI/M$6PJS*X(5N,D'I7UA\+?&-MXU\.I)+L^VQ#9<1-SD^OXU\\?'+P
MM)X3\8O-;(%L+X^="0/NM_$M>K"-X<LG=,TS##0JVKP1]$>"O'=EK$$%M=0R
M:?=[!MCF&%<>JGN*[=3W]OSKPKX5WMKXO\,_V-?@&[@3S+24_>0CKS]:]-\%
MZQ+?VTUC>_+J-B_ERJ>X[,*F-5QFH2V>S_0Z\)BG4C%2UOL_-;KU'?$S59M'
M\$ZG=VIVS^7LC8=BQQFH?AGI*:)H+V2,SL'$KNQR2[(I)S]:I_&6-W\`WFP$
M[9(V8#TW#-=#X<*LER8SN3<FU@<@CRUKNO\`N4EU9W]3<HHHK$H\_P#CM*D/
MPTU.23E0\/\`Z,6OD[Q8GG6=K=X[[3_2OK?XV1)-\.M227[A:(G_`+[%?*]]
M&+W0KZ.,;A"=R_XU]!@(<^"FO/\`R//Q+Y:L6<7!-+;W$4\#;)XF$B,.Q%;'
MC&!5GL-=LU\N*_C\T[>BR9^<?GVK$'(]171^'Y/[2TNZ\/S%?WK&XLRW\,H'
M*CZBG@*ZI5+/9CJ1NKHIZTGVRQMM33:PD413CK\P[GZU5T;5;_1+M+G2KF2"
M1?X=V4<?W2.XJ309EC^U:7<_*DGRC/9JI7,+VTTL,G#H<?6KS&A[*IS1V9-*
M5U9GH,C6?B;2KW6M+MEM];M\/>VB]"G]]/:K&@:UIVIZ-%I.NLT*=8)<?-"Q
M_I7GVDZE=Z1J$=YI\FR=/EP?NN#U4^QKM;I--\06!UG1(ME];+NN[!N=@_OH
M.ZUMA,7[1*%5Z]&95:5MB?7O!=U9V)CM=DUNW/GXW,WTKH/#$^@Q:*+;5]-N
M;>>%</*4RLGO^-8/A_QA//8_V:URUM*QS!.O.P^A']VH+GQUKFE7K67B'3K.
M]0<J=FT.O]X'OFNC$8AP=I_@9*GS1.QBO_!5YJ'G1N\(V`-%+;D*<>A%%YHG
MA.[FEN+368X)6(:-)E*X/H*Y6V^(6C.Q$^AR6VX??A(;'X&M"#Q!X1U"[@5K
M:_EN"<*2H)_*L8UH2:M)CE![M'0PZ986NH)J\&I13V4*DM$K<A_3Z5Y'XYUV
M?5]0E>3<OS':N?NUWOC*_P!-TS3#8V$"ISYCD]0?>O*[H/>W@VCAN2:];#TN
M5<[,J25[E_P'9BYU>)F7+;L#W->P:WIIU)[2Q^S-((02ORX4N?4USW@"SL=)
MT^?6+@`QV2;E##&Z0]!7+Z]XNUO5G=KC498XW/\`JH3M4#TKS\5B;5+KH;\K
MJ,[&[_X1_P`/*J>(K];V[1LQV5EAE7'9C7(>,O&^HZY`+.V1=-TL'BV@."_^
M\>]<HQ"L<#&3DGUJ29BUFC?*55MN>_K7DUL1.HVVSHA14=2HHP,``#T%/49-
M)FGQGFN9&@_RBRY`XIBH6/RBM2V*>3M/4U=T_3Q(W`K1P[$\QS[0R#^&DCC9
MGQBNTFTG"<+VK.73BLO04*DV'.6=#4K&/6O7/@Q*6\=6"G_GG)_Z`:\QTV#R
MR,UZ/\&VQ\1]/3/_`"SE_P#0#79*GRT)>C,D[S1M?%?_`)':Z_ZYI_*N0KKO
MBO\`\CM=?]<T_E7(U\X>GT"KNB6IOM9LK9>3+,H_6J5=A\)[+[5XQA=AE;9&
ME/L<8'\Z`/>(U"*%'`48%?*/[5S$>/=/VD?\>0_]"-?5XKY._:R)/CW31V%E
M_P"S&@#Q.0Y;.!4,C>M2,P`X_*JTA[_I0`R5ES5.63K4DS9//%55#33QQ1<O
M(X11[DXH`[CX1^`[CQSXB"2HRZ/;\W<^<`#T!]:^C;'X=^!]'LF@M-%MK@@?
M-)/F21JG\$:';^&_"UCI=A&458PUQZRRGJ2:OPQ263RMA5EP2><X%`'CWQ0^
M$ND26\EWX>2.SNE7S!$C9CD]O8U?MF1O#MB0H&(@DJ9^Z0`*[/4/O1PRJSK,
M#EOK7G,C2P7VH64K`+&A;([>E`$YE)CM6<Y`!0_TK4\$:/%JE]<7%^A^PV^"
M4_YZR=DKG?--P$6,'+E2@'KT->GP6Z:###8Q1XF"[V!Z%B.2:`)K@W%Y*\5I
M@S?<+?P0+_<6I5CN=*M/*NII))4'[I$.0OM]:PIM<N)&\I56-$^8*OKZFI8;
MV9H&D>0[1W)YS0!9M5N$<&5BKR<A?3ZUIZ?NE;[,^YW9L`]2WM65;[[NYLI,
MLKEL-WKK]#LM][<S[ML,8(1NG..:`,_X@W\6E^$+F*%@US,/(15Z'^]BO&?[
M(S!&1&LL##YN^,]JZ3QMK*ZIXBVVY_T.U'E)CH3WJ*Q10?E)$;\8[`T`>+^/
MO!C:5&^HV66MB^'0#[GO]*X4JRX)4@'D9'45]:V-AIL][-'KF/(*8:%AQ(*X
M#]I+1-&T_3/#MQI1MX&"M$+:,8)CX(;%`'B5A"?M=LTRLL+R`;B.#S7TA\/_
M``I?3Z7<2-'#;V<@+;W;#%<<D#VKQ[P9=:1?:6]CX@GCBBMR98BW!/L#74Z?
M\2],;_0Y?M]O`%\M)/,R-OT]*`.G\8:D6T^+1[2<W,$?RRRNHP2#_#7"3::Q
M].OWJZRVFTC40#8ZM:,3R$<A339+"4/L;#AC@!>:`*WA+0K22\7S2>",MC@5
MZ/)#)YDT",JP1QE@WKCI7.>'K&=;B*)8V4*<R+CD"NA9M]TC0R$I<$@*XQMQ
M0![7\(SN\"V!]V_G7#_&K_D9;7_KW_K7H?PX6-/"=JL3!E!89'3.:\\^-7_(
MRVO_`%[_`-:`//Z***`)+6$W-U#"OWI)%0#ZFOI^R@%M9P0+P(XU3`]A7@'P
MZLOMOC+3T(RL;>:W_`>:^AL4`<N-#L-<T^[M]1@$L8NI"IS@J<]0>U<-KWP-
MT>_N'GM+ZZMY6.[YCO\`U->F:"/W=W_U\R?SK3Q64J4):LF235FKH^5?BGX'
MFT?ROM+M<2JH`G"X\P>OU%6O!OP\L?$G@][JPU=FU.$'S;>48"XYQ_\`7KW;
MXA^'E\0^'I8E'^DQ#S(CZGT_&OG*P-U8RW7V.66WF(:";8<$#H0:W="%=<TM
MUH?+8E++ZCC-7@]O+R1R4L4*S21[SOC8H2IXR#BI+O36$FR*62,@#C.1FM%;
M*"T8S3A6V\1IGF1JTM'\,Z[J-C<7MMIMQ/$'Y(4Y_"O.Q6`EAINMAGS07EN_
M+O;J<<:E1N]'8H>`_#<M]XBM_MDB72!LK:2R;1-CMFO9!\+K?5756T.TT:W+
M;G*2EY"!V'I7E,^G:KIS;Y]/O[::,A@S1$;?0@U[U\+_`!S#K^GI:7[K%JD?
MR%'^4R`=QFLH36)E:M&WRL>WEF-YI.G6C9O9G6Z!H-AH5BMKIT"QQ*.<\EC[
MU<NK&TN5Q<6\4GU458YQP?SI<>M=ZI02Y4M#VK*UBI9Z78V;%K6UBB;&,JN*
MR]<\4VND:C#920SRR.N]O+3.Q?4UT'UXKGM4B^S^)+*[QN61&A?C.?2HJ-4X
MWB[%12Z'+W-Q:3:5XGOK:='%R`BDG!/;'YTSQ3)_PA^E6GB6W:..46R6\T4C
M8$AQQ^.:TM6\/:9!XDLY);?;:ROO"*<)Y@Z$BO&/VDM?FUWQ79>&--9W2UP9
M(X_XY6Z#%8X/#.M*5-O5-_B[I_B3B9J,+GF]T-:\5>,I?-AEGU"[FQL`R"">
MQ]!7U'\+_AQ8>$K'SKA(;G59E'FSE<[?85B_##X5KIV@P3:_-<?VDPWC8^TP
M@C[N<9KMU\'1VX)L]1OD?L6D+"NS$8FOI34$[=4]_P`-#AH4'%^T:U.F6)!T
M1?P%->U@D&'@B8>Z@US5EJ=_I.H16.LGS8Y3B*Y4<$^AKJ%9B>V*RIU%43\N
MYW1ES&!J'@S0-0;=<Z9"6]0,']*\'^.GPML]!L?[;T#>D)?;-;=0/<5](7UY
M!86<MS=RB*"-2S,QP`*\@N_C!X=UF:ZTW4])OQIQ.SSR@(/OCM65148;V39C
MB(TY1Y9GA7PT\5W'A'Q)!=QN?L[-LE3^\OTKZ(^+]G8>-?A^9+%EFO%47-J5
M&6XZC\J\%^)&C:-::@M]X7NQ<Z?.<F%O]9$W?C'2O5_V<O$45W;W&BW6QW"[
MX6]5[BE"35HTWI]YP8=J$G1EJI'FGP2\1G1O%5N)_EC+['SV!X/ZU]&^*=*O
MH-4A\1>'QYERB!9H.@FCZ\'UKYE^*&BGP?\`$J\AA!6WD<7$7;*GM^!KZC^&
M.N#7_!UG<''F(OE-^`KIG34U9D8:"525!Z=5ZE:X\7Z!J>ES6FKEH5E0QS02
MJ01GJ*F^&MM96>CW5OI<T\]HERWEM-][&!Q]!VKI9--LI6WRVEN[]V:,$U!I
M,:I=:DJ*%43```8`^44J:JQTFTSTZ<:J?[QI_(U:***U-SB/C(Q'@*^48^>2
M%!GWD45\Q6;,)Y+*6,(S-L8CO7T;^T%*8/A?J,R'#1S6[#\)5KY\N+I9+F*X
M<!&8Y(]<U]%D\E[&4'W/-QJ?,FCS:YC,%S+%C&QRN*(V:.19(V*RQD,K`XVD
M=#6KXM@\K7)9$4".<"5<>_7]:R5.#S7)-<LW8UB[I&EXKMO^//7+%?W-XNYL
M?PRC[P/XU'JC+?6L-_'UVA)/;WJSI+O>6%YI)?\`UH,T`/3S1U'XC^59&ASF
MWN);.Z!\IN#[5["J?6J%FM48M<LB(5;TG4+G2-1AO;!PEQ&<@'HR]U(]#Z5#
M<P-;7,D+')4]?4=C4=>)9Q?H;Z-7.QN+"VUC;K&A1-%$V3=VBGYH'ZG'^R>Q
MJYYEGX@TT:==3,EU&?\`1G?^`^A/I7*:%?SZ;=M<6<XMY\`*7/R,,\@COQ70
MWEE;ZC;_`-KZ*280?W\71XF[\?W3VKV\+5IUH\E3<Y:L91=UL<E>6LUC>/;W
M*$2(V,#^+Z>M=SX8C_X1ZR-^\:2WLR%`&_Y8@]_K6I#9K<:5;W&HQ1O>1'-N
MF/N@?WC7&^(-2EN'?=Q(_4#IFKP^`C2J.4M493JRJ+E13UZ\DFF`+-(S9W$G
MK6AX-TM]4U.VBE0XW```=:RK&,WTD,!1EE8@;L<5ZS&(_!>A?:I4!OY4\NV7
M')8CEOPKOQ%=0BF@Y;>ZC%^(EW%:I#H5@P\BW.^8K_$__P!:O/96.2<U?NYG
MED>25BSN2S-GJ369*:^?K.[;9U4U96().:C%/:FBN)FP#BC.**?&N32`DMG(
MD4$]Z[_PS"LFW/>N`8;"#Z5U_AF]";>:UI[ZF=1::'>75@HM=W!KF+B)4GZ#
M%=!)>;[;&[M7,7TWS,<\UZBBDKG)&][%H*@7(XKKO@P?^+G::/\`IG-_Z`:\
M]%WQ]XUV_P`$)O,^*&F#/6*;_P!`-37:]C->3_(UIQ?.CK/BO_R.UU_US3^5
M<C77_%C_`)':Z_ZYI_*N0KY4]7R#Z5ZK\$++Y=2O6'4K$I^F2?YBO*3T->^?
M"JS^R>#K9B,-.S2G\3Q0!U_2ODO]K(X\?:?_`->/_LQKZTKY)_:TX^(&G_\`
M7B/_`$(T`>)$$C/;O6S9>%M1UC2[:[TB(73R3-"T*G#*0,_B*QXYH(W5KI7>
M(=43J1Z5[[X?\3Z3=^$+1_#T$=M91#RFW)^]B<C!Y[_6@#YZUO1-8TFW2XU/
M3KBUMW8QK)*N`S#KBK'PSM(]2^(.BVUPA9#.&*CVYKO/B[XAO%\,1:1<N+R-
MFXN&P,8Z;16I^SW\.;E-0M/%VM.UG:PG?;1%<M-P06/H*`/=+B"1E25FD\J+
M^&,<LQ]?855A\R)I99/F1@25/:N^L=<L;IO*MV@3(X!')IJV.G123F>;SQ*"
MQB<<#\J`/.=6D2#1C>3*%F`V0KZCUKYZ\2Z\]MX[6$SADECVRGU)Z9KVKXRZ
MY;Z5I13((7E$'4GLM>(Z-\*?$/B"8ZEJES!IOG-O7SCES_P$=*`.V\#;;C7]
M&R%,<9;>.O3FO0-0GFNKJ?R\S7=P25_V$KE]$\+VGAS6+*Y?5Y9F4&-T\G"M
MD8SG-='/'%%>2^9'*X2+RPJ-C/OF@#*N1%:#R8,23`?O']_04^!F2%/,R3(>
M$[TUM/>"169A\YSQSQ74Z/HZ):_;KUU5V.V//)(]A0`:/9M(R)#][(WR'HG_
M`->E^(&OC0]$%E9@K<W0PIS\RIW8_6N)\<?%_2?#"FQTI$O+R(D[%/RJ_JY_
MI7C$7Q+U'4-:GO/$3&Z\]]Q9>/+]@/3VH`]%LA@X#%@W5O>MZS8"/8PR?45C
M:)/9:M;>;IUQ'*",MC@CZBMR&%XRNT>U`'5:#*B/#)(4,\8RA9-V[V->>_M3
MV<=[I&B:PT:Q7",UNP08&#@UVVC1RF94`)'3CM7%_M+ZI;1:#I6AJZ/>-*;F
M15.?+7L#]:`/G':>U(0>]7%3VH,6>:`*7S+R.,>E:%CKFJ6+!K6]GCP<CYR1
M41A^:D\B@#T'P_\`%.[@8)K$?G]C+'\K8KV3PGXHTC6-/6:SEAD&-KQN!YJG
MZ>E?+2PY/'%3QH\&6C9T..=C$9%`'Z-_#UX7\+VAM@!&=V,$'OSTKSKXU?\`
M(RVO_7O_`%K6_9EC9/@WHAD.XMO?).>K&LGXU?\`(RVO_7O_`%H`\_HHHH`]
M)^"=GYFJWUX1Q%&$!]S_`/6KV&N"^#=EY'A4W!'-S,7_``'`KO30!E:#_J;S
M_KYD_G6BS`=2!7DNH?%2V\+Z]JVE7MA*XCF9HY4/#9YYIFE:QK'Q&MYO[/N8
MX=+1OG:+AF_V:KV;7O2V.>6(C?ECJ[V.Q\0^/-'T>1H%D>^ON@MK0;W)]\=*
M\-\=+J&E:BVK:KIR:?!JIVQ0(<E3_M>]>U^'ET3P^OEMIHT^X(R[LN\M_P`"
MK*^(XT_Q?I#Z58VIO[\?O('"D+&X[DUE]9IV:IO5G-CL$\53M+H<5X/M=/L#
M;75W:0WP*@$N`PR?2O78;K4#;@6>G0I$0-@Z"O'=.LDAT_#,;&5!Y<T><[''
M7BNT\,Z?XL?3@]OK*?9N/*$D8.14XBE55.-]$NSW/GN'L9*G.=!QOU].YUOV
M[4H5+:CIL1@'.8SNP.^:\C\5:Y?:V\VH:-IMC;6UG+MC?&R9L=6!'45Z4WA[
M6]1C$>K:RXA8;9(H$QO'U[5N2^'=-DTI=/\`LR^0B;4XY7WKD]E5FK)Z>9]+
M*+Q.DH\J_$R?AUXI3Q-HP=V47L.$G0>OK72W]VEC://-R%'`'4GTKR_P_P"#
M=:\*>+IK^P`NK.9"C1!@NXYX)KNX[&\U&=9=4"QQ(V5A4Y_.G&K4Y.2UY'1A
MH3C!*J]5IZD=K_;EY$)_-AMU8Y6/&25[54U+47>%8;Z/R;N*0%3V;W%=9M``
M`X%<?\3+VUTC1X]1O#M2%P&;OBHKX><:;<&V_P`SH4E?49\4=<M-!\)R7EVZ
MI.,?9U[M)VKR3X`Z%+XG\3W_`(PU91(BR%8V<9WR^OT%>6?$GQIJ/CK7O,)=
M+4L(K6VSD*.F?J:^NOAKX?3PWX)TO3E39(D*M)[L>37O3I?5(:?%*UWY=CSX
M2^L3N_A6R.HQD4R6588VDD(5$!9B>PI]?-'Q@^)FKW_B:YT#09VL[&W8PRN@
M!:9CV^E88>A*O/V<#U,-AYXB:IP-#Q1\2KS7]=6TL4CATV&<*CG[['N<]JZS
MX<_$.[O];_L77%C\TY\F9#C=CL:\#L)9_#VJ1VFID/`PY8]5)YS721:E$NM6
MMVLL<!1MZR+U;VKQ,>Z^78QJJM+7]0S2O#+JWLJE#W7%)._57=_T/9/B1JW]
MH[M+MW_T=3^^;J&/I7FD>C0B^G1DR-H(']:W(+^*\9F#`DG)!/WO>K7E'[*+
MH#,9;8K#N?\`&OBL5C*^*JRJ/_AD?"XNO6KRE(YFX\-VDB.$C^<C&\UB6&F:
MI\//&%A?743+:R.)(YT^ZT9ZCZ\UW,AX)8BNB\4W]MJ'@ZQTQD25W4%F89,8
M![5Z638Y455E5EM8G+\0X4ZLJ[MRZKU/(_CIXCA\9>)(!I5KF&U7RUN<<S9Y
MQ^%;?P6\<+X3M[NUUJWN##+@H8ANP1[=J9J.BQ*PDB4#D;>.*O)I*`C*18SF
MMY<05-XHBIGC4E62U/>/#/B&Q\1:?]LTURT>=I##!!]*L:8?],U/_KL/_017
M#_"*(6D6H6ZXV%O-`]*[#0+J.[N-4D@8.BW.S(]0H!KZ;!8GZS1C4ZL^LP.*
M6*H1J]S;HHHKL.P\Q_:0./A'K!)`^>#D_P#75:^9M-,U]HEM(K!C"2&^E?5W
MQIO([#X>ZC<3VD-Y&K1`PS#*MEU'-?,CZAHID@&A69LGD#"[B#93D<;:][)Z
M<K.?2]CSL;.S2,KQE`#IFE72#Y<O`3].17(R?>XKT:2*UU;19-.FNH[;<P>.
M9Q\J,.Q^HK)F^'^I,JM;ZEI<V[[H$V-WTK7&4)JI>*(HU5RV9QZR.DBO&Q61
M3N4CL16IXD03QVFL6JX$ZXD4#@.."*U/^$$U<.R23Z;$X&2AN!G%6K;PQJ5M
M8W45S)9RV3+O_=S9(?U`IX&52E/5:,JK*#ZF'?;-2TN&_BYEB'ERCN1V/X=*
MQR>YX'7KBMGPQ8WD5[-'-`QLE!#LPP,=ZZ9;30-.B>6SM3=X(*/,V2"/:NC%
M8"4ZO-#0F-905F<KI>@:IJ@!L[1VC/!ED^55]S7::=IMOX8A$\$T5Q=R_)-)
MNPJKZ8[UFZGXENIE2-&\E0"2B\"N8N;Z2:0\MCH<5V83+80M-O4PG4G4]TOZ
MIK%P][*GFY7)$8!XK(,<TURI<.<G`%2VD$<MP1LD+YR'QTKTSPOH46GV$NM>
M(6C%G$,J#P6/8`5UUJT()IE+W59#O!OAV'1=*DUOQ`XBM81N53UD/917(^(=
M=N]?U%KN[.T#Y8HATC3L!3_%/B.[\1W:&7,5G"?W$`/"CL3[UDXXS7A5*KK2
MNS6%/EW(G.>#522K3]ZJ2'FN>H;Q1$PXIF,4YJ0URR*&TJMM-)2K2`61]_%:
MNBSE&P3TJKIR1FX`FZ8J5F2._/E_=K1*VI+U.YL[H/#@^E8VI-B0X-,L;@K@
M9ZTW4>3D5ZL7>!S*/*S.^T[7(KT?X!2B3XI:6!U\J;_T6:\LN>)*]'_9Y_Y*
MQI7_`%QG_P#19KBJS?))>3.B"U3/1OBO_P`CM=?]<T_E7(UUWQ7_`.1VN?\`
MKFG\JY&O`.[J*J&1UC7[SD*/QKZ=T>V%EI5I;+TBB5?TKY[\%V?V_P`5:;!C
M(\T.1[#FOI`#%`!7R-^UP?\`BX&FY./]!_\`9C7UR:^1/VN3CX@Z=Q_RXC_T
M(T`>$W#94XYJ]:^-]8L-#CT=/LYL8V+!#&,GV)[UFSD\UGSJ.O0^M`&MXWOK
M:^O[8V,[SQ+;H"3T5L<@5]06E_?-X+T1'?\`<_94!4#IQ7E'[.7A+0=;U"XO
M]==)98)`D%LWW7.,DD=Z]RUIX[N6[AMT1+=<)&H&T+CT%`&/ITWVJ4`G!]<]
M,5U7AK4KB&\$=RV^.0%8F8=#VYKA;-S97J,X^0-SS76:0`TTD6XF"X!:')R5
M?M0!YE\:+@0?%C2K*9?]'BMQ<C=]UY#G^5:]IJDDT(8E6W<[L\C\:Z#XJ>!O
M^$TTJRU'3Y3#KEBF(W)^5\=4:O)]!U"ZMKB2PU.)[6\C.&1QC/O0!VUW<EU8
M8"Y'?FIK+6I$C$=_;^>J#"2(<-CZ=ZHV]PA53.F\=L"IQ%'*&,48R.2,\XH`
MU(_$NGVD;A;.[G4,&V;,9/UJMIUYXX\4>+;/?:VR>';AM@DB(!M\=,^I]J?%
M?^6AB2&-8-NTH!C\?K72:%X@.G6<<%I80R0J=V-W?U-`'A'[3-QHZ^+X=.TF
M&U6[M8]M[)#'MW2?7O7C9Z5]?:[X+T'Q?>7-QK=BJW<[;A-%\C#\>]>?Z]^S
MI>XD?PYJL-P0-P@N/D8^P/0T`>%:?>W5A.);*>2&0?Q(<5Z5X4^*VI6L,T>L
ME+L)$?)++AB_8$BO/-4TJ\TC4I[#4;>2WNX&VR1N,$5$J^WY4`>FW/QD\2S6
MK0V:6EGN&#)$F6'TSWKS^YFGOKJ2YO)Y)[B0Y>20Y)J)4_`^U3HF!0`Q5RO%
M2*GJ*>J<>E2A!0!7\L$Y(I?*^E6EC'?\J<L8ZT`5/*SV`I_E_*/:K/EYI0F"
M,?K0!]J?LR9_X4[HWL9/_0JR?C5_R,MK_P!>_P#6MG]FD8^$&C_[TG_H1K&^
M-7_(RVO_`%[_`-:`//Z0]..O2EJ_X?M#?ZY86JC)DF4'Z9H`^A?"=E_9_AS3
MK;&#'"N?J>:U6^Z:11MP%X`XIQZ4`>":CX/?Q=\1]8CEW1V<4P:63'48'`->
MN:7I^D^%-#:.UBCM+&$%G)_F:=X>@1/[0E``:2Z<D^O2O/OCMK<EO86^DP2`
M"X^>5>A*C&!77S2Q$HTNAY4XPP-.>(ENW_PQ>T[XO^%=2U1K&X,T"@[4FGC^
M1_H:]"L7M)+=9;$PM"XR&BQ@_E7QY-:QFWD<J"L:Y-;'P'U_6Q\1+;3[:68Z
M=-N\RW))55'?VIU\&H:Q,<!FLL0^6:/J!M"TV2\GNGM4::88<G^*N9OO#^JZ
M%*;KPK<F2$'<]A-RK?[I/2I/'/Q"L/#'[J.%KV\[Q1GA?J:H>&?BSX?UZY2W
M'GVEP<`B9-J@^F:YFYQCS/8[U3HUY^SA;F7;<Z7PQXEBUN)XI87M-0A.)K:3
M[R'^HKH3W-<CXOMX[:ZT[6+3`N5E6-W7^.,^OK6_K&H)INCW5](<+#$7&>YQ
MP*4EIS(NA*;FZ,]6K?B&M:O9Z-I\M[J$R101C+$GGZ5E^'?&6BZ]Q87B&3KL
M?Y37SUXNTKQ3))_:FKK>7%I??OLQY9$!Z#';%<GYFQO,BD=&3HRG!7\NE>16
MQ\J<[<NA]3A<EIUZ;;G[WY'VGNSTY%<#\;M#?7/`%ZD./,M_WR@G`..M>.>&
M_B]KV@[8+HKJ-HHQB3AE^AKM=<^*^D>*O"LFGZ<\EKJUU(D(@E&,9(R<^F*]
M'!5XUZD8Q>IY&88"MA:<G)77D?/6DVUS%JL=[!&[I92+)(2/NX.:^X_#^H1Z
MKH=C?1_=N(E<?B*XKQ[X=L;;X;WZ6=I`LB0JSM&HRVWW'6N?_9S\3B\T6YT*
MY?-Q9/NBW=6C/^%:8S'.OBW%Z*VAPX;#>RHWZ]3V:ODKXT>!=7\.>+;W6K&U
MDN-*NG\[S(AGRF)Y!_&OK2O(?BQ\46T#4&T31[>&ZO5`-R91E8PW3CN:NEBG
MA7[1,]++G6]O%4%>3/F&6_DU"=9KV1BL;`,S=1BKL7B..9Q%%IHF).TD'EOH
M*Z[Q+KVH:UI+Z5=:;ID,ETX<SP0A'QFLN*SM?"]Q;SR0^?)L^0$8R?6L,1FN
M7UDZF+BZD_LI:+YLXN(:U.KCHT,2[32UUV+=C>3S2I!81M;RC&_?R5/I6GJ>
MH:UHMK96LUUFP,IF*[.KX]:RM!NKB#49+NYBV^<_F9`^6NH\1WEEJVEQVY<*
MRMN5AV-?$U*O)6:BK1:U_P`CX#$8J=+$M1UA?[S!F\4))D-.!FNI\/ZS:W5B
MBE@ISC.<@UY_J6G-%;L9K:&0`961#C->F^"_@W=7?A>SU`:G+9W5R/-:`ID!
M>WXUI#+(XJ#5'1H[Z>%CC8.--6:-S1;%M5U)+2!UWL"Q8<[0.^*R;R^ALYY8
M9"3)'(48$8/'?%>E?"_1K?2["X9,O<^9Y;NP^8X_E7!?&OPEK$>K'5M!M'NX
M+@8E2,99&^GH:UJ9`XX>+7Q=2'D=\)%TU>5VQOAOQ2+"[NT53NEB*)M.,GUK
MTCX6KC1+HCO<L3[D@<U\QI8>+K>Z64Z%J/RMQ^Y8YKZ+^"+W4OA"4WL,D$_V
MEPT<@PRX`[5W95AJU"JHR^%)_>SORG#5Z%6,9_"DU]YZ/1117T9](>;_`+0Q
M*_"G5BO7?#C_`+^+7QS<W4J1B6/Y)EYP.XK[:^,&FS:OX"U"RM\>9(T9&?9P
M?Z5\P:M\/KN")E-O('(R9,<8KZO(YP^K2BW9W_1'FXMI5%==#SY?$UTXQ,`%
M)R%4=ZN0:W+)\KJNW&,]Q]/2GR^#;N!\QC<HY9O2GMX9O8=IE4B-OX@*]B*Y
MF8SY+:#QJD$8/WY!CY23R#35UMR5[A>P&,TO_".W>[REMRRMTD]*F7PK=I,1
M*&4CD,!D&M'&,69I1,NYUVX$K%I'"$Y$8/`-0&ZGN,DY`ZA`>#[UT$/A*^DD
M/G(!&><@9S72:-X-G*)$VGRS8&1(.`/K2=6$5J4VM+(X;3[&ZOU(CRTB]174
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MP\FO5PSO`QDM2K<H"V:[_P#9Z_Y*UI?_`%QG_P#19K@I`1'N-=]^SQS\5]-;
M_IE-_P"BS6%:/[N;79E0>J1Z+\5_^1VN?^N:?RKD:Z_XL?\`([7/_7-/Y5R%
M?/'?U._^#-GY_B*>Y(R+>'@^A8U[4*\Y^"EEY>B7=V1S--M'T`KT>@`KY!_:
M\;;\0M-][$?^A&OKX]J^0?VO1GXA:;_UX?\`LQH`\&F)/XU2E[YJW(:ISYY_
M.@#WS]F35["+3]1T^40C4/,WPEE&X9'8UWOF8U6:%7+LP,GMQUKP3X*36<>K
MWQNW:(I&)8YA_"0>E>Y6^HVES?074;J[`[93&<]>@-`$&HW$4MU*XC"`#=A>
MXQ4EE?[5A>02`P_,A4XY[9K.N0D=PK,<J&:)CZ<\5)%%(C(J_,K'8P/:@#U'
M1+J69DOK4P>7)$/,BW?ZUQUPM<U\2_"EKXGM$U+1D6&]M_E)QRK>C>QI?"<R
M:?<>1))^]DW+$P&=F:Z/[4;&\M[B/+VTQ\FZ!7&6]2/>@#P3P_K$,L\FGWKK
M;:A`VR6"0X((KL(B]ML*PJ>>N<DUE?'[X;/=>*%UW1H_*B`'VA$^\1CAQCM6
M9H$FKV4$?V>\9XPH&)!N_*@#LLP7N3C[//TVGC-1>5<VC;E4J#W]:HMJ&HE0
MTRPL/XLI5"/XBZ78:ZFE7Q>)C@/NYC!/0>U`'3PWIQO,C["<%2:Z3PGJ'F71
M20%E(^4FN=O+6*3;-#\\;#*LO0@UH^&9$BO%'3:,_6@#R+]JRRC@^(5G(BA9
M)[)7D/\`>.>#7CD:>U?4_P"TSX6_X2#PO9^)K!-]QI@V7"@<F(]#^%?+Z@G&
M"*`&H@_&IU'?CBE5,]ZE503Z`4`"KG\J>J4JC-2*@/4G&*`&J/KFG@#MGDXI
MRJ`O?%/5>.U`$6W!YIV/:I._-)MQR>M`'V=^S8,?"/2`/[TG_H1K%^-7_(RV
MO_7O_6MO]F[_`)))I'^])_Z%6)\:O^1EM?\`KW_K0!Y_79_".S^U>,(Y2,K;
MQ,Y^IX%<97K/P0L\6NHWK#EG6)3].M`'J-#=#110!\G>,/'7BG0?C9K&GZ5J
MXM]-60.T4XW1(,#/'UK+\3>.)_%E^MQJ,<<5W;IY9\H_*X]17OM[\.?#_B1M
M6NKVV_TZXN6W7`/S#'`KP[XN_#F?P5#9WMC,+FWF<QO\N-I[5[.%G1J7C;WK
M:'C9C2JU4X->Z9T.+K3W5`3+(X0`<Y'I7J?@#PS_`,()X?O?$.H(JZC<KY<"
MG@HI'\ZX'X!ZMIP\5-::TD:G.83*<!&Q[UZ+\9_$=K)<6-C;74,D80R-L<$9
MZ`5%2;JM4TO4\FE1EA:-2LGJM$O/N<9=G[5/)+*=SLY8L>>37#>,[V'3YE^R
M`M<D`%DX_`^]=0NHP"-F,J<*<#.,FH?!?@Z;QGX@2-U(M-V^>8<[?_KUKB(6
MI^]&R/+RM35=3N[W^=SU&%M?MO"&D1ZD!=V<ZQR"13^\0]=F*W[U]6\9^1II
MTZ?3])216N)9N&DV]%`]#2:]X#:'12NCW][)>0)F)'DRI(]NU>>3_%#QAX9\
MM-6L@XW>7BX7;N/LU?.RT@HM-(_1:-HXB4[KF:5GM=J_XGT,L$:PB'8OE!=N
MPC*X],5PWBKX7^'M<#RQV_V*Y;K);@*#]17"V?Q[FG=8Y-!V29PW[WI7I6@^
M/M`UE%6*^2*?`+1R<$&LW6H57R-W.U8?%X9>TBFOZZG@?C3X3^(='$DD$2ZA
M9KEM\7WO;(KRNZ9[2603*\-P.%#`JP-?=>J:UIVF67VK4+N&"`C.]VZ_3UKR
M'QS:6?Q+06/AWP]Y@9AG5W3RUC]QW-=&$P#C456.B[AB<YE5HNC6W?;?0\>\
M)_%+7M/M&TBYE.H6,ZF(I,Q)4'T-7?"NI7/AOQ+9ZI!O3RW"RK_>0GD5U>N?
MLYWUM&DWA_6%FE7!,<Z[<MWP:P;K1M2T:Z&F^(;7R+HIN7G(<>H->'F,:F'D
MJBU2.IU:6(7N*S/K&QNH[RTAN(&#QRH'4@YZBOD[XOV4]E\4-5D9A/!<[9!)
M&<E.,8/IBI=+^)U[X1NI]+M;D21,A!5^1&3TQZ5-X5DL;]V%W.7GF8F0R<EL
M^YJL5F*=!2Y=6<.,J8[(Z?U["PYUM=:\OKV,+5"+>33[['F1_<,@[>E5/%-V
M+V]@52-ODX3GH:Q+Z]OM)U>\LIG6:WC<J83QE3T(IOA2UEUO75T_RY)9)F,<
M(4\1L>Y]A7LXG@[$8;#1QSJ1E&U]^^Q\;ALKK8S$1FY)R=]7YZW?H=)X?\1V
MMI;B&^V\<%6YJ+7;JQOI%33@4=FX$1S^`]Z]7L_V>+8S(=0UEY8L`O&D>"3]
M:N^%O!^B>"?B8;"YLQ+!>QJ^G3S#=L<=5^M>#'*+5.=NWY'='AJC.I*=&;O'
M7R?H.^'GP@@^QV.I^)I[BYG($HM"<(N>F17M4<:I&$C`5%`50!@`4O/04*:]
MVE1C27+%'I4:-.BN6"L<Q?:;>:7J$FHZ,#*DQW3VV[&[W%6+?Q3I\D1%U(UK
M,/O1RC!%;V,\_I5>>PM)^;FWAD;U916EFMC/V$H-ND[)]'L<W>>*S<,;70+6
M:]N3QOVX1/<FKG@NRGL+6^ANY?-N3<&21O=E!(K?A@BA4+#&B#_97%4]+'^F
M:F/^FP_]!%"[LTITY)\TW=_@:=%%%,W/-OVB)YK?X4:M+;2O%*'APZ'!'[Q:
M^4]+\<^(]/VB+4Y)8QQLF&X$?C7U1^T?_P`DCU?_`'X/_1JU\9CBNW#-J+LS
MGK)-ZH]!M_B?J>XBZTZPG0C!4+MS5N+XG0QQK&WAZ/&>1YN17FVZC/Y5VK$5
M%HI',Z,6>FW/Q%TR>':VB3L/[JR@`55;XB:<J(L6@2MM[27%>>@GUI6&#D53
MQ55[L%1@CMW^)FJ1R-]@L+*V7MD;R*P]6\9:_JB^7=:BZQ9R4@&S/Y5@XI&!
M!X%92J3ENRU"*Z$L2[F9WW,W4ECG-/\`+)8'FH$<J:N0G=BI3*-2RCW**T!$
M5'-4;$[36BS;DKKHQ,I,@F8!<"LFX8_-5Z4')K.N!R:UJ-V%'<J&7GFH)&W&
MG2G::CP6.<&N"<KLV2#-)3MC>E)@BH&)11FE%%@&BEIS#I3X(C)(.*+,"_;*
M3"M7-N8N:DBMBEN"?2FS\1@"O6PL?<U,)/4AN#OC`%>@_L]KL^*>EC_IE/\`
M^BS7`[=D.37>_L_-N^+&E@?\\I__`$6:C$VC2DO(NFO>1Z%\6/\`D=KG_KFG
M\JX\]#78?%?_`)'6Y_ZYI_*N7T^W-WJ%K;J,F654'XFOF3OZGT%X`LOL'A'3
MHB,,T8D;ZGFNAJ*UC$-O'$O`10H'T&*EH`*^0OVO/^2A:=_UX#_T(U]>U\A_
MM=#/Q!T__KQ'_H1H`\#D&>.,U7\F2::..)6:5V"J@')/TKTWX)^"H_&_C>&R
MOHI'TR%#+<E...P)[9KW+X7_``J'A;QWJ\%_9VUUIRR"XL;AUW.GHA_"@#Q7
MP]\+;[2-+EU/679))$9!:H>5ST+'TJAI=CJ>E:I&-(FE4S+MD3:6R1T/M7T=
M\2S';7*&VM_-VR<Q%>/H/6G3FP6&.=+9(Y[E!O`4*4XH`XF*W::PV2*/,E19
M&/\`=8#FJEI<A/\`1Y^48\8.#BI[[6M-M]4ATHNJ7$[[HI5DS\PZJWIFEU"T
MB:X:=#MCW;77NIH`U-%EF@U%(HI%DB88#'J/_KUT]IJ\>H2OIURQ+N-@D]2.
MA/O7`Q*\<PEA?+1CY<=*VXG^TLMQ$OE7:8(4?Q&@#TKP_>)J%N;&^B62ZMUP
M=PQN7TKS?5='CM-?NK>TC*PEM\:GL#VKMK2]:ZCT^_6,&3?B0KP<^]>8?'[Q
MO>^"_&=@L-I!/;7-OYC9X;.>>:`+%Y"D<CJPWJ_RD*>E>;>,_A__`&KJPU"S
M;.Y<30L<%L=P:[/P=XCM?%VGO/;)Y,@;#(QR5/I7011H<;^A]>HH`X+X1^(Y
MYH;CPQK"R1W5J"]N7^]L]/>O0[!OL]QO5LKMP#CI56\\,17]W:W]JB1:E;-O
MCE7CS1W!K3%LV255D)^^A'*GTH`[728AJ>F7NG7&)([JU>+##KE>*^(=0LGT
M[4[RSF4K);S-$P],$BOM?PG(W]H0G!(!"@5\G_%#8WQ&\2;0`/MC@8^M`'*J
M,]!4RID9-(H[]*E4$=><]#0`(#CBGD8ZTJ_+3P.>>:`&@9QU`J3`*\?G2JIZ
M'D4Y1CIT/:@!IP,9Z]Z<!W7[O>E8#B@<=/2@#[)_9Q_Y)+I&/63_`-"K"^-7
M_(RVO_7O_6M[]G/_`))-I&.F9/\`T*L'XU?\C+:_]>_]:`//B<#->_\`PPL?
ML7@ZRR,-+F4^^37@<,;331Q+UD8*/Q-?3VFP"TL+:W486.-4Q]!0!:HHHH`R
M=!'[J[_Z^9/YTSQ3X?L/$NB7&EZI&7MIAS@X*GL0>QJ30?\`57?_`%\R?SK3
M(R*%)IW0M]&>(P_`+3+C49+K7-6NKQ0`D*QCRM@'J1U->=?%7X>1>")([R`O
M/IT[;0[,=T9]S7UB(QGGFJ&NZ+8:YILUCJD"3VT@P58=/<>]=,,95@[J1QU\
M)&M&RT9\R?"/PWIGC#4+BVN\[44,2IY/M[5Z=K'AI_AI:MKGA623[##AKVSD
M;=YB=RI/>N"UCPGJ?PI\32:AH<C/I=P#Y,I&3&>Z/^'>M4>(KS7-%O3?SM,K
M1-E<]*[J=2K6DKRO'JF>!/&TLK;C.+<KZ,]6N/&^GBQ2XL8VN6DC$@"\`9'<
MUQ.BR77C7QY$=;BB:QMX7(M0,JI/0^YK)\(@GPS8;P`=G`Z\9KTGP#I#6D=Q
M?2KB2X/RD]0M9XO"T\.I):G/@LSQ6/Q_L]HP=]/+N>5>,_A%J=GJEW?>'D2>
MPQO6#/SCV%>97FH7%E=IIL%J\.ID[=DZ[=GO[U]I$8QFO)_%GAW3M=^,5A%J
M%MYBBP8[NG.>N?6OGEE=.M-SBM4F_+34_3*6>UZ4>2>SLK];>7F>1Z/;W5M<
M1W=_<M>7$7S".9MT:'V!KUOP[\4HX42WU:S6-!QYD`P!^%2:Q\*P(6.CW.6`
M^5)C_6O/-7\/ZKI$S"_LI%4#'FJN1^E>17Q&8T)\TW=?A]Q[V'P^58Z'+"RE
M]TCZ"TOQ'I&I@?8[Z)V;HI.#6/\`$;PC#XKT8J#Y=_`-]O*.H/\`=^AKYVN9
M"N/GVN@SNC.T@^U:^@?$?Q'H>8X[K[9#D82YYP/KUKHIYI3K1<*ZL>?B^'JE
M%\U"5_S,#XN#2]0DT2&"T^QW5K`8;Q0F&\P''/K6%I.@NJ-Y;R2*5R&$F-M>
MSF\T/XII<1/IKVNOVL/F[U&4<#WKE-7^%VK6/A7^T]'N_MT:_,T"C#JN><>M
M54C*JO9P:M:_W'B8NGB[PIT*CIN[4O1_GV/*]9AFN;A3J)97`*+.%R)`.E>Z
M?LU>#K58IO$DH_?@F&.-N2OJ3[UY'93WE\RV5M9W,\YX6(1$X;W]*^I_A)X;
MN/#?A&&VO@$O)B9IE!SM)[5Z&&Q&(J4U1G*\([+H>SF>$P67T$L*_?EIYVM^
MIVR\G-<K\1-%;5_#\LEK\NHV>;BUD[HX_P`:ZP#`XJ-X]R,,DY!'-=,DI*Q\
M[2J.C-3CT."M_B%;6_@6QUJZC=YYB+=8$&6><<%?SIL?B;QB]NLQ\*!=W(0S
MC<![UP7POM+R^\9G3;RSN(K31KJ>X9I8R%9V8[<9ZU[6^KZ;'J!LGU&V6\QG
MR6E`;\JSCS25V['?7]E1E:G'FO=Z^NBT.7T?XAV\EXMEX@LKG1;Q\*@N?]6Y
M/8-TKN`0\>X%64C.0<UGZSI&GZY9_9M3MH[B(]-PSM/J#ZUR'PZN+G2]:U7P
MM>R-*+0B6U=SDM$>@_"J4G%I/9F$J=*M!SI*S6ZW^:/0UZ"J&E_\?NI_]=Q_
MZ"*OCM5#2_\`C]U/_KN/_015HY$:5%%%,9YE^T?_`,DCU?\`WX/_`$:M?&9K
M[,_:/_Y)'J_^_!_Z-6OC,UV8?X685=PIP/%-HKH1F/%./W148IQ/%`"@C-2R
M;=E5SUI2Q(IW`:?NXJ_;<@5G]ZM6[XP*41,V(#@BM*!=T;,36/%*!BK2W1"[
M0>*[:3,F+<-\IQ69,U73)NSFLN=LL:=66@T0LIDD`%=#H^C-.H)4FLG28_,N
MESZU[!X7T^-X1P.GI7-3AS[BJ3Y3@[G1=BY*8K*FT\*3\HKU?6+2*)&Z5QM_
M'&V2,"MUAS.-5LXR6T"G[HI%M,GI6ZUN&;!J6*Q7.33^K(OVG<PC:<C*YQ5V
MSM<-RO>M@V:"I(HD5OI5PPZN)U-""YC"0CL*RKHC(]*U=2F7;M%8DK;G`KLD
ME3B3%W"X?]T!7=_L\G'Q9TL?],9__19KSR[D"#&>:[O]G5B_Q>TO/_/&?_T6
M:\C$U'*+.FFM4>F_%?\`Y':Y_P"N:?RJ'X9V?VWQE9`C*PYF/X=*F^*_'C:Z
M_P"N:?RK>^"-ENO=1O6'^K40@^YY/\A7C([#UT4M(*6@`KY(_:QB:?XD:5#&
MA>26S5$4=R7P*^MZ^5_VEK@6GQ=\.W!<1^3%&Y<C(4"3DT`>Q?"/P78>`O"L
M,&W%_=(LMW.XY+$?=SZ"MSQ?XCL?">AS:QK4^RSA(P$&7<GH![UQ-G\9?"UY
M)J&F/J<45S`F(KF8?NI&QV_&OFWXH_%K6_&%[96MTL45A93*QMX^4G=6^^?8
M^E`'L/C/Q=J.N:G!?V>G>591Q?)&PS++(>F/:LGQ]K,6G:*_VB=TN)H@)(V(
M#Q-CJ#76V]E+>Z78ZAC[%*L7FM%@%9`1P!]*\8^*$4<P@DN)(Y99D)FPV65<
M\8'K0!YMJ*W$[+=V892C!U8MEF;/!S7T!X2N7U?2[5;UT&K)$!<1'_EH/4>]
M>9^$+*WUB]3,$D<.G%"01PY_ASZFNYNK/[-J7VB-VBEXD8J<%>>E`'21V3VT
MIF1<Q(VUE/4'UQ5N%&BO5GB'RGO5;3_$$=]-MU!!',V%$RCY6]-PKIX=+=U$
M@,0A3YF(<;1[^U`&KX;00!U`)CGZ\_=-?/G[6VI1W7CRPL8SEK&R5)/9B<XK
MV/Q'\0O#W@G1Y+NXN[:[U)LFWL[=PY8]L^@S7R%XEUB]\1:[>ZMJ;E[NZD+R
M'T]A["@"_P"`?$\_AC6X[A,FV=@)4]1Z_A7TVLT-Y9P7L#!H[A=XV]/K7R)L
MR.`3[>M>J_"OXA#2($T77B6TLM^ZE[PGW]J`/<;"9PQ"$Y%=M8P0:K$ID`2?
M9\DN.&/8&N-ACAN(8YK63*D;HY%.58>H-;.EW#K"`LG([=.E`',^,OB;'X%=
M["XTB4>(?*+1QDYC7/`8GTKYIO+J;4+ZXO;H[YYY&DD?U)Y-?0?[2_A^/4M#
MT[Q;`A%Q'BVN@.<CL:^>57C..?Z4`*H/':I56D09IR=^E`#@.1]:>%RQ-`[9
M_&GJ,&@!`OJ>>U.Q\OOZTK#-.4'\*`&GI\M+L.,YXI<8_P#K4['/`-`'V)^S
MI_R2?2/K)_Z%6#\:O^1EM?\`KW_K71?L\QO%\*=)$J,A)<@,,'&[BN=^-7_(
MR6O_`%[_`/LU`'/>`[+[?XOTV(C*K)YC>P`S7T7CFO&/@I9^;KMY=D9$,6T'
MW8_X5[/0`4444`96@_ZJ[_Z^9/YUJ5EZ#_JKO_KYD_G6I2$%%%%`%+5-.MM3
ML9+2]C$D$B[64BO,!\)Y+.:8:?J7^BR9_=R#[H]/>O6Z0KQUK2%64'H<F*P-
M#%?QHW/"/"=Q9>#=0DT7QS,UJ(&S:7#H?*F3K][U]J[Y?B?X.^TK;QZLC,<8
M*(2OY]*ZS4-.M-1A\J_M+>ZC_NS(&'ZUPFJZOIUIJL^AZ+X52_2*(F>2WC0)
M"2.AK2OBJ=1\]9/Y%X;!1HWC025_Q]3O+74+2\MEGM;F&6$\AE<$5P7C"\M]
M.^(?AK46GC5)BUH_S#C/(KYYU&>_TZXGFTRXF2,2-YEJLA`(ST`[$5ES:K<:
MO=6G,P\F3S&,C$X([#WKDHXN*G[2EK"SOT:]4>E4P3Y>6;L]#[8:_LE'S74'
MXN*AN;[3)('$US;O&!RI8$8KY'^U:PQQ%]K?)X.UCFBY_P"$BAA=IH;R)!]]
MV0@`5Y:QU:2OR?C_`,`Z_J%%/XW]W_!/H.^\%^$_$\#R6!C@D/1X&`P?I7GG
MB7X0ZU9J\NF2I?1YSM!PX'TKA?!T_BG4+@QZ##->M&?F9&^[]37N7AM/'L5B
M9;WR8A&A8Q3-NS@=C6/LXU?CI6\UL=D<35PZ_=U;^4MSC/A/X0\0B\U*Y$\V
MC3Q?N?FAXF'XUV7A/PW<:O;SB]UN[\B"9XS;P'8N>Y_&N&NOC=X@CFG":3;+
M'&[+DDG..*U_@/XUU#6M<U"SO((TAN&:X##@@^E:TU1YX*+O:Z_(X\17K5'*
MI))7LSL+KX;6]@6N_#%[<V&I#YA(6W!_9JV?`GB";6;:YMM3B$&KV3F*XC]?
M1A[&NJ8=*X/Q/"WASQ1;^(X%/V2<""]"CH.SGZ5Z$E[)\T=NIR0DZZ]G/5].
MYWU<WXR\7Z?X3A@DOUFD,S8"1+N('=OH*W+.\AO+:.XM9%EAD&5=3D&O*_B7
MJMO;>+UB?,UR+%TAA`W%G?@#%55J<D;HSHTN>?*SU*RN8;RUBNK9@\,RAU8=
MP:\AT;PQI-[XV\2Z9XHLUEU":?[1:7+$AWC(_A/;%>D>"=+ETGPKI]G<L?.C
MB!8'^$GG%4_&WA4ZXEO=:?<FRUFT.ZWN@N<>JGU!JY*Z3W-</45.3C>U^O;L
MS+TOPWXA\.SHFF:Y]JTD-DQ7PRT:=\-W_&J?AF1==^*&I:YI[%]-M;7[$)>T
MDF[)Q]*K2Z;X[\3[-+UEX-*L(\"YN;9LM=#T7^[FO1=%T>ST;3H;'385AMXA
M@`#K[GU-)+F?D:RK.G%W:<FK:=O\R^.U4-+_`./W4_\`KN/_`$$5H"L_2_\`
MC]U/_KN/_016B//1I4444QGF7[1__)(]7_WX/_1JU\9FOLS]H_\`Y)'J_P#O
MP?\`HU:^,S77A_A9A5W"BBE%=!F-YIW:E(I`:=@$I<4M)2`,4JG'-*JEJE6&
MA(1/`^X5;7[M5HDP*L`X%==)6W)>HZ/J<G%4;A<,WUJTQXS5*8\FBJU8:1:T
M5MMT,^M>N^&[L+!@=<5XQ8R;+A<=Z]%T"X(4<D<<T89ZF-9&KKUZ6W8)ZUQ-
MQ=LK,&/&:W=;D^=L$\UQMW(?-(;UKMG*Q%.)>CNB6ZU?AN>*YN.4JW.:MK>8
M&*B-3N:.)M278/>F?:0$))K#-PS-D@BD,[2-MI1;YB7$ORR[R2>E06R>=<!<
M@%CM!-1R-A<57DF,*Y4X/45IB:RBDBH1':Y`(I`R,60\9QCD5W'[.)_XN[I?
M_7&?_P!%FO.KJ\ENF7S6W!>@KT3]G#_DKNE_]<I__19KQ\0U)-HWANCU'XL?
M\CK=?]<T_E7HGP?LOLWA,3,N&N96DSZCI_2O//BP"?&UR%ZF.,#\J]G\+V8L
M/#^GVP&#'"H/UQS7F+8ZS4HHHH`*^2?VM/\`DH&G?]>(_P#0C7UM7R7^UE_R
M/^G_`/7B/_0C0!X5-&",;>.15$0P27<:W<ABM]V'91D@>WO6HPR>/UJ?01HZ
MZNC^((Y9K!5)*Q'!+#I0![UHGBA]"T>#2&=KRPMX46"YD&7)?M[@5XKXW\1Q
MV_C&:6T$4J0$(?D^_P"M9/C#Q7=:S>0&V0V-G;<00AN1[D]ZY6XF>>5Y96W2
M.<LQ[F@#Z9\(M9/X7AU1+7[/<Z@?-V`<<<9J_)I%U%I":C.%>WNGPISDUG>#
MYWO?!>B[PH\FSP,#L":U-/1KFXL[3<QA9QD9X`[T`6].TT6]M!*D8DN;ML1K
M_=4=ZX[X\^*'TK1XM`M)<75X`URR'!"J>!7J,-Q#:M?ZI<,D:0QF"W#<`=A7
MS7\1O"6OV,4/B+79XYEOY65</DICH/RH`X,`MG))/N<TJH?Z58CCZ>]/5`#R
M:`(%3IUJ14QQV^E3>7D\8IZIQ0!T?A#QAJ_ANXC%K</+:!LO;2'<I'<#T-?1
M?A37[;7M(%]II&P'+1'[T;=Q7RNJXXX(-;WACQ!J'AS4%N=.EP"<21MRL@]"
M*`/L'6$T_P`2>`]8TUHR-]NQ!(XW@9!KXMV[3M';(S]*]9O_`(R3OX?N+&PT
MP6UY<(8VF+Y"`]2HKRA0!W)SZ]:`%"X;^M2H,GC&*;QCW%/4D'/&.U``H(''
M6I%4[>G/>D49/'04\=<>M`"C'2G-&0<KUIO1N3^5.A`+'+%0>YH`3&"<=:5.
M,;3@CD>U+U;UQ2<>_O0!]E_`*YFN_A?I$MPV^3YUSCL#7,_&K_D9;7_KW_K7
M0?L[C_BU.D_63_T*N>^-G_(QVV.OV;^M`'5?!>S\GPW-=$<W$QP?8<5Z#6)X
M+LO[/\+Z;!C!\H,WU/-;=`!1110!E:#_`*J[_P"OF3^=:E9>@_ZJ[_Z^9/YU
MJ4A!1110`4'I256O+ZVM"BW,\43/G8';&[Z4GIN%F8GC#6&TRS2&SPVH7;>5
M`A]?7Z5/X9T&'1K!T`W7,_SW$C')=CUY]*P_#4+>(/$5QK]RO^CPYAM%;MC@
MM787ZLUA<JI(8Q,`1V.#7-3O4;K/;I_G\S>=H15)?,XR^T'P3IDLDNH_8HI'
M)9A+(.3]*/"NI>"-=U*;3]$M[":>V7>0(1T]1Q7S4^CS37\QO)I)Y@[!FD8G
MG-=]\(+7^S?B!;218`DB,38[BO.IYA2=:--12O\`U^9WSP=14W4<F>_ZK:0Q
MZ3>?9X8HG$+%66,<''!KY0:36]9F8ZAJEW.N2N'?"D9Z8KZZO^;&X!_YYL/T
MKYELU6&ZFBXVL[,HQZ'FLL\KRHQCR!E=.-1RYCH_A"R^'O$*QK\D-XOER#MN
M[5ZE\2M7;2/#96%Q'->2"U1ST4MQDUXJUQY+!XSM=#N5O0^M>MZ'K&D^-?"L
MUKJJ1R&.,^=&_7@?>'^-8Y+CG4IRHS=GT-<PPZA.-9*ZZGD"Z/#!"87VR%"5
M+@=6[FNK^'+6&C^(EN)Y(X8V0Q@D8`)]:Y'[;:VLKVUJQ$,9*Q[CGY>V37?_
M``KTZ#6;B]ENH$FM`H0[AE6->+@8UI8V/+M>YV8GD6';EV/6XI%EC5XF5T;D
M%3D&LW6M0TZT@:&_='\P$>3C<6]L5Y3>:M>:%XDN=-TBYEC\/B989KEAN%O(
MW8>U>I:+X?LK#$O-S<-\QGE.XGW'I7V\:LZGNI6?6^QX4J,*5I2=^UM_^`><
M06GB[2S='P;;!=+E.8[6\^]$?]CVKH_A[X.N=/DGU?Q.\5WK]P=S/]Y8AZ+G
MI7?!<4I6JA047=O_`")J8F4DTE:^_=^H8I`*=16YSC=HI:,4`4`%9^E_\?NI
M_P#7<?\`H(K0K/TO_C]U/_KN/_010@1I4444QGF7[1__`"2/5_\`?@_]&K7Q
MF:^S/VCO^21ZO_OP?^C5KXTKLP_PLPJ?$)2BDI<9K=&8[<!UIIZYJY:3P0V=
MPDR;I'^Z<52[4Y=P%)IT0+-4=6+8'-2@+<40XJPL7'2E@0G%7$0&NB$+F;90
M*XI6JQ<)MSQ4EI9M<$$@[3TKIY;:"N9TAXX!JE-D]C7:#1<)DK^E4+C2@,X!
MK*I!R!35SG]/A+3KQWKOM,7RXAV.*Q[+3=C!B*Z!4\NVSBKP]-Q>IG5DC/UI
MN>3UKE+S'F#K70ZC)O&?0UB7A^4'%=-=6:"F59P`J#%,0`<]Z2:3.,]:CC#.
MW'`K)T]4T:/8G9L\+4T*!?F/%)'&%&3UH8[O85T.2@A6!SGDUGW4N]L"I[F;
M"E0:HY]:\JK4<Y&D0[5Z;^S?_P`E<TO_`*XS_P#HLUYE7IO[.!Q\7-+_`.N,
M_P#Z+-<]3X67'<]C\96AO_BQ!;8R)'BR/8<FO:%&W@=!7G<%G]I^,5S,5RMM
M;*V?0D8KT05YZV.H6BBB@`KY._:P&?'VF\?\N7_LU?6-?*/[5JY\>:?GI]B'
M_H1H`\.9>.G>J\JY7[O/7%77!ZGG\*C=?FX`H`L^$?"#>)YKLO(T<4`_AP-Q
MQG'-=NOAW0[KPG%J5Q9_9(4587C..2&QNSZFN#M[RZLUE6TN)(A*NV0`\-6E
M\.;BTM]>:PU[[3=:;=#"P;L@N.A-`'=^%O$>D:3!'I%PTEG:LY6W>12=A)^Z
M?8UZ1;VMA821S7=Y%",?(0V2WT%?./Q2MFM]<,-M>1362G]VB-EHSW#>]>B_
M!GQE!JVMVF@:CI'F6:1!+:1CN=9/XBS'U]*`/5Y=(T3QY9P6"_;/LMM('$JJ
M4+N/8]J\!^-6K7MWXD_L:2^%Q8Z>2L<2Q[/+;C.?6O</BYXRNO`?A[3Y?#2M
M]JDN`#-(GR!!_"U?-GBC6I_$WB"YUB]AB@N+G!D2(84D#&<4`8JKV[T\1\#U
MJP%XXI5CXS0!#L/UI0GR^G-6,>@Q1L!H`C6/"X'KS4N*7!'%2*N<<C-`"(,`
M8X)I^W'N:<%^;W[TX<<]:`$0<],FG]^1QUHP>.E."_K0`Y:,8/O0!]:?@#DF
M@!%]\TX^QI",D8IPX'W:`&\],\8Z4JC\?0T')(QT]:4+V%`'V%^SO_R2G2<>
MLG_H59?Q1MC>^/-'M0,F9%7'_`N:U/V>!_Q:G2?K)_Z%5_5++[9\5M,<C*V]
MF93^>!0!W$2B-%11A5`4?A3Z**`"BBB@#*T'_57?_7S)_.M2LO0?]5=_]?,G
M\ZU*0@HHHH`0UY[\9/"T6O\`A\7H=TO=-S-"RG&?4&O0ZK7]O]JL;B#C]XC+
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M_P#A'=-O'+`QN2NP%3V.:^Q$@C2(1*BB(#`0#@#Z4L<21+MB547T`Q6M')Z5
M.VIC/,)SOH?/7A_X.:]>2QS:Q<1V,;8+QQOO->Z^']&M="TN&QLAB*,=<<L>
MYK3Q1BNZCA*5%W@M3EJ5YU%JSSKQAX!N[R34KCP_?K;'4$VW-K,NZ*0XX;V-
M=1X*T_4-+\+V%EK$ZW%[!'L>1>AK=Q1BNA02=T0YMJS%HHHJB`HHHH`****`
M$[UGZ7_Q^ZG_`-=Q_P"@BM&L[2_^/W4_^NX_]!%"!&E1113&<E\4_#,_C'P7
M>Z):3QV\UPT9$D@)4;7#?TKPC_AFW7#_`,QW3_\`OVU?49%*!5QJ2BM"7!2W
M/EO_`(9MUS_H/:?_`-^VI1^S=KF/^0[I_P#W[:OJ.BJ]O/N3[.)\NC]F_7,?
M\AW3_P#OVU(?V;M<[:[I_P#W[:OJ.D)Q1[>?<?LX]CY<_P"&;=<_Z#VG_P#?
MMJFA_9RUM&R=<T\_]LVKZ;WG.,4N[VH]O/N+V43YQ3]G[6%_YC-C_P!^VJ9?
M@)JX_P"8Q8_]^VKZ(+4JG(S5K%58[,7L8'SG+\`=9=U/]LV.`<X\MJT].^".
MIV[[I]4LW]E1A7O5(>*IXVMW%["!Y`?A/<E,?;K?/^X:HW'P9O93\NH6H^J&
MO;:;G%'UZMW)6&I]CQ!?@O?`?\A&U_[X-)-\&=3:+8FJ6@^J-7N`;/:ES5+,
M*\7I(/JU/L?/,OP'UAP1_;-D,G^XU59OV?-7D7!UNQ_[]M7T@.:7%.698B6\
MOR*5""Z'S-)^SIK!;*ZW8#ZQM2K^SOK:]-<L/^_;5]+F@4OK]=]1^QAV/FO_
M`(9ZUL_\QNP_[]M3'_9XUO&!KFGCZQM7TSBBHEC*TMV/V4>Q\N-^S=KC-DZ]
MI_\`W[:D_P"&;=<_Z#NG_P#?MJ^I,45G[>?</9Q['RW_`,,VZY_T'=/_`._;
M5U?PM^"NJ^#?&UGK=WJMG<PP1R(8HT8,=RD#K]:]YI",D4G5DU9C5.*,#2;+
M;XHUJ]8<N(HP?HO/\ZZ`4U4"Y(`!8Y/O3JR+"BBBF`AKQOXQ?"74/'GB2VU*
MRU.UM(X8/)*2H22<YSQ7LI&:,4`?+I_9NULX_P")]I__`'[:FG]FW7">->T\
M?]LVKZDHH`^6C^S7K9S_`,3[3_\`OVU$?[-FO131RQ:]IPDC;<I\M^#^5?4M
M(:`/E.\_9DUZZN)KB7Q!IQGE8N[>4_)/X5V/PJ^"NK^!]0EFN+O2+^)SO3,;
M!HV]5.*]ZS1F@#P7X@?"?QKXUBAM;_7](BL;>5I(XXX7!.>F[U(KD%_9EUS/
MS:_IQ_[9O_A7U4.:*`/E@?LT:X/^8]IV/^N;T?\`#-&N8_Y#VG?]^VKZGZ4$
MT`?+0_9JUP?\Q[3C_P!LW_PH_P"&:]<_Z#NG?]^VKZEHS0!\MC]FO6P/^0[I
M_P#W[;_"E'[-FMCIKVG?]^FKZDI"<"@#Y@_X9PUSY?\`B>Z=Q_TS;_"D_P"&
M;];Z?V[IW_?MO\*^GPV>U"MF@#YA_P"&<-;_`.@[IW_?IJ7_`(9QUO'_`"'=
M._[]M_A7T]F@'I0!\Q#]G+6^^N:=_P!^VI?^&<]:_P"@YIW_`'[:OIVB@#YB
M'[.>MCKKNGGG_GFW^%.7]G36AG_B>:?G_KFU?3=%`'S&?V<]:.?^)[I__?MJ
M7_AG36O^@YI__?MO\*^FZ*`.3^&/AJ?PAX.LM&NYX[B:`L3)&"%.3GO6O%98
M\2SWS#K;K$I_X%DUJ8I<4`%%%%`!1110!A:->VT*W:37$4;_`&F3AG`/6M'^
MTK'_`)^X/^_@J5K.W=BSP1,QY)*#FF_8+3_GVA_[X%(0S^TK'_G[@_[^"C^T
MK'_G[@_[^"E^QVG_`#[0_P#?`H^QVG_/M#_WP*+`)_:5C_S]P?\`?P4?VE9?
M\_<'_?P4[[#:_P#/M#_WP*/L-K_S[0_]\"BX['!^./`OA;Q?*)[RZ2WNL8,T
M$BAC]?6N:T7X*>![&59+R_EOW4Y7S9PN/RKV#[%:_P#/M#_WP*/L5K_S[0_]
M\"LW0@W=K<OVL[)7,/1](\+Z/M_LZ#3H648#C;N_/K6R=1LO^?N#_OX*E^P6
MG_/M#_WP*/L%I_S[0_\`?`JHPC%>ZK$MM[D?]HV/_/W!_P!_!1_:5C_S^0?]
M]BG_`&&U_P"?:'_O@4?8;3_GVA_[X%5ILA6&_P!I6/\`S]P?]_!1_:5C_P`_
M<'_?P4_[!:?\^T/_`'P*/L%K_P`^T/\`WP*!#/[2L?\`G[@_[^"C^TK'_G[@
M_P"_@I?L5KS_`*-#_P!\"C[%:<?Z-#_WP*`$_M*Q_P"?N#_OX*/[2L?^?N#_
M`+^"C[':?\^L/_?`IWV&T_Y]H?\`O@4`-_M*Q_Y^X/\`OX*/[2L?^?N#_OX*
M=]AM/^?:'_O@4?8;3_GVA_[X%`[#?[2L?^?N#_OX*/[2L?\`G[@_[^"E^QVO
M_/K#_P!\"E^PVO\`S[0_]\"@0W^TK'_G[@_[^"C^TK'_`)^X/^_@I_V"U_Y]
MH?\`O@4?8+7_`)]H?^^!0`S^TK'_`)^X/^_@JMHTJ37.I/$RNAG&&4Y!^45<
M^P6G_/M#_P!\"I(H$A7$*JBYSA5P*8R6BBB@`HHHH`****`"FL><4ZN=^('B
M"/PMX0U76)#S;0DQC^\YX4?B2*3`\TO_`(@ZQ#\2'N8ID_X0NVOTT6=-BY-P
MRY\S=C.`WR^E>SDA5ZYQSQWKY]L_A]X[F^%;Z(7T$172F];='(;@3,?,!W9Q
MNSQFO4_A3XA/BGP+IE]*<7J)]GND/5)4^5@?Q%-+03WT,+X>_$C_`(2+QEXJ
MTNY$J6]C/BT+6S1A8U7YB[$<'/KVK:LOBCX5N]4CL8;Z0&63R8KAX'6"5_19
M"-I_.O-+A;B=/C5I^G28U2:0-!"K?O''E#)4=3QGI69Y(UCX;Z?;ZC\2=.CT
M>2.&);./3H_/C<8P@4?.'!&,XS26J7R*>A[+XA^(_AW0-6N-+U"ZE_M&&-96
MMXH'D=E;H0%!STYJC)\7?!JP6TZZFTL$VW,L4#ND.3@"0@?(?8UC>%;.(?'#
MQ`9/WL\.B6<8E<?,1SDGTS7':#;PQ_L^>.G2*-3)=7Q<A<9(DX)H$>M>(/B)
MX<T'4DL-0O&%Y)`+F*&*)I&E0G`VA0<GV%<_XY\?PW'PMU?7_!]_MNK4B/+Q
M8>%]P!5D8<'GN*Y'2-1TK3_B[X5EUF>"%G\+0K;RW#``2<9Y/`)&:Q?'$D-]
M:_%34]*=)-)D6UA,T?*2W"M\Q4]#C(!(HM=V_K<>VI[)JWC[1M`CL;?4YYI=
M0GMUF-O;0--)M(^\54'`SZUA^,?BCIT7PSU'Q'X:G-Q+$3"@,#$Q3`])%QE<
M>]<[?:U?77CBXTNPUG2O"QL=-MWDOKF!'FO%9<X!?`VK[=S7%^'Y8Y_A;\6&
MM;V;45^UDBYD&'F&%^<@=CCCVHEUM_6HEI9GMMG\0M(@\%Z;KFJ3S0K=*$6-
MX'$LLG<)'C<?P%:_A3QAH_BE;C^R+AVFMSMF@FC:*6//3*L`1FO&?&$]Q)XG
M^'NH66O6VF:>=/:"+47B2>&.X('RG/RJ2.,GTKJ/`FGJ_P`3[C4+OQG!KNJ1
MZ=Y4L5I:+&FPL"I=TX)!S@=>:K2[7J+6UROX^\>7S?%'2_"FDZI>Z3#Y9>YF
MBT[SVD<L`JC<"-OJPZ5UEY\4O"FFZE)I]UJ+L\#B&>Y2!VAB<]GD`V@_C6'X
MA$LGQXT^.W;$[>'KA8_9M_'ZUSG@;6O#FG?`O4M/U>>VANH$NH;ZTF($KSEF
M_@/)+$C'%2M$4]ST_P`2^/O#_ANYM;?5+IQ-=PF>W2*)I3*H_N[0<GVKH=+O
MHM2T^"\MQ((ID#J)$*-CW!Y%>$^#[2X@\<?"N#5D/VR+0+@LLG+*>,9]P,5[
M\E,74=1110`4444`%%%%`!1110`4444`%%%%`!5#7M4M-$TFZU+49A#:6R&2
M1SV`_K5^O._C_:S77PNU/[.A?RGAFD4#.8UD4M^@-)[`BE#XK\>ZG9#5](\)
MV*Z4Z^;%;W=X4NI4Z@X"X4D=`371Z'X[TC4_![>([B1M/LX-RW*7(PT#KPR'
MU(/`QUK>TN\M;W2K:]LYHWLY8EDCD5@5V8]:R/#NL:)XSTJZEL8!/8Q73P-Y
ML("/)&?O+V89Z'VH?D!E_"_QZGCIM;EM[.2VM;*Z\B$R@J\B[0=Q!Z9S4_Q2
M\57WA31[&?2K2"ZO+R]CLXTGD*("^<$D5C?"GCQ=\0AC`&J@`>G[M:J_M#1S
MS>'M`CM)_L]P^LVRQRE=VQLG!QWIR".K-.&]^)IGC\_2/#*Q;AO*WDA('?'R
M=:[>._MG,\8N8&EMA^_59`3%QGYO3\:XVP\.^.8;Z"2\\;Q7%NK@R1#3(TWK
MW&1TKSGXY&'2O&ML=+NYK/\`MBW6#7Q;INV6@<#SF/\`">2N?0T,-SW%]:TM
M88Y&U&S6-XS*K&90&0=6!SR!ZU);ZMI]Q8/?6][:RV0!)N$E4Q@?[V<5X[XH
M\.:'>?%CP)I4L$3:1!I4GD0;L)(%(VJ1T([X[UB^,K*VT'5/B5I6AQI;Z4^@
M)=36T/$44Y.,@=`2*5OZ]`[?UN>^6NM:;=R3QV=_:3R0*&E6.96,8/=L'BDT
MO6],U8RC2[^TO#$<2""97V_7!XKP;QMID'A_X3^%+?0K"VB.JRVD%](S>5]H
M4@';)(.<$]36O9^%_$%AXR\.ZC:>'O#GAQ()C'.UG?<W,)'*;-HW'OGK3?8#
MU^77M(@U%=/FU.RCOV("V[3J)#_P'.:EU/5M/TF(2ZI>VUG"QP'GE$8)].:^
M=KW0Y-.M-<O+OP[IWB[P_->2W+ZQ97(6^@`.2#WRF.@-=%XHLV\2ZWH.N>&H
M-*\1Q)I2G^Q-4DVR>6W(E3.?FXP2:2Z?UTN!ZUKVJR1:#]MT>?3I"[)LEN9]
MD)4L`3O&>?3WJWJ&KZ?I44<FK7UI9K)PK3S*@8^@R>:^>O$%[I<OPA\0Z98:
M1=:+>6.K6WVS3IY=ZP2/(I^0YQL/8"NTT+1],\4_%;Q<?$MK%?MIL=M#8V]P
M-R1Q,F2RJ>Y/?VIH#UB74;.*V2XENH$MWVA96D`5L],'H<U#8:UIFH7,MO8:
MA:7,\)Q)'#,KLGU`/%?-GB&WB7P+XP\/6Y=]"L_$=M!:#?D1HS(7C4^@)/TK
MO/$.@:5X8^)GP]D\/V$-@]Q)+;3F%=OFQ^7G#?WN1G)H`]GHIH-.H`****`"
MBBB@`HHHH`****`"D;[I^E+2-]T_2D]@1Y%X=\9>/?%$5]=:%HV@BRM[N6U4
MW-TZN2C8)("FNX\/W^L6^FRW'C5=+T^59`J&VN"T94],E@.<UY)\(]&\5WVD
M:Q-H7BJ/2[/^U;H"W:Q2;!WG)W'FMWXQ:=J5O\&KVU\0:H-4NGN8%:X2$0_*
M95X`7^=#V^X$KL]3LM:TR^NYK6RU"TN+F'B2**96=?J`<BJ4OB_PY%*\4NO:
M4DB$AE:[0$$>V:\P\3>'=(\,>+_AO<:!80V-Q)=_9I9(1M:6,Q'(<_Q<\\U'
MXJ\,Z%XY\9OX<T71[".RM)!/K>I1P+N+9R($;^^3][T%`+74]EM=1L[J9XK:
MZ@FD15=TCD#%5;H2!V/:HY-7T^)Y5EO;9&B=8Y`TH&QFZ`^A/85Y;XQ:U^'O
MQ&T;Q&NRWT6_LVTR]/14,2[H23^!45Q7B31GN/@V=4U5&2^\2:];7ESV8(TN
M$'X+C\Z/,$M;'T)'K^DRI=/%J=BZ6O\`Q\%9U/D_[W/'XU9L=1M+^U%S8W,%
MS;GI+%(&4_B*\4U_P9X>@^.'A73H-,@BL9]-GDGMXQA)V0C:7'1L9/6N3\2-
M)X>TKXCZ7H"+:V!UFT@\A',<<<<@&\`_P@]R*8'TAIVMZ7J<TT6G:A9W4L)Q
M(D,RN4^H'2FWFO:38WJ6=YJ5E!=OC;#+.JNV>F%)S7BX\):_;:UX;O=-\->&
M?#S6ETA^T6NH?-/$1AHR-HWY%9^L^'[F+4?$U\/#VE^-=&NKMVEN89PE]:<?
M-&">FW'&"*`/HG=[5F7/B+1K6^%E=:K80WC$`027"JY)Z#:3FLWP5K&G:GX%
MTW4],:?^S&M=R&4DR!5!!R>Y&#7@>NZ>NJ_#?7=9T7PGH]MHLJ3W$>KZG<&2
M\?!)W@8R&)^[SQ2>C81U5SZ5O-4L+)]MY>6UNVPR8EE"G:.K<]AZTMAJ-GJ5
MK]HTZZM[N#./,AD#KGZBO"8M)L_$GC#X6Q:U%]KB_L`S.DIR)&VK][UZ]*I:
M\6\*77Q<L_"\7V*"*QM)HX;?Y5B9\AW4=N,GCTH>C^_\!1][7T_$]2\=>/[/
M0=-6;29[+4;I;V"UF@2<$QB1MI)`Z5W>[CFOGWXF>#O#&D^`/"U]I5K;6UVM
M_9^7/&0'GW,N=Q_BSUYKV#Q_=W5CX&URZT_(NX;*1XRO4':>1]*'[L6_ZV0U
M[S2-)-=TI]2;3DU*S:_7@VPG4R#_`(#G-<Y<^/M.@^)%MX19H%GEMC.9FG48
M?.!'M_O'K7F6I^%?#EG\!;?7;.*)-7ALX[Z+5%/[][@D')?J22<8K4T_3[2^
M^.WAZ\OK"W-[)X?%U(S1C(FR/F_WO>A*[_KL"V.P\#?$"TUO3;FXUF:QTR9-
M1GL88I+A5,OEMMR,XZUVMY>VUC;O<7L\5O`@RTDKA5'U)XKY\\#^$]#U3X>^
M.M0U'3H+F]:^OPLTJ[FCV$XV_P!W\*HM=ZOKW_"LM->QM-8CETE[G[+?W!CB
MN)EX!8X.X@<@&C^OZ^X+:_UT/HVTU:PO;(WEG>VUQ9C),\4JL@QUY'%-L]:T
MR]NFM[+4+2XN%02&.*968*>AP#TKQ2UT#6]%O?%5Q/IVC:+IEUH\HFT^QO/,
MW2A3MD"8&WC(.*[/X&^'M*TSX>Z!>V5C#%?7%BGG7(7]Y)GGENIIV%<](HH'
M2B@84444`%%%%`!13)I4A1GE(5%!9F)P`!W-<3I_Q4\)W^KQ6$%^X::3RH;B
M2%E@F?.-J2$8)/;Z4`=S5/5-,L]5MQ;ZE:P74`8/Y<R!EW`Y!P?2N6\0?$SP
MWH.KW6E7UQ.=2ME1WMH8&D<JW((`'(]:FD^(F@?\(Q;Z_;2W%YIL[^4K6L#2
ML&[@J!D8(P:5]+@=<%P,#H.E4=.TFQTP3C3;6"U$\AEE$2;0[GJQQWKC;'XN
M>%KV2_CCDOHY;&W-U/'+:.C)&/XL$5T6I>+-(T[PU%K]S<@:7(J.DH&=V_&W
M`[DYH>P%M=`TI=;.L+I]J-4*>6UV(AYI7TW=<53M_!GAN#6#JL&AZ;'J18N;
ME;=0^X]\XZUC:S\4?"^D7EU9W=W,;RUVF6"*!G=0RYW8`Z`=33&^+'@];BSB
M75/,CNMH6XCC9H5+=%9P,*?8T(#L8].M(]0FOX[:%;V9!').%P[J.@)[@567
M0=+CTZ?3TT^U6PG+-+;B,;)"QRQ([YK*\5^/-!\+S0V^IW$K7<R[TM[:%II-
MO][:HR![U)_PG'A\^%F\1+J4+:2O!F&>&SC9CKNSQCKFFP.?U/X=V^I_$)=5
MO[6PN="72A8"RECW8(?(P#P``,5UP\/Z0NC#25TVS73``/LHB`CQ_N]*R?"O
MC[0?$][)9Z=/-'?1IYAMKF%H9"G]X*PY%:/BKQ)I?AC31>ZS="")G$<:A2SR
MN>BHHY8GT%'J#&ZQX3T#6FMWU;1]/O7MQMB:>!7*#T&:M0Z#I4"W:PZ=:1K>
M`+<JD0`E`&`&'?CBL/PK\0-`\27=Q::?<S+>P1^<]M<P-#)L_O!6'(K(C^,W
M@N00,FHRF"5_+,XMW\J)LXP[XPIS2L".J3PKH,>B'1ETBQ&DDY^R>2/*R3G.
MWIUJ?0M!TG0+=K?0].M=/A9MS);Q!`3ZG%9WBKQKHGAB.U.IW#F6Z_U$,$;2
MR2CN0J\X'K7-_#+QG)XK\8>+8X+Q;K2;1X1:`+M*93+`]\Y]:%>X/:YWQTVS
M;4DU!K:$W\<9B6?:-ZH3DKGTSVK.O/"/AZ[UE-5NM%TZ74D(*W+P*7!'0YI/
M%GBW2/"=G'<:U<^5YK;(HD4O)*WHJCDFL8_$;1+WPEJVLZ5<22G3XV,L!A;S
MHFQP&CQD<XI#.JETVREU*WU"2UA:]@0QQ3E!O13U`/8&KJUX-_PM:^N_AMX8
MUT70M)YM1B@U&5X"B;23N"YZC&.17IOA;X@>'_$NI3Z?IES+]MB7S/)GA:)G
M3^^H8<K[U0CK:*X;5/BIX4TW5I+"YOW+0N(YYXX6>"%O1Y`,"KWB;X@>'O#<
M]I#JEVPENX3/;I%&9#,HQ]T#J>:`.KHJII-_#JFFV][;"00SH'02(4;!]0>1
M5N@`HHHH`****`"BBB@`)Q2;JHZ[J=OHVCW>I7I(MK6)II"!GY5&:\W7QKXY
MET=?$</A2Q;0C']I$'VLF\:'KD#&W..<4`>K@TR:)9HFCD`9'!5E(R"#U%8_
MA_Q+INMZ?I]W:7"C[=#Y\,4C!9&7O\O7CH:TVO;=;H6QGB%R5+B+>-VT=\=<
M>]'D%S@9OA#H&)8+6[UBRTR5LOIMK>O';'/4;!T!]*[C2-+LM'T^WL-,MH[:
MSMU"1Q1K@`"HK'7=*U"XDM]/U&SNIX\[XX9U=E^H!KGO"_C[3]>\8Z[H-NT`
MDTQD16$ZL9R1EMH']WH:/(/,V]#\.6.BZAJMY9>9YVIS_:+@NV06QCCT&!5?
MQMX3L/%^F0V6IO<QI#,MQ&]O)L=77H0:T$US2WU!K!-1LVOUZVPG7S!_P'.:
M6\UG3K+S/MM]:VQC4.XFF5-H/`)R>!0P1Q\?PSA25'_X2CQ6VT@X;4W(-;2>
M"](%UK=S<1R74VL1B"Z:=MY,87:$'H.I^M:4OB#285MC-J=C&MU_J"UP@$W^
M[SS^%.U[58-'T:]U&[9$AMHFD)D<*#@9`R>YZ4/8%N>4^(/AM]K\;>$K2.*^
M?0],TZ6$7JSD2P2;ODP_7.*[.R^'.A6WA_5=*"W,HU5"E[=3REYYO]YSSQ5C
MP3XRT[Q-X6T[6!/;6_VP!?),ZDHY_@/^U[5T;W=O'=1VTD\2W$BEDB+`,P'4
M@=:'L+<S-0\+:5J/A=?#^H6RW.F")8?+D.3A1P<]B,=:Q/#WPVTC1M4M]0:Y
MU/4;JU4I:G4+IIA;@]=@/0XXS71CQ!HYD$8U6P,A4N$%PN2HZG&>@IT.NZ3/
M>K9PZG8R7;*&6%)U9V!&<@9S26NHSD;_`.%6@7E]>3++J5K:WLGFW=A;731V
MT['J60<<]ZT-?^'NBZPVG2(+G3;K3X_)MKG3Y3!+''_<W#^'VK>U#6=,TMHU
MU+4;.S:3[@GF6,M],GFKR.&7<A#J1D$'@BA;!U.-'PS\/_\`"+W.ALER]O=3
MK<W$[3$SSR*P8,[GD]*F\4?#[2?$&I1:B\M]8:E''Y1N["<PR/'_`'6(ZCZU
MT%WK6G65U#;7=[:P7,W^KADF57?Z`G)J5=2M'LS=K<P&T4$F82#8,=<MTI[Z
MAL<S)\.O#_\`PBL7AZ&V:'3HYTN,1OAWD5@VYFZDDCDFM75_#-AJVL:/J5V)
M#<Z4[26^UL`%A@Y'?BKNGZQI^I6[7&G7MM=P(<-)!*KJ#[D=*B7Q#HS3P0+J
MM@9IQF*,7";I.WRC/-)?U_7R%8U`*6J>HZE9Z;;^?J%S!:P9QYDT@1?S-/M;
MVWN[5+FUFBFMW&Y98W#(1Z@CBF,LT5G:9KFEZK)(FF:C9WCQ_?6"97*_4`\5
MHT`%%%%`!1110`4444`%!Y!HI&^Z:`/.(?A-I=K)<G3];\16,<\K3O%:W[1I
MO8Y)`%:;?#W3I_#UUHVH:AJVH6MQ*DS-=W1D=2A!&TGH,BNCO=8TZQ\S[=?6
MEOY0#2>;,J;`>`3D\9J0:C9?8TO/MEO]D?&V?S!L;)P,-T-`7,[6O"UCJ]YI
M%S=^;YNER^=;E6QAMNW)]>*Y.S^#^E6`N!IVM^([-)YFGD2#4&4,[<D_6NY@
MUO3)X+B:#4+.2*V.)W2=2L1_VB#@?C3K36M,O;*2[L]0LY[6/[\T<RLB?4@X
M%):!Y'F_Q&\/WWB'3-.\$V^EW5WIK2127&K7D@941#D\]2YZ=.]=QXB\+:;X
M@T6VTN]61;2VFBFC6)MI!C.5'TXK,^'7C>S\<:3<WUH(H3#<RPM")E=@J,0'
M..@;&170Z;K6FZG++%IVHV=W)%_K%@F5RGU`/%'D+K<IWGAK3[WQ58>(9O-_
MM&Q@DMHB&PH5^3D=SQ57_A!M#>7Q`US;&Y3765KV.8[D;"X&!VJQINL.#J3Z
MM/ID-O!=>3"T-P#\O829^Z^>U7[+6M-OKB6WLK^TN)XO]9'%,KLGU`.10,Y7
M1/AAHFEZE9WCW&IW[61S9Q7MVTL=L>Q13P"!P*36/A=HFHZG>WD5QJ>G_;CF
M\AL;IH8K@],NHX)(X)KJKC7M*M[Y+*XU*RBO7QMMY)U60YZ84G-:!?':F'D4
M]-TRTTW2X-.LH(X;*&/RDA4?*%]*X23X.>&)([BVD;4FTN4LPTXW;?9HV;JR
MIV/.17:V>NZ5>WCVEGJ5E/=)G=#%.K.,=<J#GBGZEK.FZ7L_M._M+/S#A/M$
MRQ[OID\TKI_,-C$T_P`$:5I]]HMY!]H,VD6AL[8O(3^[./O>IXJQ%X1TI==U
MC57B:6?5H4@NHY#NC9%!`&W\35#X@>+)/#-OH4MM!%<KJ.HPV1);`59,_,,=
M>E=#>ZOI]A<107M]:V\\W$44LRHTA_V03S0]5=B6CLCA6^#?AAC;K,^IS6]K
M,LUI!)=LT=JP;.(QV!X_*O198EEB>*10Z,NUE(R"#V/M7+?#+Q1-XP\*1ZM<
M6J6TC3S1&-#D`)(5!S^%7]-UB3[1JG]JS:;#;6]QY43Q3@G!'`DS]UL]J&GL
MPTW.=@^$?AJ&\C;;>OI\<WVB/2WN6:TCDSD,(^G!Z#I6YK7@W3M5\1:;KC27
M-MJ5@-D<MO*4WQYSL8=U]JU[/6=-O;J6VL]0M+BYB_UD44RLZ?4`Y%.U;4H-
M+TVYOKID2&"-G8LP4<#.,FB]M6.U]$8FC^#]+TC1-2TFS686E_+--,"^6+2Y
MWX/;K5*\^&^@7GAO2]&ECG6+3`/L5Q'*5G@([JXY!K`_X6JEWX-T+7=.M;>0
MZC?QV<L!F#&`,Q')'?`S7H>GZOIVH23)I]_:W;PG;(L$RN4/O@\4[".>T?X=
M:+ID&I`O>WEUJ,)@N+R[G,LS1D8VACT%=#X?TBVT+1;+2[#<+6TC$488Y.T=
M,T7&M:9;WT=E<ZC9P7DF-D$DRK(V>F%)R:O@'-%V`^BBB@84444`%%%%`'&?
M&*WOKKX9^(H=*#F[:T?:$ZL,?,!^&:\?DC.L?#K2[>^^(NE+I,JP1PVL.FQB
M>.08VJH'S!P1@G'K7TDRY]/QKG[;P7X<M=9;5;;1=/CU%B6-PL(#Y/4T+<'M
M8X;P7"@^.GB\OMDFBTVQ02$#=]TY^F:Y[PAXPM/!7A+Q=>2[&N'UZX@LK;<%
M\V5FX7T`YR:]MATNT@U*>_BMH4O)U599@N&<#H"?05F7_@SP[J%LT%[H]E-"
MTS3LCQ\&1NK?4U*O;^NX/:QRWP]T33HM.OO[5U:QU3Q%K(9]1>.=7.",>6H!
MX10<#\Z\Z\)PW6I:]I/PWO!(UOX9OY+RY9A\LD"'-N/U_2O8K/P/H6AO+>^&
M]"TRTU18V6&01[1DCH2.U5O`GA;4=.U#6-;\0SVTVMZHZ>9]G4B.&-!A8U)Y
M/KDU2^(3V9S'A.&)OB5\2YRBF8)%'NQR%\LG%<1!##%^RU<M''&H:X=R5`Y;
MS^OUKZ&@TJSM[BZGAMHDGN\?:)`O,N!@9]:K'P_I0TDZ5_9]M_9Q.3;[/D)S
MGI]:2O9+T_`;>MSPZP_M>W^*6O*GBBRT"XNK2VEMFO+5)?/A$?\``[D`8.<@
M>M1RZ9H*^"/$LVI^*9M0M;O5X)9+_3[0)%:7*GAPH^7;G&2.*]PUSPSHNO0P
MPZSI=I>Q0?ZM9HPVSZ>E6H=(T^#2AIL-E;)I^S9]F$8\O;Z8H6B`\E\-:[K-
MA\1M&TG6=1T/Q1]MAE\C4;&-4N+9%`/[S&05/\ZW/B]K=SINH^&;"R;3K.YO
M[HHFJ:A$)([,A2<@'C>>@KLM!\*Z%X=:1]#TFSL6EQO:&,*6_&K>L:-8:Y8-
M9ZO9V]Y;,<F.9`RY]:;Z"[GA6@W)D^.Z1W/B5=?OET:999HXTCB0YX1=O'3D
M\GK2^'X8!^RGJ#+''AX;AW.T<MYS<GWKVNP\+Z'IK6QL=*L[=K962$Q1!2@;
MJ!]:GBT+3$T5M)BL;==,8$&V"?(03D\>YYI/56_K<=]4SR7P[>6^E_%+2+S7
M9XH(;OP]%'8SSL%0,.74,>`QZ_2KWPAO-,O_`(D_$2XT1XI+1KF'YX_NL^SY
MB/;.:])U7PWI.KZ;'I^IZ=:W=E'C9#+&&5,=,>E2:5H6FZ0\K:98VUHTH4/Y
M*;=VT8&?H*=[NXK:6///&%S:Z9\;?#-_KCQPZ:VGS06TTYQ&EP6SU/`)7H:S
M%GMM5^+/B^\T"1)K2+0?(O)H#NCDF^8JN1P6`KUK6-(L-:L7L]7M(+RU?[T4
MR!E--TC1=/T:Q6STFRM[.U&?W4*!1_\`7I+1#>I\]+):7OP9^&L#/#.J:I;Q
MRQY#;3O;Y6'8^QKN_'*,/C?X16UPL[Z3J"*1P<[1M_6N]M_"&@VT9CM])LHX
MS.+HJL>!YHZ/]:TIM+LYM2M]0EMXGO;=&CBG8?.BMU`/H:=Q'SAX&^W#X=WM
MG?\`CK2M)@A,T6HV%UI\;2(Q)W;BQW.3U!YKH]!L(+/XA?#&T6[;4(H-'N3#
M<2IL9AQM;!Y'!XKUC4/!?AS4=574K_1;"XOU(/GR0@MQTK4DTJRDOX+U[:(W
M=NACAFV_,BGJ!Z"A:6&]6V6T&*=2`4M`!1110`4444`%%%%`&%XWOM/TWPGJ
MEWK<3S:9'`WVE$3>3&>#Q7G%EX/UO1O#R:A\/?&,HTAK?S[>PU.,7$(C(W!0
MQY48X]J]?N8([F!X9T62*12KHPR&!Z@UYX?@_P"'562W@N=7@TR1BSZ=%?.M
MN0>J[>RGT!I6>MAWV.-US67U7P;X0^(]M9K:76DW.+N*/[OD,WERX_V<_-5F
MUAB\7)X^\42ZE'865Q%_96FZ@?NQ0J/F?Z%CUKLOB%!<V/A`>'O#/AQKZ.]A
M:SC2/"PVRD8#/G^&M?PMX1L=(\"V7AB6**>RBM1!-&PRLF?O?F2:;ZB6ECQS
M0XD\)ZIX9;Q9X.@L1#)'!:Z[HUQ^YF9Q@>:HY8-UP<U:MX(]&\1?&+4M'LH(
M]1LH%DM9$C&Z-C$Q./J>:]!TGX5:#I=]9W`FU.[BLF#VMM=W;2PP$="JGT[9
MK5C\$Z8GBR[\01-<QW=Y%Y5S"LI\F<8P"Z="<&D%_P!#PVT\+:_JGP]LI].\
M+Z#;RR11W46N-JFV<2'#>:S8ZD]03CM78V_A^TU[XW/_`,)';PWLL&@0%XS\
MT32$D$XZ-WQGUKI5^$/AE9R,ZC_9WG><--^UM]E#=?N>F><5U5IX;L+?Q--K
MT2R"^EM4M#AOD$:DD`+^-/H(\&\.^%-$E^%?Q`N9[!)9K6YNTM6D);[.L?*"
M/^Z`>>*]5L435?@G!_:2K=>;H@=_-&X,PBSD_C6O9^!M)M-`UC1X?/\`L>JR
M2R7(,A+$R?>P>U:VGZ+:V&@P:/"I:QAMQ:JKG),87;@GZ4/56!;W/`;6RM;/
MX5_"M[>WC@\_5;264HNW>Q#?,?4UWOBMU;X]^$HPP,@TVZ)7/(''-:\/PPT!
M/"\WAZ3[;-IC2B:)9+@EK9A]WRFZKCM4N@_#30]'UZUUN*2_N-5MXGA%S=7#
M2,ZMV;/IVH#<\N^'^A:9'\#O$.K"SB.I/]O_`-)9<N!O88![#%5O$'AC1]#^
M"/A+5]+LHX-6CN+&1;U>)27D`;+=<$'&*]JTSP5I.F>$;KPW;"?^S;GS?,#2
M$O\`O"2V#^)I-4\$:1J7A*Q\.W(G_LZS:%H@LA#YB(*Y/?D4E_E^`_\`@_B>
M9^,-$OY?'FMZIIVC:5XPMVBCAN=/GEVW-E@=(\\8(.:[SX/ZAI=_X+@31;>\
MM+>TF>U>UO)#))!(I^9"QZXS4WB/X>Z1KNL'5#-J&GZ@\8BEGL+@PF91T#8Z
MXK=\.Z#8>&])BT[28O*MH\GDY9F/5F)ZD]S36UA,\F\"Z#I/BW3_`!IJGBBT
MCN=3.H7-L\LI^:VCCX0(?X..<BN!TV2^F\!_#/1;&U@U"QO+FZ:2WN+@PQ7+
M([%%=NX[X[D5U?BGPUK+>)M=-YX8U34#?.1!-I-V+>VN8_X1<KGJ.Y[BNZ\-
M?#.P_P"%8:7X6\11"5[8&0R0,5:&0L6S&PY&,XS[4):+Y#;W_KN<QH'A_P`0
MZ?XY6_ET71?#UC+83QW=K9WH?[3\N5<1X'*GN.QKDM'\)Z(O[-=QJ_V",ZJ(
MY+E;H\RQR+(=NUNH`P.!7M?A[X>:1HM]/?++?7VHRQ&`W5]<&61(SU52>@J:
MW\!Z1!X%;PE']H_LAHVB(,AWX8DGYOQH8+<\AU>76/$/Q(TNT&CV&N);:'#<
M0VFH7/E1EG^_(%QAF[>U6(?#.L6GAWQU8ZK/I?A73=0BB:&&"],R6DI.&)[H
MKX`Q[UZEXA^'VC:Y#IOG_:;>ZTZ,16MY:S&.9$`QMW#J#2Z3\._#^G:-J.FF
MV>\BU($7LMW(99+C_>8^G;THZ?UWN']?@>7^'7C\+^+_``XGBOP7#HEVS?9+
M35-(N,VUP[+]UU')!ZC/0U[]FN%T/X7Z)I.I6EZ9]2OWLO\`CT2^NFF2W/3*
M@]\5W0&#UH`6BBB@`HHHH`****`"@]#10>E`'BUYH&E:]^T->+K,"70@T>)X
M[>3E';<06*_Q8]_6N'\7VD5CHGQ*T&Q#)H=OJ5D8(D8[87=EWHGI].U>B:]X
M!?Q#\7KS4;^.]MK)=.CCMM0M9C$ZR[CN4$>QYKJ?^%;:`/"4GAY(9ELI9EN)
MI/-)EEE#!M[N>2<@4DM$.^IQ'C3P_I-MK'@3P]%9PVFAZE=&2[BB&Q;F1(\H
MKD=<^_7%6+_1M,T#XRZ%9:%;106^K6,ZZA8Q#$3QJ/E<ITZ\9KT7Q/X5TSQ-
MHZ:=JT)DAC(:-T8J\3`<,K#D$51\*>!-)\-7T]_;-=7>I3J(WO+V8S2[!T4$
M]!0R;67R/!+(-I'P'OI='MHH)[W7I+.XD1O*S#]H("EQ]T8XSVS74#PKXCMM
M:\.WFG^&?#WAPVMR@-S;:CS-"?O1D8&_(_6O2M,^&^@Z?;ZQ:)'/-INJLS3V
M4TI:%23DE%_A)/-5M#^%NA:5J5I>--J5^]GS:1WUTTL=N?55/>B_7T_(;U_$
M\<\6PI-X.^(T+@^7)XKA1L'!P60''I7;^)O#VE^%_B!\.)M`L8[&:XNGM9WB
MX,T?EYP_][D9R:[2\^&NA7=CJUK,+DPZG?KJ5QB4@^:I!&/0<#BMC6/#-AJ^
MJ:+?WGF_:-(E,UMM?`#%=OS#OQ1>UOD#U_$\)U'0Y[(>(;V?P[8^--"N;V:6
M34[.XV7UKCEDR>FS&!@U[%%?Z?K?PO%Y87\MGIUSIY\N[F)WPKMQN8]<CN:H
M:G\+/#]_J-[<+)J5G'?-YEW:VETT4$[=RRCN>^.M=C#I5E!I*:9%;1K8)%Y`
M@Q\NS&,8HM[O*'VKGSUI=LO@^W\/3>*_"EJ+&UFB\CQ)HMQ@2%CA7E'WB&R,
MCGK78>#-#TKQ=XU\<7/BBSBU"\M[W['%#<#<((-@*[1VW9)S71:;\)/#MC<V
MQ#ZE/96L@EM[">[9[:)@<C">QZ9Z5=\2?#G1M?U:34I)+ZQOIH_*GFL+AH3.
MGH^.N*+_`*_I_D*W]?>>,K(W_",Z18K*\UAI_CE;2R=V+8A4G"Y/4#)&?:NT
M\%>']*\6:MXZO/%-I'>7J:C):;I^3;P*/DV?W>.<BNZN/A]H,FCZ1ID5N]O9
M:7=)>6\<3E?WB]"Q[]><U5\0?#?0]<UF74IS?6T]PH2Z6TN&B2Y4=!(!UI);
MK^ME_D/K_7=_YF%^S:J1?"NSCB??&EU<JC9SN43-@UYMXHC2?PO\58GR%D\1
M0(VTX."4'6O?_!OA73_!^@Q:/HHD2RB=WC61MQ&YBQ&?3)K*N_AOH=W::U;R
MK<>7J]XE]=8E/,JXQM]!P.*N6LN;^MT_T%T^?^9PWBGP]I/A?Q?\-)]`LXK&
M:6\-K+)%PTL1CR0Y_BYYYKU7Q3:P7?AO4X+J&.:!K:3='(,J?E)Y%0ZWX6T_
M6;W1;J\\WS=(G^T6NQ\`-MV_-ZC%;,T(FA>*0!D<%6![@]:B7O1:]1K1IGS-
M-I%A)\"/!$'V9(8[[5(3<&$;&DS(PSD=\<5VVM:18>%_C%X7_P"$>LHK+[3I
MUXLT<`VK-L3*;AW(-=79_"W0K72XM-26_>RAO5OH8I+@L(G4D@+Z+D]*Z'4/
M#-C?^)=,UVX\S[=IR21P;7PN'&&R.]4W=_/]+!T^7ZGSUX-TC7/%/@N[OW\)
M:)JD]_+,T^I76H%+A)`Q'IF/;@8`]*][^'4.I6W@?1X-<GAN=0B@"2RPR>8C
MXX!#=^,<UB:E\)O#U[J%Y<))J-G%>OYEW:6ETT4$[=RRCU[XKMM-T^WTRPM[
M*QB2&UMT$<4:#A5'0"G?05M;ENBBBD,****`"BBB@`HHHH`****`#%(.*6DH
M`,\UY[=?%_P?!(Z-?3NT4SP3>7;NX@*G!+X'RKGN:]!QS7@OPGUSPWIOA;QS
M'J=W96]RFI7K7:2LH9T+';P>2.PI/J!Z=XB^('AWP_\`8?[0O3B^B::V\E#)
MYRCKMV]3STJMJWQ+\-Z7I]A=7<]T&OD,D-LEL[3E!U8Q@;@/<UY-X(M)H-<^
M$4-_$586][+%'*,,B<E.#WP17:Z3=VFD?'3Q,VOS0VT]Y90'3Y[A@JM$H.]5
M8\<'DBG;6WJ)&AXY^)=A9?#2Y\2^'[C[5D>7`1$7"R>CKU7'?-:5E\1-%@\$
MZ;KNJ7$L*7**JHT#"663'(2/&3WZ5Y3JCQ7?A7XP:CI&&T6>9/(>,821U0"1
ME[$9QR/2K?BV:X;Q;\/;ZWUNWTVP;2_L\&H21K/"EP57Y3DX5B!@&DEW';L>
MI67C?1?$/AW5;O2]1DMS9PLTV^$K-;<$[C&W/N/6J,?Q%\/Z'H>AG5]8EN7U
M"U\ZWN&MR'N@`,G:O1CD<5PT]BAU7Q9?W'B^WUG5(]!EBN(;6V6-%3!*EV4D
M;AS^!JGX1CBF\1?!TRJCE=(N'3(!P0B\CWIH3/7/#/CS0/$FGWEYIUX5CLL_
M:DN$,3P8&<NK<@8JAX?^*/A?7=7BTZSO)DN)LB!KBW>)+C'_`#S9AAOPKA]2
M6Q;XC?$V/44G:QDT>W-RMNN9"NULD#U`K&LM9U#PW;>%)(-;T;Q?X?FG@M[*
MWEB`OX`W`9<?W1UZ=*2Z#>S/HA3FEIJ"G4P"BBB@`HHHH`****`"BBB@`HHH
MH`****`"@T44`)B@#!I:1J`,CQ3?7=AIJS:>+(S&:-,7DWE)M)YY]<=!W-27
M.MZ;9>;]MU"S@,6`XDF52N>F<GO7"_M#`'P%!D9']IV?_HT5@:'X:TC7_C9X
MUDUJQAO?)MK98TF7<@RIR<=,^]3Y_P!;('T_KJ=[\0?'%CX1\(MKC&*Z0LBP
MHLH'F[B!D'N!G-;O]L:?'ID>H37UK'9NH(F,RA#GT;.*^;=2L[:3X"^)+>6)
M)(M-\02V]HKC=Y*"=1M7/3@D5Z!=:-INJ_%_2]!U.UA.C6&D?:K/3RN(7E+8
M9MG0[1_.GY`>NV=Y;WL"S6<\5Q"W22)PRG\145WJEC9NR7=Y;V[JGF$2R!2%
MZ;N3TKS3P#:P:#\7O%6AZ(/*T?[+!=M:H?W=O,V<A1_#D<XJCXTT33-=_:`\
M/6VLQ+/`NBRRB!_NRL)>`P[CG.*;Z`M;GK$6IV$MC]MBO+9[,#)G652@'^]T
MIL&KZ=<&<6]_:2^0-TNR93Y8_P!KGC\:^>_&]I!HP^*NCZ.BPZ.=+AN6MX_]
M7#.S8;`Z`D8.*V_%VAZ;IGA/P/I5G;1V.FZQ=V\&J2Q#:TR;-P5V')#-ZTEK
M_7]=A/0]JT[5M/U-7;3KVVN@A^;R95?;]<=*SO$WB6RTC3K]ENK1]0MK=YUM
M'F57?:I.,9S7G7BK2;#PA\1?!T_A2RBL;F]>>VN+:V&U9HECR"RC@X..:YWP
M]X9T+7O@KKFNZY!%-K-P+J>YOY#^^CE4L`H?J`,`8I='8I;H]D\'^(X];\.Z
M+?W1@MKO4K9;@6XDR>1D[<\D"MD7MN]U);)-&UQ&H=X@P+*#T)'85X/X7P?%
M'P?8X!_L6<?^.BG^+[^>Q\<_%.\TQ\7<'AZ$JR'E&!/ZCK3EHW\Q15[?(]MM
MM7TZZO'M;:_M);J,9>&.56=?J`<USV@>.K#5_'&M>'H6MQ)IP3:XF5C,6!)"
MC_9QS7&V7AGP?HGA_P`%ZNLO]G7H>!H;RW'[R\DD491SU<-DDU#X?T?38OBE
M\2)4AM;!HK>`I=K&%-OOC;<P/;/4TWH_O$G>-_3\SUN#6]+N+UK.WU&SENUR
M#"DREQCVSFK^<U\RZ?8KX1TG1[CQ1X7M;O2K26.6'Q1HMP/,?+X$DO<@YYZY
MKZ6B82*KH<JP!!]11TN/K8EHHHH`****`"BBB@`HHHH`****`"BBB@!`N*6B
MB@`IDLB11M)(RHBC<S,<`#U-/K!\=\>"M>_Z\)__`$`U,G97`N0ZYI<UTEM#
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M6Z$JW#`?*_EXP,=,X[UQ*:78I^S7;;88K7[5J:+/-$H5B!<D`D^PZ?2E_7XV
M%_7X7/I:TU?3[R>6&SO;:>:(XD2*569/J`>*YSP+XO;Q%8ZS<WT,%FEAJ$UG
MN\SY2J'&XD]*X;QKH&E>$M=\!7?A6TBL[Z748[1_(X:Y@93OW_WL<')KFK.Z
ML(O!VN6=_87&IRWWBJ>&TL8I?+%Q+NR%=O[G'-']?E_F/^OS_P`CZ`T[6M,U
M)G73M0M+MDP66"97(^N#2S:QIT%]'9SW]K'=R?=A>90[?09S7@EC9:CI'QJ\
M(-=:-HN@2W,-RC6FER[FE4)P9<``C/3\:N>#O#OAS7OACJWB#Q4^S4I+RXGN
MM3)_?VK1R$`*W5=H`P*8'NE_J-II\'G:A<P6L6<;YI`@S]33[2\M[RW2>TFC
MG@?E9(W#*WT(KP'Q+/J/B'XI6-G9:59^(K&VT>*YLX-3N/)23<?FFVD8=NW3
MBNP^$FB:YHNO^(%U&RT[2M+N!'+#IUG=^<()?XB!_"".<4(&>JT444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`"=*\T\#_``PL-,MKP^([#2]1O7U.
MXO8)C"&*([9`)8=1^5>F44`9\VEV4]]:WDMK"]U:@K!*5^:('@A?2H==\.Z3
MXAACBUS3;2^2,Y03QAMOTSTK6HI`4(](L8M+_LV*SMTT_9Y?V=8P(]OICIBJ
M:^%-"71/['72+'^RLEOLIB!3)[XK;HI@8NE^&-&TK3I[#3=,L[:TG!$L4<05
M7!&#N]:EAT#3+>2QD@L;=)+)#';,J`>4IZA?05JT4`4(]*LH[^XO4M81=7"!
M)I=@W2*.@)[BLW3/!GAW3-3;4;'1=/M[UB29HX%##/7!QQ^%=#120"*,4M%%
M,`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*#S110!A^+O#=CXITI=/U
M02FW6:.<>4^T[D;<O/UINE>&;'3?$6J:U;B7[;J2HL^Y\KA!@8':MZBE8#C?
M^%<Z$?#.KZ"Z7+6&J7,EW.#+\PD=@Q*G''(&*BU3X;Z/J6DZ;:7-SJGVG3@1
M;:BET5NT!ZCS`.0?<5V]%,#F_"'A#2O"5O.FF+,\UPV^XN;F0RS3MV+N>3@5
MQ/CKP/+XI^+FD75W#>QZ7!I4B"^M9C$\,_F9&UAT.":]:HHZW`XBV^&^@P>%
M]3T,+=O!J>3>7,DY>XG/'+.1UXK7U?PKI>L>'!HFI6YGL`BHJEL,FW[K!AR&
M&.M=!12MH'6YQ7A7X>Z1X<U0ZA'-J.HZ@$\N.YU*Y-P\2?W4R!M%9VJ_"+PS
MJEY?2RG4H;:^):YLH+MDMI7/\9CZ9KT:BBP(XC5OAMHFI:'H^F2-?0?V2H%G
M=V\_EW$6!CAP._TI_AWX<:#H%]J%W:1W,TVH6XMKLW4QE\Y1W;/5CW-=I10U
M<#@=#^%OA_1M8M[^!M0G%JQ:TM;FZ,D%J3WC0]*U'\$:8_C"3Q&'NTO)HO)G
MB2;$$ZX(&],<D`FNJHIO4#SJU^$'ARWNHB)M5DTZ*42QZ7)>,UHC`Y&(\=`>
M0,UZ&J;>F!VIU%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`55U2QBU
M+3;JQN=WD7,30R;3@[6&#C\ZM44K`<I=^!-'N_#6DZ%-]H^PZ9)%+;XDPVZ/
M[N3CFK>I>$],U+Q)!K=XDDEW#:RV07?^[:*3[P([UT%%,#R]_@KX7DLY;&>;
M6)].((ALY;YFAMN>L:XX([9SBNLT_P`(:;8Z]!K$)G-]#8KIZL\F1Y2],C'7
MWKI**!6.>M?">EV^J:W?"-Y)=855NTD;<C!5V@!>W!K'E^&7A^7PG:^'I/MC
M6EG(9;2;SR)[8DY_=OC(QT'M7<T4(9Q_A7P#I7AR]N+V"6^O]0G3RWN]1N#/
M+L_N@G&!]*XGQ_\`#.*T\`ZAI7AJ&_O([V_AF>SDFWI$GF@N(Q_".2<5[-10
M!P_AGX:Z)H.J1:C&^H7ES"A2V^WW1G6U4]1&#]WT]:+CX9>'KC1+S3)([KRK
MF];4?-6;;+%.3G=&P'RUW%%`'`:3\*M`TW7-/UD3:I=:M9.S)=W5V99'!7&U
MB1RH'0<4:A\)_#=_JTU[)]OC@GE$]QI\5R4M)Y`<[GCZ&N_HH`Y3Q=X$T?Q.
M]G-=?:;.]LQMM[NPF,$T:_W0P_A]JG\'^#M+\*0W`T[[1-<73![B[NI3+-,1
:TW,>M=)10`4444`%%%%`!1110`4444`?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image00008.jpg
<TEXT>
begin 644 image00008.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"`'\`K,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Z<UC4[/1]
M/GOM2N([:S@7?)+(<*@]37)#XM^`S_S-.F_]_/\`ZU1_'@?\6E\2_P#7JU?"
M(Z=!7?A,)&O%N3.>K5=-Z'WE_P`+:\!_]#3IO_??_P!:C_A;7@/_`*&G3?\`
MOO\`^M7PUI>EWVK3F#2[&XO)@,E(4+$?7%)J6FWFEW9MM3LY[2<#/ES(5;%=
M']G4K\O,[F?UB=KV/N;_`(6UX#_Z&G3?^^__`*U'_"VO`?\`T-.F_P#??_UJ
M^&8]-NWTUM02SG-@K^6UQL^0-Z9]:+/3+R^CN)+&TGN$MUWS&-<^6OJ?2G_9
MU+?F8?6)]C[F_P"%M>`_^AITW_OO_P"M1_PMKP'_`-#3IO\`WW_]:OAN+2;^
M73)=1CL9WL(SM:X5"8U/H34UMX?U>Y2W:#2[N5;I6:W9(CB4+U*^N*/[.H_S
M,?UB?8^WO^%M>`_^AITW_OO_`.M1_P`+:\!_]#3IO_??_P!:OA"1#&S+(I5U
M8AE/5<=:N7>CZC9R6T=W87,,ER@>!7C(,JGNOJ*'EU*U^9B^LR['W'_PMKP'
M_P!#3IO_`'W_`/6H_P"%M>`_^AITW_OO_P"M7P@R;&*NN'!P5/!!]*3`_P`B
MG_9E/NP^LR['WA_PMKP'_P!#3IO_`'W_`/6H_P"%M>`_^AITW_OO_P"M7P[I
M6BZGJ[.NEZ==7A09?R(RVWZU!>V5S8W36U[;2P7*G#12(0P/IBI_LZC>W,_P
M#ZQ.U['W3_PMKP'_`-#3IO\`WW_]:C_A;7@/_H:=-_[[_P#K5\(S0O!(8YXV
MCE7JC#!%-"CGZ<57]FT[7NP^LR['WA_PMKP'_P!#3IO_`'W_`/6H_P"%M>`_
M^AITW_OO_P"M7POIUC<:E=):V%O+<W+_`'(HEW,WX5#-"]O-)#/&T<T9*O&P
MP5(Z@^]+^S:5[<S#ZS+L?=W_``MKP'_T-.F_]]__`%J/^%M>`_\`H:=-_P"^
M_P#ZU?!V..!S1@?Y%/\`LRGW8OK,NQ]X_P#"VO`?_0TZ;_WW_P#6H_X6UX#_
M`.AITW_OO_ZU?!^!_A2``]J/[-I]V'UJ78^\?^%M>`_^AITW_OO_`.M1_P`+
M:\!_]#3IO_??_P!:O@['J/:K6GV%SJ-VEK86\MS<O]V*)=S-]!2>74DKN3#Z
MU+L?<_\`PMKP'_T-.F_]]_\`UJ/^%M>`_P#H:=-_[[_^M7PC/$T$C13(T<J,
M5=6&"I'7(IH`SVI_V;3Z-C>)DMT?>'_"VO`?_0TZ;_WW_P#6H_X6UX#_`.AI
MTW_OO_ZU?!WR\\?2K]GHVI7L[06>G74TRQ^<T:QDL$_O8]*3RVG'=L:Q$[VL
M?<7_``MKP'_T-.F_]]__`%J/^%M>`_\`H:=-_P"^_P#ZU?!^.N!DCM[U;BTR
M\ETN;48K.>2PA(1[A4RB,>Q/K1_9M/JV+ZS+L?<O_"VO`?\`T-.F_P#??_UJ
M/^%M>`_^AITW_OO_`.M7PE)!)%Y?FQ.@<;EW#&X>H]JC`'>A9;2>TF#Q,ET/
MO'_A;7@/_H:=-_[[_P#K4?\`"VO`?_0TZ;_WW_\`6KX:32[UM,?4A9S'3U?R
MS<[/W8;TW>M5,#C@4++J3ZL/K,NQ]X?\+:\!_P#0TZ;_`-]__6H_X6UX#_Z&
MG3?^^_\`ZU?!^`3Q1@8XZ]Z/[-I]&Q?6I=C[P_X6UX#_`.AITW_OO_ZU'_"V
MO`?_`$-.F_\`??\`]:O@X`8Y`H`ST%/^S*>NKT#ZU+L?>/\`PMKP'_T-.F_]
M]_\`UJ/^%M>`_P#H:=-_[[_^M7P=@?A2[1C-']FT^[#ZU+L?>'_"VO`?_0TZ
M;_WW_P#6H_X6UX#_`.AITW_OO_ZU?!X`S\W'I2$`=J7]FT^[#ZS+L?>/_"VO
M`?\`T-.F_P#??_UJ/^%M>`_^AITW_OO_`.M7P?A<\TF!CC&?>C^S:7=A]:E>
MUC[Q_P"%M>`_^AITW_OO_P"M1_PMKP'_`-#3IO\`WW_]:O@]@!T_"G1Q-*ZQ
MQ1L\C':JJ,EC["F\LIK[3#ZS+L?=W_"VO`?_`$-.F_\`??\`]:C_`(6UX#_Z
M&G3?^^__`*U?"/E-YGE^6WF[MNS'.?3'K4E]97-A<-!?6TEO.H&Z.1<,N:7]
MG4MN9C^LR['W5_PMKP'_`-#3IO\`WW_]:C_A;7@/_H:=-_[[_P#K5\'8X[4H
M"G'ZT_[-I]&Q?6I=C[P_X6UX#_Z&G3?^^_\`ZU'_``MKP'_T-.F_]]__`%J^
M#N.>GMBG;5Y/;K1_9E/NQ_69=C[O_P"%M>`_^AITW_OO_P"M1_PMKP'_`-#3
MIO\`WW_]:O@['M1@<]*7]FTK7YF+ZU+L?>/_``MKP'_T-.F_]]__`%J/^%M>
M`_\`H:=-_P"^_P#ZU?!^W\*3`]!3_LRG>W,P^M2['WC_`,+:\!_]#3IO_??_
M`-:C_A;7@/\`Z&G3?^^__K5\'8^E+@9[4?V;3M>[#ZU+L?>'_"VO`?\`T-.F
M_P#??_UJ/^%M>`_^AITW_OO_`.M7P<1SP/TJ]>:/J-E<0V]YI]S#<3KOBC>,
MAG7U`[BD\MI+>3&L3)]#[C_X6UX#_P"AITW_`+[_`/K4?\+:\!_]#3IO_??_
M`-:O@\K@D8QCCFI+6VFNYXX+2%YIY"%2-!EF/L*'EM/>[%]9EV/NS_A;7@/_
M`*&G3?\`OO\`^M1_PMKP'_T-.F_]]_\`UJ^$[B![>62&>-HYXV*NC#!4CJ#[
MU)8Z?=7_`)WV&UFN#"AED\I-VU1U)]J'EU*U^9C^LRO:Q]T?\+:\!_\`0TZ;
M_P!]_P#UJ/\`A;7@/_H:=-_[[_\`K5\'L%SQTIO'I3_LVGW8OK4NQ]Y?\+:\
M!_\`0TZ;_P!]_P#UJ/\`A;7@/_H:=-_[[_\`K5\&_A1^%']F4^[#ZT^Q]Y?\
M+:\!_P#0TZ;_`-]__6H_X6UX#_Z&G3?^^_\`ZU?!OX4?A1_9E/NP^M/L?>7_
M``MKP'_T-.F_]]__`%J/^%M>`_\`H:=-_P"^_P#ZU?!OX4?A1_9E/NP^M/L?
M>7_"VO`?_0TZ;_WW_P#6H_X6UX#_`.AITW_OO_ZU?!OX4?A1_9E/NP^M/L?>
M7_"VO`?_`$-.F_\`??\`]:C_`(6UX#_Z&G3?^^__`*U?!OX4?A1_9E/NP^M/
ML?>7_"VO`?\`T-.F_P#??_UJ/^%M>`_^AITW_OO_`.M7P;^%'X4?V93[L/K3
M['WE_P`+:\!_]#3IO_??_P!:C_A;7@/_`*&G3?\`OO\`^M7P;^%'X4?V93[L
M/K3['WE_PMKP'_T-.F_]]_\`UJ/^%M>`_P#H:=-_[[_^M7P;^%'X4?V93[L/
MK3['WE_PMKP'_P!#3IO_`'W_`/6I?^%M>`_^AITW_OL_X5\&?A2_@*/[,I]V
M'UI]C[WM/BEX)O;J&VM/$NG27$S!(XUDY8GH!Q7:#I7YX^`Q_P`5QX?_`.OZ
M+_T*OT.KAQ>'C0:47N=%&I[17"BBBN0U.!^/'_))?$O_`%ZM7PB.@K[N^/'_
M`"27Q+_UZM7PBO3\*]C+?@D<6*W1[JVNWOP\^"'ARZ\*F.VOM9F=KJ\V`N,$
MX`)KCO%7Q'U#Q;I&AV_BC38;A;2;?)?A"LEPH/*@XQ^53>!/B;'HGAZ3P_XE
MT6WUW0B_F1PR_>B;V/I4'Q(^(J>*=.L=(TG1K?1]%LCNB@0`MN]SZ5JJ4E5?
M-&]WOY"YUR:,]`\4>(X/$?[/NI2V&FP:7I]OJ206]M#_``H,<L>Y.>:XW]GN
M\"^,+W29'Q%JUA+;$9ZMC(K"M/&4</PMN_"1LW:2>[%T+K<,#&.,?A6)X0UI
M_#GB?3=8B4R&SF$A13@L!U'XU4*%HSC;<B4](VZ'T#IMJ-.\!1_#V90MWJ&E
MW-XP[B0/E>/H*N:#+]A^(W@+P^C,L=AHDDDB#C#.N?P.*\IU3XK2WOQ8M/&"
MV+)!;((A:;ADIC!&>G.:2#XH!/BQ<^,I=.=HY(FB2U#@%5V;1S[<US^PJ:76
MZ;^=K&KG&VGE;]3=U/2/"WBCP;XUOM+T0Z;J.A3EQ<^<TC7`).2^>!^%=_X>
MT_3;#XB>#T-D;I[C0//62>5G\I@H)*@^M>'Z'XZ33/#OC'2VL7D.OGY)-X'D
M\GKZ]:WO^%N"/Q5X9U>'2W":38"QEB,G^N7`!(/:G*A4MRI:?\#_`#%SQ;O_
M`%N=/X7\&Z/XAT_7_%2^'+"8_;6M;;2KB_,%N,-AW,AYR>N*X?XT>$],\-:M
MIT^BO;QPWT'F2VD%P)Q;2#`*A@>1Z59M?B'H,=OK.C7/AN:?POJ$HN5LVN!Y
ML,V<E@_3!-<;XPU?3M7U))-%T6WT>RB01I#&=S/C^)SW:KHTZJJ7=[!.4&F>
MP_";Q#:P_#8:+:Z\?">LM<-)'?S6^8KK/`7>PQUZULZV-2D^)7@1O%FE:5J:
M,_V=-5M9BR7+?WF4="N,XKS7P3\3;32_#`\.^*O#\.OZ1$YE@20@-$?3GM3O
M$'Q6^UZKX=.AZ-!I6C:).+BWLE/WF[Y/;BHE0G[9RY=-?R",UR6N=^NF>%?$
MOQ&\=RZQX>C6'286D8),V9G'5_\`9/L*Y/P-IFB>+;K5=3M/!%LEG:1*BV\M
M^8K1">2TDAY+8YP*AD^*FCPZMXCO].T"YMY-<M3#<!IPP$A_C^E<]X!\<V>@
M^&]6\/Z]I!U32-0*NZ1R^6ZLO3GTIJE4Y6TG>R7^8Y3@W\SU5_`_A[3_`(F>
M!KC142&RU:)VDCLYV\O('5'ZXK`LM`\+VWA+QKK^MZ,=2N-.U>2*`-,REANP
M%+>GJ>M9LWQ?LFUWPG?P>'WM8=!5XQ;QR@JR$8`'O7/W?Q`BG\'^)=#&GN'U
M>_:]67>"(@6SM/K4JE6<>O\`3_R&Y0NOZZ%WXQ>'M$L-'\,Z[X=LCI\.KVS2
M/:!BRQL/0GFNFUC3_`WA7POX*N[_`,+IJ5[J\`\XM.Z*!D9?@\MSP*\^\:>,
MT\1>%?#>D)9O`VCPM$TC.")<]P.U>I^,O$.@:5X+^'JZ]H@U=4M/.B,4VQXG
M4C`/^R>XJIJ<8QB[[_YDIQ<G;M^(FG?#?PSI_P`0?$UIJ5H][HT.F+J-JCN0
MR!N<9'ITKFO"6E^&/$HU_P`3W/A]+'1-!M0W]FV\[-]JD/0LQY';I5&T^+4Q
M\3>)-8U+3_-.JV?V.*&)MJP)_#UZX%<]\/?&C>%)K^"YLUU#1]0B\F[M';;O
M7L0?45:I5;.^]E_P0YX:>IUNI>%M"\6^"M.\2>&=-&B3'4(["ZM$D+QD,<!E
M+=Z[WP;;>#_#WQJL_"^G:$\>H6,9`U3SFWRR;<G<O3'->2>)OB#%-HFGZ)X2
MTO\`L?1[2<781Y/,DEE!R"Q]*ZNQ^,6AP^)[?Q-/X3:3Q#Y8BGN5GPK<8+*O
M8UG*E5<;:VU_X`<T;_=^93\7^'M+/PV\0Z_]D7^V!KTL(N<G.S>>/2NBL_AG
MX?O[[PKYEHUM;-HS:C?+&QW7!'8^F?:N,TCXCZ<-$US1O$&A/J&EZA>-?1QI
M-L>)R<@$^GTK2OOC.[:_H>HZ;HR6T-A:-93VCR;DFB/&T'Z4G"O:R7]6M^9;
ME3D[O^M?\B@^L>`=2N-$FTWPT;'5$U)8Y+)9&:":'=@,['O["O6M6ATK5OC+
MKVGC2Q:36ND.[W,%PZM-\GR@@<`"O&/$/C?0I-&M]/\`#'A>+3O+O!>//<.)
M)0P.=JGL/:NCD^,&DGQ//X@C\/7*:E=6#6=TPN`5D)&`P'M1.E4:T3V9,))/
M7R_,@?P5IGB/PEX/U'P]9"&XN+\Z=J8C))9L_>//>NL\0:7X9L_!_BI]$T\_
M8=,U*"V:%9W$<Y!`<D9QR:\Z^%_Q+D\#VFJP-9&\CNCYMN"P'D3<@/S]:H:?
MXZ-O\/\`6_#TMJ\MUJ-X+O[5O`"MNW<CO5SI5;OM=?FK_=T$I1M?^MF>W>,[
M7PMKWQ+T_P`,:GX?M4GNM*'V:]$K!HWV91`O3`]:\IF\)Z?X=^$^IZEK]D)-
M;GOS9V!?*E`O#-C\*OW'BB7X@^*/#L^@Z-);^*+#R_,N&N`(WB3&>#TI_P"T
MQXI36O%]MIMG+$]KIL.)/*.4,[<M@]_2IA3G%JE]_P`G^NA3E&7O?U>P>$]'
MM+OX*PW%P)79]<B@9?-8(R%@""N<?C7<2>#?A]<_$'6_"*>&VA6ULA=F\CG;
M<IVY*H.PQ7D6@^/8]+\`Q^'7L))'34H[_P`\.`"%.=N*VXOBO`GQ(UGQ2-)E
M\N^LOL@M_,&4.W&[/>JJTJLI2:\W^5B83C97\OS?Z%OQ!H'AG5?AWI?B71='
M_LJ1=46PEA$K2"=-^,L3W^E=5KV@?#[3OB39>#O^$7W-J$*%[P3N&MW<?+L'
M?U.:\QT[QI&_@>Q\)_8W5_[52[^T[^`-^<8KU/XK>.=#\-?$B.[E\/1W^LV=
MG']DO4GP@++_`!CN0>E1*$XOE=^OY*WXE)QDG;M^I@:/X2\->'O"?C.]\1:0
MNKW&BZ@8(`TK)O7L"1V]:R],T[PO9^!K_P`=ZKX=BN(;J[^RV.CK.PAB`ZDM
MU-<ZOQ">7P7XBT>]M6EO=8N_M3W*MA4.<XQZ4G@_QS:Z=X8NO#7B323JVA32
M"9(UD\MX9/56[9K1TJKBY==/NZD\T+VZ:_K8[Z'P?X/_`.$E\*:B=/VZ!XEM
MWC6TED)^R7&."#GIFJ&@_#W3;+1?$">(+3=J$NKKI&G,Q(\MB>9!SS@5Q'C;
MQW/XAO\`2CI]JFFZ;I("V-LASY>#G)/<Y%;7Q%^*MUXKFT-[.T_L]M-<7#?-
MGS9^/GX^E-4ZVB6S_*]T+FC;^MSTO6/A9X>C74=);3=-L(K:V+6^L?VHK7,D
MRCH\1.`":P+70?!NC^$_`EQJ?AN/4-0UJ7[+*YG95^]@OUY/I7*>)/B%X;UE
MKO4KCP;!)XDNX1'+<32[H0V,&0(/XJHWWQ`BN-#\%6`T^16\.S>:[[Q^^&0<
M#TZ5G"E6Y;2[_H[_`*%2E'9=M/P/2;SP/X+GU[Q=X4L=&DAN=+LS=1ZBT[-)
MNQG:%Z;15G1_A9H5CI>A6M_I.G7RWUN);[4KK4A!-;EA_P`LH\\@5P2_%:%?
M&WB?73I4NS6+0VRQ>8,Q$KC<3WJ%?B+H6I:3I0\6^%4U;5-+A\BWN#-M1T["
M1>^*ETJR22O;3\O\Q\\/S_3_`()T&@^#O"^D^'/'-WK=DFLC1;K9:R),5\Q>
MPW`XP>]=K\/M"\,IXB\%^(=(T.*U.L03#R/,9UMW0?>7/4GI7BFE^.HK+P9X
MFT+^S%C.LRB1&@.V.`9Z`>E;F@_%K^Q]/\'00Z8[/H)E\QC(,3JXP0/2KJ4:
MLD_E_P"D_P"9/-&UO7\_\B7P7:Z=XF^/4"V^F1:?9QW+RM`CEU+1Y);)]2,U
MT'AGPO;^-M>\<^*-8MH=2DM+QXK:SNKG[/#(V>-[]@!7(^#_`!7I%I\9-/UK
M3+&73M.FFV20RR;]I?AFSZ9-6YO$R>"?%?C'P]J^GQZOH.HW#F6%'"DY.5=3
MTZ552$]HK[/ZZE<T;MOO_P`,=)JWP\T"+QIX,9+:QA@U24PW^DV]Y]H2%@,_
M*P.<&I/^$8\$:W>^-]!TW0&T^YT:%IH+X3L[L5SD%3P!D8'M7GT'C71=/\7:
M'J>A>&(K"QTL[A$CYFG.,$NYZU:T7XD1:;XD\6ZI_9TCIKL+Q*F\9AW9Y/KU
MJ/956EOM^J$IP6_E_P`$Z7X3V?A/6M!OKOQ'X/L8]-TBW+7.IM<R;II<<*%Z
M9/M6+)X>TCQ5\-[K5O#6DK9:I::F(I(HF9BT+G"YR>V14EE\1/"P\!6/A?4?
M#%]):0,)9C!=B/SY>[-Z]>E=1\";R/2]8\0>(K2T33_!A@8^7=7`9A(F"H]S
M3?/#FJ--6LU]_P"HE:T46],\#^#C\3K;PS-I:31V.CF>_8.V7GP#GKU`[5DQ
MV7@.?X=2>+5\)E!87IM%M1=/MN,G`:0]>G/%<=X3^(K:/X_UGQ-?6KWCWZ31
M[%;:1O/!_`50@\:)%\,[SPK]B<S3WOVP7.[A><XQ1[&I=7?;\6VP<HINW]:?
MYGI<WPJT*^^*^GV5K&]MHT^FC4I;17X&/X`QZ`GO6?\`$CP+I$/@>[UB#3]*
MT+5;.;"VUEJ0NEN(C_$><AO\*Q;[XN2-XRT?7+'3=D=I8BPGMY7W">/^+Z9K
MG?%?B/PS>Z8;/PWX4BTR268S2W4TGF2C/\*'H%I1IUN:-_ZU?Z#YH6?]=/\`
M,U_%GAS2K+X2^#]8M+-8]2OYI$N)03F0#IP:[]?A_P"%A\:$T672E&D_V0+E
MX`[?ZS;DL.>M<!H?Q$TR/P58Z!XC\/G4_P"S9S/:2)-L`8]F]1GTK5E^,$$G
MQ'/BDZ/*J&P^Q&W$@X.,;@?2M)QJZQ7][\5H2G&U_3\]26^T7PIXA^&NOZQH
MFB?V1=Z+=K$KK,TAG4GJV>AKT[0K+3-,^*&GQ&P^U2-X<6X62>5G,9YR%SZU
MX'HOC:/3?`_B/0&L7D?5IUE68.`(L'.,=ZZ?_A<*+XVTO74TES;VNFC3IK<R
M#,HYRP/:HG1J6LKO?\E^I2G"_P#7?_(Z#P'X9\,^*-(U35=-\.Z9?ZR]YY:Z
M-<W[0K!&#R5;J2>353P[X=M-%^-4D\6CWFD66FVDM^UK=,&V%8S@HPZKNQBN
M6T[QMX5MEO;27PG,-/EG$]O)#=>7=1'N#(.H]JMZ_P#%N35SKC'36C>[L4TZ
MS/F9,$0.6WGJS&ER5E)VV:MKZ6!RA;^N_P#D7?L'AS1OA]:>*_$^CG7-1\07
MDFT-,T8A0DY88_B^M=A#I>B^%/B_X+B\.6AMM.UG3MMS&6)\T2`XW9_#\JPO
M`%O=:[\+K:POM%L/$5G:W.^UBCO1%/;MZ.#_``_T-=7K5S9WWQK\,.);5(]`
MTKSKX0N#'`RAOD!]N*B3M4<5MK]UG8%9QNOZU/GGQEIJZ/XLUC3T^Y;W4B+]
M-QQ6+6IXGU,ZSXBU/43TNKF24>P+'%9A'->E2NH14MSGJVYVUM<2BEHJS,2B
MEHH`2BEHH`2BEHH`2BEHH`2BEHH`2BEHH`2BEHH`2E[444`;W@+_`)'CP_\`
M]?T7_H5?H;7YY>`O^1X\/_\`7]%_Z%7Z&UX^9*THKR.["_"PHHHKS3J.2^*V
MC7OB'X?ZUI6EHLEY=0&.)6;:"?K7RH/@)X^Q_P`@ZU_\"EK[8Q1BNFABIT4X
MQ,ZE)3W/BC_A0OC_`/Z!UI_X%+1_PH7Q_P#]`ZTQ_P!?2U]KXI,5M_:%7R,_
MJT#XI_X4+X__`.@=:?\`@4M`^`OC\=-.M/\`P*6OM?%)BC^T*G9!]6@?%/\`
MPH7Q_P#]`ZT_\"EH_P"%"^/Q_P`PZUSZ_:EK[6Q1MH_M&KV0?5H'Q1_PH7Q]
MVT^T_P#`I:7_`(4)X_\`^@;:?^!2U]K;12XH_M&KV0?5H'Q1_P`*%\?_`/0.
MM/\`P*6D_P"%">/L_P#(.M/_``*6OMC%&*/[1J]D/ZO`^*/^%">/_P#H'6G_
M`(%+1_PH7Q__`-`ZT_\``I:^UL"C`H_M&KY"^K0/BG_A0GC[_H'6G_@4M'_"
MA?'_`/T#K3_P*6OM;%&!1_:-7R#ZM`^*?^%"^/O^@=:?^!2T?\*$\??]`ZT_
M\"EK[7Q2;11_:-7R#ZM$^*?^%"^/O^@=:?\`@4M*WP(^(+@!K&W95Z!KP$#Z
M5]K8I,4O[0J=D"P\3XI_X4+X_'_,.M?_``*6C_A0OC[_`*!UI_X%+7VMM%+B
MG_:-7L@^K0/BC_A0OC_.?[.M<_\`7TM'_"A?'^>-.M/_``*6OM?%)BC^T:KZ
M(/JT3XI_X4+X_P#^@=:?^!2T?\*%\?X_Y!UI_P"!2U]KXHQ1_:%7R!X:!\4?
M\*%\??\`0.M/_`I:/^%">/O^@=:?^!2U]KXHQ1_:%3L@^K1/BC_A0OC\=-.M
M,^OVI:0_`3Q]_P!`ZT]O]*6OMC%)M&:/[1J;V0?5H'Q4GP(^(*-F.QMT;&,K
M>`']*3_A0OC\L2=/M22<G-TIK[6VBC:*2Q]3>R#ZO'8^*?\`A0OC_P#Z!UI_
MX%+1_P`*%\?`?\@ZT_\``I:^U\4A4&G_`&C5?1!]6@?%/_"AO'P_YA]K_P"!
M2TK?`?X@NVZ2QMW;&,M=AC^M?:NT&C`%)9A5OJD"PT3XI_X4+X^_Z!UI_P"!
M2T?\*$\??]`ZT_\``I:^U\48I_VA4[(/JT3XG_X4)X^SG^SK3_P*6E'P%\?9
MS_9UI_X%+7VOBDQ1_:-7L@^K1/BG_A0OC_\`Z!UI_P"!2T?\*%\?_P#0.M/_
M``*6OM;`HP*/[0J]D'U:)\4_\*%\??\`0.M/_`I:/^%"^/\`_H'6G_@4M?:^
M*,4?VA5[(/JT3XH_X4+X^_Z!UI[_`.E+S1_PH7Q]VTZT_P#`I:^U\4A4&C^T
M*G9!]6B?%(^`OC[MIUK_`.!2TK_`?X@2,6>QMG8]6:[!/YU]J[11BAYA5;U2
M!8:)\4_\*%\?_P#0.M/_``*6C_A0GC__`*!UI_X%+7VMBC%']H5-K(/JT#XI
M_P"%">/C_P`PZT_\"EIW_"B/B$(_+%C;B/NOVP8/X=*^U-HHVBD\PJM6=AK#
MQ6J/BD?`7Q^!QIUK_P"!2T?\*%\??]`ZT^GVI:^UMHHP*?\`:-7LA?5H'Q3_
M`,*%\?'_`)AUI_X%+1_PH7Q__P!`ZT_\"EK[6Q2XH_M"IV0?5H'Q1_PH7Q__
M`-`ZT_\``I:/^%"^/_\`H'6G_@4M?:V!1M%']H5;6L@^K0/BG_A0GC[_`*!U
MI_X%+1_PH7Q^.FG6G_@4M?:V!2XI?VA5[(/JT#XH_P"%"^/^VG6@_P"WI:/^
M%">/O^@=:?\`@4M?:^*,4_[1J^0?5H'Q5'\"OB''GRK.%,]=EZ%S^5(/@1\0
M07(LK<%OO'[8,M]?6OM7`HVBI^OU-[(?U>.Q\4?\*%\?8_Y!UIC_`*^EI?\`
MA0GC[_H'6O\`X%+7VMM%&*?]HU2?JT3XI_X4)X^_Z!UK_P"!2T?\*$\??]`Z
MU_\``I:^U\48H_M&KV']6@?%'_"A/'W_`$#K7_P*6C_A0GC[_H'6O_@4M?:^
M*,4?VC5[!]6@?%'_``H3Q]_T#K7_`,"EH_X4)X^_Z!UK_P"!2U]KXHQ1_:-7
ML'U:!\4?\*$\??\`0.M?_`I:/^%">/O^@=:_^!2U]KXHQ1_:-7L'U:!\4?\`
M"A/'W_0.M?\`P*6C_A0GC[_H'6O_`(%+7VOBC%']HU>P?5H'Q1_PH3Q]_P!`
MZU_\"EH_X4)X^_Z!UK_X%+7VOBC%']HU>P?5H'Q1_P`*$\??]`ZU_P#`I:/^
M%">/O^@=:_\`@4M?:^*,4?VC5[!]6@?%'_"A/'W_`$#K7_P*6C_A0GC[_H'6
MO_@4M?:^*,4?VC5[!]6@?%'_``H3Q]_T#K7_`,"EH_X4)X^_Z!UK_P"!2U]K
MXI,"C^T:O8/JT#X]\)_!'QQIWBC2+VZL+9;>WNDDD(N5)"@\G'>OL,=*3:*7
MI7/6KRK.\C2G34%9!1116)H%%%%`!2$X.*6D84`</??$6TL-=CTV^TG6(!),
M84N7M_W38ZMGTQWJ[X6\<Z9XDU*:RM(KR"5%,L1N(2@GCSC>A[C-4]7T.\UO
MQ)J\LZ,EO%IYM;)F^[YD@.YA^@_&N>\-_P!L0ZA8W^K:'<6-OX?TQK5B<$W+
M\#]V!VP,\^M"\P9U6I>/M)T_Q'_9$ZW1972.:Z6(F"%V^ZKOT!-,TSXAZ-?Z
MO-8+]JA""1H[F:$I#.(_O^6W0XKD-<TK6KJYUK1K72)I+37;J*Z341CRX$PN
MX/WW#'&*@L_#VO:C#IV@3Z3)9Q:1'=*;Z0@QSEP0FSOSNYH0,[SPIXZTWQ->
M36MG%>02JGFQ_:83&)X\XWIGJ,UU>:\S\#VNL7?B#3;C4]'FTR'2-.-B3*01
M/(2.4Q_"`*[_`%:1XM.F>)BK@<$=J`+U%9R6#E%/VV[Y&?O_`/UJ=]@?_G]N
M_P#OK_ZU`%^BJ'V!_P#G]N_^^O\`ZU'V!_\`G]N_^^O_`*U`%^BJ'V!_^?V[
M_P"^O_K4?8'_`.?V[_[Z_P#K4`7Z*H?8'_Y_;O\`[Z_^M1]@?_G]N_\`OK_Z
MU`%^BJ'V!_\`G]N_^^O_`*U'V!_^?V[_`.^O_K4`7Z*H?8'_`.?V[_[Z_P#K
M4?8'_P"?V[_[Z_\`K4`7Z*H?8'_Y_;O_`+Z_^M1]@?\`Y_;O_OK_`.M0!?HJ
MA]@?_G]N_P#OK_ZU'V!_^?V[_P"^O_K4`7Z*H?8'_P"?V[_[Z_\`K4?8'_Y_
M;O\`[Z_^M0!?HJA]@?\`Y_;O_OK_`.M1]@?_`)_;O_OK_P"M0!?HJA]@?_G]
MN_\`OK_ZU'V!_P#G]N_^^O\`ZU`%^BJ'V!_^?V[_`.^O_K4?8'_Y_;O_`+Z_
M^M0!?HJA]@?_`)_;O_OK_P"M1]@?_G]N_P#OK_ZU`%^BJ'V!_P#G]N_^^O\`
MZU'V!_\`G]N_^^O_`*U`%^BJ'V!_^?V[_P"^O_K4?8'_`.?V[_[Z_P#K4`7Z
M*H?8'_Y_;O\`[Z_^M1]@?_G]N_\`OK_ZU`%^BJ'V!_\`G]N_^^O_`*U'V!_^
M?V[_`.^O_K4`7Z*H?8'_`.?V[_[Z_P#K4?8'_P"?V[_[Z_\`K4`7Z*H?8'_Y
M_;O_`+Z_^M1]@?\`Y_;O_OK_`.M0!?HJA]@?_G]N_P#OK_ZU'V!_^?V[_P"^
MO_K4`7Z*H?8'_P"?V[_[Z_\`K4?8'_Y_;O\`[Z_^M0!?HJA]@?\`Y_;O_OK_
M`.M1]@?_`)_;O_OK_P"M0!?HJA]@?_G]N_\`OK_ZU'V!_P#G]N_^^O\`ZU`%
M^BJ'V!_^?V[_`.^O_K4?8'_Y_;O_`+Z_^M0!?HJA]@?_`)_;O_OK_P"M1]@?
M_G]N_P#OK_ZU`%^BJ'V!_P#G]N_^^O\`ZU'V!_\`G]N_^^O_`*U`%^BJ'V!_
M^?V[_P"^O_K4?8'_`.?V[_[Z_P#K4`7Z*H?8'_Y_;O\`[Z_^M1]@?_G]N_\`
MOK_ZU`%^BJ'V!_\`G]N_^^O_`*U'V!_^?V[_`.^O_K4`7Z*H?8'_`.?V[_[Z
M_P#K4?8'_P"?V[_[Z_\`K4`7Z*H?8'_Y_;O_`+Z_^M1]@?\`Y_;O_OK_`.M0
M!?HJA]@?_G]N_P#OK_ZU'V!_^?V[_P"^O_K4`7Z*H?8'_P"?V[_[Z_\`K4?8
M'_Y_;O\`[Z_^M0!?HJA]@?\`Y_;O_OK_`.M1]@?_`)_;O_OK_P"M0!?HJA]@
M?_G]N_\`OK_ZU'V!_P#G]N_^^O\`ZU`%^BJ'V!_^?V[_`.^O_K4?8'_Y_;O_
M`+Z_^M0!?I,U1^P/_P`_MW_WU_\`6JQ:P&%2&EDER<YD.30!.****`"BBB@`
MHHHH`****`$P*&4,,,`1Z&EHH`3:`,#BC:,TM%`"!0#WJCKG&ES_`$_K5^J&
MN_\`(+G^@_G0!=B_U:?04[%-B_U:?04Z@`Q1BBB@`Q1BBB@`Q1BBB@`Q1BJ6
MIZC#IT0DGW8)P-JYKE=5\77$=WML50Q8_P"6BX.:YZ^*IT%>;$W8[;O17,Z3
MXGAGMX1=[A,YP2B'&:\YDU^^O?'>I6$GB;6[,Q7OE0V]I8"2$+C(S)CC/>KI
MUH5$G%[C6JN>V#FEQ7G5GX\:WBTRVBL+[49+B&:X>4%08XXV()/KTX`K''Q7
MO-4M["71=$<F:_B@=7F0GRV)Y_V6]C6O6P'KA]NM**XGQC>ZK=Z[I^@:/?#3
M&G@>YN+L1AW6->,(#QG-<WI?Q!AT#2-2-_KL?B`V\Z06Y$?D3%FXVR9&T<C[
MU`'K6*,5Y>GQ;BN;>+^S=#N[Z\VRM/;P2J?)$?+$OT(QTQUJ?7/BUIFFRV*1
M6LEQY]JE[+F18_)B;IU^\?84`>DXII]J\\F^)J&SU&]M-&N9["VD$,5P9519
MW/.!GH/>LQOB9=:K;Z!=Z/ILPLKXW,=UEAO@,2\X]<4`>L"C%>;I\13;0P^3
MI.H:A96\4;7U^I4"#<,C*]SCDXZ59\-_$9-;UJUM!I%Y;6EX9%M+UR"DQ3K@
M=1GM0!WQ]J%Y'->2?$[Q!>67C*WL!K>K:79FR\X?V=9"X+ONQ\W'`Q5F#XAM
MHT$-J]EJVL0P0Q3W6HRHL31I(V`63KGV%"U`]3Q1BN#U'QY>V?BD:0OAR[GC
M>)IX[F*9"&C5<[BO5<]!GK4EU\1+**PFNX;2XN(X;>*=Q'C<&D;"QX]:`.XQ
M1BO-?^%I"!F.H^']0M(;><07LK,K+;$C*GC[V1Z=*M^#/B98^*-9_L^*V>W:
M1&DMG:57\Y5/)('W3[&@#OB<4HKROXD^/GT#Q58VEM?VL$%FJW%_%*P#2H[;
M0J^XZUL:EX[N!=:A!HNAW=];6D;!KU&41K+LW!<'DCIDT>8'=G@TF:\QTOQY
M<_9M'O=7M;F.6YLDEG@0J4C#/M#G\:C\7_$*XMEO9M"MIYY;99$C4E?*G*LJ
MLW/IGB@#U.C\JXVQ\;QRFVMKFQFAU&2X6V>W+`E24W%\_P!W'>L9O'M[9+/Y
M6E7>L2L9;KR[<JGV>V4X!)/4G!XH`],Q1BJ&A:BFKZ/9ZA$C1I<Q+*J/U4$9
MP?>K]`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%
M%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!BC%%%`!B
MC%%%`!BC%%%`!BBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JAKO_`""Y
M_H/YU?JAKO\`R"Y_H/YT`78O]6GT%.IL7^K3Z"G4`%%%%`!1110`4444`,DC
M5_OJ&^HS65?^']/OI_-GA^?&/E.*V*;TK.=.$_B0GJ5+/3[:R@2&&)0B=,\F
MJNE:/#IAU$PO(QO9VGDW'HQ&.*U:-N::BEHAKL<OIO@^QT^6!X)KC=#;26R_
M-CY78L3]<FN>M_A3I\,S73ZKJ$FH"1'BNOE5XU5L[>!@Y[D\UZ3L%*5!ZU:%
MT.<\5>&+?7TMI#=7-E?VI)@O;5MLB9&"/0@^AK!/PPTV;2[R#4+Z]O=0NF20
MW\VTR(R?=PN-O'TKT':*,4>@SBM"^'UAI!5Q=7,\YAEADD8*N_?P3@``8[53
MU3X7:7?'3S'=W-N]K`MJ[JJ,9HP<A6W`X^HKT';1BD@.'U#X=Z=<Z.+"&ZNK
M;9>?;894P6CDQC@$8(^M06OPTL;72K*SBU/4-]K<37'GE@7D,HPZMQC!KO\`
M%&!3`X&Z^&EA--&(=3U*VLVC2.[M8I`([L)TW]\^N.M:VF>#K'3_`.R_)DFQ
MITDDD()XR_4'VKJ,"C`H`Y#Q/X.EUC6H]3L=?U+1[E8?(?[(5Q(N<C.1ZU';
M^!H!9W\6H:G?7T]]%'#/<3$;V"'(Z5V>!1B@#@(O`4]AXBO-;L-?U4R3L))+
M,E?+EVKA8\XR%IGACP1_Q2]W;ZK&;2YU"\^W2Q0R;O)(;*H&[@8KT+:*,8HO
M;8#D[_P7I]_%J,5S).T5_<)<RKG@E1C`]B*J^$OA]8>&M6:\MKJ>8*I2"&15
M"PJ>H!`R?QKM\4FT4E=`<PO@K1GEU2:]M8[VXU%RTLMP@=E!&`JYZ`#TK(T[
MX;VNG3K]FU?5!9%"L]GY@\N=L8W-WZ<?A7?;12%118#C+'P%8V]FMM-=W5RJ
MV;V(:0C(C)R.G<=J8_PYTHZ/;:<LUTL5O:/:*X;YCN()<G^]D9KM@H%+C-`(
M\^TGPG=/XOO=0U!2D4-B-.MYC(&>X&.96'13CBL;XA>#M786$/A6"=0+,V4E
MQ#=B)BA)XD!&"O.>.:]:VBC:*/4#,\,Z<^D^'M.T^1@[VT"1,P[D#!K4H`P.
M**8!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`444UB0:`'45S4GC70H]?_L9[Y1?9V_<.P-UV[\;=WMFG^'O&.B^(KZYM-(O
M1--;_?4H5R,XW+D?,,\9%`'145SE]XRT6Q\10Z)=7RIJ$N,)M)52>@9L8!/8
M&DT[QKH6HZQ=:7:WZ->6^XN"I"G;][:QX..^.E`'250UW_D%S_0?SK,\-^,-
M&\1W%S!I%X)Y;?E@4*Y&<;ESU7W%:6N'.DS?0?SH`O1?ZM/H*=38O]6GT%.H
M`****`"BBB@`H-%%`"9JM/>VT$FV6>-&QG:QP:J:_;ZA<VZIIEP()-WS,1G(
MKA]4T?5S<YNE:[DV_P"L`XQZ5P8S%SH+W(-G9A<+"M\<TCT>.9)5#QNK(>A4
MYS7.ZEX[\.:7K*Z7?ZI!#>'`*D$A2>@9L8'XUFZ/I6O1QPF*[^SP@@F)AT'>
MN!\43C3]>U:/33J5KJ-Q<!VTNXT_[3;7Y./F5\?(&^O&*VPU>5:*<HV,J]&-
M*349)GNJMN7*]#R#ZTNX^E?/6@W7B\>/D%TTL.J&=E>W8R&,0;>%`QL`]^M7
M+.XNAH>JM:7?B1]:8K_:ZLC%8EWX<Q9XW;>FWM728'O.3Z4R:40Q/)*0L:*6
M8^@'4UX;IMK<:LMMIVD7_B`>&)M1C2.>8NL^W83(NX_-LSCD]ZJ:E]M32K6S
M\0WGB`:?#'<PVCVJL9))@Q"B0@9/R],\&@#VYM=TU=%_M=[R%-,\OS/M#-A=
MOK5'PSXRT+Q-)+'HVH1W$L8RT>"K`>N"!Q[UPTMA<?\`"K_"DD^GSWD%B\,]
MW9;/GD12?X>Y'!Q63=:]J^LZ[JUSX4MXKB*/3Y1!<#3V@EMSQA-S8W$\\"A[
M@CV\DC_]5`)/8U\X^%8M?U40Z>U]J*:7<7<"W+Q-+YBN<[_F<9`/<#BKWB=O
M$%EX3TZS^T7[Z7;ZC<P7$TK2"0QJ?W6YD&['N.M`'O\`N.,U'<7,=L@>YD6)
M2P0%CC)/05X5I(\02:9?:IJ<^J2W-CIJM:QPLR!]Q(W$'DL%_&L+2H;S4O"F
MMV]]/J]UIEOJ%G=0L$E#*,C?M+?,P%.VM@6USZ0L[R&\C=[=BRHYC8[2/F'6
MK&3GI7@NJ7$K0V__``D=UK\&BF6X,$EBK[VEW?(&P,XVXQGC/6DTVR\1S(VN
M:E>ZPFIVEW:QQ0!B$:)@`2R="2.OH:2U$W8]A\3>)])\,6T,^MW8MHYG\N,[
M2Q9O0`"G>&O$FF>);22YT:X-Q#&_ELQ1EPW7N!7%?&F26W/AVXCNY[%8[MR]
MU#:?:3&-G]S'>N8@27Q7)864/B#6+NVCCN))KB"U-D2P4%%(`&10M1GN>XGH
M*,G.*^>_$%_%<77A:WUB\U^ROH[:.6[NX5E*,JMPF%&"YQR?2NKMY]6;6=2T
MJ"YN6M])MY;R.7)+3"9<Q*?=>>*5P/6<D=J0L?3BO"8M!U-[=EDU37L2:4NH
M./,8'[4IXQZ?[O>LWPW?>+I/'5BU_+<+J3W"B2-A)M-MC^[C8![]<T^MAVTN
M>]ZSK%CHEB;S5;J*VM@P0R.<#).`*NJX8!E.5(R".XKS'XFV.L^)M>L]%TBR
MMI[.UB:XN3>%EB9F!5`".K#K7*V]_>O<:59^,)=<LVT]/LT7]FJQ66Y5L$D@
M<@KMQGBD(]L.JVF^)!.KM+*85V<C>.H/I4EY>PV8B^T/L$KB-3C/S'_]5>+Z
M#ID\$<^FV$FIV\L^LSBX:0ME`R$HV3VSCIWJ>.37M:M$FOOM\*QW*:6T0!4N
M%1Q)+]"<<TP/9K>=;B%)8762-QE77H1[5''?0/?R6:2J;F-!(Z#JJGH:\/T!
M;W3-#T'2]%N-05-84V+B<G?:RQN6=AGH"N16IXJ$VQKZ^DU.UTBYOS#=R68(
MG$4:[8^GS8+=<4=0/9<TM<%\%[EKOP<SBYO+F%;N9(I+L_O3&&XS7>B@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`IIZTZD(S0!\
M]W6E:Q#?W^D6C:O-K$U[,XMI8?\`03$Y)\S?C[P!X.<YKI/"=^KZQI=XVF7F
MGVV@:4UK>R30%`7!`V+_`'AP3GWKV#%,FA2:-HY5#(PPRGH10M@9XMXBCN)+
MG7]"BTV[EOM;O(;JRNEA)CV87YF?^$K@\56L[*]U*WTOP];:7=P:CI$5XMU-
M)$4B.\-MVO\`Q;\@\5[HL:JH51@`8Q2[126U@OK<\H\`/)JGB32I8-+N[&/2
M=+^Q733Q>6#*2,(O]X#!.:]'UP'^R;@`C.."?K6ABJ.N#&ESX]!_.F*PV)-1
M,:XFM^@_@-.\O4O^>UO_`-\&KL7^J3Z"G4#*'EZE_P`]K?\`[X-'EZE_SVM_
M^^#5^B@"AY>I?\]K?_O@T>7J7_/:W_[X-7Z*`*'EZE_SVM_^^#1LU+_GM;_]
M\&K]&*`,_9J/>:W_`.^#1Y6H_P#/:V_[X-:&*:>#P*$!0\K4?^>UO_WP:7R]
M1_Y[6_\`WP:NY/I2J:-16L4?*U'_`)[6_P#WP:7R]1_Y[6__`'P:O9]*,T#*
M'EZC_P`]K?\`[X-+Y>I?\]K?_O@U=SS0":`*/E:C_P`]K?\`[X-'EZE_SVM_
M^^#5\'-(Q/:@"CY6H_\`/:W_`.^#1Y6H_P#/:W_[X-7LFE'(YH`H>5J/_/:W
M_P"^#1Y>H_\`/:W_`.^#5\FBA@4-FH_\]K;_`+X-'EZC_P`]K?\`[X-7S2"C
M4"CY6H_\]K?_`+X-'E:C_P`]K?\`[X-:%!HV`S_+U'C]];?]\&L[2=`;2I;R
M6Q\A)+N4S3NVYF=OJ>P["N@HI`9_DZC_`,]K?_O@TOE:C_SVM_\`O@U?HSZ4
M[B10,6HG_EM;_P#?!H\O4?\`GM;_`/?!J\2<TN>*0RAY6H_\]K?_`+X-!BU'
MIYUO_P!\&M`4AI@<])H+2ZY'K$@MWOXHC"DC;B$4^@Z9]ZC\1>'#XALUMM4:
M-D1MZ/$SQNA]F!KI*=BDF!A:/H\FC:=%8Z8+6"UB&%0*Q^I)/4U>V:E_SVM_
M^^#5_%%,"AY>I?\`/:W_`.^#1Y>I?\]K?_O@U?HH`H>7J7_/:W_[X-'EZE_S
MVM_^^#5^B@"AY>I?\]K?_O@T>7J7_/:W_P"^#5^B@"AY>I?\]K?_`+X-'EZE
M_P`]K?\`[X-7Z*`*'EZE_P`]K?\`[X-'EZE_SVM_^^#5^B@"AY>I?\]K?_O@
MT>7J7_/:W_[X-7Z*`*'EZE_SVM_^^#1Y>I?\]K?_`+X-7Z*`*'EZE_SVM_\`
MO@T>7J7_`#VM_P#O@U?II-`%+R]2_P">UO\`]\&CR]2_Y[6__?!J[DU&UQ%'
M_K)(U^K`4K@5O+U+_GM;_P#?!H\O4O\`GM;_`/?!J0ZC9CK=VX^LBU3U#7].
ML;:::6\@*QKNVJX)/X52BWLA.21.5U`=9K;_`+X-*$U+'^NMO^^#7EGBWQ^U
MUJM@^C,_V6V<22'!&\]P:]9TV[COK""Z@SY<J!ES6M2A.G%2DMS*G6C4DTNA
M#Y>I?\]K?_O@T>7J7_/:W_[X-7Z*Q-BAY>I?\]K?_O@T>7J7_/:W_P"^#5^B
M@"AY>I?\]K?_`+X-'EZE_P`]K?\`[X-7Z*`*'EZE_P`]K?\`[X-'EZE_SVM_
M^^#5^B@"AY>I?\]K?_O@T>7J7_/:W_[X-7Z*`*'EZE_SVM_^^#1Y>I?\]K?_
M`+X-7Z*`*'EZE_SVM_\`O@U8M1.%(N61FSQL&*GHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`*H:[_R"Y_H/YU?JAKO_(+G^@_G0!=B_P!6GT%.IL7^K3Z"
MG4`%%%%`!1110`4444`9>O:[I^@VHN-4N5@B8[03W-<[)\2/#H3,-V9VR`51
M3D#UKJM2TRRU.(1W]O'<(IW!9!D`URVM_#S1]0DC,*FS5`05@&-WN:VI*E_R
M\O\`(QJ>T^P2Q?$/PS+.D2ZD@=V"@%2.3VKGM8MO$R^-[>RMO%LT5E=02W2Q
MBT0[`IX4$]176Z9X,T6RMX$:RAGDBZ2R+\Q/K5VZT2"?7K;5#(ZRP0/;J@^Z
M0W?ZU%50O^[O\RJ?/;WS@O"OQ!NKO3_LNJV5Y%,UO/+#J&Q=EP8B=VU>QP._
M6KD/Q)CAAE4Z7J-S';11!K@!1YLT@!2,#^\<_05LQ^![-+>R@%S<;;6&>%3G
MDB7.?QYJ(>`=/&CWE@+FZ47#1.LJMAXGC&%9?>HTN6MM2OX'\3:EK&K>(AJE
MG/8)9F/9:3`;T^7)Y'!SVKF;KQ!KK:4GB6\\56.CV]Q.RV5C);[X60-C#OUW
M$#J.!7=>$?"B^'I]0N)=2O-1N[YE:>6Y(R2HP,`=!CM6)??#2&>6>*UUK4;3
M1[AVDFTY-K1DMRVTGE<^U'8:\R"U^+>CS^((],6,M$SB`WBR+L\[&=H7[Q'O
M3[/XJ6DCRR7^DW^GV*PRS174R@K,(SAMN.?IFG6GPJTBRUR.\LII8K5&$@LP
MBD;P,9W?>_"M&3X?:9/86EG<RSRP6\,T.TG[PD.23].U'0#!L?C!8WML?L^D
MW<NH-(B0V44J.\H?[K9'`]P>E7M6^)T&E^);?1;K2[H2S;8Q)N4@2LN0F!S[
M9Z4[0/AE8Z1/#-]NGGFAF26-C&J8"]%XZ_6B^^&5E=>)7U8:E>QQO=+>-:K@
MJ95_VCSCVZ4/?0#,T/XC3MIL6H:]9W5O.;=RMI$JL)F\W8NWW/3%:+_$LPVA
M6Y\.:I#J_P!H2W_LT[3(2XRK`]"I]:F3X:6/V6:">_O)59&2$D@-`"^\;2/0
M]*FTOP!!:SQ75]JE]J.HK<)</=SD;GV#"K@<!:`)6\5OJ?P\U+6[&&6QNH(9
M@8I@"T,J9R#V.#7'>"_%<SA[^[\2ZKJ*6]F;F:UETSR%8!<G#>OI7H,'A:VA
M\/ZEI*32F&^>5G<GYE,G7%8ECX#U"*![6]\6ZI>V+0-`;>1$`VD8'(YXH`K6
MOQ+FNM/O)8O#.I)=6\27(MI712\#?\M`>@`[CK5G3/B1;W&DK?7^EWNG^9:M
M=Q1S8S(H;;@8[DXQ]:3Q)\-[;6K=8X]6OK(B&*`M#CYECY`.?UJG?^#-1N-1
M\.V5Y<3ZE:6,YNY=0F*HP`Z0A%ZCH?PH!^1:U/XEQ6&H20?V)J,T4+QQ331A
M2L;R#*KZDG..*S;_`.,-E8QK%<Z3=Q:HLCK/92RHC0JO5BQX.1T`KJ;KP=:7
M,U](UQ.#=W<5XP!Z,G0#VK%\1?"[3M8U*XU!;R:VOII2[2A%D^4]4PW'XT`=
M%=>*K"/P7+XECD!L!;&X5FXSQP/SXKB?!WQ)8^'+]M5FBU;5;:=%2/3\'SO-
M&8U'8'L?I79:AX1L;[P_8:+*TG]GVKHS1C_EJ%Y"M[$]:R]9^&VC7UU'<6&_
M29DCV*;(!!N!RKXZ$@T/<.AF:SX[U:&ZTB-M"O+&&[@N'NO,VF2W,:YR.Q_K
M6A'X\MAHYWPW7VT2+;B/`\Q]R;Q(.V-O-2W7@);JUL4NM:U":[MS*'N7(+S+
M(,,I'0#Z58'@/3?[6@U'S)O.AL39*N?EQC;OQ_>`XS0!S^@?$*]>ZU+[;IMR
M^F6D=NT=UA0SB3@LP'2M;5/&D;R?Z(6BMK6ZD6XG*[@\<2Y?;^)`J&[\&MHV
MFZE)H_GW\ES8K9_8Y'"HY`P'R>A&?TJ32O`\-CX7M[25?M5Q%IK6C1.^%=FY
M))ZY)XS0P+'A3QQ)KFMMIMUH6H:7(UO]JA:YVXECS@$8Z?0UV@KRGX9^&M?L
M_$T^J:^UVD4=H+2"*ZN%E8#=GY2O0?7DUZJO2@!:***`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"@T4UC@T`(3BO._%'Q`DL=;:PT>W2]8)LX/_`"T)X%,\
M;^)+S4M4'AKPR=]W)Q<3KTB7OBKNF?#/2;>W@:Y>X>[3#-*LA&6]:ZZ<*=-<
MU;KLCEG.=1VI/8RET/QMK^)-4U1--A;GRH1R/;BK,7PMMI/FOM8U"=SU_>$`
MUZ-&@2-5Y.!C)[T_%0\34VB[+R+^KP^UJ>>?\*IT(_?GOF_[;&L_6?A7`%B_
ML28QL#^\>X<OQ[5ZGBDQ1'%UHN_,*6&I-6L<CX&\-3Z'ILMKJ'V6?+[E=4YQ
M[YKK8U5$"H`%'0`8I=HI1Q6,YRJ2<I=3:$%!*,0HHHJ2@HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JAKO_(+G^@_
MG5^J&N_\@N?Z#^=`%V+_`%:?04ZFQ?ZM/H*=0`4444`%%%%`!1110`4A&:6B
M@`HQ110`F*7%%%`!BC%%%`"8HVBEHH`,48HHH`3`HQ2T4`)@#I2X%%%`"8HQ
MSFEHH`3%&!2T4`)BC:*6B@!,"C:*6B@!-HY]Z-HSG\*6B@!"H-*!@8%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1129H`":XGXC^)Y-(MTT_3<2:M>?)
M$J\E`?XC6_XGURWT#29KZ[8!4'RKW=NP%<;\.]$N-1OI?%.NKFZN3FW1OX%Z
M9K>C%)>UELOQ9A5DY?NX[O\``W/A_P"%E\/:?YEQ^\U*Y^>>4\G/IFNM'2D4
M#%.K*<W.3DS6$5!**"BBBI*"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"D)I::W6@"D^KV"7XL7OK87AZ0F0!S_P'
MK4MK?VMV\J6MS!,\+;9%C<,4/H0.E>$ZX_V'Q)K6I64^D:AJ<]V\4=H(2+Z$
ME<!E8_W<9Z8YK5^'CZ%:>)M(D\/O$@_LIGU9D8X\S(YEST?=NZT+:X,]@DO[
M:*\BM)+J!;J092$N`[#V'6B&_MI;F6VBNH)+B'_61(X+)]1U%>(^+#IS:OXD
MEF93XL%_!_99R?-V87;Y?^SUS5+3?L2KI4FAG_BJFBOO[3\LDS<!L^9[],?A
MBA;`]['O=I?VMXTJVES#.T3;'$;ABI]#CH:BUS_D%39]/ZUY7\,QHR^*=)'A
M@IAM(W:F(B3^\W#!D_V\Y]Z]3UW/]DW&W!..`?K0!?B_U:?04ZLV.74O+7]Q
M;]!_&:=YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;
MJ7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H4
M5G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#
M0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_
M`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\
M^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1Y
MNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]
M_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/
MO;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;
MJ7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H4
M5G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#
M0!H45G^;J7_/O;_]_#1YNI?\^]O_`-_#0!H45G^;J7_/O;_]_#1YNI?\^]O_
M`-_#0!H45G^;J?\`S[V__?PTGFZG_P`^]M_W\-`&C5>\N([6"6>=UCBC7<S'
ML*I7%Y?6\+RSQVJ1HNYF,AP*\PU/5=6^(5]_9.GQ"VT^-LSR[N&`/K[UK2I.
MI=]%N95*JAIU+-HDWQ'\4?:IPR>'[%\1KVE;_P"O7J\2*D:JJA5`P%`QBL72
M;"XTG3XK*RM+9((UP!O.3[GWJZLFI`?\>]O_`-_#16J<[2CHD%*GRJ[W9H@8
MHK/\W4O^?>W_`._AH\W4O^?>W_[^&LC4T**S_-U+_GWM_P#OX:/-U+_GWM_^
M_AH`T**S_-U+_GWM_P#OX:/-U+_GWM_^_AH`T**S_-U+_GWM_P#OX:/-U+_G
MWM_^_AH`T**S_-U+_GWM_P#OX:/-U+_GWM_^_AH`T**S_-U+_GWM_P#OX:/-
MU+_GWM_^_AH`T**S_-U+_GWM_P#OX:/-U+_GWM_^_AH`T**S_-U+_GWM_P#O
MX:/-U+_GWM_^_AH`T**S_-U+_GWM_P#OX:/-U+_GWM_^_AH`T**S_-U+_GWM
M_P#OX:/-U+_GWM_^_AH`T**S_-U+_GWM_P#OX:LVS3LA^THB/G@*<C%`$]%%
M%`!1110`4444`%(5!ZTM%`%(:58#4?MXL[?[=MV_:/+&_'IGK4+:%IGD7D,=
ME!$EYGS_`"T"F3/J16G10!0_LC3S=07+6<#75NGEQ3,@+HOH#UI]OIEC;WL]
MY!9V\=W/_K9DC`=_J>]7**`*=CI=C8-,UC:06[3-OD,2!2Y]3CK3-<XTN?'H
M/YU?JAKO_(+G^@_G0!=C_P!6OT%.Q38O]6GT%.H`,48HHH`,48HHH`,48HHH
M`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48
MHHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`,48HHH`
M,48HI">M%P%Q24F36%XB\5Z5X?B9M0N5$F.(D.YS^%-)R=DM12:BKLW:P?$G
MBK2M`A+W]PN_^&)#N=OPKBWU[Q9XN8QZ#:_V98,<?:9.&(]1_P#6K:\.?#NP
ML)Q=ZK(^IWN<[YN5!^E;^QC3_BOY(Q]K*I_#7S.?\OQ#\09]TBMI>AKRH/WI
M/P[UT_@WP:_AJ]EECU!YH94VO$R``GUKL5154*H"J.`!P!2[12EB)6Y(Z1'&
MBD^9ZL0"G8HQ16!L&*,444`&*,444`&*,444`&*,444`&*,444`&*,444`&*
M,444`&*,444`&*,444`&*,444`&*,444`%%%%`!1110`4444`%%%%`!1110`
M4444`%4-=_Y!<_T'\ZOU0UW_`)!<_P!!_.@"[%_JT^@IU-B_U:?04Z@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHS0`44F::S$4`/JO>7,-G`\]S*
MD42#+,QP!63XH\4:?X<LS-?2CS"/DA7EW_"N#MM+USQ_<K=ZVSV.B@YCME."
MX]ZVIT>9<TG9?UL93J\KY8[E+QM\0FU!E@T*22&&-LF<<%S[>U=#X(\%:9);
MPZQ?2G4[N<>9YDIRH)]J[+3]!TRQM4@MK*%8T&`"H)K0AACAC"1(J(.BJ,`5
MK/$)0Y**M^IG"@W+GJ.X(BJNU%"J!@`#`%/4<4N**Y#I"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBD)H`"?2C->>_%F2YFMM/2RN]2B@AN0U\-*D_TA8\<$+U(SUQ7-^`4
MURV\5036]UXBN-(NII`JZJQ.V`+]XY^Z=W`]:`/9Z*;D]J"2*`'44S<:-Q(X
MH`?5#7?^07/]!_.KFXU2US_D%3?0?SH`O1?ZM/H*=38O]6GT%.H`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHH-`!0::#[UGZEK%EIG_`!_74<.4+@,<9`ZT
M6;T6XFTM67V8+R<`=ZX/Q=X[6TN#IGA^(W^K/\H"?,J'WQ6/?^(=8\;W3Z?X
M75[73<[9;QN"1WQ79^$/"6G^'+;_`$=/-NF'[R=QEF/]*Z53C1LZNK[?YF#G
M*KI3V[G.^%_`KM>#5_%4IO=18[EB8Y2.O0T`VC`P!P`*=M%&!652K*J[R-:=
M.--6B`&!0O2EQ16984444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%(3@^U`'GGQ6N-(T
M=+&]O]/626:4H;D2F(Q@#/WAW/0#U-/^$NJW6HV.HQW_`)WFV\J@+)/YP167
M<%W>H!&1ZU@_&;4-6M9(KN.[2#2+694E@FL5G$CD95ADC(!_6M3X*ZN=;TO5
M+R2]>[D:Y^8?9UA1#C^$`GKW-$=0EH<QXG^(\,OC*)K/6XK>WL6N+867.Z>4
M(?G88Z!L`"MGP&EUIGB71U.KW6H+K6G&\NDGDWA9>#N0?PCDC%>A7GAS2+V[
MMKJYL+=Y[=F>-]@!R1@Y]>#6/I_P_P!$TF+4O[(ADMI[V,QF7S68QJ3G:F3\
MHSV%"VU![G#>)KJ^^W^(?$::I=17>C7L5O;6:28B*$#*NG\1;)Y]JJ65_J&E
MP:;XCBU6[N;S68[LW%O+)NB78&V[%_AVX%>EW'@70KK6K?5[JV:2^A"`MYC!
M9"HPK,N<,1V)I=,\#>']-UJZU2ULL75P&#!G+(N[[VU2<+GOBDALY#P`ESI?
MB73(O[5N]0BUC3#?7"W$F\)+N7YD_N@YQBO1=<)&DW'<@9P![UF^&/!FB>&K
MJYN-)M6CFGX9GD9]JYSM7)^5?85J:[_R"Y_H/YTQ#(]2(C3_`$*ZZ#^$?XT[
M^TS_`,^5U_WR/\:O1C]VOT%.Q0!G_P!IG_GRNO\`OD?XT?VF?^?*Z_[Y'^-:
M&*,4`9_]IG_GRNO^^1_C1_:9_P"?*Z_[Y'^-:&*,4`9_]IG_`)\KK_OD?XT?
MVF?^?*Z_[Y'^-:&*,4`9_P#:9_Y\KK_OD?XT?VF?^?*Z_P"^1_C6ABC%`&?_
M`&F?^?*Z_P"^1_C1_:9_Y\KK_OD?XUH8HQ0!G_VF?^?*Z_[Y'^-']IG_`)\K
MK_OD?XUH8HQ0!G_VF?\`GRNO^^1_C1_:9_Y\KK_OD?XUH8HQ0!G_`-IG_GRN
MO^^1_C1_:9_Y\KK_`+Y'^-:&*,4`9_\`:9_Y\KK_`+Y'^-']IG_GRNO^^1_C
M6ABC%`&?_:9_Y\KK_OD?XT?VF?\`GRNO^^1_C6ABC%`&?_:9_P"?*Z_[Y'^-
M']IG_GRNO^^1_C6ABC%`&?\`VF?^?*Z_[Y'^-']IG_GRNO\`OD?XUH8HQ0!G
M_P!IG_GRNO\`OD?XT?VF?^?*Z_[Y'^-:&*,4`9_]IG_GRNO^^1_C1_:9_P"?
M*Z_[Y'^-:&*,4`9_]IG_`)\KK_OD?XT?VF?^?*Z_[Y'^-:&*,4`9_P#:9_Y\
MKK_OD?XT?VF?^?*Z_P"^1_C6ABDH`H?VF?\`GRNO^^1_C1_:9_Y\KK_OD?XU
M?I"<=Z`*/]IG_GRNO^^1_C1_:+'_`)<[KV^4?XU'K6MV.BVK7&HW$<*`<`GY
MC]!WKSVY\0^(?&DSVWAN!['32=KW4G!(]JUITI35]EW,IUHP=MV=!XD^(%AH
M^8(XI9]0/"0*.I]S7!ZIH_BGQ'?17^I:8TL;$8B#!0$],9KT3PGX(T_0<7#Y
MN]0/+7$O)S[>E=:`*VA7AAW^Z5_-F4J,JMG-V\D8FFR16-G%!;:9/!&B@"-$
M''ZU;&I$#'V.Z_[Y'^-:&*7%<CU;9TI61G_VF?\`GRNO^^1_C1_:9_Y\KK_O
MD?XUH8HQ0,S_`.TS_P`^5U_WR/\`&C^TS_SY77_?(_QK0Q1B@#/_`+3/_/E=
M?]\C_&C^TS_SY77_`'R/\:T,48H`S_[3/_/E=?\`?(_QH_M,_P#/E=?]\C_&
MM#%&*`,_^TS_`,^5U_WR/\:/[3/_`#Y77_?(_P`:T,48H`S_`.TS_P`^5U_W
MR/\`&C^TS_SY77_?(_QK0Q1B@#/_`+3/_/E=?]\C_&C^TS_SY77_`'R/\:T,
M48H`S_[3/_/E=?\`?(_QH_M,_P#/E=?]\C_&M#%&*`,_^TS_`,^5U_WR/\:/
M[3/_`#Y77_?(_P`:T,48H`S_`.TS_P`^5U_WR/\`&C^TS_SY77_?(_QK0Q1B
M@#/_`+3/_/E=?]\C_&C^TS_SY77_`'R/\:T,48H`S_[3/_/E=?\`?(_QH_M,
M_P#/E=?]\C_&M#%&*`,_^TS_`,^5U_WR/\:/[3/_`#Y77_?(_P`:T,48H`S_
M`.TS_P`^5U_WR/\`&C^TS_SY77_?(_QK0Q1B@#/_`+3/_/E=?]\C_&C^TS_S
MY77_`'R/\:T,48H`S_[3/_/E=?\`?(_QJS:W!N%+&*2/!QAQ@FI\48H`****
M`"BBB@`I&I::W7B@#R;XQ:W8M=Z;9Q-:37UA<"=[6]AE,+J5/=003Z5TGPMO
M?[1T26Y6TT>U1I,*-,8E3CKN!`(/L14^O:AXE@U-TTKPU9ZA:`#;/)=B-F]>
M"#3?A_HVHZ>^L:AK$5M:W6J7`G-K;G*0A5V@9[D]2:$#V.Q7IZ4N.*1>E+0`
M4444`%4-=_Y!<_T'\ZOU0UW_`)!<_P!!_.@"[%_JT^@IU-B_U:?04Z@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BDI"<47`=32>:J:EJ=KIENT]]/'!$!G<YQFO/K[X@7^L7#6G@
M[3WN6SM-Q(ORC_/O6E.E.IJEIW,YU8PT>YZ%J&HVNG0--?7$4$0YW.V*\P\7
M?$B.\@EL]!CE*.-K7)4C'^[5ZP^'MUJDXN_&&H27;YW?9T;"#V-=[8:/I]G:
MK!;6<"1+T`05M!T:,KOWOR,G[2JK+3\SS'P%X:M/$H.K:Y=3W\T;[!!+]U,=
M,UZQ;0Q00K%!&L<:C`51@"EAMXH01%&J`]=HQFI<8K*M5=25^AI2I1IQM;40
M"E%%%9&H4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%&,T44`<'\7
MM4U;2/#J2Z--):JTG[^[BA\YXEQQA?<\9[4_X6ZWJ&NZ=>W%\\D]JLB"VGDA
M,1<;!N&"!G#9&:J_&&6X^PZ1;6QU&07%V$>UL'\N2X7&<;^P'7WJ]\,[5[73
M+E6T_6+',N=FIW`F<\?PG)P*(@]CM110/>B@`HHHH`*H:[_R"Y_H/YU?JAKO
M_(+G^@_G0!=B_P!6GT%.IL7^K3Z"G4`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!2=Z6JFHWL%A:RW%W*L4
M,8W,S&C=V$]-633RK#"\DAPB`L2:\[UCXC?:76R\+6<E[?R\;B,*G^-9M_JV
MM>/KB6ST*,VNDQ\//)QYG^?:N@^'OA:_\.RW/VMK:2.4`AHQ\P/^%=BHPI1O
M5^+M_F<TJDJDK0V[F9I?P_NM5F6^\97LES*3N%LK85?8UZ%IUA:V$"PV=ND$
M:C`5!BK0`Q2@`5SU*TZC]YFT*48;(0"E7@4N**S-`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHI#0!PGQ=L[2ZT*V>^FMHA!.)$
M$TSQ;V]%*<YK+^&&KP6:Q6,VBZOIC7TC-#)>2M.LI4<D,W*C'3-6OC!#:^5H
MM[?:BNFQVER7CN,;B)"N%&S!W#/457^#VMW/B.Z\1WUVI(^TQQHP5A&^U,%X
MPPR`?2B(2/3`>,FES7D?C/5O$7A?Q)%JD^I3RZ9,SYC\H?9(DP=J$_>\PGOT
MJ]X)O=<M?$&F0ZOJ[:E!K5BUZ$=0/L[\':N/X<'%"U!GIN[\J7/%>2>(];UV
M+4-<UZVU1XK'1+N.W&G*@*3H<;RW?/S<?2JEKXC\0:<ECX@NM3-W;ZNERPL&
M4".V*!BFS'/;G-).ZN'D>S9JAKG_`""I_H/YUP/@B\URT\06%MJ^KOJ46KV!
MO@KJ!]G<%?E3'\.#7>ZZ0-(N&8X`&2?QI@7XO]6GT%.K/BU6Q$:_Z0G0>M._
MM:Q_Y^$_6@"]15'^UK'_`)^$_6C^UK'_`)^$_6@"]15'^UK'_GX3]:/[6L?^
M?A/UH`O451_M:Q_Y^$_6C^UK'_GX3]:`+U%4?[6L?^?A/UH_M:Q_Y^$_6@"]
M15'^UK'_`)^$_6C^UK'_`)^$_6@"]15'^UK'_GX3]:/[6L?^?A/UH`O451_M
M:Q_Y^$_6C^UK'_GX3]:`+U%4?[6L?^?A/UH_M:Q_Y^$_6@"]15'^UK'_`)^$
M_6C^UK'_`)^$_6@"]15'^UK'_GX3]:/[6L?^?A/UH`O451_M:Q_Y^$_6C^UK
M'_GX3]:`+U%4?[6L?^?A/UH_M:R_Y^$_(T`7J.]4?[6LO^?A?R-5[W7]-L[:
M2XGNXTC09)-"3;LA-I*[+&K:E;:592W=[*L4,8R68UYC%%J7Q+U(37'F6?AR
M%_D3H9JK">;X@ZUY^HR-:>'K=\I$<@RUZ?9W6EV=LD%O)%'$@VJJ@@`5U:8=
M::R_+_@G-K6?]W\_^`6M-LK>PLTMK.%8H(QA548%6P*H_P!J6`_Y>%_6E_M6
MQ_Y^$_6N5W;NSI225D70,4M4?[6L?^?A/UH_M:Q_Y^$_6@9>HJC_`&M8_P#/
MPGZT?VM8_P#/PGZT`7J*H_VM8_\`/PGZT?VM8_\`/PGZT`7J*H_VM8_\_"?K
M1_:UC_S\)^M`%ZBJ/]K6/_/PGZT?VM8_\_"?K0!>HJC_`&M8_P#/PGZT?VM8
M_P#/PGZT`7J*H_VM8_\`/PGZT?VM8_\`/PGZT`7J*H_VM8_\_"?K1_:UC_S\
M)^M`%ZBJ/]K6/_/PGZT?VM8_\_"?K0!>HJC_`&M8_P#/PGZT?VM8_P#/PGZT
M`7J*H_VM8_\`/PGZT?VM8_\`/PGZT`7J*H_VM8_\_"?K1_:UC_S\)^M`%ZBJ
M/]K6/_/PGZT?VM8_\_"?K0!>HJC_`&M8_P#/PGZT?VM8_P#/PGZT`7J*H_VM
M8_\`/PGZT?VM8_\`/PGZT`7J*H_VM8_\_"?K1_:UC_S\)^M`%ZBJ/]K6/_/P
MGZT?VM8_\_"?K0!>HJC_`&M8_P#/PGZT?VM8_P#/PGZT`7J*H_VM8_\`/PGZ
MT?VM8_\`/PGZT`7J*H_VM8_\_"?K1_:UC_S\)^M`%ZBJ/]K6/_/PGZU8MKF*
MY4M`X=0<$B@":BBB@`HHHH`*0FEI&H`\Y\?3)K$R_P!G:G;Z=>Z'>1EI;JV,
MR%I%P%Q[YZUM^"KJ_:?5+#5[ZUO+VRE57-M;&%%W+D#&3FL'Q3X!UO4]6U*X
MTKQ!%8VE])%+)"]JLA#1],$UT'@OP]J&C3:I=ZSJ::C>ZA*LCR)"(E4*NT#`
MH0/R*L_P_P!-N-8EO+FZOIK223SVT]YB;?S,?>V_TJ+2?A_;:+]MFT_4+Y[N
M2$V]K)<2[Q:(3G:GH,UW`%&T4=-`.*O?`&G7VN1ZE<W-Y\QCDN;5),0W,B#"
MNZ^HI=,^'>DV.K2W@ENYXF618;2:7=#;^9]_8O;/-=IM%&T4`<EX3\#V/AJ^
MFNK>ZO;J0IY,7VJ4N((LY\M/05O:V,:5-GKC^M7]HJCKG&E3X]!_.@"U%&GE
MI\B]!VI_EI_<7\J(O]6GT%.H`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^
M5.HH`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^
M5.HH`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^
M5.HH`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^5.HH`;Y:?W%_*CRT_N+^
M5.H-`#?+3^XOY4GEI_<7\J?FH;B988W>1U1%&XLW0"BX%75[RWTS3Y[NX"+'
M$A8Y'6O+;8:C\2-53[2@M-#MCET3J[>GUJQ?WEY\1->-A8,T.@VK?O9L?ZPU
MVGA'PK#X;:?[+=3RQ2G)23H#ZUVQ4</#7X_R_P""<KYJTO[IN6=E;V=M%;V\
M*)%&-JJ!TJ<1IC[B_E3@*45Q7N[LZ4K#?+3^XOY4>6G]Q?RIU%`QOEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J
M/+3^XOY4ZB@!OEI_<7\J/+3^XOY4ZB@!OEI_<7\J55"_=`'T%+10`4444`%%
M%%`!1C-%%`!BBBB@`HHHH`****`"J&N_\@N?Z#^=7ZH:[_R"Y_H/YT`78O\`
M5I]!3J;%_JT^@IU`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4&BFL3NH`1CM&37EWB[5[OQ=K7_"-Z`^+93_I=RO0#/(SZ5>^(
M/B:YDNT\.>'OWFI7'RRNO_+)>]=+X+\,VWAO25@CP]R_S3S=W;_"NFFE17M)
M+7I_F<\FZKY$].I=T#1[71-+ALK&,+%&.3CECZGWK20?+TQ2A0*7&*YFVW=F
MZ26B#I1110,****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHH-#`**2@DTK@+5#7?^07/]!_.KF3
M5/7/^05/]!_.G<"[%_JT^@IU-B_U:?04Z@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHIK'%#`4FN,^(?BS^P[=++3P)M7NOEBC')4>
MN*L^.?%B>&[1/+037DO$<6?U-8_@'PO<-<OXA\0GS=4N/F16_P"60[?CBNBE
M344JM1:=%W_X!A4J<S]G#?\`(N_#WPK_`&):M>:A^]U:Z^:60\E?]G-=I&,+
M0%`Z4X<5E4J2J2<I&L(*"L@HHHJ"@HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHI*+@+129I10`4444`%%%%`!1110`4444`%%%%`!1110`4TGFG4UO>
M@#SKQ'XO\1^'M1^U:C8Z<-%>8PQ6Z.QNW4#_`%@_AQ[=JL>$?%>N7FM6UIX@
MLK*"'4;8WEBULS$JF?NOG^+!!XK.E\%^)[KQ5>W]_JFF7-A=;H0LD#&2WMV&
M"D9S@'WJ?0_".O:3.][=ZG;ZA<6%HUII40B*A4SP9/4X`'%"V!BZYXWUBRU;
M4+FULK)_#NEW"6UX[LWGLS8RR8XPN1UZU7L?B!JZ30W^K6%HFA7Z3M9&%F,R
M^6#CS,\?-CM4^I^!=3U#5+@+J<4.AZE)'<W]KY>9#(H&0C=@<<TW3_AY?"]6
MVU35$N-!LTF6PMTCVR+YF<[V[[<G%);:AU+G@[Q3KM[K%O9^(K.SMUO[3[;9
M&U+$A,C*29_BP1TKK];.=*GSZ=OK7)>#O".JZ9JT=YKNJ17WV.V^QV2QQ;-D
M60<N>[8`%=9KJAM(N`1P1@C\:8%R*5/+7YTZ#O3O-3^^G_?54H]*LC&O[A>@
MIW]DV7_/!:`+?FI_?3_OJCS4_OI_WU53^R;+_G@M']DV7_/!:`+?FI_?3_OJ
MCS4_OI_WU53^R;+_`)X+1_9-E_SP6@"WYJ?WT_[ZH\U/[Z?]]54_LFR_YX+1
M_9-E_P`\%H`M^:G]]/\`OJCS4_OI_P!]54_LFR_YX+1_9-E_SP6@"WYJ?WT_
M[ZH\U/[Z?]]54_LFR_YX+1_9-E_SP6@"WYJ?WT_[ZH\U/[Z?]]54_LFR_P">
M"T?V39?\\%H`M^:G]]/^^J/-3^^G_?55/[)LO^>"T?V39?\`/!:`+?FI_?3_
M`+ZH\U/[Z?\`?55/[)LO^>"T?V39?\\%H`M^:G]]/^^J/-3^^G_?54_[)LO^
M>"TG]E66?^/=:`+OFI_?7\ZYSQIXKM/#=B7D82W;C$,*GECVS[5F>-M:TGPW
M;!%MTGU&7_4P#DY[$UE^#/!4MS<?VUXH42W4OSQ6[<K$/<5O3I)+VE3;\S"=
M1M\D-_R,VQ\&:GXHC;5==O\`[+<3G,<>,E%[=>E>GZ/$UGIL%O/<B>2)=ID)
MP6QZTHTJR/\`R[K2_P!DV7_/NM*I6E4T>Q5.C&GJMRWYB#^-?^^J/-3^^G_?
M55/[)LO^>"T?V39?\\%K$U+?FI_?3_OJCS4_OI_WU53^R;+_`)X+1_9-E_SP
M6@"WYJ?WT_[ZH\U/[Z?]]54_LFR_YX+1_9-E_P`\%H`M^:G]]/\`OJCS4_OI
M_P!]54_LFR_YX+1_9-E_SP6@"WYJ?WT_[ZH\U/[Z?]]54_LFR_YX+1_9-E_S
MP6@"WYJ?WT_[ZH\U/[Z?]]54_LFR_P">"T?V39?\\%H`M^:G]]/^^J/-3^^G
M_?55/[)LO^>"T?V39?\`/!:`+?FI_?3_`+ZH\U/[Z?\`?55/[)LO^>"T?V39
M?\\%H`M^:G]]/^^J/-3^^G_?55/[)LO^>"T?V39?\\%H`M^:G]]/^^J/-3^^
MG_?55/[)LO\`G@M']DV7_/!:`+?FI_?3_OJCS4_OI_WU53^R;+_G@M']DV7_
M`#P6@"WYJ?WT_P"^J/-3^^G_`'U53^R;+_G@M']DV7_/!:`+?FI_?3_OJCS4
M_OI_WU53^R;+_G@M']DV7_/!:`+?FI_?3_OJCS4_OI_WU53^R;+_`)X+1_9-
ME_SP6@"WYJ?WT_[ZH\U/[Z?]]54_LFR_YX+1_9-E_P`^ZT`6_-3^^G_?5'FI
M_?3_`+ZJI_9-E_S[K2?V59?\\%H`N>:G]]/^^J/-3^^G_?55/[)LO^>"TG]E
M6>?]0M`%SS4_OI_WU1YJ?WT_[ZJG_95E_P`\%I/[*L_^?=:`+OFI_?3_`+ZH
M\U/[Z?\`?54_[+LO^?=:;_9EENQY"T`7O-3^^G_?5'FI_?3_`+ZJD-*L^]NM
M-_LNT#8^SKBDW8"_YJ?WT_[ZI#*G]]?SK%U>&QT^RDF^SQEU&0I.,URO_"01
M.NV'2D:0C"@'))^E<U;&T:$N6H[/T.BEA*M:+E!:'2:GXH@L;Q[=HI'*#EEQ
M@ULZ=?1WEE%<*0@D&<,>17%6OAB^U%#<WKQVSOR$5>@KJ=-T.UM[&&*5%D=1
M@OZUSX2IB9U9.JK1Z&^)IX>%.*IN\NIJ>:G]]/\`OJCS4_OI_P!]54_LFR_Y
MX+1_9-E_SP6O2.`M^:G]]/\`OJCS4_OI_P!]54_LFR_YX+1_9-E_SP6@"WYJ
M?WT_[ZI5<-]T@_0YJG_9-E_SP6K%M;16RE8$"`G)`H`F%%%%`!1110`4444`
M%&***`$P*-HI:*`$VBC`I:*`$VBJ&N#&E3X]/ZUH50UW_D%S_0?SH`NQ?ZM/
MH*=38O\`5I]!3J`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHIK-@T
M`*37(^._%\7A^%;>U7[1JL_$,(YQ[FI?''BN'PYI^8RLU_*=D$`Y);W]JR?`
M'A2:*9M=U_\`?:M<_.JN,^2#T_&MZ<%%>TJ;?F8SFV^2&_Y!X(\&RQ7']M^(
MS]IU:7Y@K\B+^F:[Y12XH`K.I4E4ES2+IP4%9!BEHHJ"PHHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBD).:`%HI,FC)H`6BDR:;N.Z@!]%,9]
MO)/%<Q=^+XK:[EA-K*WEMMW`CFL:U>G02=1V-:5&I6=J:N=516-'XBTTQAI+
MR%"1DJ6Y%-;Q1I(_Y?8S]*3Q5%*[FOO!4*KVB_N-NBL!O%ND+_R\Y^@-0OXS
MTE>DKGZ)4O&4%]M?>6L+7?V']QTM)FN6E\:Z;L;R_.9N@PE<ZOB?4C,76YS'
MN)"[1T]*YZV:8>DTKWOV-J675ZB;M;U/3,TR20(I9N@&:XS_`(2#7;WY;#3?
M+_VY*5M%UW4/FU#43$I_@CJOKKFOW4&_D3]3Y?XLE'Y_Y&I_PEFG>=L_>`[M
MO*\5<DUW38S^\NX1_P`"KDE\'WOG8:2(Q[N3GDBM^V\'Z/&`6M_,/J6-84*N
M-J7YH)>O_`-:U+!PMRS;]+$TGBG1T'_'XK?[H)JG)XUTM"0GFO\`[J]:TXO#
MNE1_=LHOQ&:MQZ991_<M8A_P&NGEQ;^U%?)_YF-\*NDG\U_D<VWC>W/^IL[E
M_3Y:J:AXIN;FSD2'3[B$,.92<;??I7;)!$@PL:#Z"E:-&4JR@J>""*F>'Q$T
MTZOX%1KX>+35._JSR[2[_5'O(Q93O+,>`KG(-=`UAXGO?^/B\CMU/4)C^E=;
M'9V\;!HX8U8="!BIMHK*AEKA&U2HWZ.R-*V/4Y7ITTOE<XZ/P;YGS7FHSS/Z
M^GZU=TOPO#87J7*7$CE>BD5TFT4;1Z5T+`4$U)1U1A+&UY)Q<M!N*<HPO%+B
MBNPY0HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JAKO_(+
MG^@_G5^J&N_\@N?Z#^=`%V+_`%:?04ZFQ?ZM/H*=0`4444`%%%%`!1110`44
M44`%%%%`!1110`444A-`"UE^(M5@T72[B^NF"I$F0"?O'L!6BQ([XKRG5Y9/
M'GC1-,A8G1M.;=.PZ2,/\XK6C34Y>]MU,JL^566[,OP+$VJ^-%O]9M+B4RYD
MA=D)C5L\5[6@XID$$4$*10HJ1H`JJ!T%2@56(K>VE?9"H4O9*W5A1116!L%%
M%%`!1110`4444`%%%%`!1110`4444`%%%(3@^U`"T4F<]*89,-C-'H*Z6Y)1
M7,ZWXI73;SR(X!/@9)#547QO!LPUK,T_=%YKBEF&&A)PE*S7J=D<#B)14XQT
M9V--;[U<:?$.N79_T#2RH[%Q2^1XLO/]9-#;JW90,BD\;&7P1E+T0+"27QR2
M^?\`E<Z]G"]2!]:K3:E9P`^=<Q)CU85S`\*W\YS?:O.?4*35JW\&::O,[33G
MN6;K1[;$2^&G;U8E2H1^*I?T7^=C/U+Q;<QWLBV?D20#[K]<TZ/Q1JEW"D=A
MIY><\-(1\M:K^$M,8_*CH#T`;@5M6-I%9VL<$(PB#`SUKGI8?&2FW4J63[?\
M$Z:E?"1@E3A=^?\`P#DAHFMZFV_5-0:!#_!$:&\%9/RWIQVW+DUVNT48%;O+
M:$K>T7,^[9BLPK1?N6CY)'/6_A/28T'F6RR/W)[FK*^&M(7I81?E6SBC%="P
MM&.BBC!XFJW=R9EKH&F+TL8?^^:D&CV"]+2`?\`%:&**I4::^RB75F^K*BZ?
M:*O%M$.WW150:#I8DW_9(]^<Y]ZUL4FT&AT:<MXK02JU([-C54#H,4N*=BC%
M:6(&XYIP&*,44P"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`***:Q(Z4`.HKE+GQOID'B:3129C-#`]Q-+Y9\N,+U&[N?85
M#X4\<1Z_J?V.33;S3VEA^T6C7`&+B+.-XQT[''O2N!V-%<1JOC^WT_7Y;%K&
M[ELK:1(+O4$`\JWD<?*#W/;)'3-1Z=\1K.ZU)HKBQN[2PD65K6^E`\NX$8^?
M'<=#C/7%,#NZH:[_`,@N?Z#^=<YX2\;IX@U`VDNFWFGO)#]IM3<*,7$.<;UQ
MT[<'UKHM;YTJ?Z?UH`O1?ZM/H*=3(S^[7Z"GYH`**,T9H`**,T9H`**,T9H`
M**,T9H`**,T9H`**,TF>:`%I#1FH;N>.VMY9YV"QQJ69CV`HLWL%TM6<C\3O
M$+Z1HXM;/YM1O3Y,*CJ,]35[P!X=3P]H$,+C-W)\\[]RQKD?!T$GB[Q=<^)+
MU3]BMCY=HIZ?6O4U/%=-5^RBJ4?5^O\`P#GI+VDO:/Y"BEI.**YCH%HHS1F@
M`HHS1F@`HHS1F@`HHS1F@`HHS29H`6BDS[T;N>M`"T4W=45Q=16T1DGD1$'4
ML<4F[:L/(GK,U;6+339$2Z8JSC(P,UCW_C"+?Y.E027<QZ%1\M9-[I.O:N1<
M7HB0]%3.-HKSL1C?=:PZYG^'WG?0P?O)UWRK\?N-B[\8V,2?N`\\IX5%&#6<
M(-?\0$O/*+&S/W54?-6KX5T(:?&SWD<9N"WRMG.!71J`!BE3H5L1%2Q$K>2T
M^]A.K1P\G'#QOYO7[EL<?_PA4048O)=W<L,Y-;VBZ7%IUFL(*R,"3O*X)YK3
MXHP*Z:6#HT9<\(V9A5Q=:K'DG*Z$P*448%'%=1SA112YH`2EHS1F@`HHS1F@
M`HHS1F@`HHS1F@`HHS1F@`HHS1F@`HHS1F@`HHS1F@`HHS1F@`HHS1F@`HHS
M1F@`HHS1F@`HHS1F@`HHS1F@`HHS10`4444`%%%%`!1110`4G>EHQ0!QOBOP
M_=:IX@M980B6GV&XMY'SRKN`%..]<YX>L?$5K>6VHZUI<4,>@Z>UI`D4N]KM
MN!N']T8'2O5"H/6DV+Z4E<&>3ZQX=\07MYJ>E6UE"=&UNXCNY+QI<-:C`WH5
M[MQQ4-EX1\0WGV/1+^UM[;3=*CN%AO5DW&Y\P'9A<<8SS7KVP4NT4)=`N[W/
M-_!6DZ_)KUC=>(+&WLHM*L38P^7+O-PQ(S(!_"N!TKM]<&=(N`>A&./K6AL&
M<XJEKG&E38]!_.F!%'I,!C7]Y<#@?\M#3O[(@_YZW'_?TUH1?ZM/H*=0!F_V
M1!_SUN/^_IH_LB#_`)ZW'_?TUI44`9O]D0?\];C_`+^FC^R(/^>MQ_W]-:5%
M`&;_`&1!_P`];C_OZ:/[(@_YZW'_`']-:5%`&;_9$'_/6X_[^FC^R(/^>MQ_
MW]-:5%`&;_9$'_/6X_[^FC^R(/\`GK<?]_36E10!F_V1!_SUN/\`OZ:/[)@_
MYZW'_?TUI4AZT`9W]DV__/6X_P"_IKSSXC3&XU"S\,Z-).UW=,&F/F$A4]Z[
MOQ7K<'A_1Y[ZY8#:/D7^\W85ROPOT6=S<>(]6!-_?L60-U1.U=-!<B=5]-O4
MPK-S?LUUW.FTCPW9Z9IL%I`TJK&H!VN1D]S5L:3`?^6EQ_W]-:(6G#BN9MMM
MLV2LDC-_LB#_`)ZW'_?TT?V1!_SUN/\`OZ:TJ*!F;_9$'_/6X_[^FC^R(/\`
MGK<?]_36E10!F_V1!_SUN/\`OZ:/[(@_YZW'_?TUI44`9O\`9$'_`#UN/^_I
MH_LB#_GK<?\`?TUI4A)S0!G?V1!_SUN/^_IH_LB#_GK<?]_36CFD)..*5^P&
M?_9$'_/6X_[^FC^R(/\`GK<?]_35_<?2N9\6:[)8B*.QGC$^?G'#8%95Z\*$
M'.>R-:-*5::A#=FM_9,'_/2X_P"_AJG?QZ=81E[JZD0#L9CFN=L]5\0:N&AL
MY(AC[\FW&VM73_"4/F"?5)I+R;J=YX%<L<;/$*]".G=['1+"0H.U>7R6K,F3
M57OG,.A6UV[$X\UW.!5NS\*7-UB36[V64#_EDKY%=C;V\-N@2"-44=@,5+M%
M4L&ZCYJ\KOMT^X3Q?(N6@K+OU^\QK70+"US]F22+/]UR*G&E0_\`/2X_[^&M
M+:!VI<"NR,%!6CH<DI2F[RU9F_V3!_STN/3_`%AH_LF#_GK<?]_36EBBJ$9O
M]D0?\];C_OZ:/[(@_P">MQ_W]-:5%`&;_9$'_/6X_P"_IH_LB#_GK<?]_36E
M10!F_P!D0?\`/6X_[^FC^R(/^>MQ_P!_36E10!F_V1!_SUN/^_IH_LB#_GK<
M?]_36E10!F_V1!_SUN/^_IH_LB#_`)ZW'_?TUI44`9O]D0?\];C_`+^FC^R(
M/^>MQ_W]-:5%`&;_`&1!_P`];C_OZ:/[(@_YZW'_`']-:5%`&;_9$'_/6X_[
M^FC^R(/^>MQ_W]-:5%`&;_9$'_/6X_[^FC^R(/\`GK<?]_36E10!F_V1!_SU
MN/\`OZ:/[(@_YZW'_?TUI44`9O\`9$'_`#UN/^_IH_LB#_GK<?\`?TUI44`9
MO]D0?\];C_OZ:/[(@_YZW'_?TUI44`9O]D0?\];C_OZ:/[(@_P">MQ_W]-:5
M%`&;_9$'_/6X_P"_IH_LB#_GK<?]_36E10!F_P!D0?\`/6X_[^FC^R(/^>MQ
M_P!_36E10!F_V1!_SUN/^_IH_LB#_GK<?]_36E10!F_V1!_SUN/^_IH_LB#_
M`)ZW'_?TUI44`9O]D0?\];C_`+^FK=I;);(5C9R"<_,V:GHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`*H:[_R"Y_H/YU?JAKO_`""Y_H/YT`78O]6GT%.I
ML7^K3Z"G4`%%%%`!1110`4444`%%%%`!112=Z+@+5+5M1MM+M6N;V410K@%C
M4M[=Q65N\]U*D4*#+.YP!7DGB'4=2^(-T]IH4!.FVQR9'^42-ZYK:C2]H]=%
MU9C5J\BLMRS!YOQ&\7"5PR^']/;*@])6%>KQ*J1JB@!5&`!V%<]X%TVXTOP]
M!:7EO%!-'D$1MD-[GWKHAQ17GS2Y8[(*,.6/,]V.HI,T=*QV-KBT4U6S0&.<
M'K2N@'451U;4HM,M3/.&*`XPHR:RK?Q?ILK,)&:$#G+C@UC4Q5&G+DG))FT*
M%6I'FA%M'1T5RUSXUTZ/B`37#?["55_X2V_N"19:1*WH7K.6.H1=N:_IK^1I
M'!5Y*_+;UT_,[.F,:X\7/BR[_P!7#!;J?7&12?V!KEYS>ZL4!ZB.I6+<OX=-
MO\/S']42^.HE^/Y&QKVM+I4*,L8E9FVE0W2L>'QO"(V,MI*&S\B(=V:=_P`(
M7%MRU[,TG=F&:TM#\/0Z9*\A?SW/W2R_=KE?UZ=5->['MHS=+!1IZMRE]QCM
M<:_K^5@06%D>K'[Q%:.G^$;"&,_:0]S(W5V8BNEP*,8KJC@X7YJKYGY[?<82
MQD[<M)<J\M_OW,_3]*M-.#_8H_*W?>Y)S6@F=O2D8A1R0/J:2-ACY6!^AKIA
M&%/W8*R]#EG*4WS2=V28H%)FC-7<0M%)4<DR1$>9(JYZ;CC-#:6X$M%1QS)(
MNY'5E[D'-`D!.-P_.CF0$E%-S3994A0O*P5%Y))P!0W;<"2BJD.H6LT@CBN(
MG<]`K9)JSNQU(I1DI*Z8#J*C,J#JZC\:C:\MU^]/&#_O"FY);@6**YC4?%T%
MI=20K`TNW^)6&#6I9:S:7%K%*TT<9<9*LPR*QABJ4Y<L9:BNC3HJHNH6IZ7$
M1_X$*>+R`])XO^^A6O/'N,L45"+F$])8S]&%9>J^(K339UBF#N67<-F#4RJQ
M@KR8/0VJ*S-.UFUOK?SD<1KDKB0@&I)-5LHOOW,?X&A58-<UQ71?HK%E\1V"
MY"2,YQQA<URG_"6:EYW#1F/?C&SG&:PK8VE1:4GN)R1Z+17._P#"2CM9SL>_
MRT?\)+Z6-P?PK3ZS3[CN=%17._\`"2/_`-`^X_*L7Q!XCO=\0MA):C!)##EJ
MBKC*5./,Q.21WE%<3H/B&]-O)Y\<EV0W#*.GM6G_`&_='[NFSX]Q13Q=.<5)
M#4KG1TF>:YW^W;X]--EQ]#575-;OS83_`.ARP?*?W@_AJI8J$8MA<ZS-**\R
MT;6K]=0B+S37`_YY@YW"NK_X2-U^_83@?2LJ&-IU8\VPE),Z*BN?'B:(??MK
MA?\`@-/7Q-9'[PF7ZI6ZKTV[7'=&[17$:EXPGCO)%LXXV@`&"P.2:ZK1KI[W
M2[>XE`5Y%R0.G6II8JG5FX1W0*2;LB[11170,****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`JAKO_(+G^@_G5^J&N?\`(*G^@_G0!=B_U:?04ZFQ
M?ZM/H*=0`4444`%%%%`!1110`44UFQU/'6L+7/%>DZ-:?:+N\C(8914.YG^@
MII-Z(3:2NS=[US/BKQGI?A^,K-*)KH_<MXSEB??TKD9/$'BCQD[0^'K<Z=IY
M.#=2\,16WH/@G3=`62_O0VHWZC>TTW//L#6\J<*"O6?R,5.=5VIKYF#;:/K_
M`(]N4NM>9K#1P=R6JY!<?2O3=+TVUTRS2UL8$AA08"J.OUKG8?&=LSJLEM)%
M'W8L.*=<>-;%6*6D,URW^R,"N"IFM"HOB22Z'93RVO!_"VWU.KQ2,:XTZUXB
MOC_H&GK"IZ-(*0Z+X@OCF_U$0@]5C[5B\6Y:4X.7RLOQ-OJG+_$FH_._Y7.I
MN-0M;8'S[B*/_>;%8]YXNTNW8A)C,_I&,U6@\&68.Z[FFN6_VVXJS=6NF:+8
MR30VD#2(,A3R34RJ8GENU&*\]?Z^\/\`98;MR]-#/;Q;=W1VZ;I<S'LSC@T@
M'BN_'S&&U0^G6IM+\61W%TD4UNMO$1G?GI6JWB'3U/\`KL_1:PARUES3K-K[
MA+%TH_PJ:7KK_P``P9O".H2J6GU-I9/[K$E:ETGPB([G=J/E3Q8X4#H:UCXE
ML!T,A^BTQO$UGGY(YF/7A:?U7!\W-O\`-LIYC6Y>5/[DE^1I6^FV5J/W-M$N
M/1:M(%Q\HXKSW5/$M^+Z7[--Y46?E1E&16W8ZMJ\]I$8K0/N7_6-W]ZUHXRC
M*3A!;'"ZCF]3J<X--)4<G`^M<^8=>N1\\T<(]A0-`N)N;O4)F]0IKH=63^&`
M7+.N:[%I<<;*HF+MMPK#(JEI_BVVN`_VB-H=O3OFB\\)6\\:B*>5&!Y8\YJQ
MHOAN#3GE:5A<%\8W*/EKG;Q3J=D+WK@WB:U_Y8PSR'V6F?V[=R?ZC3ICZ;AB
MMY((5^Y$@^@J0`#H*Z?9U.LOP*U.$\47NISV2">V>!-_5"<U6\+2:IYT_P!D
M#,V!N\[./PKT1D5OO`'ZTBHJ_=4#Z"N>6"E*I[1S9/+YG/9\0>D`HV>(3_';
MUT>*,5O["_VG]Y5CG-GB'^_;USWB>VU66>`W<;2,`<&%20/K7HF*,#TK.K@_
M:0<>9B<;GG^C1ZM;Z-=+##Y<1SN\P$,..U8^F/>G4+?RFG,F[Y0Q./QKU?:/
M2D$:#D(H/L*QEE]^6TWH+D\SGMOB!NC0**J:I8ZW-83++*D@*X,:#EJZW`HP
M*Z98925G)CY3S71-&U$:C$?)EM@`?WF.E=0OA^=_]=J,[?0UT>*``*SHX*%*
M/+>X**1SX\,V_P#RTN+A_JU/7PUIX^\)&^K5NXHQ6ZP]-;(=D<=?>#5EN7>W
MN3%&>BXSBM.S\,V4=M&DJ>8ZC!;.,UO8HQ6<<'1C)R41<JW,5O#FGG_ED1]#
M3&\,V!Z>8/HU;N*,5I]7I_RCLC`_X1BR[/,/^!5EZIX1>6=#:7`"@8/F')KL
M\48%14PE*HN5H3BGN<MI?A6*&WVWSF23=GY#@5IPZ!IT?(MPQ]SFM;%&*J&&
MI4URQB-)%1+"T0$+;QCMPM9W_",:7YWF"W(;=NZ]ZW,48JG1IO5I!9#%10.%
M`IV!Z#\J6BM+(8F![?E52]TVTOBINH4D*],]JN48I.*DK,"K96-M91LEM"D2
ML<D*.IJSBEHIJ*6B`2FR1K*A610RG@@C(-/HHL@*T5A:PN'BMXD<="J@$58P
M/;\J7%%)12V`88T/55/X5&UK;M]Z&,_\!%3T8%#B@,"^\+Z?=W+S.)$+#D(<
M"M>PM4LK.*WASY<8P,GFK%%1"A"$N:*LQ604445J,****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"JNI7L&G6,]Y>2B*W@0O(Y[`5:KG_'NF7&L>$M3L;,
M*UQ)%^[5NC$'./QQ0!'X2\8:=XG-PMDMU#-!M+PW,)C<J?NN`>JGUK4US_D%
M3_3^M<9X%74-4\37.M7NDW.E0QV,=BL=PH5I'4Y9@!_".QKNKRW%U:O`6*[A
MC(Y(H`GB_P!6GT%.K.6TO%4#^T&X&/\`5BE^RWG_`$$#_P!^A0!H45G_`&6\
M_P"@@?\`OT*/LMY_T$#_`-^A0!H45G_9;S_H('_OT*/LMY_T$#_WZ%`&A16?
M]EO/^@@?^_0H^RWG_00/_?H4`9GCNXO;?P_,NEV\L]U,/+41CE<]37!_#GPF
MDM[-)K^ES^?%@PF?[A_"O3_LMY_T$#_WZ%)]DO/^@@?^_8K>GB)0ING'KU,9
M45.?-(N0HB*%10J+P%`P!45Y!]HM98MV-ZE0<=*@%I>#IJ#?]^Q1]EO/^@@?
M^_8KFE'FCRLV6C370YRT\&F*XC::Y62-3\R;?O4FN:HVA:@MO86UNL>S=G;S
MFND^R7A_YB#?]^Q65JGA?^TKD3W-_+OV[?E0#BO/G@52@UAO=;ZF^(Q5:O;G
ME_7R(+#Q--/;*?L;27!)R$'RU8^U:[=?ZJWC@7U)R:M:;HTVGVP@M[YP@YYC
M4FK7V2\_Z"#?]^Q71"A4Y4IS=_(YDGU9E_V/J5P?]*U!@#V2ED\*VTT3+)-,
M7/\`$3TK3^R7G_00;_OV*/LEY_T$&_[]BJ^K0ZJX[&1I_A*VMKI99)GF"_PL
M.#6XFG6:CY;:(?\``:B^R7G_`$$#_P!^Q2_9;S_H('_OT*=+#4Z2M%!9%@6=
MN.D$8_X#3U@B7I&@^@JI]EO/^@@W_?H4?9;S_H('_OT*UY4/0;<:)IUS,TLU
MLCNW4G/-7H8D@B6*)0J*,`#M5/[+>?\`00/_`'[%'V6\_P"@@?\`OT*2A&+N
MD%B_BC%4/LMY_P!!`_\`?H4?9;S_`*"!_P"_0JK`7\4M9_V6\_Z"!_[]BD^R
MWG_00/\`WZ%,#1HK.^RWG_00/_?I:7[+>_\`00/_`'Z%`&A16?\`9;S_`*"!
M_P"_0H^RWG_00/\`WZ%`&A16?]EO/^@@?^_0H^RWG_00/_?H4`:%%9_V6\_Z
M"!_[]"C[+>_]!`_]^EH`T**S_LMY_P!!`_\`?H4?9;W_`*"!_P"_2T`:%%9_
MV6]_Z"!_[]"C[+>?]!`_]^A0!H45G_9;S_H('_OT*/LMY_T$#_WZ%`&A16?]
MEO?^@@?^_0H^RWG_`$$#_P!^A0!H45G_`&6\_P"@@?\`OT*/LMY_T$#_`-^A
M0!H45G_9;S_H('_OT*/LMY_T$#_WZ%`&A16?]EO/^@@?^_0H^RWG_00/_?H4
M`:%%9_V6\_Z"!_[]"D-M>C_F('_OTM`&C16;]GO?^?\`/_?M:=]EO/\`H('_
M`+]"@#0HK/\`LMY_T$#_`-^A1]EO/^@@?^_0H`T**S_LMY_T$#_WZ%'V6\_Z
M"!_[]"@#0HK/^RWG_00/_?H4GV6]_P"@@?\`OT*`-&BL[[->_P#00/\`WZ%+
M]EO?^@@?^_0H`T**S_LMY_T$#_WZ%'V6\_Z"!_[]"@#0HK/^RWG_`$$#_P!^
MA1]EO/\`H('_`+]"@#0HK/\`LMY_T$#_`-^A2?9;S_H('_OTM`&C16?]EO/^
M@@?^_0H^RWG_`$$#_P!^A0!H45G_`&6\_P"@@?\`OT*/LM[_`-!`_P#?H4`:
M%%9_V6]_Z"!_[]+5FUCFC0B:;SCG@[0,4`3T444`%%%%`!1110`4444`%%%%
M`!1BBB@!,5S_`(R\1-X?M;86UE)?7]Y*(+6V1@N]^O)/``%=#7)^/M*U*]&E
MW^AI#+?Z;<^>L$S;5F&""N>QYH`O^$-?7Q#I/VDV\EK<1R-!/;R$$Q2*<$9[
M_6MT5RWP_P!&O-)TFX?5/*%_>W+W4T<1RL98_=![X'>NH%#W!"T444`%%%%`
M&!XLUJ_TJ.W32-(FU2\G8JD2,$50.268\`5R!^*;30[[#0KNY>U1I-3574?9
M55MIQS\YR#T["MSXE1^)[G38+7PI#"_G/MNV:;RG$7<(>Q/K7(-X8\306\HT
M?2M/M$U&R%C<6[7&[[-M)_>[@/G)!.1ZT`>M6-S'>6<-S`VZ*9!(A]01D5/5
M/1[,:?I5G9JQ86\*Q;CWP`,U<%`!1110`4ULC)S@4ZJ&N63:EI-W917,EJ]Q
M$T8FC^\F1U%`'&WGQ,M([C6(;.QN+IK)XX8=I`%U*YP%0^@/4UO>#_$3Z_;W
M*W5E)I^H6DIAN;9V#%&Z@@CJ"*\Y_P"%:>)+"]GGMM;%\ELD#V<,T:QB1XS]
MUMHX[\^IKN_`>DZE:'5-2UV."#4-2N/.:"%]ZQ*!A5W=SBFO,3\CKJ!112&%
M%%%`"$UP>J_$#['XD;3;33)+NW@E$-S,LR*R,1GY4)RP`ZXZ5WC5Y#XC^'^H
M7/B'538Z?8/'J=PMP-4>0K/9\88*._MC%'4.ATFA>/CJ>N6]M+I5Q;:=>O)'
M87KNI%PR=?EZK[5W2G*UYCX:\*^(+?5-'M-4%H-(T.222WN8Y"9+DL,+E<?+
M@=:].7I1H`M%%%`!24M%`'+^._%)\,6-M)%9_:KBYE\F)6E6*,'&<LYX`KG&
M^)TDVGV=QINA75V3;&[O5610+:($@D'/S="1CJ*U/B9X?O=:CTV6RL[74H[2
M4O+IUT^V.<$8!SR,CMFN1L_!GBK1K-ETR/3Y3J5JUI<0O(52P!8D>7_>50<8
MI(#US3KN*_L8+NV;=#/&)$/J",BK-4-"L!I>C65@K;Q;0K%N]<#&:OTWN""B
MBB@`KG?&OBBW\*:2]]<P7-R>D<%NFYG(Z_3ZUT58WB[3YM4\-ZE96NW[1<0-
M&FXX`)%#`YK6_B"^GW@2UT>YO+:W@CN-0GC90+9)/NX!^\>Y`[4EU\0Q%KAB
MBTR>718ITM)M2#+M25\;1MSDKR,GWK+UOPKXD2>[@TA+.2UU>U@M[N260J;9
MD`5BH_BR*;<>#M>6^FTBU%JWA^ZO8KU[IWQ)&$QF/9WR5&#FA;BZ'JBGBEIJ
MC"@?A3A0,****`(;J=;>"2:3B.-=S'KP*XJS\?2:GI%]=Z1H>H7$\-U]DBMW
M41M(<`[SG[JX/4UW+`=Z\ZU;2O%6GV'B%O#4=LU_J%Z)(VDDV[(MH#$?[7'%
M+J'0</B+=26BV]OH4\GB'[2UL^G"5<*5&YFW],8(_.NO\+:U%X@T.WU"&*2'
MS,J\4@^:-P<,I^A!%>?6?A_Q%8V.E7VFZ-:0:CI\L@:VEO/,^U+(!N=I,??R
M,UVW@71[C0_#D%K?O&]X[O/.8_NAW8L0/89Q3Z!U.AHHHH`****`.7O/&%M#
MXRL_#L=M<O-<!BUQLQ%&0N0,]R?2JMUX\L(?$&I:9Y4SQZ?:-=3W2@%,@\HO
MJU7/$FC76H>(-$NK9ECAM?.\ULX9=Z8!'OFN&MOA?K%M?R1'Q'+<Z9)I\UMB
M6%5;>YSSCKSR32>V@'6>#O&$^N:A)9:EI4^E730K=0)(P82PGHV1T/J*[,=*
MX#P7H^O_`-O#5/$L-I;M:V:V$,=O)O\`,P<F0GMG`XKOEZ4P%HHHH`*P/&?B
M:W\+:1)?7,%Q<D?<AMTW.Y_I]:WZRO%%E+J/A[4K.VV^?/;O''N/<C%`')ZY
M\1397%K#8:6UY(8(Y[E?/2,QAQ\JKN/SMUX'I3K_`.(?V;6VACTBZDTJWECM
M[N^R`(9)`-HV]3C(!/:N>\0>`=1DNC+:Z7IM_)=V4-LTUQ*5:RD08WIZ_A@\
M5/<^#?$237&D0-:SZ/?3P7-Q>NY$J&,+O7;_`!%BO7WH`]94Y`/6BD084"EH
M`****`(KB98(7ED.$12S''0"N";XF6[Z%J>HVVF79^R72VD<<V(C*6QAR2?E
M7GJ:]`85YIXC\':I>PZT88K:X6?48[Q+.5]L=U&J@&-SV!I:W`GM_B3+>:%:
M2V&C2W&L7-R]K'9)*I5F09=A)TV@=ZZWPIKD?B'18-0BBD@+$I)#)C=&ZDAE
M./<5YYI_A'Q#I%K:ZIIMGI\=_!>2S1:2LI$,<4BX**V.#GYO2NX\!Z+<Z)X?
M2#4'C:]FEDN)_+^Z'=B2![#.*8'1]J44@Z4M`!24M(:`.&U[QS=Z/J4K3Z%=
M#0H)%AGU%G5<$]U3JRC/457TSXD)/=,^H:5<66ES12S65XS!A<+'][@?=..1
MGK5'Q#IOBO5?&1>]TBUO-`A8+:1_:]@4D<RNN#N(SP*JV?@OQ#?);Z5K!M(=
M,TVWGBM;F)]S3M("%)7^'`/XT`=1X/\`&<VMZBUEJ.DSZ7.\(N[82N&$T)Z-
MD=#TR/>NR'2O/O!FAZ__`&]#J/B2&TM_L%D+&W6WDW^:.\A].`.*]!'2@`HH
MHH`****`"BBB@`HHHH`****`"DP":6B@`HHHH`****`"BBB@`XI,#M2T4`(*
M6BB@`HHHH`*,9HHH`0J#U%+@444`%%%%`!1110`8S1BBB@`P*%&!@444`%%%
M%`!1110`F!36PN3TQS]:?3)/NMCG@T`</HWQ`;5=22VL_#NLFT>=H1>F,"+@
MX+'G..*[&._MI'E2*Y@=XO\`6*L@)3Z^E>>>!?`;:;;R:A<7&H6^J/).P@:Z
M8PJ7)P=G3T-<+X7\">)+2;4(KBWNDE6SN(9)<1JMTSYV_,#N;ZG&*$#/>5U2
MQ*H1>VQ#-M4B4?,?0>]/%_;&.:074!CA.)'WC"$=0?2O(M2^'(E@N(K?1T"1
M:3'%;*KXV7&[+$<_>_VJJ>)OA_J:6=]%H-BT%JYM9YH8R&^TLJD2#!."<XZ\
M&AZ"N>SMJ5FENMP]W;B!AE9#(-I'UJFOB#3'U>XTX7D7VJ"%;B12P`$9Z'->
M3>'O`%Y>6FBPZ]ILD]@ES<3M:W`51"K)A1M4X'/:J,O@O6[*SF$&@+<7<VG1
MP&8L&9523E.3R=N,#I04>QWOB72[22R1KR%Y+TLML$8$2LHR0#5JWU6U>&T:
MXECMI;E0R0RR`/SVQWKPOP_X'U2UMH99_#L[QQZC(\$4SH7AC>+`?`X`W=0*
MN:AX/U8".&Y\-MJ5W<6D,5I>^<%_LYEZ@^F#SD=:&3U/<%O;8W/V<7,)G_YY
M!P6X]JIQ:Y;R:MJ&GA9//L8DFD.."&!(Q^5>;V?@6YM]5@U1K#=JZ:R)7NP_
MS-!MP3]#Z5I^(/`?_"0>--9O[V34+>!K6*.W:TN3$)"`<@@=>:!G8Z/XCL-3
MTFRU!9D@BO!F))V"LW..`:U&N(@3^]3Y6VGGH?2O")?!NIV^FV$%_P"%VUES
MIRVEL3.`;"4$_,?3J&W#GBM270O$]M>-I9TM[R*>YM;I]0$H"@(H##'7=D?C
M0!ZW)JMA&KO)>VRJAVL3*``?0^]7$(901R"."*\*\0^`9D\)Z<8-%N)=1%S-
M+.(-CEV8\%U<X88]^*];\$P7]KX5TV#5XH8KZ.(+(D)RJ^F/PH0&V0/2E'`H
MHH`****`"BBB@`Q2;1Z4M%`";12@8&!110`4444`%&,T44`)@4;1Z4M%`!11
M10`4444`%)M%+10`FT9I<444`%%%%`!1BBB@!,"C`I:*`$P*6BB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!,`C!`Q2XHHH`,#T
M%&***`#%&***`#`]****`"BBB@`HQ110`8`["BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
,@`HHHH`****`/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image00010.jpg
<TEXT>
begin 644 image00010.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"`'.`LX#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Z'\<>+=.\
M&:&^K:QYPM%D6,^4A<Y/3BO//^&B_`_]_4?_``&-2_M3_P#))[G_`*^HOYFO
MC9078(@+,QP`.237I83"0JT^>1S5JS@[(^Q/^&B_`_\`?U'_`,!C1_PT7X'_
M`+^H_P#@,:^5E\'^)B,CP]JI&,@_9FY!_"L:XAEMIY(;B-XI8V*LCKM*D=01
M71]0H-V3,O;S6Y]A?\-%^!_[^H_^`QH_X:+\#_W]1_\``8U\<T?_`*J?]G4A
M?69'V-_PT7X'_OZC_P"`QH_X:+\#_P!_4?\`P&-?'7M2=J/[.I!]9D?8W_#1
M?@?^_J/_`(#&C_AHOP/_`']1_P#`8U\<T4?V?2#ZS(^QO^&B_`_]_4?_``&-
M'_#1?@?^_J/_`(#&OCG%6K2PO+R&>6TM)YXK==\SQH6$8]6/:AY=26X?69GU
MY_PT7X'_`+^H_P#@,:/^&B_`_P#?U'_P&-?'.<],8]J.]']G4K7#ZS,^QO\`
MAHOP/_?U'_P&-'_#1?@?^_J/_@,:^.^P^M)ZT?V?2\P^LR/L7_AHOP/_`']1
M_P#`8T?\-%^!_P"_J/\`X#&OCKM0I^4YH_LZD/ZQ*US[%_X:+\#_`-_4?_`8
MT?\`#1?@?^_J/_@,:^.EZBK+6%VNGK?&UF%DS[!<%#L+>@/3-#R^DMP^L3Z'
MUY_PT7X'_OZC_P"`QH_X:+\#_P!_4?\`P&-?'-%/^SJ0OK,S[&_X:+\#_P!_
M4?\`P&-'_#1?@?\`OZC_`.`QKXYZ]\^H%6KO3KVRA@EO+2>"*X7?"TBD"0>J
MGN*7]GT=A_6)GUY_PT7X'_OZC_X#&C_AHOP/_?U'_P`!C7QS11_9U(7UF1]C
M?\-%^!_[^H_^`QH_X:+\#_W]1_\``8U\=?PFDSTI_P!G4A_6)WL?8W_#1?@?
M^_J/_@,:/^&B_`_]_4?_``&-?'1Y-)1_9U(7UF1]C?\`#1?@?^_J/_@,:/\`
MAHOP/_?U'_P&-?'(%+VI?V=2M</K,C[%_P"&B_`_]_4?_`8T?\-%^!_[^H_^
M`QKXYS4]G:W%[<+!9P2SS-]V.-=S'\!3>744KA]9F?7_`/PT7X'_`+^H_P#@
M,:/^&B_`_P#?U'_P&-?';`JS!@00<$'J#Z58L["\O8YWL[6:=8%WS-&A81KZ
MG'04GE]);C^L3/KS_AHOP/\`W]1_\!C1_P`-%^!_[^H_^`QKXYZT4_[.I"^L
MR/L;_AHOP/\`W]1_\!C1_P`-%^!_[^H_^`QKXYI?6E_9U(%B9'V+_P`-%^!_
M[^H_^`QH_P"&B_`_]_4?_`8U\='K29XH_LZEN@^LR/L;_AHOP/\`W]1_\!C1
M_P`-%^!_[^H_^`QKXZST^E(>@H_LZD-8B5S[&_X:+\#_`-_4?_`8T?\`#1?@
M?^_J/_@,:^.VZ\58N+"[MH+>XN;6:*WN!F&5T(64?[)/6C^SZ0+$39]>?\-%
M^!_[^H_^`QH_X:+\#_W]1_\``8U\='[U(>]']GTMQ?69'V-_PT7X'_OZC_X#
M&C_AHOP/_?U'_P`!C7QS3EZBC^SZ0?69'V)_PT7X'_OZC_X#&C_AHOP/_?U'
M_P`!C7R#:V=Q=^<;6WEF\I#(_EJ6V*.I/H/>J_\`^NC^SZ(WB)[GV-_PT7X'
M_OZC_P"`QH_X:+\#_P!_4?\`P&-?'-%/^SJ0OK,S[&_X:+\#_P!_4?\`P&-'
M_#1?@?\`OZC_`.`QKXYHH_LZD'UF9]C?\-%^!_[^H_\`@,:/^&B_`_\`?U'_
M`,!C7QS11_9U(/K,S[&_X:+\#_W]1_\``8T?\-%^!_[^H_\`@,:^.:*/[.I!
M]9F?8W_#1?@?^_J/_@,:/^&B_`_]_4?_``&-?'-%']G4@^LS/L;_`(:+\#_W
M]1_\!C1_PT7X'_OZC_X#&OCFBC^SJ0?69GV-_P`-%^!_[^H_^`QH_P"&B_`_
M]_4?_`8U\<T4?V=2#ZS,^QO^&B_`_P#?U'_P&-'_``T7X'_OZC_X#&OCFBC^
MSJ0?69GV-_PT7X'_`+^H_P#@,:/^&B_`_P#?U'_P&-?'-%']G4@^LS/L;_AH
MOP/_`']1_P#`8T?\-%^!_P"_J/\`X#&OCFBC^SJ0?69GV-_PT7X'_OZC_P"`
MQH_X:+\#_P!_4?\`P&-?'-%']G4@^LS/L;_AHOP/_?U'_P`!C1_PT7X'_OZC
M_P"`QKXYHH_LZD'UF9]C?\-%^!_[^H_^`QH_X:+\#_W]1_\``8U\<T4?V=2#
MZS,^QO\`AHOP/_?U'_P&-'_#1?@?^_J/_@,:^.:*/[.I!]9F?8W_``T7X'_O
MZC_X#&C_`(:+\#_W]1_\!C7QS11_9U(/K,S[&_X:+\#_`-_4?_`8T?\`#1?@
M?^_J/_@,:^.:*/[.I!]9F?8W_#1?@?\`OZC_`.`QH_X:+\#_`-_4?_`8U\<T
M4?V=2#ZS,^QO^&B_`_\`?U'_`,!C1_PT7X'_`+^H_P#@,:^.:*/[.I!]9F?8
MW_#1?@?^_J7_`(#&O1_!7B>P\8:!!K&DF0V<Q8+YB[6R#CI7YY5]K?LR?\DB
MTO\`WY/_`$*N3&86%&"E$VHU7-ZE7]J;_DE%S_U]1?S-?'^C_P#(7L/^OB/_
M`-"%?8'[4W_)*+G_`*^HOYFOCFUE-M=P3`;C$ZR`'H2#FNK+W^Y:,<3\:/J[
MXB:D]MXB\M?BE;^'0+>,_P!GO;[RO'7/O7DV@Z'X>U'P3XI\7>*?M>K75IJ)
M19;>8Q?:5..?0!N3G&:GO_C9%J,XGU+P/H=W<!%3S969F('OBN4NO'TUQX:U
M_1+?2K2VM-7NOM9$3G_1^GRJ.XXK.G0J1337Y=RW4B[?UT.B\:>&?#/AW6O#
M5_:Z/?7VDZU9B5-+%T5D20\`"3J:V?$7AGX?:3XJ\,Z'/IEU;7=\4-_%]N9_
MLN\852?7./RKEK;XJW$>J>'+V?1+.Y.@VOV>W1Y"`Y[.>."*K:YXHT_QKJ*Q
MIH.E:)J=Y<"5]5>Y<[6SDYST%7RU(VYNER>:#V-V]^'6F>'=%UN?7XY9+@:L
MNGZ;MD*AE+#+GU&*ZQOASX"?QMJ/A86.J1SPV`O1>K=$B,XY4+W]>:Y;XX>-
MXM5U+PY8:=?0ZE'H\:23SPC$<\XQDCVXQ6./BMJ"^.;WQ-_9MM]HNK+[$T.\
MA0N,;LXZTE&K.-T^_P"6A7/!/4U+_P`%^'->\&Z7J_A6WN]-EEU4:9*ES,9O
M,SP']O7%=/XE^$_AJSL-7LH,6=]86_F0W\FI+(;F0=5:'^&O*K3QO?6G@Q/#
M]M;QQK%?C4$N@QWJXZ#'I[ULZY\5+G4K2_\`*T'2[35M1B6&]U)!NDE4>Q&%
M/TINE6O9/2_^7_!)4H;G._#;PVOB[QGINC2RF&*X<^8XZA5&2![X%>P>%7\+
MQ^&/B9;>%K"^LS:V?E2&>?S5F"L0'&>5/7BO#/#FL7GAW6K35=,DVW-JX="P
MR#Z@_6N]NOBPTFG:[:V/AC3+'^V8RMW+"[;F;^]_];I6F)A.3LMO^"3"45>Y
MI+X1\'>&O^$9TGQ+::AJ&K:W$LS7,%P8DM%?[N%_CZ]ZT?#GPLT*#6/$^F:H
MPU?5=/G6.TT_[9]D,T;#(?=ZX/3VKD])^*5Q;:?ID6J:'INK7^EKML+VXR'A
M';('#8]ZIZ/\0[F*XU5M=TFQUM=2E$LWGY217'3:Z\@>U3[.MK9_CY_Y%J5/
M0["S^%FGZC\4&THV6I:5I45H;N2"Z<%GQ_"DF?ND_P`1Y%9WQ0\#Z'I/A.WU
MO1U33[D3^3-8"_%YE3]UPP_E6;<?%O7'\56>L6]O:P06EL;..Q&7C\D]5)/)
MSZUC>,/&O]O:7;:5IVBV&BZ7`[2_9[7YB[GN6//X41IU^:/,]/5"<J=C?^$O
MACP_K>@^*=2\2VUS/'I4"S(D$QC+=<C(^@KI/!_@'PWK/AD^*)-)=[2\NO)M
M=/DU3[/Y"#[S&1OOGVKS?PIXQN?#FAZ]ID%K%-'J\0AD=V(,8'H*N^$_'LFC
M>'O[#U+1[+6]*287$,%R2/)D'<$?RHJQJ-RY7O;_`()$7'1/S.T@^&?AZT\9
M>(C=WDE[X<TFS%Z(X)/WC[@<(6'H0>:TKH:'K'P5T.+1K2YM-,NM=BC>VFF\
MQDRV"`_>O/\`3?B9JUIXNU#6YK6SN$OXC!<V)39"T6,!,#ICUJ77OB7/?^&[
M31-.T2QTJSL[Q;RW%NQ.QE.0.>O/K2]E6=K^75&CG"[MY_D=7:?#KP_+\6/%
M/A^2"?\`L[3[1YK=!,P92%!Y.>>3618^'/"7AWP7H>M>+K.]U&36IF5%MYS$
M+:('!;C[Q]JL'XU70U&\U-/#.EIJ-[;&VN[D.VZ7C&?0?05@>'?B-+IN@VNC
MZOHEAK=I93?:+);EBIMWSG@CJ,]C24*W+Z6)YJ=SM_`-GX/MO"_Q!FAT^;5K
M:TC)BN9',3R1$<(.ZGW[T^?X>V/B"X\#VZ7=]#97.FR7UR))VF,<:8^2,$\=
M<<5PVD_$V_MM2\0W&I:;8ZC!K<?E7%LP\I%';;M'&/UI\_Q3U9;WP[=:;:6]
MF^C0M;Q`$NLL;=58'MBG[*K>ZW]?)K\RU4A;^O(U)O#7A3Q1X2UW4_"5E?:7
M<Z)*/-2YN#,MS&3@GG[I]A76R>`/`D/C/1/#3Z;J37.JV"W`N1=D+"Q7.=O?
M)_*O.=>^(\M_HUSI6C:)8:':7LPGO1:L6-RP]2>@]A5BX^*-_+XVT?Q(=-MQ
M<:;:BT2$.=KJ!C)XH=*M;3SZKLOU%ST[G#:U9?V=K5]8JQ?[-</"&Q][#$`_
MI7JNI^&/`OA-M)T;Q/#J,NHWUD+J74H9CMMRP^51&/O5Y3JUX^I:K>WTBK&]
MS,TQ4'(!8DX'YUW^G_%BZAM-/;4-"TS4-7TV$P6>HSYWQ+CC*]&Q[UM5A4Y5
M8SC*/,[D-]X3TF#X20>(8?-DOFU=K/SBQ"O".GR]B:[NV^&'A8_$"/2YH+K^
MSCH0U!U6=MWF=R#U_"O/M"^)%U9^'[O1M6TFRUFUN+LWJ"X)7RICSN`7J/:M
M*;XPZE+XKDUPZ59B=M..F^4KD*%/\0X_2L)PK-67F6I0_KU+&F:#X2\7^'/%
M'_"-Z5=:?K&E0_:+=);MI3-&IPQP>,GTJ_#\,](GN/`^@R&6'7]70W=]+O)$
M<.,A0N<`D=Z\Y\%>*+SPCXFBUJQC65U+!X7.$E5NJ&K^H_$#6+OX@+XNB,<%
M_&P,4:\HB@8V?3%:.G6YK1?G^`N>/4[SQ_\`#KP]9>$]3O\`2XTTR]T^3"H=
M26[^UIG!.!RA]JR/@O&+#1?&WB%1_I.GZ>8X2.2C/GYA^%8GBKX@MK.CW.G:
M?H6FZ/%>2^?>26XW-._?DC@>PJW\(-:L;1O$.B:Q<QVMGK-DT(FD.%20#*D_
MRJ%"?L9<V_\`PUQ\T'-6V_X)>T[PUX8T;X>Z+KWBJUOK^\UVX:.$6\_EBW4'
MEC_>//0UZ#8^'=-\*ZC\1-.T)9%LO^$>CF42.7.YADDDUS/P]U*TG\`VVEZE
MJOAJ8V-V7MX-6+1M:MN^^A'#@]<56\??%"!/&/B5M"BBOK/4].33GF)*`%1\
MS(/K42<Y3<?ZW12<;)_UU(+[P%H=OXJ^'MA'#.+;6K9);L&4DLQ'.T]OPI\G
M@;PWI#^,]9U6WN[S1]&O19VUA%.8WD8]"7ZBLW2OBW=6=MH/VK0=.OM0T9=E
MK>RE@ZIZ8'&<=ZH6?Q,O(]2U^2]TNTO]*UM_-N]-F8A-W8AQR*KDJN+2Z?YD
M\\+W-70?!OA7QAXTBCT"[O+?1%LVO+R&0$R0E1RBL?O9]:2;PUX4\4^#-4UW
MPK:WFCG2;A$N8[B<SB2)F`W@GH1UQ65)\4-83Q58ZQIEI96$5C";>&RBC!C$
M1X96[MGU-1Z]\0Y;W17TG0]%L-"TZ:87%S%;$OY[@Y&XGM[5I[.JY)KRZKOK
M^`<T+?UV/1-=^&/AJ+P_<3:'H^H:I`EL'CU6ROQ(S/C)W0]@.]5_!OPMT,^$
M=#U#7K<WEQJV6>0ZBMJ+1,XRJG_6'VKFH?B]<6L<ES8>'-,L]9EM_L[7T+,!
MC&,B/[N<5G:!\39].T73M/U31--UG^S79]/GNLAK=CDG@?>&>QK+V5=1M^H^
M:FSF/&VC1>'O$^IZ;:7*W<%M)MBG4\.IY!]Z]%USPMX4T;P/X3N7TN[N=:UZ
M#:L@NV2.&3./,([XX^6O+-7U&XUC4[J_O&4W%RYD?8H4`GL!V%=!XD\:W>N:
M'X<TUK>.W&B(4AEC8DN<Y!([5TRISY8_C]QDI139Z[JOP?\`#=G!=:5+_H][
M#9^:-5?45R\P7.TV_8'UI!X47QCX;^%NC7,QAMQ932S.IY*IG(!]_6N!U#XM
M7E[;3S/H6E+KUQ;?9)M6VYD>/&#\I&`?>JEK\3]6L;?PM'8V\$3Z%$T*.26^
MT(WW@X[9KE5&O;7?_@/_`(!M[2"V_K8ZCQ[\/-"MO#?]H:-!_9]]#=)!]B34
M%O&N(V.`RX/#>U;W_"K/#%QI.I6K6-QIVK6M@;J-Y+_S9I"%R2\0X09[5YKK
MGQ%EO;>WMM%T73M#ACNQ?.+8;S),#D$L1D#V%;[?&BX%Y?W<?AC2HK[4;8V]
M[<*[;Y\K@'I\OK@4W3Q'*DG^*!2IWU-OP3\._#.J>#M,O8;"?Q!?3QLUX+;4
M/)DM6[`1G[U4/`_PSTZ[T[7]6U6TN+B*RO&LX-/N;H6;=CEW[$`].]<[X;^)
MG]C:?I\$_AO3+NZT\YM+O>T3KSD;@OW^?6H;#XG:@)-:37=/L]9T[5I_M-Q:
M7&57S!T((Y'``JI0K\SN_P`N_P#D3S4[+^NYV^E:#8>"_C9X<MM%N%GTW6(_
M*EM_.$WEJ_#1EAU^M>1^--.32/%^LZ?#_J[>[D1`.R[C@?E7=^#_`!;!K/Q2
ML_$'B!K'3++2X3)#;Q@(B[!\D:^ISWKSK7]1?5]=U#49/OW5P\Q'IDDU=!24
ME?L34E%Q9GT4N*,5V:'.)12XHQ1H`E%+BC%&@"44N*,4:`)12XHQ1H`E%+BC
M%&@"44N*,4:`)12XHQ1H`E%+BC%&@"44N*,4:`)12XHQ1H`E%+BC%&@"44N*
M,4:`)12XHQ1H`E%+BC%&@"44N*,4:`)12XHQ1H`E%+BC%%T`E?:_[,G_`"2+
M2_\`KI)_Z%7Q1BOM?]F7_DD>E_\`723_`-"KS\Q?[M>IU87=G3_$[P;'XZ\+
MR:+/>26:/*LGFHFXC;[5X_\`\,PV/_0S7/\`X##_`!KZ-P#2XKRJ=>I35H,[
M)0C+='SC_P`,PV7_`$,MS_X#C_&C_AF*Q_Z&:Y_\!Q_\57T=BDVBM/KM?^8C
MV,.Q\Y?\,Q6/_0S7/_@,/\:4_LQ61Z^);D_6V'^-?1FT48%'UW$?S#]C#L?.
M7_#,%CC_`)&6Y_\``8?XTO\`PS#8C_F9KG_P&7_XJOHS%&*/KN(_F#V4.Q\Y
M_P##,-CQ_P`5-=>W^CC_`.*I/^&8+'_H9;G_`,!A_P#%5]&XI<4?7*_\P>RA
MV/G+_AF&R_Z&6Z_\!Q_C1_PS!8_]#+<_^`R__%5]&XI,4?7*Z^T'L8=CYS_X
M9BL?^AFNO_`<?_%4?\,PV/\`T,MS_P"`R_\`Q5?1N*,4?7*W\P>RAV/G+_AF
M&Q_Z&:Y_\!Q_\51_PS#9?]#+<_\`@,O^-?1N**/KE?\`F#V,.Q\Y?\,P67_0
MRW7_`(#C_P"*H_X9@L3U\2W/_@,/_BJ^C<44_KM?^8/90['SE_PS#8_]#-<_
M^`P_^*H_X9AL?^AFN?\`P''_`,57T912^NU_Y@]C#L?.?_#,-C_T,US_`.`R
M_P#Q5'_#,-C_`-#-=?\`@./_`(JOHS%+BCZ[7_F#V4.Q\Y?\,Q6/_0S7/_@,
M/_BJ/^&8K'G_`(J:Y_\``8?_`!5?1N*,4?7*_P#,'L:?8^<O^&8;(?\`,S77
M_@./_BJ/^&8;'_H9KG_P&7_XJOHVBCZY7_F#V,.Q\Y?\,PV/_0RW/_@,/_BJ
M3_AF&Q_Z&6Y_\!A_C7T=1BCZY7_F#V,.Q\Y?\,PV/_0RW/\`X#+_`/%4?\,P
MV/\`T,MS_P"`R_XU]&XI-HH^NU_Y@]E#L?.7_#,-C_T,US_X#C_&C_AF&Q_Z
M&:Y_\!Q_C7T=BC%'UVOOS![&'8^<?^&8;'_H9;G_`,!A_C0?V8;$]?$MS_X#
MC_XJOH[%)@4?7:^W,'L8=CYR_P"&8+`_\S)<_P#@,/\`&C_AF&Q'3Q+<CO\`
M\>R_XU]'8I,"CZ[B/Y@]E#L?.8_9AL1_S,MS_P"`P_QH_P"&8K'_`*&:Y_\`
M`8?_`!5?1N*,4_KM?^8/8P['SE_PS#8_]#-<_P#@,/\`XJC_`(9ALO\`H9KK
M_P`!Q_\`%5]&XHI?7*_\P>QAV/G+_AF&Q_Z&6Y_\!E_^*H_X9ALNWB6Y'TMQ
M_P#%5]&T8H^NUUM(7L8=CYR_X9AL?^AFN?\`P''_`,51_P`,PV/_`$,US_X#
MC_XJOHW%&*/KE??F'[&'8^<O^&8;'_H9;G_P&'^-'_#,-E_T,UU_X#C_`!KZ
M-Q1BCZ[7_F#V,.Q\X_\`#,%C_P!#+<_^`P_QI?\`AF&Q_P"AFN?_``''_P`5
M7T;BBCZY7_F#V,.Q\Y_\,Q67_0S7/_@,O_Q5)_PS#99_Y&:Z_P#`<?\`Q5?1
MM&*?UVOTD'L8=CYQ_P"&8+'_`*&6Y_\``8?XTO\`PS#9?]#-=?\`@./_`(JO
MHS%+BCZ[7_F#V,.Q\Y?\,P6/_0S7/_@./_BJ/^&8+'_H9KG_`,!Q_P#%5]&X
MHQ1]=K_S![&'8^<O^&8+'_H9KG_P''_Q5'_#,%C_`-#-<_\`@./_`(JOHW%&
M*/KM?^8/8P['SE_PS!8_]#-<_P#@./\`XJC_`(9@L?\`H9KG_P`!Q_\`%5]&
MXHQ1]=K_`,P>QAV/G+_AF"Q_Z&:Y_P#`<?\`Q5'_``S!8_\`0S7/_@./_BJ^
MC<48H^NU_P"8/8P['SE_PS!8_P#0S7/_`(#C_P"*H_X9@L?^AFN?_`<?_%5]
M&XHQ1]=K_P`P>QAV/G+_`(9@L?\`H9KG_P`!Q_\`%4?\,P6/_0S7/_@./_BJ
M^C<48H^NU_Y@]C#L?.7_``S!8_\`0S7/_@./_BJ/^&8+'_H9KG_P''_Q5?1N
M*,4?7:_\P>QAV/G+_AF"Q_Z&:Y_\!Q_\51_PS!8_]#-<_P#@./\`XJOHW%&*
M/KM?^8/8P['SE_PS!8_]#-<_^`X_^*H_X9@L?^AFN?\`P''_`,57T;BC%'UV
MO_,'L8=CYR_X9@L?^AFN?_`<?_%4?\,P6/\`T,US_P"`X_\`BJ^C<48H^NU_
MY@]C#L?.7_#,%C_T,US_`.`X_P#BJ/\`AF"Q_P"AFN?_``''_P`57T;BC%'U
MVO\`S![&'8^<O^&8+'_H9KG_`,!Q_P#%4?\`#,%C_P!#-<_^`X_^*KZ-Q1BC
MZ[7_`)@]C#L?.7_#,%C_`-#-<_\`@./_`(JC_AF"Q_Z&:Y_\!Q_\57T;BC%'
MUVO_`#![&'8^<O\`AF"Q_P"AFN?_``''_P`51_PS!8_]#-<_^`X_^*KZ-Q1B
MCZ[7_F#V,.Q\Y?\`#,%C_P!#-<_^`X_^*H_X9@L?^AFN?_`<?_%5]&XHQ1]=
MK_S![&'8^<O^&8+'_H9KG_P''_Q5'_#,%C_T,US_`.`X_P#BJ^C<48H^NU_Y
M@]C#L?.7_#,%C_T,US_X#C_XJC_AF"Q_Z&:Y_P#`<?\`Q5?1N*,4?7:_\P>Q
MAV/G+_AF"Q_Z&:Y_\!Q_\51_PS#8_P#0S7/_`(#C_P"*KZ-Q12^N5_Y@]C#L
M?.7_``S#8_\`0RW/_@./_BJ]D^&WA./P3X5MM#ANGNT@9F$K+M)R<]*ZG%&.
M<UG4KU*BM-W'&G&.J04445D6%%%%`!1110`4444`%%%%`!1110`444C':,T`
M+17/:?XS\/ZEJEQIUAJ]E/>VZEI8DD!*@=3Z<5>T77-/UN&2;2;R"[AC<Q.\
M39`8=10!IT5SFO\`C7P[X=NDMM<UFRLKB096.63#$>N.U+J'C3P[I]]:V5[K
M-C#=W2AX8VDY<'H?QHN!T)-)NZ5F>(I+]=$NWTA4:]"$QAO\]:X+P+=ZU%IP
M\B[@N)'<^9!?ML>*3N%]0:N--N#E<AS][E2/4J*YG[3XI/2TTO\`[^M2_:/%
M7_/GI?\`W]:H+.EHKF_/\5_\^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SY
MZ7_W]:CS_%?_`#YZ7_W]:@#I**YOS_%?_/GI?_?UJ//\5_\`/GI?_?UJ`.DH
MKF_/\5_\^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W]:CS_%?_`#YZ
M7_W]:@#I**YOS_%?_/GI?_?UJ//\5_\`/GI?_?UJ`.DHKF_/\5_\^>E_]_6H
M\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W]:CS_%?_`#YZ7_W]:@#I**YOS_%?
M_/GI?_?UJ//\5_\`/GI?_?UJ`.DHKF_/\5_\^>E_]_6H\_Q7_P`^>E_]_6H`
MZ2BN;\_Q7_SYZ7_W]:CS_%?_`#YZ7_W]:@#I**YOS_%?_/GI?_?UJ//\5_\`
M/GI?_?UJ`.DHKF_/\5_\^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W
M]:CS_%?_`#YZ7_W]:@#I**YOS_%?_/GI?_?UJ//\5_\`/GI?_?UJ`.DHKF_/
M\5_\^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W]:CS_%?_`#YZ7_W]
M:@#I**YOS_%?_/GI?_?UJ//\5_\`/GI?_?UJ`.DHKF_/\5_\^>E_]_6H\_Q7
M_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W]:CS_%?_`#YZ7_W]:@#I**YOS_%?_/GI
M?_?UJ//\5_\`/GI?_?UJ`.DHKF_/\5_\^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN
M;\_Q7_SYZ7_W]:CS_%?_`#YZ7_W]:@#I**YOS_%?_/GI?_?UJ//\5_\`/GI?
M_?UJ`.DHKF_/\5_\^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W]:CS
M_%?_`#YZ7_W]:@#I**YOS_%?_/GI?_?UJ//\5_\`/GI?_?UJ`.DHKF_/\5_\
M^>E_]_6H\_Q7_P`^>E_]_6H`Z2BN;\_Q7_SYZ7_W]:CS_%?_`#YZ7_W]:@#I
M**YOS_%?_/GI?_?UJ3S_`!7_`,^>E_\`?UJ`.EHK!LIO$9NXA>6NGK;D_.8Y
M6+`>U;U`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!6/X
MO@O+KPQJL&F$B]DM9$A(./G*G'ZUL4C#-)JZL-.SN>%_"G7?"$7AO3]%NM(D
MM]:L;5Q?K)8L&C('[PL^.0?KS5'X0^(;@Z;XBM?`6G6UU=-JTER+:[#VL:VS
M8`93CD\=*]_\H<^]*$QZ?E5=R>ECY@\2:K<>%K[QA_;-E:CQ+>78GMY;ZQ:[
MBN;;9@1(P!P0>*D^*$UK>V&E0A)H-8:&UE_L5=++)=L""`)L94#TKZ;V>]+M
M]34J^@WJ5[,NUK!YJ>7(4!=`<[3Z9]JR/$_AJTUJW&Y1'<QY:.1!@AL?SK?V
M^]9TUE?O*QCU'8A.57R@<422>@XMQ?,MSBM.\1ZIX>'D^)(IKBP0[?MRIDQ_
M[^.#]17=Z??V^H6<-U9R++#*H9&'<5F7NBWMRH\[46D503Y?E#:Q]Q7(6_AG
MQ!X?NI+O0[CS$D`EDM9<!">XSZX[@=:6L36\*F^C_#_@'IWX45Q6B>(7UF7R
MOMS6%]CYK.>(;Q[CUK=^R:E_T%/_`""*:=]C.4'!VD;%%97V'4_^@I_Y!%'V
M'4_^@I_Y!%,DU:*ROL.I_P#04_\`((H^PZG_`-!3_P`@B@#5HK*^PZG_`-!3
M_P`@BC[#J?\`T%/_`""*`-6BLDV6IY_Y"G_D$4V2UU"-27U8*`,DM$`!0!L4
M5B&*]\L2?VS'Y9Z/Y:X/XYJ3[)J/_05X_P"N(H`UZ*PU2[:0HFM1LXSD"-21
MCKWHA2[F)$.M12$=0B*?ZT`;E%9(LM2/_,4_\@BE^PZG_P!!3_R"*`-6BLK[
M#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6
MBLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"
M*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!
M3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG
M_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H
M^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/
M_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_
M`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[
M#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6
MBLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"
M*`-6BLK[#J?_`$%/_((H^PZG_P!!3_R"*`-6BLK[#J?_`$%/_((H^PZG_P!!
M3_R"*`-6BLK[#J?_`$%/_((H^PZE_P!!3_R"*`-:BLVWM+])D:;4/,C'5/*`
MS^-:5`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1F@\UFS1:H97\F>V6//RAD).*`-*FXXK,\K5_^?BU_P"_9H\G
M5_\`GYM?^_9H`R/%'A*WU>1)XR+>X0EC,N0P/7/'>L:Q\2:CH%PEOXA87.E$
M8AU!$.\^[CL.O/M78"'5Q_R\VO\`W[-4]2TG4-1M6M[F>U:-O^F9)]*EQOL:
MPJV7++5?UL;5M=P74"S6TJ2Q,,JZ-D'\:GSFO,FT+7/"UT;G1)A/:;-TULY`
M1FSU']WCTK:T/Q,^ML4MKF.VN%&6M[F/:X]QZCWHYNX2I:<T=4=G161LU;'_
M`!\VI_[9FE\O5_\`GYM?^_9JC(UJ,UE>5J__`#\VO_?LT>3K&?\`CYM?^_9H
M`TG;YA7DOQQFCDU7P=I^L3R6_AJ\OF74'#E%;"_(KL.BEJM>,;3Q<?%&G/;3
MAH=P\HP@A%/?<*["\TB]U733::N-.NH9`/,BEAWH3^-5.GR\LKD1FVW%H\G^
M*EAX2LOA7<+H.H1+;VESNMHHKO\`=^:6&['/S8';M6YX^\8:H/!FK0:!IFH'
MR[!9(]6A`:%A@!MC#DL!G\JZN3P/8RV$%C)I6B-9P,7BA-J-B,>I`]36K8Z3
M>6%C'9V7V"WM(QM2&.'"*.^!4-73_KH6M&CQ'P[+X7T_Q5HUKHUC"WVZSE,6
MLQZAOE9O*RYGBZCDGKZ5;^"PBT#QO'H36.BW5Q/9M+_:NEW#RL5#9Q-DD`G/
M%>I6'@VUTZ]>\L--T6WNY`0\L5J%9L]1]#4^C^&!HIF.D6NDV1F.9#!;;"Y]
M\55]1,Z=>M.K*$.L#_EYM3[^6:/*U?\`Y^+7_OV:0S5HK*\K5_\`GXM?^_9H
M\K5_^?BU_P"_9H`U:*RO*U?_`)^+7_OV:/*U?_GXM?\`OV:`-6BLKRM7_P"?
MBU_[]FCRM7_Y^+7_`+]F@#5HK*\K5_\`GXM?^_9H\K5_^?BU_P"_9H`U:*RO
M*U?_`)^+7_OV:/*U?_GXM?\`OV:`-6BLKRM7_P"?BU_[]FCRM7_Y^+7_`+]F
M@#5HK*\K5_\`GXM?^_9H\K5_^?BU_P"_9H`U:*RO*U?_`)^+7_OV:/*U?_GX
MM?\`OV:`-6BLKRM7_P"?BU_[]FCRM7_Y^+7_`+]F@#5HK*\K5_\`GXM?^_9H
M\K5_^?BU_P"_9H`U:*RO*U?_`)^+7_OV:/*U?_GXM?\`OV:`-6BLKRM7_P"?
MBU_[]FCRM7_Y^+7_`+]F@#5HK*\K5_\`GXM?^_9H\K5_^?BU_P"_9H`U:*RO
M*U?_`)^+7_OV:/*U?_GXM?\`OV:`-6BLKRM7_P"?BU_[]FCRM7_Y^+7_`+]F
M@#5HK*\K5_\`GXM?^_9H\K5_^?BU_P"_9H`U:*RO*U?_`)^+7_OV:/*U?_GX
MM?\`OV:`-6BLKRM7_P"?BU_[]FCRM7_Y^+7_`+]F@#5HK*\K5_\`GXM?^_9H
M\K5_^?BU_P"_9H`U:*RO*U?_`)^+7_OV:/*U?_GXM?\`OV:`-6BLKRM7_P"?
MBU_[]FCRM7_Y^+7_`+]F@#5HK*\K5_\`GXM?^_9H\K6/^?BU_P"_9H`U:*SK
M>+4Q,IGGMVC'W@J')K1H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`***S9]8MX96C:.X)4X)$1(H`TJ*R?[=MO\`
MGG<_]^C1_;MM_P`\[G_OT:`-:BLG^W;;_GG<_P#?HT?V[;?\\[G_`+]&@#2*
MUQ?B?P9:7ZS3J3"`A<-$,,K9Z#`S@\Y%=$==MO\`GG<_]^C33K=M_P`\[G_O
MR:+)CC)Q=XG+67B2Z\.316/B/][:8`COXT(4#C`<'O\`2NZM[B&XA26%TDC8
M95D.016%J5UINI0"*ZAN2!R"(CD5P\DM_P"&;F>[T"WNA8[LM93#<K>I4CD9
MJ=8FKY:OD_P/6P>*6N7T'QCIVIV>[$D%RBAI;:08=,]..XK2_MVV_P">5U_W
MY-4G<RE%QT9ILN6S3EX%97]N6W_/.Z_[\FC^W;;_`)YW/_?HT"-:BLG^W;;_
M`)YW/_?HT?V[;?\`/.Y_[]&@#6HK)_MVV_YYW/\`WZ-']NVW_/.Y_P"_1H`U
MJ*R?[=MO^>=S_P!^C1_;MM_SSN?^_1H`UJ*R?[=MO^>=S_WZ-']NVW_/.Y_[
M]&@#6HK)_MVV_P">=S_WZ-']NVW_`#SN?^_1H`UJ*R?[=MO^>=S_`-^C1_;M
MM_SSN?\`OT:`-:BLG^W;;_GG<_\`?HT?V[;?\\[G_OT:`-:BLG^W;;_GG<_]
M^C1_;MM_SSN?^_1H`UJ*R?[=MO\`GG<_]^C1_;MM_P`\[G_OT:`-:BLG^W;;
M_GG<_P#?HT?V[;?\\[G_`+]&@#6HK)_MVV_YYW/_`'Z-']NVW_/.Y_[]&@#6
MHK)_MVV_YYW/_?HT?V[;?\\[G_OT:`-:BLG^W;;_`)YW/_?HT?V[;?\`/.Y_
M[]&@#6HK)_MVV_YYW/\`WZ-']NVW_/.Y_P"_1H`UJ*R?[=MO^>=S_P!^C1_;
MMM_SSN?^_1H`UJ*R?[=MO^>=S_WZ-']NVW_/.Y_[]&@#6HK)_MVV_P">=S_W
MZ-']NVW_`#SN?^_1H`UJ*R?[=MO^>=S_`-^C1_;MM_SSN?\`OT:`-:BLG^W;
M;_GG<_\`?HT?V[;?\\[G_OT:`-:BLG^W;;_GG<_]^C1_;MM_SSN?^_1H`UJ*
MR?[=MO\`GG<_]^C1_;MM_P`\[G_OT:`-:BLG^W;;_GG<_P#?HT?V[;?\\[G_
M`+]&@#6HK)_MVV_YYW/_`'Z-']NVW_/.Y_[]&@#6HK)_MVV_YYW/_?HT?V[;
M?\\[G_OT:`-:BLG^W;;_`)YW/_?HT?V[:_\`/.Z_[]&@#6HK.M]7MYYDB1+@
M,W0M$0/SK1H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`*3%+10`E%+10`E%+10`E%+10`E-D0.I#`$$8(/0TZB@#
MBM<\#6E\[2Q,8IHR'@=``4;//3&>V!5+2O%=]I$AM/%49\I#M6^6,[1SC]YV
M6O036=JVEIJ<'D3LRPM]]%QA_J*378UC5TY9JZ_K8NP31S0K)"ZO&XW*RG((
MJ2O-[G2=5\&2K/H<TMWIV<R6L[$C)/)![>PZ5UGAOQ+I^M1[8)/*N5`WV\OR
MNOX>E)/HPE2TO#5&[BBC(HW#UJC(**7-%`"44M%`"44M%`"44M%`"44M%`"4
M4M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"4
M4M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"44M%`"4M&:*`"
MBBB@`HI,@=2*,CUH`6BDW#UI:`"BBC-`!11FC-`!11D49'K0`449%&:`"BC-
M%`!11FC-`!11FC(H`**,T4`%%%%``:SII-261A#;V[1@_*6D()'Y5HT4`9GF
MZM_S[6O_`'\/^%'FZM_S[6O_`'\/^%:=%`&9YNK?\^UK_P!_#_A1YNK?\^UK
M_P!_#_A6G10!F>;JW_/M:_\`?P_X4>;JW_/M:_\`?P_X5IT4`9GFZM_S[6O_
M`'\/^%'FZM_S[6O_`'\/^%:=%`&9YNK?\^UK_P!_#_A1YNK?\^UK_P!_#_A6
MG10!D3'4Y4:.2TM61AAAYAY_2N3U[PE=7;-<VEG:VMU",PRPRLKDCIGCG'I[
MUZ$>M-QSWI-7'&3B[IGG6D^,KW3L6?B>..&3)1;L',>1_?\`[OUKKH+G4)X5
ME@BLY(G&Y728D$>H.*MW]A!?VLEM=0K)#)]X,,UPJZ?K_A>]D.CI->V`.\VK
M'(P>NT\!?I2NXFWN55V9VBR:KVMK;_OX?\*=YNK?\^UK_P!_#_A5/PMXEL=>
MB?[.6BG7[\,HVN/P[CWK?S57N8N+CHS,\W5O^?:U_P"_A_PH\W5O^?:U_P"_
MA_PK3S10(S/-U;_GVM?^_A_PH\W5O^?:U_[^'_"M.B@#,\W5O^?:U_[^'_"C
MS=6_Y]K7_OX?\*TZ*`,SS=6_Y]K7_OX?\*/-U;_GVM?^_A_PK3HH`S/-U;_G
MVM?^_A_PH\W5O^?:U_[^'_"M.B@#,\W5O^?:U_[^'_"CS=6_Y]K7_OX?\*TZ
M*`,SS=6_Y]K7_OX?\*/-U;_GVM?^_A_PK3HH`S/-U;_GVM?^_A_PH\W5O^?:
MU_[^'_"M.B@#,\W5O^?:U_[^'_"CS=6_Y]K7_OX?\*TZ*`,SS=6_Y]K7_OX?
M\*/-U;_GVM?^_A_PK3HH`S/-U;_GVM?^_A_PH\W5O^?:U_[^'_"M.B@#,\W5
MO^?:U_[^'_"CS=6_Y]K7_OX?\*TZ*`,SS=6_Y]K7_OX?\*/-U;_GVM?^_A_P
MK3HH`S/-U;_GVM?^_A_PH\W5O^?:U_[^'_"M.B@#,\W5O^?:U_[^'_"CS=6_
MY]K7_OX?\*TZ*`,SS=6_Y]K7_OX?\*/-U;_GVM?^_A_PK3HH`S/-U;_GVM?^
M_A_PH\W5O^?:U_[^'_"M.B@#,\W5O^?:U_[^'_"CS=6_Y]K7_OX?\*TZ*`,S
MS=6_Y]K7_OX?\*/-U;_GVM?^_A_PK3HH`S/-U;_GVM?^_A_PH\W5O^?:U_[^
M'_"M.B@#,\W5O^?:U_[^'_"CS=6_Y]K7_OX?\*TZ*`,SS=6_Y]K7_OX?\*/-
MU;_GVM?^_A_PK3HH`S/-U;_GVM?^_A_PH\W5O^?:U_[^'_"M.B@#.@DU(RJ)
MK>W6/^(JY)_E6C110`4449H`\X^-.I:S9:5I-MX9U!K'5]0ODM8&V!D;/4,3
MT`%8/B3PO\1-+\.W=]9?$![B\MXC*T4MFJHV!D@$<_2NV^)EAH5[X7E/B>\^
MP65NZS)>+)Y;P2`_*RMZY[=Z\=F\2:1J<)L_$'Q8N;O1G^62"#3FAEE7^ZT@
M3OWQUI+<9V?PQ\5:PVJZ1IFM:@=5@UG3?[1L[IX1'+'@_/&X!P>O!%>NKT%<
M#X.\*Z?_`&S%XFL[]KNT-FMMI<(39';6^.@!YR?4UWR\"J=NA*%/0U@^)(-2
M>!I;#5DTZ*&-G=VA$F2!GG/05O'I7"_$C2->UY;*QTP0-I#/OOXVG:*28#I&
M"`?E/?UJ6-&E\.M9O/$'@_3]3U&(1W,RG=M7"N`Q`<#T(&?QKEKKQ#J!^)VI
M07POK;1=*LUN"8YE6/JV7<=6!`P![5UD6B)J6FVD>J6K6+VXVQP6=TZ*JCH,
MKC/TQ61J/@V?4=;\1R2SK'9:GIJ6,9!)="-W)_,42OT'&W4EL/&\-U=V$=WI
MMY90:F"+&YFQMF;&0,#E21R,UC^%O&4]OX=L3?+<:GJM]?W$%O!'@,ZI(W))
MX"J!UJ>W\,Z[?R>';?6OL45KH;K*LMNY+7#JNU>"/E'<]:IV'@O6=*AT6\M'
MM)M1TV[NI#"SL(Y(IF)P&QPPX/3UJNK(Z(U_AMKEWK>H>)VO/M");W_E103K
MAH1M&5^F:M0^.+:75=7MA8726VDLRWEXY`CCPN>/7(IW@30M3TB[UVYUB2V>
M;4KO[2H@SA1M`VG/I52/P;-/I_C*ROID6'6YG:-HR245D`Y]\U#O9][%Z7'Z
M7\0+"\NDAOK:;3UFMGNX'F=6$D:\L<`\$`@X-8M]XVO+_7?!ZV=I?Z?9:A>-
M\\@&VYB"$]NGJ`:FT+P3,NER:=J&DZ1:L;-[1KZV):1]R[<J"!M]3S26GA;Q
M)+-X2COCIR6NA39D9&9GG4(5##C@^U4[<SY=O^'_`.`3K8W5\<V+Z!!JPMKC
MR9K[["J'&X/YFS/TS4D?BT76LW-GINEWE]#:3>1<746T)&_=<'DX[XKDI/!/
MB1=.@T:!].&G0:L+\3LS;Y(_,W[-N,*P/?G.*W]%T;7?#^L:I'9)9W6F:A>&
M\$LDA5X2_P!]2H'S<].:75C,.R\8:K?Z/XS?5;:[LH-.GECCNK=D#QJH&%`[
MM[^]=!_PEZQ""QTVQO=9OHK1+F=8RH9$8?+N)X+'!XK,F\(ZN-/\8Z7";5K;
M6'DN+><N0R.P'RLN.G'7FIK7P]KFA:S-J.C+97GVVRAMYXIW9/*DB4@,I`Y!
MSR/:AWOIY?EK^(O^#^:+3?$*RFFTB+2K*[U";5(I)8$B`7;L^\')^[BN@\*Z
MY;^(M,^VVT<L)5VAEAE&&CD4X*FN/\->`;O0]:\-7"W,,L&GP7`N6)(+22G/
MRCTSZUN^!M,?P]:ZE!?7%L7GOI;A=DG16(P#GO3[@KW.MI#4!N[?_GO%_P!]
MBLOQ#XBL]%TUKN5O.(Z1Q,"S8ZXI7MJ7&+DTEN;=%<_X:\4Z7XAB#6,X$O\`
M%"YPZ_45HRZDD<C(;>Y;:>JQY!H33V%*,HNTE8T**S/[63_GUN_^_=']K)_S
MZW?_`'[IB-.BLS^UD_Y];O\`[]T?VLG_`#ZW?_?N@#3HK,_M9/\`GUN_^_='
M]K)_SZW?_?N@#3HK,_M9/^?6[_[]T?VLG_/K=_\`?N@#3HK,_M9/^?6[_P"_
M=']K)_SZW?\`W[H`TZ*S/[63_GUN_P#OW1_:R?\`/K=_]^Z`-(U#=P1W,7E3
M`E"<X!QG'-4_[63_`)];O_OW1_:R?\^MW_W[H#T.<\2>#UO;V.^TYC:WB?\`
M+1#M((Z<^G/2H-/\4WVDWHT_Q=$D'&V.^08CE/\`3ZUU$FJJ<8M;O_OW6;K2
MVFL63P75G<DE<!C$>/\`&DX]4:QJ_9FKHZ&%TD59(V#(PR&!R#^-2UY5OU;P
MM<%]'6\N=+63,UM/$>..D9Z`?IQ756?C"ROM'GO=/CEN)8E):V4?O0?<?UHB
M[OEZBG3Y5SIW1U=+7F7@#QQJ&K7UW%J5J\B9W1M#'_J_]D_XUW7]K)_SZW?_
M`'[K2I3E3?+(PIS4U=&G169_:R?\^MW_`-^Z/[63_GUN_P#OW4%FG169_:R?
M\^MW_P!^Z/[63_GUN_\`OW0!IT5F?VLG_/K=_P#?NC^UD_Y];O\`[]T`:=%9
MG]K)_P`^MW_W[H_M9/\`GUN_^_=`&G169_:R?\^MW_W[H_M9/^?6[_[]T`:=
M%9G]K)_SZW?_`'[H_M9/^?6[_P"_=`&G169_:R?\^MW_`-^Z/[63_GUN_P#O
MW0!IT5F?VLG_`#ZW?_?NC^UD_P"?6[_[]T`:=%9G]K)_SZW?_?NC^UD_Y];O
M_OW0!IT5F?VLG_/K=_\`?NC^UD_Y];O_`+]T`:=%9G]K)_SZW?\`W[H_M9/^
M?6[_`._=`&G169_:R?\`/K=_]^Z/[63_`)];O_OW0!IT5F?VLG_/K=_]^Z/[
M63_GUN_^_=`&G169_:R?\^MW_P!^Z/[63_GUN_\`OW0!IT5F?VLG_/K=_P#?
MNC^UD_Y];O\`[]T`:=%9G]K)_P`^MW_W[H_M9/\`GUN_^_=`&G169_:R?\^M
MW_W[H_M9/^?6[_[]T`:=%9G]K)_SZW?_`'[H_M9/^?6[_P"_=`&G169_:R?\
M^MW_`-^Z/[63_GUN_P#OW0!IT5F?VLG_`#ZW?_?NC^UD_P"?6[_[]T`:=%9G
M]K)_SZW?_?NC^UD_Y];K_OW0!IT5GP:DLLJH+>Y7=_$T>!6A0`4P_>I]-/WZ
M!/8\E_:&RGAW1+O[+<7RVFIQ3O90Q&3SU!Y!`].O-2K\5O!Y0$Z)K"G'*G1G
MX]NE:&I:GK"VMS!!XR\-V]_]I)0R("$B_N,N_.[WK(^W^,">/B%X.^@MQ_\`
M'*4=BI'I^BWL&HZ5:WEG')';SQAXTDC\ME!]5[?2KXZ5GZ&T[Z/:->74%Y<&
M,&2XMQB.0]RHR>*T!39*V"BBB@84444`%%%%`!1110`4444`%%%%`!2&EI#0
M`UA^7>O,M6^&EQJ.IK=G4UC,L\DER!NY4CY`G/!!QFO3S2?A2E%2W-*56=)W
M@['EDGPI#6MLL>J21SKGSY,L=W/&T9X[U3UKX8W$&AHVFW+SZBN[>N\[6]-H
M/3WKU_\`"C\*AT8-6L;QQ^(33YF>2^$?AE=Z?JMAJ%_>JOE;FE@0$D_W1N_G
M7K*&G48JHP459&5?$5,1/GFQ:***HQ"BBB@`HHHH`****`"BBB@`HHHH`***
M\[^.FKW>D>!7>RNGLA<7,-M-=IP8(W<!FSVX[TK@>A.<=*:%KY]^)7ABRT?P
M?9Z/X4\0:GYFI:A`K,=1:5E+`X8'.0":YCQ;XMU;Q1H>DQ0WMW:R>'7BCU-H
MV:/S+DR"-5)!YX&<4:_U_7F'F?4[*'4JZAD/!!'!KD=<\$VUU#YVF2W%GJ2\
MK<1RD,1W6O'O'_C6=/B:=5M&U4V?A^X@MCY"LUHZL/WQD(XR`RXSWJ3Q%J#)
M\6)-$MM6N5\+ZG>6US>S+(Q%O.5W+"KYPH?@D"A*^@XSE#WD>D>&O$4.C7<E
MEK=K'8W#N!]K08CE;D<^AX^E>@PRK*N^%U=#T*MD51U33+?4+=H9(X&\S"N7
M0,2G<`^N._:N*%KJ_@BZ$6E1M?:,Q)6U/+H,Y^0^O/>B[3NS51A5^'W7^#].
MQZ0O)Y_*GUBZ!KUCK<6^SE_>*=LL+C:\9]"*VJ=T]49.+B[-!1110(****`"
MBFDA023@#DUR5M\1O"EU?WUG;ZU;R3V2/),%)(55^]ST.*`.OI#7-P>-O#UQ
MX7;Q'%JD#:*@):YSA1CUI+WQOX>LO#]GKEUJD,6EW;*L$Y/$A;IBDP.EI16%
M<>)](MM26PGOHH[IK4WBHQQF$=7![@5#=^,="L_#D6O7.H1Q:3,`8YVSA\],
M#J>E`'1T5F>'=<T[Q#I<>HZ-=QW=G)D+(AR,CJ/K6G3`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`*2EI/2@&>(?&[P9X9@L-/NY=%L[6SN-2C&J:A%#B2.(GEBPY`)X)I_CK
MPE\*[?P/?2"WT:WVP?N)K61?.9\?)@J<DDX^M=Y\2O$<?A[0XPNFC5KR_G6T
MMK%L;9G8]#GC'<UXG;75UHMYK>IV7PGT07FAN%N_+N][1EANW*I!!&#GBE&]
MAL]W^',5S!X#T&.]MDM;E+.,/`HVA#CICM73#I61X7O9]1\.Z??736[37$"R
ML;<YCY&?E/I6N.E-[DH****!A1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%!Z5G3:D\<KH+*Z<*<;E7@T`:-%9?]JR?]`Z\_[YH_M63_H'7G_?
M-`&I167_`&K)_P!`Z\_[YH_M63_H'7G_`'S0!J45E_VK)_T#KS_OFC^U9/\`
MH'7G_?-`&I167_:LG_0.O/\`OFC^U9/^@=>?]\T`:E%9?]JR?]`Z\_[YH_M6
M3_H'7G_?-`&I167_`&K)_P!`Z\_[YH_M63_H'7G_`'S0!J54U2PM-3LI;/4(
M(KBUF4I)%(H96'N*K?VK)_T#KS_OFC^U)/\`H'7?_?-`&)I7P[\*:5:BWL-&
MMXHA.MR!R2)%^Z<DYXJY+X,\/2QWZ-I=N5OYUN;D8QYDB]&/N*O_`-J2?]`Z
M[_[YH_M1_P#H'7?_`'S0!7B\,:-#I-[IB6$(LKUF>XCQQ*S?>)JE%X#\-0Z5
M+IT>E0BTEE6=U.26D7[K9/.16K_:C_\`0.N_^^:/[4D_Z!UW_P!\T`:"($V@
M`8`P*<P%9G]J./\`F'7?_?-+_:DG_0.N_P#OF@#G?%7A<RSG4]%9K74E.X-"
MN"3WXR`<]\U3T'QS,D]O8^)+1K.Y<[/M!8",D#///RGM^==8=3<C_D'W8]]E
M9FKQ0ZG;FVNM,N&MG_UD?DJ=_ISU%)KL:JJFK36AT<,R31K)$ZNC#(93D'Z&
MI:\JL9]?\*7S0V6G7U]I(&X0E061<_PGL.^*[72?%%IJ]B+G3EDG&</&HP\9
M]Q23[A.E;WHZHZ&DZ5F?VK)_T#KS_OFN/^(?BW5=*LHO[-L)X#(V#<2IE5/]
MW'J:TA!SDHHPG+D7,SK_`!-;W%YX=U6VLF*W4UM)'$1QABI`_6O#M!U2%?A9
M-X2_X1S4;?7[/39HIF-D=@=5PS!\<[CZ9S7K?AKQ#>ZAI,,U]I5U'*5P2J_*
MWN*U?[5?_H'7?_?(J)Q:O%C4DTF?-UAX5UE(H/"*V%POAN]M8]9E?RSA'6+Y
MH#VR6`XJS%H/B?Q1H/A;P_I>G6ZV^G:0TLW]I1ND8EDRB@?[2CD>F:^B/[4?
M_H'7?_?-']IOC_D'7?\`WS3>M_Z[_P!?(9\Y:_::[XT\+^'-)@TV[CUW1;:8
MWUS)&Z"1(_E,*MQGS,5ZGXC\61:1\+M,U:U\/W%S*\<<5M9?9BQMY-N,LN,@
M+S_DUW?]J/\`]`Z[_P"^:!J;_P#0.N_^^:3U#S.0^!T-A;^#"FGF[:0W#R73
MW-NT!:9OF;:IZ+S@5Z)64-4<=-.N_P#OFE_M63_H'7G_`'S3$:E%9?\`:LG_
M`$#KS_OFC^U9/^@=>?\`?-`S4HK+_M63_H'7G_?-']JR?]`Z\_[YH`U**R_[
M5D_Z!UY_WS1_:LG_`$#KS_OF@#4HK+_M63_H'7G_`'S1_:LG_0.O/^^:`-2B
MLO\`M63_`*!UY_WS1_:LG_0.O/\`OF@#4HK+_M63_H'7G_?-']JR?]`Z\_[Y
MH`U**R_[5D_Z!UY_WS1_:LG_`$#KS_OF@#4HK+_M63_H'7G_`'S1_:LG_0.O
M/^^:`-2BLO\`M63_`*!UY_WS1_:LG_0.O/\`OF@#4HK+_M63_H'7G_?-']JR
M?]`Z\_[YH`U**R_[5D_Z!UY_WS1_:LG_`$#KS_OF@#4HK+_M63_H'7G_`'S1
M_:LG_0.O/^^:`-2BLO\`M63_`*!UY_WS1_:LG_0.O/\`OF@#4HK+_M63_H'7
MG_?-']JR?]`^\_[YH`U**SX-1DEF1#9748;^)EX%:%`!3!3Z8*$!Q?Q-T"_U
MO3=/NM$:(:MI5VE[;"8X1RO52>V1WKAM6NM33Q)JTOA&;0M3G\0VJ0W-H=03
M?:3JI4M@?>4`G(Z\5T?QPN"NB:1:W,\MKHUYJ44&HSQOL*0D]-W8$\$U5\<^
M"?`EAX-O[M;+3]-^S0F6"]MF$<B.!\A5AR3G'UI1!G=^#=(;P_X4TK2GE\Y[
M.W2)G`QN('-;B]!7.?#^YOKWP3HESJP87\MK&TP88.XCG-=&.E4]Q(****0P
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HQ110`8I"HQTI:*`*]U;I<0-
M$^X*W7:<&N+\3^%VBN1JNAN]I>IDN8AU^H[CVQ7>8IAQ@#M2:N5";B[HX71/
M&\B7<=CXC@%K(PVQW8R(IF[;?2NSFBANH=D\:31-SM89!K.UO0K/5-/:UDA0
M+C"D#&T?A]:Y8QZUX+6,QLVJ:-T://[V$]!MSR1]:2;BS3EA55EH^W1G>J``
M%CP%`P`.U2JORC(K*T/6K'6[(7&GS+(HX9>C(?0CM6LO*BJT>IBXN+LPVBEP
M***`#%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!BBBB@`HP***`/,_$'B/Q#=_;-.G^'
M%WJ-@Q:,EKJ'9*OT)KA['PZ;&[BN(_A-JDGE-N2*;54EC4]OD9RO'TKW/6]7
MLM#TV;4-5N8[6RA&7ED/`_Q/M7(V'Q5\-WFF:C?E[VVM=/GC@N'N+9D*;_NM
MCKM/K0@.QTB>>[TRVGN[1[*>2,,]L[!C$?[I(XXJ\.E10RI-"DD;!T<!E93D
M$'O4HZ4,%L%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%)M%+10`FT4R2)9$974,K<$'N*DI!0!Y]K7@ZY2]ENM!GDLIRI99(V`Z'[
MI!XYR>>U6_#GC!EF72_$:BTU!3L67_EG+CT;IGVKM2O>L77M$MM3MYD>VMI)
M9!M+2)G`QC\ZGEZHV552TJ:K\38\T%01R#R*<K;AD5YNDVM>"I8H90^J:23C
M_II$,?P]2V/?UKL]%U[3]8C8Z=.DK(`73!!3/J.QX/%-.Y,J;C[R=U_6YK9I
M130<]:<*9F%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!30>M.I@[TF!YY\9K.XETO1]0
MCM9;ZSTS48KJ\M(UW-+$IY..^T\XKSF#QWH4VJ_$5+,OJ=QK#0QV-I'`S-.W
MD[3P1Q@]<],5Z?\`%KQ/J/AK1M/718H3J&H7B6<4UQ_JX2Q^\WK6='X8^(<<
MOF1^)]`63^^ND8/OSOH6X/8ZWP#IESH_@K1=.OV)NK:UCCER<_,!S70BJ6D1
MWD&FVT>J3QW%ZJ`32QIL5V[D#M]*NBF]Q+8*,T4=*!AFBF;^,XIP-`"TA.*C
M6>-W9$=&=3AE#9*_6E:147,A"@=2328#\\4M,+@+DX`ZTJL"H(Y!Z$<T*X#J
M*3/-&ZF`M%,$@)(!&1U&>E*6Q0`ZBF[O:FM*JE0Q`+'`!/)H`DHII;`I=U`"
MT4@-+0`&LV;5XXI7C-O<L5.,K&2#6E2`8H`RO[;B_P"?:[_[]&C^VXO^?:[_
M`._1K6HH`R?[;B_Y]KO_`+]&C^VXO^?:[_[]&M:B@#)_MN+_`)]KO_OT:/[;
MB_Y]KO\`[]&M:B@#)_MN+_GVN_\`OT:/[;B_Y]KO_OT:UJ*`,G^VXO\`GVN_
M^_1H_MN+_GVN_P#OT:UJ*`,G^VXO^?:[_P"_1H_MN+_GVN_^_1K6HH`R?[;B
M_P"?:[_[]&C^VXO^?:[_`._1K6HH`R?[;B_Y]KO_`+]&C^VXO^?:[_[]&M:B
M@#)_MN+_`)]KO_OT:/[;B_Y]KO\`[]&M:B@#)_MN+_GVN_\`OT:/[;B_Y]KO
M_OT:UJ*`,G^VXO\`GVN_^_1H_MN+_GVN_P#OT:UJ*`,G^VXO^?:[_P"_1H_M
MN+_GVN_^_1K6HH`R?[;B_P"?:[_[]&C^VXO^?:\_[]&M:B@#)_MN+_GVO/\`
MOT:;_;$7_/O>?]^C6Q10!@W>H6MW"T<]I=LI]83P?6N.U;2!:S)?>'!>6E_&
MJJP$)(EQW9>A)]_2O3Z8RG)Y-)JY49N#NCC-!\:AI(K'Q#:R:;J+`;1(/DD^
MAZ`^U="VLHC[#;76?:/-5M:\-:=J<,JS0!I7RRNQ)VL>XYKC8=0UOP@9K<J=
M2TZ$%@'?YX4X^;/5E&?3-+5;FO+&K\.C[=_0[K^VX_\`GUN\_P#7(T?VW%_S
MZW?_`'Z-+HVMV.KV_F6%PDQ4`NH.&3ZCJ*TU.:HQ::=F9?\`;<7_`#[7?_?H
MT?VW%_S[7?\`WZ-:U%`C)_MN+_GVN_\`OT:/[;B_Y]KO_OT:UJ*`,G^VXO\`
MGVN_^_1H_MN+_GVN_P#OT:UJ*`,G^VXO^?:[_P"_1H_MN+_GVN_^_1K6HH`R
M?[;B_P"?:[_[]&C^VXO^?:[_`._1K6HH`R?[;B_Y]KO_`+]&C^VXO^?:[_[]
M&M:B@#)_MN+_`)]KO_OT:/[;B_Y]KO\`[]&M:B@#)_MN+_GVN_\`OT:/[;B_
MY]KO_OT:UJ*`,G^VXO\`GVN_^_1H_MN+_GVN_P#OT:UJ*`,G^VXO^?:[_P"_
M1H_MN+_GVN_^_1K6HH`R?[;B_P"?:[_[]&C^VXO^?:[_`._1K6HH`R?[;B_Y
M]KO_`+]&C^VXO^?:[_[]&M:B@#)_MN+_`)]KO_OT:/[;B_Y]KO\`[]&M:B@#
M)_MN+_GVN_\`OT:7^VXO^?:[_P"_1K5HH`SK?5HYIDC$%RI;NT9`%:-%%`!3
M<4ZB@#RK]H22;_A#;6W$\5MIUS?117URP!:&(M]Y0>^>XZ5!%X%TGR4\KXAZ
MWY>T;<:J,8[=ZZ/XJZ<;_0X`/"T/B:..8,]I).(BJ]V7L3[5YKI0^#LUPEGK
M7A:/0+\\"#4X)(AGGH^=I''7-)`SW30[9+/2;2VBNI+R.*,*+B1][2#^\3W/
MO5\=*S]$BL+72K6#1Q"NGQQA(1"VY`N.`#Z5H#I3`*2EI*`/%?B%KD^L:W;2
MZ=J36VF:/JEM;L(IMOVF=I`'!P>54''IDUZQ-JMI)-)96M_:#4=A*1E@Q!QP
M2.I%<]XB^''A_6HE#6,-O*+I+II(TY=E;)!&>_>NHATRS@96BM8$=5V*XC&X
M#&,9ZT+8'N>->`-3O]$\/63K'8W.L:YJ<MM'.492#N)9I#G+`8X`Q5_QWK^H
M3Z#XFT+6%@%]9"VG2:VRJR1/(`."2000<\UUB?#ZUBT&QL(;V>.XL+MKVUNP
MHW1R$D].A'.,4VY\`17MCJRZCJ,]Q?ZD8Q->;`I"(V515'`'7\Z35P,7Q!XA
MUG4['Q/9:);VAM-+LO+E\\D/-(T>2%(^[@'J<YK=\-ZA)IOPJL+Z)`\MOI@E
M"L>"0F<&FZGX#6[N=4>SU6ZL8=4@6&\BB0'S,+M#`G[IQP<=:V8/#L47A(:`
M)I#`+7[()<?-MVXS]:+Z.W];AU.*F\=ZM8>'-"O-36PAN]<=%MT1'=+<%=Q+
M8Y;CL,=:=#\0=1ETY;9+2%]5GU$:?;3F-XX)<C=YFUN<`=O6NDU#P7#<Z'H]
ME#>36]WI&QK.\5061E7;DKT.1D$4:IX1EU7388]0U:>74+>X%U;7BQ*IA<=,
M)TQZCO3Z_P!>0EMJ<'_;FL>'_$7CG4;R&UEOK:"S5`A/ER*21NQG(ZGC/:NP
MUWQI)HVN2P3VZ/91:2VHLP)WLP.-H]J9_P`*[AG37O[1U.[NYM9BCCGD("[&
M3.UD`Z8)Z4^'X?QRZG<7NLZG<:D]Q8'3I4=`B&+V`Z'^=*^@=3-UV_\`%%Q\
M/-4U&:;3[;SM/,\7DJV^'(R!G/)QW&.:JZ?=W,47PZ&LQ6M]=7).RYPRM"/)
MSGKRQZ$FNEL/!\\6CS:1?ZU<WVFM;FU2)HU0HG098<L0.,TEEX+,:^'?M>IR
MW3:)(S0,8@F]2FP*V/0=Z;ZV#M?^MC`/CK6!H">*#;68T)KGRS;_`#>>(M^S
M?NZ9SSC%,O\`QOKRGQ7=6UOI_P!@T&X"[7+%YX]H9L'HIP?>M1/AU!';)IG]
MJ7)T!;C[0NGE!PV[=MW]=N><5CWW_"+6T?BO3;K6GCFUB4FX^3F$[0,#\JEN
MS=_ZV*C&4](K^M3T^RN$N+6&=,A9$#@'L",U-N%<99>.?#%K:PVZZF&$2*@)
M4Y.!UJIKWQ'TJ'3G.C7$5S>'[B.=H'UI2J174VCAJTGRJ+.^W'/2ESTXKS_P
MA\1[#6)([:_4VE\W&#RC'V-=_D<52DI*Z(JT9T9<LU9CJ***9F%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4FZDWKC.1CO
M3/-3KN7!Z'(YH`DW4M1EU'4@9Z`GK3MXSC(SC.,TKH!U(:3S%QD$$'@8/6D:
M15Y8A1ZDXI@*1ZU&8@0<X.1C\*R?%/B.S\.Z>;J])))Q&B]7/H*G\.ZS::[I
ML=Y9.2C=01@J>X-5R2MS-:$<\;\M]3EO$'A>>PNDU3PPYM;M1AU4960>C#^+
M-7=#\8HU_'I>MVLECJCC(##]VX]0W;/I77D'/:L7Q)H-KKEF8;I%W#)1\<J<
M5FXM:HZ5535JNOGU-K>#TI0<UYM'J.O^$(%CO(_[4L0!_'^]@7U;U7K7<Z/J
MMGJUC'=V$PEAD'!'!'L1U%"DGN*=)Q7,M5W-'-%(IS1WJC(6BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`I*6
MDH`Y/Q_>Z_:V5M'X5;2H[VXF\II-0DVJHQ_"/XF]JY&X^%L^O0B;XE^);C6(
MD/F-:1J+:V3&.>.3CW-+\=M,MM<E\':9>^8(+K5UB9XR59/EX8'L0:Q/$?B#
M6_`N@ZKH'CAI+_1Y[62'3]<49+$J=L<ZC[IZ#=THZC.K\'^!H_#?C!-2\)7:
MQ>%;NT(EL5E+HTN?E>/D@#'7%>DI]T=ZXGX,#'PK\+8QC[!'TZ=*[9>E-DH6
MBBBD,****`"D(I:*`$P:6BBA*P!1110`E(033J*`$P:%&*6B@!I#<8]:X^^^
M'FC7MU#/<>>SI+),^'QYQ88P_J!V^E=E12:3W*C)Q=TSC7^'6@26MM;R6S&.
M#<<AMK29_O,.>,<55UKX;:;=Z$MC8_Z/.F[;,1DMNZANY`[5WE%)Q3Z&D:]2
M+34F<+X;^&NDZ-=V=Z6EGO+<-AF;"DG_`&>G':NX"8(IU%-14=$14J3J2YIN
M["BBBF0%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110!Y3\<+H_:/"FDW=Y-8:)J>H>5?SQR&/*!<A"PY`8\5P7Q0T2"VO/#FD
M^!]3G$=N]S<QI%=&4"1%W;,DDGIT)KZ"UK1M/URPDL=8LX+RTDP6BF7<IQ6;
MI_@SP]IBV@T[1[.W^R%S!L3'EEQAL?6D^X'@DOB:Z\9^//"?B:">>#2H;V'3
MUBR55Y=A>4D=\'`_"GZ3XSEE^+D?B&2+55TR^OY-,,LB$6?V?[L95NFXL#^=
M>\Q>#]!BMH+:/2+-;>"9KB)%CP$D;.7`]3DU/-X7T6;0TT:33+9M*CQLM=OR
M+@Y&!ZYI]+"6YX9X)N/,^+7]ARZA<2>&+.^N+C2Y&8XFN1C=%NSR%R2!WKM_
MCKIW]I:9"L#6DEU%#*ZPW.HM:!1C_6#;]\@]CQ7=P^$]#@MK&WATNU2"QF^T
M6R*F/*D_O#WIOB/PKH?B585U_2[6_$)S'YR9VFD]4/J<GX#L;'QC\)="2\:X
MN/\`1U43W'^L#C@MGO\`UKM]#TJUT:PCM;1`J*.3W8^IKEO&'COPYX`LX+-R
M&N0HCMM-LTW2-Z`*.@KCD_X6=X]^=7C\'Z+)RH'SW3+_`.RY!K=*3CJ[1\S/
MW;WMJ>M:OKVE:-$TFJZA:VB@9/FRA3^5<'J?QO\`!%K(T=O?S:A(O5+.!I/Z
M5%HWP2\+6S_:-;%SKUX>6EU"4N"?]WI7?Z9H&DZ9&$T_3;.W51@".(#%"]E'
M>['[S/+Y?C)9W>]M/\'^(+P,`"QLRN0*Y"3QE?6=[+?Z#X4\26=VQW&-H"8Y
M#Z/G^E?2*H%X50H]A0W:DYT_Y?Q*BYPV9XOHOQWTJWM8H?%&FZOI]]]V1GM&
M"9KL]#^*O@S6I!'9ZY;+*>-D^8CGT^;%:WBSPU9^(+%HIXXS*`=KLH.*\OUS
MPGI>F2.FO^'M/U?3RX$MU'&1/;C'`R.6.,8Q2<Z79HTC3=35/7L>VP7$5Q&)
M()$DC;HZ,"#^(I^X5XE:?#)H+?\`M+X8^+;W3U(RMO))YL+>Q!Y%36WQ,\0>
M$+F.S^)^C-##G:NJV*F2%O=@.G:J]DI*]-W,FW'XD>T9I:HZ3J=EJUC'>:;=
M175M(,I)$P8&KN:QUZE>8M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4F:6F]Z`.$^+'B2Y\.Z7IW]DV=O=:O?WB6MG]H'[
MM&;JQ/L*S+_1/B1J-I):ZAJ?A>YMI5VR12V#LK#W!:M/XM>&QXF\-K;R:PNC
MPV\PN6NBH)3;R""?NG/>N'TO5-4OK":YM?BQ`]M;RI;R3/IR`*[<*"2._K0G
M>_D/L>P>';*33-#L;.9+9)((E1EM4V1`C^ZO8>U:B]*H:/%<0:9:Q7UT+RY2
M,"2X"A?,/][`X&:T!TH;U)6P4444#"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`***J2:G912,DES&K*<$$T`6Z*H_VM8?\_47YT?VM8?\`/U%^
M=`%ZBJ/]K6'_`#]1?G1_:UA_S]1?G0!>HJC_`&M8?\_47YT?VM8?\_47YT`7
MJ*H_VM8?\_47YT?VM8?\_47YT`7J*H_VM8?\_47YT?VM8?\`/U%^=`%ZBJ/]
MK6'_`#]1?G1_:UA_S]1?G0!>HJC_`&M8?\_47YT?VM8?\_47YT`7J*H_VM8?
M\_47YT?VM8?\_47YT`7J*H_VM8?\_47YT?VM8?\`/U%^=`%ZBJ/]K6'_`#]1
M?G1_:UA_S]1?G0!>HJC_`&M8?\_47YT?VM8?\_47YT`7J*H_VM8?\_47YT?V
MM8?\_47YT`7J*H_VM8?\_47YT?VM8?\`/U%^=`%ZC-4?[6L/^?J+\Z/[6L/^
M?J+\Z`+NX5Y/\0_'FHW&N_\`"(>`(Q<Z_(/](NNL5DG0DGIN'I5_XN^/%\/>
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M+J+/UKF_$.FZ/JS!S)"7Z??V[22/G![$<FN2W+[T3M]JIJU7[^O_``3@]>\%
M:Q\.;V7Q!\-2\NF@[[W0F.4=>YC]#[5Z5X#\7:;XST*+4M*D.,[987X>%^ZL
M/6N1T_Q)<^$+L66K7;:EIC,2ESG=*GNQ/7KT'2N8\4O;>`_%5MX\\+21R>'K
M^18=8MHC\JEN%E`'0YZUT1DJONRW,ZE&5+WEJCWO-%9D.M:=-"DL5W$\;@,K
M`\$'I4O]K6'_`#]1?G66Q*=R]15'^UK#_GZB_.C^UK#_`)^HOSH`O451_M:P
M_P"?J+\Z/[6L/^?J+\Z`+U%4?[6L/^?J+\Z/[6L/^?J+\Z`+U%4?[6L/^?J+
M\Z/[6L/^?J+\Z`+U%4?[6L/^?J+\Z/[6L/\`GZB_.@"]15'^UK#_`)^HOSH_
MM:P_Y^HOSH`O451_M:P_Y^HOSH_M:P_Y^HOSH`O451_M:P_Y^HOSH_M:P_Y^
MHOSH`O451_M:P_Y^HOSH_M:P_P"?J+\Z`+U%5(M2LY9%CCN(V=N@!ZU;H`*3
M'-+10!YC\<8BVB:/+=Q23Z%!J44FIQ(I;=#GJ0.J@X)K@IO$7A03?$^.ZNK"
MZM+UH([2VBP_G'R?E"*.^<?2OH:14>-EE"M&0<ANA%<MI.A>"[>^-]I.GZ"E
MTC[3<6Z1;E8]LCH32ZCOL3_#ZVOK3P/H<&J;_MJ6L:R[S\P;'.?>NF7[HIHZ
M<T\4[W;9*V"BBB@84444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%``>
ME1&WA8Y:*,GN2H-2T4`0_9H/^>,7_?`H^S0?\\8O^^!4U%`$/V:#_GC%_P!\
M"C[-!_SQB_[X%344`0_9H/\`GC%_WP*/LT'_`#QB_P"^!4U%`$/V:#_GC%_W
MP*/LT'_/&+_O@5-10!#]F@_YXQ?]\"C[-!_SQB_[X%344`0_9H/^>,7_`'P*
M/LT'_/&+_O@5-10!#]F@_P">,7_?`H^S0?\`/&+_`+X%344`0_9H/^>,7_?`
MH^S0?\\8O^^!4U%`$/V:#_GC%_WP*/LT'_/&+_O@5-10!#]F@_YXQ?\`?`H^
MS0?\\8O^^!4U%`$/V:#_`)XQ?]\"C[-!_P`\8O\`O@5-10!#]F@_YXQ?]\"C
M[-!_SQB_[X%344`0_9H/^>,7_?`H^S0?\\8O^^!4U%`$/V:#_GC%_P!\"D-O
M!_SQB_[X%3TG>@#QBVM8_$_[0MT\L:&R\.6:B-=OR^<YZ_451UN\TGPM\7=>
MO_&FE//9:A9PIILXM#.F!D/&``<,2<UK?"G*_%CXD),?WQNHV7/79MKUTC/;
M./45K77O)+LOR(I[,^7-:@NM%\8>(/&FAZ5*TFGW<*"V$14R02Q8QC'8X-&F
MZ=>^#SXK%O:R3ZUJ>F6RJWE$[KFX=L\X_AW?I7U%MQP!^8ZTI7+<@'\*R6A;
MU5CYAT^VNO!5IXFT+Q9X>MDM=5TY)+6SLMTR22@>7C=CAB<-7<_`+2YM$;6-
M$\16N=?0QW$EPZ[A+`RCRP&(_AZ8KV4KZC/UI,#[Q].3TI]6Q-7/FOXB67B!
MOB/I^IZAX6GF5-8ABL)T92@@4'Y<=BQRQ)]!7T<MO"PY@C!(R1M'%3$9/8X/
M?UIRX!^M2M(V&WK<H7.F6<TT,DMK&[PG<AVC*FK(MH<\PQ_]\"K'%)D&FV[)
M"44FVEN0FV@_YXQ_]\"J>K7.FZ3IMQ?:@8(+6!"\DC@``5I'\Z\S^+?A*X\1
MVTUQ?W[#0[*TDF-B@QYTP!VESW4>E5!)R2>PI-J)UGAO5=#\5:/!J6D_9[NS
MDSL;RQE2.H(/0UQOCWP(TNEZI_8G[J/4$9;BU*YC<D?>Q]>F.E8?P`\)S6.B
M:+K^E:@\%I>P'[?8L-R2N"0'7^Z?6O;6P0<XZ=Z=2*C/0JG4DEH>+?L_^,-.
MO/"%AHNJ21C5;-FM?G3[RJ3M)/TXKV/R+?\`YY1?]\BO$/@MX?TW6(?%OVFV
MC:"/7)6@P,;0#P,CL#VKK+GQ+JGA361;Z[:M/I&W$=Y"K,5'J_\`^NC$-1J,
MNE3]K%*&_P#6QZ+]F@_YXQ?]\"C[-!_SQB_[X%,LKJ*]M8[BW</#(NY&'0BK
M&:@AZ:$7V:#_`)XQ?]\"C[-!_P`\8O\`O@5-10!#]F@_YXQ?]\"C[-!_SQB_
M[X%344`0_9H/^>,7_?`H^S0?\\8O^^!4U%`$/V:#_GC%_P!\"C[-!_SQB_[X
M%344`0_9H/\`GC%_WP*/LT'_`#QB_P"^!4U%`$/V:#_GC%_WP*/LT'_/&+_O
M@5-10!#]F@_YXQ?]\"C[-!_SQB_[X%344`0_9H/^>,7_`'P*/LT'_/&+_O@5
M-10!$+>)6!6*,$=PHJ6BB@`HHHH`\V^-EQ*FDZ/9O<RV>EW^HQ6VH7,3["D1
M/3=V!/!-<*FA^';&W^*EDT<%CI5O)!+!Y3[/+D$659#G[V[!]Z]4^(\.K7&A
M^3I&C6&M1R/BZLKQ]H>/_9/K7C>B1_#O2=8#^+?#.M:!?>8',>I&26T9@/E^
M;)5L9XSTI1W&]CV[X>W%]>>"-$N=4#?;I;2-I2PY+$=372+TJ"PN+>ZLH9[*
M6*:VD0-')$P967L01QBK%-[DK8****!A1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4W^*G4AI,#QF^?_`(0_]H2&ZF.S3_$U
MH(-YX`F0\#ZFO9@<BN,^*W@Y?&7A:6TA?R=2MV%Q93CK',O(Y]#TK.^$OC@^
M(]/DTS64-IXFTT^3>VTGRL2O&]1W4^M;2]^*DNA"]UV/1:*8#3A618M<KXY\
M96?A4644EK=:AJ-\_EVMC:)NEE(Y/T`]:ZHUYO\`$G0]=_X2OP]XJ\,VL6HW
M.EB2&6QDD\LR1R#!*L>,CWH&B.^^+>F:=J6A66J:;J5C<:J2NV>/;]G.[;\_
MMGO6I=?$72X/B-;>#5BGDOYH]YF4#RTXSM)]<5Q/BGP=XC\<:K#>ZQI<6GLV
MES0A4G#F";>&BY]<CMQ6?H?@3Q;876@:]>VD=UX@5[JXOV\U0`QCV1*#Z<"A
M;BZ'HVC_`!#TW5O%6L:!9VUP;O3T9@S#"7!7&X(>Y&14'AOXEZ5XBO=+L]-M
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M!`%O"2H/\3GA1^>*YWX$NL?PET$N0%$+$DG``W&N.U:=_B_XYATG3RQ\&:+,
M)+RXQ\MW,.0B^H!%;<EZK3V6Y%[1L=;\!=#N-$^&]@+Y6%[>L]Y,&ZAG8GG\
M,5VVIV$=];B.4=#E<J&`/N#P:OQH$4*@``&`!VI]8U'SMM]32/NV:W.>U]=4
M@BT]-!6*/]\J2!DR%C[_`$%:K7]M'=1VLMQ$MPXW+&S89AZBK=<CXX\(P>(X
M5FC9K?4H1F&=#@CV^E0[I71I#ED[3=O,Z_-&:Y7PJ^HZ=X=\WQ-=(SQ`YD92
MNU1ZY_G706<\%W`D]K(LL3C*NIR"*:=R91Y6UN6J*:!QS1WIDH=12+TI:`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BB@4`<+X[\1:A!I2OX3U#0!/Y_DSS
MZA<@1P<>QY;V-<$OAC2=>?S?B!\2$UD-G=8P7<<%J,XZ*#G'%3_$#QIX+T/5
M[70[CP^LZS:A_IJ/IKE<XY=/EP[?2J>J>*/A='I]R^G>%#<7BQMY,3:+(H=\
M?*,E>,FA#9[7H%OI]GHMG;Z*L*:;'$%MQ"04"#IMQVK1'2L+P.\LOA'2)+C3
MDTR9[9&>S086`X^Z![5NT,E!1110,****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`KS?XE?#U];O(O$'ABZ_LOQ5:#]U<
M)PLZCGRY,=0?6O2**J,W!W0FDSRGP5\4TDO5T#QS;G0O$<9V$3?+#<?[2,>.
M:]3B(:,,K!E/((.0:P?%_A'1?%UBUIKMC%<)CY7(PZ'U5NHKS8>"_'O@ABW@
MC75U?2U.1INIDEE'HK_@!6G+"H[Q=GY_H3=QW/:J2O'[?XROI3B#QQX8U?19
M1PTRPF6$_0CM76:/\4/!FK*#:>(;$,?X))`C#\#4NE-=!J2.UI*S[?6=,N%W
M0:A:2+ZK,I_K4O\`:%G_`,_=O_W]7_&LVFM!W1:H[5C7_BC0K`$WFL:?"!U+
MSJ/ZUQVK?&GP58L8X-2;4)U/^JL8S*2?PJE2F]D',NIZ6:YCXCZI8Z9X-U9]
M1NH;9'MG1?,<#<2,``=Z\^D\<>/_`!8WE>#O"S:7:.<"^U7Y<#U"U!J'PF4Z
M/J>M>.=7N?$.KQVSNBR,5@B(4XVK6L*:33DR)2=O=./^',/BOQ]X*TOPYIHD
MT7PO;*4O-1R1+=<DE8_:OH;PMX?T_P`,Z-;Z7I%NL%K",``<L>['U)]:Y?X"
M_P#))]`_ZY'_`-"->@BC$U+S<%HDV.$=+BT445SEC?K2TM%,"I?6D%];26]W
M&LL$@VNC<@BL#Q9?7'AO08GT.T@81,$\DY`"=PH'>NJI&17&&4,.O(S2:[%0
MERM-ZHYOPGXKL?$=N?L^^*ZC&)8)1M=#]/2NC7D5DW%K8Z4;[48+("YD&Z5H
M8\O)CITZU7\/7NIO:WCZ_!';-#*=C*<*T?4&DFUHRIJ+?-!6\CH**AAE2:,2
M0L'1AD,IR"*E%49];"T4@I:`"BBB@`HHHH`****`"BBB@`HHHH`*!124,#@?
MBQJDFFVFC1Z=865UK=Y?I;V#W2;DAD/63UX%<+=>(/B@J^*%MIO#D]QH3J'B
M%JZF9"F[>O/89X/I73_$G5?"VO6:6D?B[2M-UG3KE;BVF:=2895/1AZ'H:Y?
MQ%?VDFJ7>H>'/'_AFSFU:U2WU-9Y-REE!'F1@=#@GK0N@V>O>"[U]1\*:5>R
MW(NY+BW21IPNT.2,YQV^E;@Z5@^#;"RT[PKI=GI=R+JQAMT2&=3D2*!][CUK
M=7A10]R4+110:!A17COBCQ_JEAKNK6:7T%GJ-K<1Q:?I$D&YM14XP0W7YN1Q
MTQ7JWGSKIXG:!C/Y8<PJ>=V,[1^/%*^EP+E%>2>!?&=W_8LVK>(!J,EW?7CV
MUI:9!5VW$!(P.F`.2:T/%?C6>3PKK1L5N=+UG3WA#P3`;U5W&&'8@C(S[&AN
MP,]+HKS_`,3^.EL;'5;>RMKZYN;&R\VYN+>/<MNQ3*Y]3T.!VK9\.ZRZ_#^P
MU?4I&FD%BMS,P'+?+DG%/HW_`%_6@'3T5P\'Q!M9=%MM3_L^^2.]94L8G4*]
MR2,_*,\8]Z<?B%IO]E2SM#="^CNA9'3P`9C.>B#''(YSZ4`=M17EEAX]E@U[
MQ7<ZK'>PV&G16P^R21@/&[D@D>H/%=C>^*K"RU=K"Z:2(K9&^>4CY%C!Y_&E
M?2X'145Y]JGCB]?PCJ>IZ;HU^ACM6N+6651MD'9NOXXING>);F_B\&3:BU_I
MUUJ#D>0B*4N#Y6X[_P"ZO<8IO0.EST.BN&/Q$L-Z3_9+W^QVG^S#4@H\G?G;
M]<9XS3;SXC65K<ZLG]G:A+!I,ZPWLZ1C9%D`[NO(YYI7#4[NBH895D171MR,
M,J1T(J7-,!:*2EH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`2C%+118"*:"*>,I-&DB'JKJ&
M!_.N4U?X;^$-68F^\/Z>SGND(3_T'%=ABC%.,I1V8FDSRNY^!/@>=LI974'M
M#<LHJ'_A0G@H'_5:D?\`M\:O6J,5?M9]Q<J/-K/X*^!;9@3HRW!'>XD9_P"=
M==I'A?0]'`&F:186V/XHX%!_/&:V\45+G.6['RH3`[8K%\:_\BCK/3_CTD_]
M!-;=07UM#>6<UM<H'AF0HZGN#U%).S3!JZL<)\!?^23Z!CIY1_\`0C7H0Z5G
MZ'I-EH>EP:=ID"V]G`-L<:]`*T*=27--R[@M%8****D84444`%%%%`#<<MQ6
M5KNFIJVFSVDCNB.I&%;`/'0^U:])@>E&^X)M.Z/.O"^@Z]H&N)!92.?#YSNC
MN7W,G^[CL:[M+R!KMK83QFX0;FCW#<!ZXJRRBL73]$M[+5;N_"*]U,H4RG)<
MCT)_E4VL:SJ>T=Y&VO2EK@K#Q[%%KT^EZ["+"7>1#(7W(ZYP,GL:[I&#+E6R
M#R#33N3.$H?$A]%)13(%HHHH`****`"BBB@`HHHH`*2EIG-)@SS[X@6WACP_
M8K>2>%-*U'4[V=;>VM_L<6^XF;IDD=.Y-<1I[2K8^+%OO`OA"XU+0IHB]O:6
MB!7B9=[`$KRP7\,UZ1\1O#EUK^G6$FE3Q0:QIUTMY9O,,HSKU4^Q'%><VNG?
M$*XU/Q6B:!9Z8=?9!)>RW(>.W18]C$*.23R11'<;/8?#-]8ZAX>TZ[TF)(;"
M:!7AC10JHI'``'`K87H*Q_">F6VC^&].TZRD$UO:P+$D@(.\`=<BM@=*>ER4
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MCH*`6AY7?^#->UD^+)KYK*VDU6"!;5%8L(VC).'..>?3UIUUX2U[Q%JUY<ZR
M+6PM;C1VTU8XG+R1OG)8GH17J6!1M%%M+!U."M=-U_4/"%SH.JVUI;?Z";1;
MF.3<)&QM#`=A@56M?#VLSKX+:^@M[<Z*[+<!9-V]?*V`K]3VKT78H'2AE%-Z
MWOU#H>41^#->_P"$73PC,MJ=+2Y\S[>'.XQ;]X4+_>[9Z5:?PI?SZ/X[MXI;
M4MK$Q-KB3@?(!\WIR*],(';BO,]0^'5S=ZJ]Q'J4UO%/,TDL<<A`48X*CUSU
MJ9-IW7];?Y&E.$)OWY6/0-)58=-M8C)&QCB5"5.02!BJ^N:W:Z/I4M_*WF11
MC(6,@EOIZUP4'PNE18%.L7:+\WF*DAP/3;_6L?Q'\.YK#10\-Y<7=U\VRVWD
M[C_LC^=0YSWL==/#X:4TG4_`]1\.^)=-U^W$NG7"LV,M&?OI]16SW%>+?#_P
M)JL>HV6J7%PL4&YO,CC<B3CIG''7J*]H48JH2;6IAB:=.G-JF[H?1115G.%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!BBBB@`HHHH`****`"BBB
M@`HHHH`0TF`:=1B@#*U70=,U.+R[RR@D&\/G8`=P.0<U5O;S4+?6+*SL+-9;
M/'^D2,=OEKVV^M;Y&::PZ8HLBE)[/5$*S)YACWJ9,;BN><>N*F!KSOQ9X3U0
M^('UG0;R6&Y8*%3<2&;/._)P%]A76:#>WC:+!-KD26EWTE0L-H/3]:E-WLRI
M4URJ29M45&KECQTI_P"-49BT4T'YL&G4!<****`"BBB@`II^]3J3O28'@F@^
M'O\`A88\6:[K.HZC'>07<MMIWV>Y:-;58^F%'!.1SFJGA-O&?Q=T&R@U"^ET
M;PY;J8+RX@.VXU&1202I_A7@9^IK;\-:3X^\+6^MV-EH.F7MM>7L]Q',]Z4;
M:YZ$;:7P#9_$;PAX7MM&3PYI-T("[>:;\KNW.6Z;??%./^02\NYZYH>F6NBZ
M1::;IZ%+2UB6*)2VXA0..>]7ZI:3+=S:;;R:E`EO>,@,L2-N5&[@'O5T=*!!
M1110,****`"BBB@`HHHH`****`"BBB@`H-%%`"8I,4ZC%`#,4A12P)`)'0XZ
M5)BC%`#%15X4!1UP!BG8YI3P*;N'J*`'44FX>HHW#U%`"T4FX>HHW#U%`"T4
MFX>HHW#U%`"T4FX>HHW#U%`"T4FX>HHW#U%`"T4FX>HI"P'<4`.HIH;UP*7<
M/44`+12;AZBC</44`+12;AZBC</44`+12;AZBC</44`+12;AZBC</44`+12;
MAZBC</44`+13=WN/SI=P]10`M%)N'J*-P]10`M%)N'J*-P]10`M%)N'J*-P]
M10`M%)N'J*-P]10`M%)N'J*-P]10`M%)N'J/SHW#U'YT`+12;AZBC</44`+1
M2;AZBC</44`+12;AZBC</44`+12;AZBC</44`+12;AZBC</44`+12;AZBC</
M44`+12;AZBC</44`+1C-)N'J*-P]10`C+S6-XBT"TUZU2"]+A%;.4.,CN/TK
M:R/44T[2.2*`3:=T<EXL\3Q^%19HEH]Q;Y"3&,Y,*8X..IK<T36+/6;)+K3I
MEEB8<X/(]B.U6;FTMIPPEBC?>-K949(],UA:=HMMX6TV_ETBU,LC'S/*C(&?
M0<GM4V=_(T]R4;?:[G3+R<TZLCPQJ-SJ>CV]U?6PM9I`28\YP,\5K;AZBJO<
MAIK1BT4FX>HHW#U'YT"%HI,\]12T`%%%%`"8%&VEHH`,4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`444'@<4`%<7I7AFVO[K4Y]4AN/-:
M[?8?.904[8`-=BSX4DXQC/6H[>>.?YHI$D7IE6!Q0!A_\(9HW_/&?_P(?_&C
M_A#-&_YXS_\`@0_^-='10!SG_"&:-_SQG_\``A_\:/\`A#-&_P">,_\`X$/_
M`(UT=%`'.?\`"&:-_P`\9_\`P(?_`!H_X0S1O^>,_P#X$/\`XUT=%`'.?\(9
MHW_/&?\`\"'_`,:/^$,T;_GC/_X$/_C71T4`<Y_PAFC?\\9__`A_\:/^$,T;
M_GC/_P"!#_XUT=%`'.?\(9HW_/&?_P`"'_QK/U[PAI\.CW<EA#<&Z6,F/$[D
MY_.NQ9L'`&:A6YC=V1)(VD7JJL"1^%`'/67@W26LX6FAN!(44OF=^N.>]3?\
M(9HW_/&?_P`"'_QK<6ZB,GE>9'YV,[-PW?E4RMG/M0!SO_"&:-_SQG_\"'_Q
MH_X0S1O^>,__`($/_C71T4`<Y_PAFC?\\9__``(?_&C_`(0S1O\`GC/_`.!#
M_P"-='10!SG_``AFC?\`/&?_`,"'_P`:/^$,T;_GC/\`^!#_`.-='10!SG_"
M&:-_SQG_`/`A_P#&C_A#-&_YXS_^!#_XUT=%`'.?\(9HW_/&?_P(?_&C_A#-
M&_YXS_\`@0_^-='29H`XG4O"5DFJ::EM!<FW=V$Y$[8QCC/-:G_"&:-_SQG_
M`._[_P"-;RR*Q8*RDJ<,`<X^M)%<Q3*3"Z28.#L8'%`&%_PAFC?\\9__``(?
M_&C_`(0S1O\`GC/_`.!#_P"-=%FEH`YS_A#-&_YXS_\`@0_^-'_"&:-_SQG_
M`/`A_P#&NCHH`YS_`(0S1O\`GC/_`.!#_P"-'_"&:-_SQG_\"'_QKHZ*`.<_
MX0S1O^>,_P#X$/\`XT?\(9HW_/&?_P`"'_QKHZ*`.<_X0S1O^>,__@0_^-'_
M``AFC?\`/&?_`,"'_P`:Z.D8XH`YP^#-&_YXS_\`@0_^-9FE^$K*34M32Z@N
M1`DB^03.V",<XYKLIIDBC+RLJ*.K,<`4PW4(A\XS1"+^^7&W\Z`,3_A#-&_Y
MXS_^!#_XT?\`"&:-_P`\9_\`P(?_`!KH$D#@%2"I&00<YI^:`.<_X0S1O^>,
M_P#X$/\`XT?\(9HW_/&?_P`"'_QKHZ*`.<_X0S1O^>,__@0_^-'_``AFC?\`
M/&?_`,"'_P`:Z.B@#G/^$,T;_GC/_P"!#_XT?\(9HW_/&?\`\"'_`,:Z.B@#
MG/\`A#-&_P">,_\`X$/_`(T?\(9HW_/&?_P(?_&NCHH`YS_A#-&_YXS_`/@0
M_P#C4%[X-TI+.<P0W'FA&*8G?[V..]=26Q4/VF$S"(2Q^;UV;AN_*@#EM%\(
M:=+I-J]Y!<"X:,&0&=\Y_.KO_"&:-_SQG_\``A_\:W/M,8F$)DC\TC.S<-V/
MI4N[B@#GO^$,T;_GC/\`^!#_`.-'_"&:-_SQG_\``A_\:Z,44`<Y_P`(9HW_
M`#QG_P#`A_\`&C_A#-&_YXS_`/@0_P#C71T4`<V?!>C?\\9_^_[_`.-'_"%Z
M-Q^YGX_Z;O\`XUTE&*`.;_X0S1O^>,__`'_?_&E_X0S1O^>,_P#X$/\`XUT=
M%`'.?\(9HW_/&?\`\"'_`,:/^$,T;_GC-_W_`'_QKHR<"HI)@@RY"@G&2<47
M`Y.^\-VVG:AI4^EPW&\7($A\YF`7!Z@FNQJ"6>.!0T\D<:GH7;`S^-+)<Q1)
MOED1$Z!F8`&@":BF)*K*"".>F#FGT`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!2-]WBEH/(I-75@.(^+%Q+!X5C179(;B[@@G9
M6VXC:0!N??I^-4M)M8-'^+$EAH\206,VEK-<01<(KA]JMCH"1^==QJ6G6VIV
M,MG?Q)/;3+MDC<<&J7A_PWIV@^;_`&="5>4C?([%W;'09/./:A(#9HHHI@%%
M%%`!1110`4444`%%%%`$<@.>._I7FDVG65Q\1-,3PY:+$^EM)-J5W'T;>#B)
MC_$2><=L"O377=T_&N7TWP)HFF7S7=C#-!,TQN&VS-M9SU)&><TNH'F92/\`
MX5]9>(D&?$+:L#]I!_>%C*5,>>XQQMKW13U]:Y^+P;HD6L?VFEDHNMYEQN.P
M2?WPO3=[UT*C%/H`M%%%`!1110`4444`%%%%`!6#XRUEM"\.7=]#%)/,BA8T
MC0N2['`.`"<#-;U-9<TF!\\65]!ING^,K?3KV>:>>:T:ZN"DD98N5$K<@;>I
M'TKT"QL[;1/BII]EHL206ESI3R7$40PC%6`1R/7MGO7:2^']-EDU%I;6-_[0
M4)=9'^L`&!G\*@T#POI>@M*VF0;))`%9W<NVT=%R>WM3%8VA3J3%+2&%%%%,
M`HHHH`****`"FR?=IU!&:&!YI\0C>7WC7P[I<-K#>6SQ37#6\\OEQ2.N,!N#
MG&2<5E:3J-IXG\3Z!I]SIT-KI]N+M6L00T33QD*<#&&`Y(X[UZ5X@\/:=KT<
M*ZE!YAA;=&ZL59#T.".>E4[KP9HEQI=K8/9*MO:L7A\MBK(QZD,.<GOZTEL!
MB?"9BEEK5I$Q:QM-3FAM><A4!^Z/8'-=X*J:3IEKI-C'9Z?"L-O']U%_4_6K
MF*`2"BBBF`4444`%%%%`!1110!%)P2>U?/T4DPU./4I+3=H/]M[UU]2/M!.[
M:(BO79N^7/IVKZ$*YS7.)X(T)-2^W+9`2^;YX3>?+$G][9TSGFDEK?\`KH*V
MAYC>)%+X`OO$,@`U]=8)2XS^\5A-M"`]<;>-M>VPEF@0N,,0"P]#BL)O!FB-
MK+:H;)?M32><PW'89/[^WIN]ZZ':?6FUI8'N*O2EH'%%`PHHHH`****`"BBB
M@!&Z5YI\<=,AN?#4-[(9O-M;F(QJLA5-Q<<D`X)^M>F'D5@^*/"FE^)XXXM9
MA>>)#D()"H_'%)H#F-0MK?6OB:VFZS"EQ90:6)H8)>5+,V&;;W(P/I7'_#I5
MUW5]/TW7!]KT^UM;C[+'<-O5P)F7<<]2%`YKU+4?!FCZC;6D-W`[BU4I%()&
M$@4]1N!R0:?J7@[1-0M;2WFLU1+12D!A8QF-3P0".QH%T1A?!Z623PI+&SL\
M,%Y-#`S'/[L/QSW]*[VJFGV$&G6<5K91I%;Q+M1%'`%6Z%L@74****8PHHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BDW"A6#=*`%HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`S1G'6H+RUCO+>2";?Y<@VMM8J?S'->9>%-'M1XM\71R27LD.GS
M(+:.2\E*H#$"1C=R,YZT`>I*ZL,JP(]0<TN1U->3>'?%%Y!H_A2QT'3+2$ZL
M]PI5I69(-A8[N>3TZ4Y?'NO1:/>:G=V%BEMI>H?V?=A6):;YPI=/[H^8<'/>
MCK85]+GJ^10#7E7B#XF36VJ:K%ID5N\.ELJ2P/'(TMPQP2$VC`P#QG.:[C7M
M5^R>#-0U:-60QV+W"JPY4[-P!]Z.EQ^1L6]U!<QE[>5)4#%"R'(R#@BI<BO*
MM#U.]\/:'X'T?1[:WEEU:%Y)IIF("-M#L_N23TIJ^/M>BT6YU6]T^Q2WTR^^
MPW:HY)F(8`O'Z#!'!S]:`/5]P]:-P]:X#4/%.M75WKG]@VEF;;1<"4W+'=.^
MT.57'W>".3GDU2M_'&JZUK%K9^'K.S2*XTH:B);ECE23C;M'7IUI70'I61S2
M1LNX@,"<\\]*\?U'Q'KFNW_@2]TJ6"S6\GF2:"3<RET5@V[!&5XX_"H[;5M9
MT;Q%\0-0L([:>"REBFF65CEP(P65?0XSS1K?7S#S/9\BH[>YAN-_D2))L;8V
MTYVGT/O7`7'CJ=O%5AIT:VEE;7%M%<QR7A(^U;QDI&W0,H]:E\,N+#XJ^)].
MB&V&YMX+X*.@<[E8_CM%,#OZ***`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`KG]-\.1V&K:[?+
M.[MJKJS*0/W>$"\?E7044`<5H_@2'3'\/LE[*_\`8YFV90#S?,SG/IC-,NO`
M,$^@:QI9O9E74K\WS2!!F,[@VT>WR_K7<44=;BMI8XL>#I[36;N]T?5&LX[T
MHUU"8%DW.HQO4G[I(KH=9L!?Z'>:?(<K<0/"2>^5QFM/%&*5M+#ZW/.O!OA^
MXO=+\*WFJ":UOM#22W,)7B0X";OI@9'UJY=>`(+CP[JVD_;IE34+XWS2;!E&
M+`[0/3BNYP/2BA*RT`XB^\$S->ZK-I>K36$&J@"\A6)7W$+MW*3T)'%6=*\%
MVFEZU%?V4LD<<>G+IR08!55!SNSZUUU%#5]`."C\`"WTO18++4I8KO2;F2X@
MG,88-OW;E9>G1C5M_!,4B^)U:\F/]NJ!)\@_=80+QZ],\UV5%-Z[B.%UOP*^
MK6EA87&J2'3+=808?)7<3'CE7ZKG'.*D\*Z?<3>//$FMW4$D,3"*RM0XQO1`
M26Q[EC^5=M11UN.P4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
=110`4444`%%%%`!1110`4444`%%%%`!1110!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image00011.jpg
<TEXT>
begin 644 image00011.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"`%_`LP#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#ZIKG?&7C7
MP[X,M8Y_$NJV]BLI(C5R2[X_NJ,D_7%=%7R]\-[>R^)O[0WC#4_$D(O[;1]T
M5E;7"AHT"R;!E3P<;2?J<T`>Q>#/B_X)\87R6.C:RAOG)$=O<1M"\G^[N`S]
M!S7?UYAX\^"GA?Q7?:9>P1'1+RQDWB?2XTA9P.0#QC(."#C-:_Q+\,>(O$^G
MZ?I>A>(I-&LF9EU&>-<SRQX``0CH3SGD=?PH`N>'?B#X=\1>*]4\.Z1>-<:E
MIJEK@+&=@PP4X?H<$XX]ZZROE']EG38=&^-GCO3+4NUO91SVT9<Y8JER%!)]
M<"OJZ@#DO"OQ"T'Q1XBU31-)EN7O]-+"X62W9%&U]APQ&#S76UX-\&_B-XB\
M1?%'QSI.MW:W&FZ29_LT4=NBLH2<J!E0"?E&.:P?!OQ+\>?$S4M6D\,ZWX>T
M,V<I6VTF\AW2W*X.-S'GM@E<<F@#Z7HK!\$3^(;CP[;OXQM+.TU@9$J6<A>,
M^C#/3/ID_6N:^-WQ'3X;>$TOXK9;O4;J7[/:0,<*6QDLV.<`?J0*`/0Z*^??
M%'B?XL^`?#D'BWQ#<:)JFG%H_MFF16YB:U5^,*XY."0"3GD]Q1\:?C#JF@Z?
M\/M<\)2J=-UG?//;R1J3,@\H^7N(.T_,RDC^E`'T%17SE\1/B!\2/AGJ6A:G
MXGN]#O-)U*79-8VMNR_9P,%@'/S$X;KDCCI74?%OXGZCI7BS0O!_A*2PM]6U
M1!-)?Z@?W-K$<X..[84GGV'.>`#V6BO#O`GQ+URR^)\?@7QE?:5J\EU`)K+5
M=-`57."=KJ#@'Y6'&.@]:]P8A5)8@`#))[4`+17@>A^._'7Q2U_6T^']SIFA
MZ#I4PA6[NX//DN6R>W0`@9Z<`CG-:?PY^(GB/Q7/XJ\&ZL+/2O&VE1NL5W$F
M^%SG:)-AST)4XZ$$4`=7_P`+<\&MXQ3PQ!J;3ZLTWV?;#`[HLF<;2X&,Y%=\
M2`,G@"OC_P#9.LO$$_CSQ)-8ZM;0VMO/&=3CDMP[78+2XV-CY.03^(]*^F?B
M=;ZG<^`=;BT.]BL;XVS%9I8_,4(.7&/=0P]LYH`OZ/XET?6AJ)TF_AO%T^4P
MW+0G<J.%W%<]"<'M65\/?B%X?^(%M>3^&KB::.T=4E,D+1X+`D8SUZ5\^_L?
MVFNOH.MW5OJ=O'X?2:5+BQ,`,DDIA7:X?J`../:L7]EN'QI>>'?$UMX*N]+T
M[]]$\MW>1F5MVUMJ(O3U)8Y^E`'V317@/PT^+NM^*OA7XXO;[[-#XA\/VLKI
M-#'\C?NG*,5.1G<C9'3@<51^"/C+XI?$)M+U%[K2HO#]G<-!J$LD*B6[/+':
MH'&%9!QM]>:`/HRBOGH?$WQ5XY\7:_9^#-9T'P]I.BR>4)=2"M)>/EAW/"G:
M>G(&.>:V/`OQO34?AEXBU[7[.-=3\/GRKJ*V;]W.Q.$*9)P&/'?IF@#VVBOF
M*3XI?$"U\&1^/)M6\+S:<[*[:`H`F2$OM!#9W;N1Z\'..U?0WA'7K;Q/X9TS
M6[%66WOH%G17^\N1RI]P<C\*`,KXA?$#0/`%I:7/B6>:&*Z=HXC'"TF6`R>G
M2NI@E6>".6/)210ZY&.",U\V?MO_`/(L>&?^OR7_`-`%=5\2_B7J6AZMX6\&
M^%GL+?6=4@CDDOK\_N;6,CJ1W/RL>?0=<T`>V45X9X(^)FN:=\4(/`WC*_TG
M66O8!+9:IIH"AFPQVNH.`?E8<8[>M:OQ`O?B+#>ZG<V?B#PWX8T>V)-I]J"R
MR7:A<DL6X7GL!GZT`>O51UW5+70]%OM5U!F2SLH7N)F52Q"*"20!UX%>*_#3
MXWSZM\(_$'B?Q';0F^T5]CK;C8L^X#R\`DX))P?IFN?NM=^)GB;X->(/%6I3
MZ))H6HZ?<`:8L+)+%#M93(CCN.3ALY`[9H`];MOBQX5N?`L_BZ&YNFT6&?[,
M\@MGW[\@?=QG'S#FNK\-ZU9^(M#L]7TQI&LKM/,B,B%&(SCD'D=*^6?AUXGU
M7P?^RGJ6L:!.MO?PZOM21HUD`#-$#PP(Z&NC\=?%CQ5H7P=\`>)+:\C^WZG)
MF];[/'B50"<`$87IVH`^E:*^;_B1\0/B;X$TW1O%6I7&A2Z5J,RH=)B@;,(9
M2X4R'YBVT$;AQGM75?%?XK:AI<OA71?!<%O+KOB18Y+>2ZY2"-R`I(ZY)/?C
M@]:`/9J*^8?BQX_^*'PX71=,U/4]*NIKZ;S(]2MK4*65>'B9&&WJR$,`*^GJ
M`,3Q=XKT3PAI?]H>(]0AL;7=M4ODEVZ[54<D_2L7P'\4/"7CJ9[?P[JJS7:*
M7-M(C1R;0<9`8<CZ52^)7PNT_P`?ZWH6H:K?7*1Z3()%M`JM#,-ZLP<'U"[?
MI7CFFV%EXE_:M@NO`T,5MI.AQ`7]Q9Q!(6=0P91MX.[<$]\$]J`/HGQ9XLT+
MPC8+>>(]3M["!CM0RM\SGT51R?P%<7HOQY^'>K7WV2'7E@D+;%:ZA>)&/LQ&
M/SQ7EGA.SL_BK^TCXHF\3QM>:?H*O'9V4P_=C9((QE?3.YO<D9KHOC'<_!J=
M;[PKX@FM-&U6V9#YMEIKB2!B`PPR)@@J1QR.?6@#Z`5@ZAD(96&00<@BN9^(
M'CG0_`6E0:CXDGEAM9YA;HT<32$N5+8P/9357X0SZ--\/M*3PQJEUJNDVZM;
MP75RI61@C$8(*J>.@XZ`5Y7^VQ_R3C1O^PLO_HF6@#WW3;V'4=.M;ZU):WN8
MDFC)&"58`CCMP:YKQY\0M!\"OIZ>();F,WY<0>3;O+G;MSG:./O"O'=:\3_$
MWP9\.=#\7+)H9T&WM;5'TGRF:01,JJK-)U+'CI@#=T.*?\:_B_K6G>'_``#K
M/@V[2TM=>2225)(4E/'E87Y@<$%F!Q0!]&45X_\`%#XD:U:>/M)\!>!K>T?7
M[Y1)-=78+1VR')SM'4[5+'VQP<UCO\0/&/P[\>:%H'Q%N-.U;2]:.R#4[6'R
M6C?<%(91P0"RYXZ'.>HH`]'\>_$GPOX$:WC\1Z@8;BX&Z*".-I)&7.,X4=,U
MTFBZG:ZSI-IJ6GNTEI=1B6)F4J64\@X/(KY(^+-CXE?]J#1K>/6;5=2F:-]-
MG-N"EK&7DV*RX^8C!R>^:]$_X3[Q=8?M$Z%X)O=3@GTY[6+[6$MD7S9?LQ=V
M!QN`+C.,\=*`/H"BO"O&GQ"\1Z9^T;X>\)V5Y&FAWD<+30&!"6+;\_,1N'W1
MWJ+7OB7XB\2_$G5O"O@S5=&T"TT=2+G4=257::0$`JBDXQG(]>":`/<-6OX-
M*TN\U"\9EM;2%[B4JNXA$4LV`.O`-8G@'QMHOCS1Y=3\.32S6D4YMV:2)HSO
M"JQ&#[,*\I\+_$N]\8^!_B-H/B&.T&O:+87<<LUDV8+A/+D7<O)[CZ'(--_8
MN_Y)7J'_`&%I?_145`'OM%9GB?6K;PYX=U+6;[<;:Q@>XD"]6"C.![GI7SK;
M_%+X@:EX/N_'=IJWA>UTZ%I'CT&4`S21(V"2V=V[@X'&<9QR*`/IVBOGGXJ?
M&74[?X3^$_%WA.063:E=^7<121I*0%5MZ?,#_$O7KBJWQ%\?_$WP9H6C^,;N
M?0FTC4)47^R4@8F)74NH:0\EMJD$C`SVH`^CZ*\_\4+XM\2Z/HFJ^!?$=EH=
MI/:_:9_M=HLV]7560Y(^7`SGZUYW\#O%_C[Q;\0-3AO==MM5\*:67BEO([%(
M5N9,841D+GK\W7H!ZB@#Z$HKQSX/^-/$-Y\0/&?A+QC=I<W6E.);640)%F')
M&3M`SD%#T[FN-TGXG^,]7\*?$WQ5!?1Q:3I;F'2$-K'\K>8.2<9;";1R2,L?
M2@#Z5HKYITSQU\4==^$C^-K+4=%LK33X7>2-[;S);WRB0['C:@)R``!TZ\U9
MTCX@?$OQI\-+OQ=HTVAZ-:Z7#(\J-"TSWC1+ND(W9"*1P!R<YYH`^C:*\A^'
M_P`0?$_CWX/G6O#]AIS>)EG:T=)F9+=6!&9,9R?E8';GKWKA/$OQ/\:?#OQC
MHEMK_B/P_P")+'4)BEQ!90A'M5#*#]WD'YN-V<[30!]!ZMXCTC2-0T^QU&_@
M@O=0E$-K`3EY6/H!SCWZ5D>(OB#H/A_Q;I?AO4I;E=4U+R_LZI;NZ'>Y1<L!
M@<@]>G6OFCXL6'B5OVHM'AAUFU34YS&VG7!MP5M8B\FQ&7'S$<Y/?->C?$'Q
MYXN\,_%_X?>%TU.![?4(;-=1*VJ8GD:9DD9<C*@XX`Z4`>_45XAXC^(/B?Q+
M\5;SP'\/9K#3WT^!I;W4KN+SL,-N0B]."RKR.N>F*ZCX7:IX_?5-5TKQ]I<#
M0VK8M=7M@(TN<8'W,YYZ@@`=10!Z/14=PQ2WD9>"JDC\J^9/@_X[^*GQ-TG4
MK;3=5TFSEL9`TNI7%HK,VX?)$J*-H^ZY+$$\B@#Z4UC4;?2-)O=2OF9;6S@>
MXF95+$(BEF(`Z\`\5C>`O&FC>.]%DU7P[-+-9I.UNS21&,[P%)X/LPKR/PW\
M2M0\8?#OXCZ#XGMX8/$FB:=>17!@XCF`CD4L!V(*X/;D>N*J?LK2ZI!\"=8D
M\/VT%UJJZC/]FAGDV1L_EQ8W'T_SQ0!]%UD^(/$6D>'H[=]9OX+3[3*L$*NW
MS2NQP%4=3R:^>OB%\1OB%\-IM/O]8\1^&M86XG$<^DVT`5H!C)Y!W8X(R2>2
M.M<Q^TD-8OOBMX,O(M2A%O?^1+I2F`9M,M'R_P#?^?YOIQ0!]3^+_%.C>#]'
M?5/$5ZEG9JP0.P)+,>B@#DG@U7\"^,]&\<:2^I>'II9K5)#$QDA:,A@`<88>
MA%?-W[6ECXHM/!_A4^(=;M;^)7\J9(;81&2Y_>$RC'1=A5=OJ">]=OKWC[Q'
M\-/A[X>T^\FLM?\`%>L2+%IP2$0Q11%4"AE&,D%@.V<]>*`/?:*^?_%WC'XE
M_"V#3];\7W.CZ]HES.L-U#:P>3);%AG"MWZ-@G/3MFHOC;\5_$?AKQIX2A\(
M207-CJ]FLJ6TD2D3O(Q6/YCR!RO0B@#Z%HKYJ^)GCGXF?#CP9H5WXAU+39=6
MNM3D$JVL"%#;A5(C)*]<[N0.A')J7XE>/_B=X`T[1O$^J76A3:=J$RQG28;=
MOW6Y2X4R'YB=H(R.,]J`/I"BOG'XA>/_`(F^$O#>D^-KB?0ETB^EC4:.D#,T
M:R*77=*>2VU<$C`R>E:WQ=^,E_HB^#;3PZ+.R;Q%!%=-J.H(6AMHI-H!Q[;L
MG/0`<<T`>\45YAX%D^),.O6\>NWWA_Q#X<EC+'4[0B&16YP`J_*W./P[YXKT
M^@`HHHH`*^:];T[7_@]\7M7\6Z=HEWK?A?7`QN5LTW26[$[CP.F&R03P0>N:
M^E**`/FG4OB%XT^+&OZ-I_PXL-8\.Z;%(9+S4[E`HQT(/52`,X7))..F*^E(
ME*1(A9G*@`LW4^YIU%`'S#^SO#+'^T%\2'>*14:2ZPS*0#_I5?3U%%`'R[^S
MNEQ;?&WXFS"VE<[KID3&WS#]I)`!/'-8/CW_`(5[K;:K+?\`@[Q/X9\9,9?L
M\%O`W[^;'RM@97!;K@#OR>M?8%%`'F7[.MKXGM/AC91^,VN#>F1F@2Y),R0'
M&T/GG/7@\@$"L']J;P)J?C#PEIUYH-LUWJ&DW#3"W3[TD;`!@H[D%5..O!Q7
MM=%`'S1\4OB+)\2?A^?"/AOPYK<GB/4&@6[MI;1HUM-K!VW,>.J@`G''/%<G
M^T%X7N/"_@OX4Z$5,T]BDZS-$"R^83"S8/IN)Q7V'10!\T_MMPRS:#X7$4;R
M$7,V=JDX^1:J?'+P1Y7Q&\-^,=2T2ZUOPP]O%!J=O;JSO'M4C=M7!Q@@]>JG
M/6OJ&B@#YX^%]K\/M8\=6TG@WX=ZE%!:XFCUN4RQQ1N`>SMR<\<9^G%?0=S"
MEQ;RPR#*2(4;Z$8-244`?+WPKU*7X%:GXET+QAI&IC3KFY$UCJ%I;--',!E0
M,CH2,>^<@UN_`GPUJVK?%/Q1\1=6TNXTNRU#?'8P7(*2LK,OS%?3:HZ]SQ7T
M)10!\P_L>PRQ>*/B`98W0-+#C<I&?GFKZ0UZVDO=#U&UAQYL]M)$F>F64@?S
MJ]10!\Q?LGW3:)I7BCPIJMG?6NL^=)<F.6W94""-5Y;&,Y!P.XZ5/^Q)#+#H
M'B@2QO&3<PXW*1GY&KZ6HH`^./@/!,GP[^,X>&52VGG:"A!;]W<=*]4_8ZB>
M+X2SK*CHW]IS<,I!^Y'7N=%`'QII/@[PU\//&/B.P^*7A>_U'3)I!)I5_#'+
M(A7<WRY0CYB",YZ%37?V'@;3/&7P@\46_A+P3>>%+J^$9B2\E8&[:)]Z\,20
M.HR0.3[5]&44`?&OA:+P!I?A:RTOQ'\-M9O_`!M"?*GM%AG5IOGQY@(.,8]N
MH_&OJWP-I]KI7A/3+33])?1K9(MR6$C[V@W$L5)R><D]S6[10!\V?MM0R3>&
M?#(BC>0B\E)VJ3CY!5#XX>!RGCKPKXQO]$NM;\-&VAM]4MK=6=T"J1G:N#C!
M!X[KSC-?45%`'SM\,[7X>:QXZM'\&_#O4D@M2)X];D\V.*)QGL[<G.!QGKTX
MK@/#T21_$+QC'\4?#.K>(/$TS-_94(MGGB8DN/E!^4(?W>&/``[5]D44`?&_
MP3\&WGBCX-_$3PTL30ZHUS"\44OR9D3D`GW*D5T6@^-IX_@C=_#K_A'=;/BZ
M.QFT]K7[(P15;=^]9SPJA6)Y]/>OJ:B@#XQTNWF_X8ZUB/R9/,_MA3MV'/WX
MNU'Q<MYG_9P^&*+#*75FW*$.1\K=:^SJ*`/F_P#:UADE^#OA98HW=A>P$A5)
M(_T>2LWXF>'-2TR^^&'Q#L-.N=0M-*L;)+^&W4M(B(`X;;Z?,P)[<9KZBKC?
MB)HGBO4X[*X\$^(DTB]MV/F17$(E@N%..&&"001U'8F@#YE_:8\:P>-;KP;=
MZ78:A#I4<DHBN;N`P^<Y,>X(#R0`%YZ9/M7V97A-W\,_&_COQ1H&H_$O4="B
ML=%G,T5KI,<A,Q)4D,7Z`E%!]LU[M0!X)^U=X_U'PYH-IX?T'SDO=51C<3PC
MYHH!P0#V+$D9]`:Y3X$_%G3=.OM$\&Z'X&GT^"\G6*6\>[+N[D<R/^[&3[9&
M.@KZFHH`^<O&&A^)OA=\7;WQWX9TB?7-!U9<:A:6ZEI8R2"V`!GJ-P.".H..
MM<O\0O'>D_$;3M1L/#'PNOKGQ)?`0O?SV">;`>!NWJ"<@`#DC`KZUHH`\Z_9
M_P#"^I^#_A?IFD:[$D-^CRRO&KAMF]RP!(XS@\UP?[:$$MQ\/-%2"-Y'.K)P
MJY_Y92U]`T4`?+?Q"\9W/B#X46GPYM/#FMKXODBMK2:T:U(6/RF7+A^A4E!@
M].?:N?\`V@/"UQX7\%?"G0V0RSV*3K.8@67S"86?!]-Q-?8E%`'SO\4-$U3P
M?\>-(^)%II5WJ>C/&(;X6:&22$^68BVT<XVE2.W!Z5B^.7G^.OQ"\)1^&=+U
M!?#NDN9;O4;N!H4(9U+JN>IQ&`,<Y/8#-?45%`'S#\3X96_:Y\&R+&YC$5ME
M@I('SR]Z7XLVMUX-_:/T/QUJ%E>3^'FC59)[:$R>4WE-$5.._(/OGBOIVB@#
MY,UK4;CQ)^T]X-U^+2M1L],N#'%;/>0&)Y53>&?:>5&20,]<9JKK7@S0_!/Q
M>\17?Q%\.7NJ>%M3+W-E>P))(L3L^[#;",'DC!]J^O:*`/GKP=8^&I_!/CO5
M/"_@+4/#B?V1=VT=W=,_^EQE&("HS$_PJ>GMDU;_`&,XI(OA;J"RHZ-_:TIP
MRD?\LHJ]ZHH`YGXF>'7\6^`=<T.%PDUY;,D3$X`D'*Y/IN`S[5\J>#[+P3X;
M\+G2/'?P\U>]\:6\LB+"L4P^UC=D%64[<`'&0/X<\YK[1HH`^3?VB-(M;'X*
M>%(=%\.W.A02:DTW]G2$O)$6C?.[DX)ZXS71_M0Q22?`7PND<;NPN;3*JI)'
M^CR5]'T4`?+?QC\=76E?#'P7X-L/M-JVJZ/:/?WBPLWE6Q0*5`'))VG(ZX&.
M]=Q\(OB)\/M,M-&\&^%AJ89F\J-IK)T\V0\L[MZD_P"'2O;**`/F;]I*2[\`
M^.[/QMI4`<:MIL^DW/8"0H0C'WP1_P!\5L7?A5O"O[(]]IQB(O)K`75PH&29
M9'5B./08'X5I>*OAMXS\?^+K`^,]3T>+PMI=ZUQ;VU@C^;<)G@2;N`V``2#C
MDX%>W@8&!P*`/F_X?PR+^QSJD;1N)/L5^-A4Y_UC]J=\%(I$_95\2(\;J_V?
M4<*5.3^Z/:OHZB@#X:TNU\4']F1TT"*\%N->E;4$MU82&+R8]I('.S/7\*C^
M*=OX?N+'P=>>!_"M_INE0/LN;Z>U9#<2ML.W<<L^T*QST^;BONFB@#Y@^.,4
M^A?M!^#_`!?=VMU+H210AI[>%I<%6?(X[_,,#O2?&HM>?M(_#*[@BF,+I92`
MF,C`-TYY]#7U!10!\S7%O/\`"/\`:`USQ5JVGWT_AC6X92+RTA,WDN[([!P.
MGSJ1]"/>O4OA?X^UCQQJFJN_AJXT[P]"W^AW]SNC>Y'&,1D>G)(..@KT>B@"
M*[_X]9O]QOY5\=?LM>-X/!6C^)[G5=-U&;2I)8=UU9P&812`/A7`Y`(SANG&
M.]?8\ZEX9$'5E(&?I7CO[-WPSUOX;V&NPZ_+8R/?2Q/%]ED9P`H8'.5'J*`/
M.OAQX8U2?1?BWX[U/3KFPBUK3[X64$ZE9&1P\C';Z?<`/?FL/P1:^)3^RGK<
M7AB*[%X=98W"0*PF:W\N/=L`Y/.,X[;J^QJ*`/@[Q[:Z#>_"7P\WA3PKJ,-]
M;O&VKZI-:,-\Q0J4$C<ME]QP.!@5Z)\?+"[2;X5^)DM;B?2+*WM_M$L,1<QX
M,;\@=,C./<5]6T4`?,W[7EZNO?#;PGJ&GQ7#07-WYR*\3*X4Q'[RGD'V-7_C
MKX-U?4-)\">+?#^GRZC=:$D+SVD8)=XQL<$#J<%2#@9Y]J^BJ*`/F+XQ>+I?
MC#H&G^$_!.A:Q+?27B37;W5JT,=IM!&'8\=6Y^G?-97QGT-M%^*'PBTNW1Y(
MM/ALK8NH)'R3J,Y_"OK*B@#YL_;:ADF\,^&1%&\A%Y*3M4G'R"G_`+7T,DOP
MJ\+K%&[L+V,D*I)'[AZ^D**`/G']I:*23]GCPND<;L_G665522/]'>K/BJ^T
M&/X<>!-/\:^"M3U?13I-LYU.UC+?8V\E0?N_.IX&>@^N*^A:*`/DWX.:5/%\
M9+2?X8'78_`RP[KY]25DB8X8%0#@,<[<=P<]J^LJ**`"BBB@`HJIJ^I6>CZ;
M/J&J7,=K90+NEFD.%0=,FN2_X6SX#_Z&K2_^_M5&$I:Q0FTMSN**X?\`X6SX
M#_Z&K2_^_M'_``MGP'_T-6E_]_:KV53^5_<+F7<[BBN'_P"%L^`_^AJTO_O[
M1_PMGP'_`-#5I?\`W]H]E4_E?W!S+N=Q17#_`/"V?`?_`$-6E_\`?VC_`(6S
MX#_Z&K2_^_M'LJG\K^X.9=SN**X?_A;/@/\`Z&K2_P#O[1_PMGP'_P!#5I?_
M`']H]E4_E?W!S+N=Q17#_P#"V?`?_0U:7_W]H_X6SX#_`.AJTO\`[^T>RJ?R
MO[@YEW.XHKA_^%L^`_\`H:M+_P"_M'_"V?`?_0U:7_W]H]E4_E?W!S+N=Q17
M#_\`"V?`?_0U:7_W]H_X6SX#_P"AJTO_`+^T>RJ?RO[@YEW.XHKA_P#A;/@/
M_H:M+_[^T?\`"V?`?_0U:7_W]H]E4_E?W!S+N=Q17#_\+9\!_P#0U:7_`-_:
M/^%L^`_^AJTO_O[1[*I_*_N#F7<[BBN'_P"%L^`_^AJTO_O[1_PMGP'_`-#5
MI?\`W]H]E4_E?W!S+N=Q17#_`/"V?`?_`$-6E_\`?VC_`(6SX#_Z&K2_^_M'
MLJG\K^X.9=SN**X?_A;/@/\`Z&K2_P#O[1_PMGP'_P!#5I?_`']H]E4_E?W!
MS+N=Q17#_P#"V?`?_0U:7_W]H_X6SX#_`.AJTO\`[^T>RJ?RO[@YEW.XHKA_
M^%L^`_\`H:M+_P"_M'_"V?`?_0U:7_W]H]E4_E?W!S+N=Q17#_\`"V?`?_0U
M:7_W]JYH_P`1O"&LZE!I^E^(=/NKV<E8H8Y,LY`)./P!I.E-:M,?,NYUE%%%
M0,**X^3XF>"XI7CD\2::KHQ1E,O((."*;_PM#P3_`-#-IO\`W]I70N9=SLJ*
MXW_A:'@G_H9M-_[^T?\`"T/!/_0S:;_W]HN@YEW.RHKC?^%H>"?^AFTW_O[1
M_P`+0\$_]#-IO_?VBZ#F7<[*BN-_X6AX)_Z&;3?^_M'_``M#P3_T,VF_]_:+
MH.9=SLJ*XW_A:'@G_H9M-_[^T?\`"T/!/_0S:;_W]HN@YEW.RHKC?^%H>"?^
MAFTW_O[1_P`+0\$_]#-IO_?VBZ#F7<[*BN-_X6AX)_Z&;3?^_M'_``M#P3_T
M,VF_]_:+H.9=SLJ*XW_A:'@G_H9M-_[^T?\`"T/!/_0S:;_W]HN@YEW.RHKC
M?^%H>"?^AFTW_O[1_P`+0\$_]#-IO_?VBZ#F7<[*BN-_X6AX)_Z&;3?^_M'_
M``M#P3_T,VF_]_:+H.9=SLJ*XW_A:'@G_H9M-_[^T?\`"T/!/_0S:;_W]HN@
MYEW.RHKC?^%H>"?^AFTW_O[1_P`+0\$_]#-IO_?VBZ#F7<[*BN-_X6AX)_Z&
M;3?^_M'_``M#P3_T,VF_]_:+H.9=SLJ*XW_A:'@G_H9M-_[^T?\`"T/!/_0S
M:;_W]HN@YEW.RHKC?^%H>"?^AFTW_O[1_P`+0\$_]#-IO_?VBZ#F7<[*BLW0
M->TOQ#9M=Z)?07ULKF)I(6W`,`"1]>1^=:5,8451UG5]/T2T%UJUW%:6Y<1B
M24X!8YP/T-8G_"P?"?\`T'[#_OY42J0B[28TF]CJ:*Y;_A8/A/\`Z#]A_P!_
M*/\`A8/A/_H/V'_?RE[:G_,OO'ROL=317+?\+!\)_P#0?L/^_E'_``L'PG_T
M'[#_`+^4>VI_S+[PY7V.IHKEO^%@^$_^@_8?]_*/^%@^$_\`H/V'_?RCVU/^
M9?>'*^QU-%<M_P`+!\)_]!^P_P"_E'_"P?"?_0?L/^_E'MJ?\R^\.5]CJ:*Y
M;_A8/A/_`*#]A_W\H_X6#X3_`.@_8?\`?RCVU/\`F7WAROL=317+?\+!\)_]
M!^P_[^4?\+!\)_\`0?L/^_E'MJ?\R^\.5]CJ:*Y;_A8/A/\`Z#]A_P!_*/\`
MA8/A/_H/V'_?RCVU/^9?>'*^QU-%<M_PL'PG_P!!^P_[^4?\+!\)_P#0?L/^
M_E'MJ?\`,OO#E?8ZFBN6_P"%@^$_^@_8?]_*/^%@^$_^@_8?]_*/;4_YE]X<
MK['4T5RW_"P?"?\`T'[#_OY1_P`+!\)_]!^P_P"_E'MJ?\R^\.5]CJ:*QM%\
M4Z'K=T]MI.IVUW.B>8R1/DA<@9_,BMFKC)25TR6K;G`_'K_DC_BC_KU_]F6O
MA-5+,JCJQ`'XU]V?'K_DC_BC_KU_]F6OA6W_`./B+_?7^=>WEGP/U.#%[H]3
M/P%\9!E3?HOG.H98OMP#MD<8&*\TUC3;S1=3GT[5;>2UOH&VR0R##*?Z_45Z
MU^T)%=O\8]/.FI,;W[)9B$P@[]^3C&.<UZ;XP:PUCXI:[X.NTMVN=9T",!RH
MW)>(&*X;J"5Q^0JEB)Q2E+6]_P`!NE%OE6FWXGR9D9QD9I`P/0@_0U[SJ^B/
M8-\./`5CI5E>ZP!_:6H07/R*\C9(21@,[0-V1["M_P`:P6NK_"CQE+J5]HFJ
MZCIES&8_[,LO*CTYBP!A23`,F!D9//K6DL2EK;2_ZVN1&@V[?UW/G/2+&;5M
M7L]-M"GVJ[F6"(.VT;F.!D]AS7177@'6+2]\16EQ)I\<^@H'NU:Y`W`C($>1
M\Y]J]VU#41X0\;>!O"&A>&-.N=%NH[>5YY+7?+,['F57[,N`V?Y"LS6K>&7Q
M#\<I)8(I)(K2-HV=`Q0[#R">GX5$L3)ZI:6?X-(J%%.R?E^-SYN+`=2!^-+7
MTA)J)\":7X!TCP[X5L=;M-:LA/>![</+>2N!E0_0$9[YXKP#7%\O7[Q9M..F
M`7#%K([O]'&[[GS<\=.:Z*=7VDFK:?Y.QE*'+%/^M3KO"_PD\5^(])AU.VM[
M2TLI_P#4/?7`A,P]4')(_+VKF?$7AC6?#NNG1]6T^:'4<@)"!O,@/0IC[P/M
M7J7[3L%U)XD\/26:2OHC:9$+#RU)C!R<A<<;L;>G.,5PEUK/C+P?XH.HZHU]
M;Z_]F*1RZ@ADD1&7`9=V>0.A[5%*I.I[VFM]/Z_$J4(K3TU*/C/P=K'@VXL;
M?7H8X9[NW%RD:ON95)QAO1O:N=KV3]I6:2XU'PA-.[22R:)$[NQR68G))]Z\
M;JZ$W.'-+?7\R:L5&5EY?D%%%%:F84444`%%%%`!1110`4444`%%%%`!1110
M`4444`%>@_`#_DL7AG_KM)_Z*>O/J]!^`'_)8O#/_7:3_P!%/6=;^'+T9=/X
MT?==%%%?,GJGP#K'_(9U'_KZE_\`0S78>&/A;XA\2Z7;7^ER:68K@$HDEWMD
MX)!RN#CI7'ZQ_P`AG4?^OJ7_`-#-=U^SXH_X6OI1P,^7-SC_`*9FL()2=F<7
M74P/&?@K5/!Z6K:O-I[?:&9$%M<B4@KC.>!CK6=INAW6HZ'J6K6\MH+73RHE
M5Y@LC;NFQ?XJ]/\`@S]F@UCX@7=Q96UV+:UFG6.:,,I*NQ[_`$J#2]6E\3?#
M/XB:QJ5M9+>XM50P0!%C`X^4=O?FIM[M_*_Z&G(N:WG8\A+*#@L`?3-;G_",
MZA_PA[>)OW`TM;G[*29/GW_[N.GOFO:M:OV\):EH'A?0?"5GK6EWFF>;)%Y&
M9;MV4[F\SIQC)^O;BLG0=9?PW\"KN_CTNT>YBUQA%;WD9D2W<@=5."2HR!GZ
MU7*E?R_SL)0U5_ZTN>'@@C(((]J%96^ZP/T-?16H^']&\2?$GP-<W]A;1+J>
MDF]N;>)0J3R*H(4COU_$"L^QU`^/-.\:Z;XB\/V&GV^DV\DUI/#;>4]JZ9VH
M6[D@?EFDX\M[^?X`H7>_;\3P>,>9-'$I7?(P503CDG`K7\7>';_PGK+Z9K'D
MK=(BR'RGWKAAD<X%>OWFH#P;X8\"V.A^'M/U"WUF*.:\EGMO-:XD8KE`>QYX
M],"NOU33=-D^)WC#6;^.%[G2],MWM_.MS<+"2K9D\L<MC';WJG"WWO\`!"C"
M_KI^)\L;AMSD8]<TF]?[R_G7T']IT#7/&/@.^M8EGU*2[,=S<II4EG;W<>TX
M(5\@D<=S5WPUKBZW\6==TBZTO3$TK2H+M(8([95W8902Y[DX]NIJ>7]?PU'R
M>?;\3YOWKS\PXZ\]*7<-N<C'K7O<GBV.3X3VWB^3P]H9UBTU%K*VQ;8CB0X_
MASR=HQS]:M^(-!;_`(6\U_HFF:.-ND+?SM?92WMF.09=J@Y(QTQ[T.-OZ\K_
M`)!R75T_ZO8^>58-]T@_0TM>S_&"&RN_AOX;U>.\L]4O6NI(&U.VM!;"=1N_
MA'8$=?;/>O&*EZ-KL3*-K!11102%%%%`!1110`4444`%%%%`!1110`4444`?
M4_[+7_)/;W_L)2?^@1U[%7CO[+7_`"3V]_["4G_H$=>Q5T1V.N'PH\R_:$_Y
M$6#_`*_H_P#T%Z^?])L)]5U.UL+39]HN)!''O.!D^IKZ`_:$_P"1%@_Z_H__
M`$%Z\6^'?_(]Z#_U^1_SKQL7%3Q48OK8[(.U-M&S<?"OQ-$DI1+"XEC!8PPW
M(:0X]!@<U@^&_"FK^(KBXBTZW4?9O]?)._EI$?1B>_!XKK;2.Z/QZE-DL@?^
MTV+E`?N?Q9]L5MW%[-9:GXYF&BQ:QX6EN]EY$DVV1'`&6`'.,DY^GUK*-&G)
M<^J6OX6\MN^A3E).WH>=^)/!^L>'?LS:C#$8+AML4\$@DC9O3/8U)XM\%ZQX
M4M[:;5T@$=PQ5##)OY`SSP*ZOQ%IVG7?@>WU;PU/JMGI,5^J'3;QB8PQ;[T8
MR>F?4]Z[OQG8'Q3JEYH?WGM9+&[0'LA)63\,57U2,DTM[JWS5_RN+VEF>-^(
M/!&LZ!HMOJFI);K:SE50)+N<%AD9&/2N8)`ZD#ZU[/\`$_4AJOPZ-RIS&-9D
MCC]-J[E&/P%8'PBN--M+;69K]5M[G:H@U">T,\,([ANPSQU(S64Z$'5Y(NRM
M?\+E*34;O?\`X)YMN&,Y&#[TN1G&1FO<+\KIOC_1)]1MM'DT[6;=K1[FS3"3
MY`PQ4YVD$CD$\&L#7-)B\'^$8=(N[?SKW4]4)=0F9&MHW``7O\V!T]:'A6KM
MO;3YW7^=P]H>6[E)P",^F:T)M)O8=%M]5FAV6-Q*8H9"1^\8=<#T&.M>Z:Q%
M::YI6IV.AKHT\26@8:;<VC6UQ;C'4-UR.V1U[UB76KS:C\,O"-K<QVJP:E<_
M8KAA%C;&'QE?[K8'6K>#2NK]K?-V%[39_P!;7/%MPSC(SZ9H+*.K#\Z]_P#$
M4OA^"YU7P]>01&R@ML16MMI$ID@..)/-&01[X_'K5#3]3CTC1_AY'#IVGS/J
M*B">:6$,^S(R`?<G.?:E]47-;F[?B[`ZFE['A^X9QD9]*6O<Y6L+RX\<^&TT
MBPM]/TVU:6`Q18<28R6+?7IZ8Q7AB\@5SU:7LVM;W_S:_0T3N%%%%9#"BBB@
M`HHHH`]1_9X_Y'.^_P"O!O\`T8E?0]?/'[/'_(YWW_7@W_HQ*^AZ^@R[^"CD
MK?$<#\>O^2/^*/\`KU_]F6OA)258,.JG(K]'=<TFQUW2;G3-6MQ<V-RNR6(L
M0'&<XR"#VKA_^%)_#S_H6H/_``(F_P#BZ]["8N%"+C),XJU%U'='S3_PO?Q^
M(P@U2U`"[0191Y'XXJE\+]4TJ3Q[_P`)'XV\1W=G<6DJWBR>4TSW<@/*$C..
M/P[5]1_\*3^'G_0M0?\`@1-_\71_PI/X>?\`0M0?^!$W_P`76OUR@D^6+5^R
M1'L*CT;N?)?BOQUJ&I_$J\\6Z7/+:7/VC?:M_%&BC:H(Z?=ZCW-2ZM\4?%6K
M:7J.FWEU:?8-0&+B"*SBC5FSDO\`*!\Q.,MU.!Z5]7_\*3^'G_0M0?\`@1-_
M\71_PI/X>?\`0M0?^!$W_P`736,PZ2CRO3T!T:C;E?<^5]&^+WC?1]%M]*L=
M9*VEO@1%X4=T4$$*&(SCC&/3BLR7Q_XAEN?$,[W41DU^,1Z@?(7]XH&!CCY>
MO:OKO_A2?P\_Z%J#_P`")O\`XNC_`(4G\//^A:@_\")O_BZ/KN'NWR[^2$J%
M1:<Q\I>&?BOXR\-:(NDZ3JVRQCR(EDA20Q`]E)&0*XR\N9[V[FNKR:2>YF<R
M22R'+.Q.22?6ON#_`(4G\//^A:@_\")O_BZ/^%)_#S_H6H/_``(F_P#BZI8^
MBFY*+N_03P]1JU]#Y2\*_%;QCX6TM-.TG50+*/\`U<4\*S"/V7<.!STKE_$.
MM:EXBU.;4-;O);R\EX:20]NP`Z`#T%?:O_"D_AY_T+4'_@1-_P#%T?\`"D_A
MY_T+4'_@1-_\726.H*7,HZ_(?L*EK7T/C7Q1XIU7Q0]@VLSQS&QMUM8-D2IM
MC'0''7ZUAU]S?\*3^'G_`$+4'_@1-_\`%T?\*3^'G_0M0?\`@1-_\75+,*45
M9)_@2\--ZMGPS17W-_PI/X>?]"U!_P"!$W_Q='_"D_AY_P!"U!_X$3?_`!=/
M^TJ?9A]5EW/AFBON;_A2?P\_Z%J#_P`")O\`XNC_`(4G\//^A:@_\")O_BZ/
M[2I]F'U67<^&:*^YO^%)_#S_`*%J#_P(F_\`BZ/^%)_#S_H6H/\`P(F_^+H_
MM*GV8?59=SX9HK[F_P"%)_#S_H6H/_`B;_XNC_A2?P\_Z%J#_P`")O\`XNC^
MTJ?9A]5EW/AFBON;_A2?P\_Z%J#_`,")O_BZ/^%)_#S_`*%J#_P(F_\`BZ/[
M2I]F'U67<^&:*^YO^%)_#S_H6H/_``(F_P#BZ/\`A2?P\_Z%J#_P(F_^+H_M
M*GV8?59=SX9HK[F_X4G\//\`H6H/_`B;_P"+H_X4G\//^A:@_P#`B;_XNC^T
MJ?9A]5EW/AFBON;_`(4G\//^A:@_\")O_BZ/^%)_#S_H6H/_``(F_P#BZ/[2
MI]F'U67<^&:]!^`'_)8O#/\`UVD_]%/7U+_PI/X>?]"U!_X$3?\`Q=:&@_"K
MP5H&KVVIZ1H45M?VY+12B:5BI((/!8CH345,PIR@XI/4<<-*,D[G;4445Y!V
MGP#K'_(9U'_KZE_]#-6?#6O:AX:UB'5-'E2*]B#*CN@<`,,'@\=#7UU-\(_`
MTTTDLGA^%I)&+L?.EY).2?O>M,_X4_X#_P"A>A_[_2__`!58^SDM4<_L6?)^
MC^*=6T9M5;3YXXSJD30W6Z(-O5B20,].IZ5%IOB#4=.T+4M'M)473]1V?:4,
M88MMZ8/4?A7UK_PI_P`!_P#0O0_]_I?_`(JC_A3_`(#_`.A>A_[_`$O_`,51
M[-VL/V<M[GS3I'Q1\8:1HJ:58ZL4M(T,<9:)6DC7T5R,C';TK#D\3:K)X:DT
M"2X#Z;)<F[=60%VE/5B_6OK+_A3_`(#_`.A>A_[_`$O_`,51_P`*?\!_]"]#
M_P!_I?\`XJFX2>[%[.6USY3U#Q?KE_+H\LMZ8YM(B6&RDA01M$HQCD=3QWK2
M\2?$KQ7XCTHZ=JNI[[-L>8D42Q^9C^\0.>E?37_"G_`?_0O0_P#?Z7_XJC_A
M3_@/_H7H?^_TO_Q5#A)Z7&J<ELSYD\/_`!)\5^']%_LK2M4,5D,[%>-7:+/]
MPD96H_\`A8?B8>*3XB340FJM$(7D2)0CH.BLG0BOI_\`X4_X#_Z%Z'_O]+_\
M51_PI_P'_P!"]#_W^E_^*HY)7O<7LI6M<^8-1^(7B;4O$%AK5[J`DO;`[K8>
M4HCB.,$A.G/>JFF>,=:TSQ!?ZU9W$2:C?!UGD,*L&#G+84\#FOJK_A3_`(#_
M`.A>A_[_`$O_`,51_P`*?\!_]"]#_P!_I?\`XJE[.0_9SWN?)?\`PD6I?\(K
M_P`([YR?V3]H^U>5Y8W>9Z[NOX5L#XC^)QKJZN+Z,7JVPLS^X78\(_A9,8/X
MU].?\*?\!_\`0O0_]_I?_BJ/^%/^`_\`H7H?^_TO_P`53Y)=_P"MA>REW/EC
MQ!XVUWQ!I,6F:I<026,,OG111VZ1B(XQA=H&%QVKFZ^R_P#A3_@/_H7H?^_T
MO_Q5'_"G_`?_`$+T/_?Z7_XJE[-[@Z4GNSXTHK[+_P"%/^`_^A>A_P"_TO\`
M\51_PI_P'_T+T/\`W^E_^*H]FP]C(^-**^R_^%/^`_\`H7H?^_TO_P`51_PI
M_P`!_P#0O0_]_I?_`(JCV;#V,CXTHK[+_P"%/^`_^A>A_P"_TO\`\51_PI_P
M'_T+T/\`W^E_^*H]FP]C(^-**^R_^%/^`_\`H7H?^_TO_P`51_PI_P`!_P#0
MO0_]_I?_`(JCV;#V,CXTHK[+_P"%/^`_^A>A_P"_TO\`\51_PI_P'_T+T/\`
MW^E_^*H]FP]C(^-**^R_^%/^`_\`H7H?^_TO_P`51_PI_P`!_P#0O0_]_I?_
M`(JCV;#V,CXTHK[+_P"%/^`_^A>A_P"_TO\`\51_PI_P'_T+T/\`W^E_^*H]
MFP]C(YO]EK_DGM[_`-A*3_T".O8JR/#/AO2?"^GO9:#9K9VKR&5HU9FRQ`!/
MS$GH!6O6J5E8VBK*QYE^T)_R(L'_`%_1_P#H+U\_:9?3Z9J%O?6;!+FW<21L
M5W`,.G!ZU]>:_H>F^(+%;36+5;FV5Q($9BN&&0#P1ZFN?_X5CX._Z`D7_?V3
M_P"*KSL3@ZE6K[2#2.B%2,8V9X?=?%'Q;<V\D3:C'&)!M+Q0(CCZ$#BL'P[X
MEU;P[>27.D7C0R2C$@8!UD_W@>IYZU]'?\*Q\'?]`2+_`+^R?_%4?\*Q\'?]
M`2+_`+^R?_%5B\#B7+F<]?5E>UA:UCYY\1>,-<\1>0-6O?-CA8,D2($0-ZX'
M4U9C\>^(8]<GU=+R,7\T(MW<0K@H.@V]/QKWW_A6/@[_`*`D7_?V3_XJC_A6
M/@[_`*`D7_?V3_XJCZCB+WY_Q8>UAV/FZ;7M0FT%-&DF5M/6<W`38-V\YR=W
M7N>*E\->)]7\-32R:-=F#S1B1&4.C^A*GC/O7T9_PK'P=_T!(O\`O[)_\51_
MPK'P=_T!(O\`O[)_\5267UT^925_5C=6#5FCP--:D\5^)+:;Q?K3VMO&N5GC
MAR(\<@*B],GO4WQ-\4KXD\5?;+"27[):HL5LY^5C@Y+^Q)_D*]V_X5CX._Z`
MD7_?V3_XJC_A6/@[_H"1?]_9/_BJIX&NX\MUO?J+VL;W/![SXC>*;S3'L9]3
MS"Z>6[K$JR,O<%@,\]ZS[7Q;K-KX;DT&&Z7^S)`08VC!*Y.3ANHYYKZ(_P"%
M8^#O^@)%_P!_9/\`XJC_`(5CX._Z`D7_`']D_P#BJ3P.(;NY_BP]K#L>!WGQ
M!\3WFCG3+C4V:V9/+8A`)'7T+]3[UGOXGU5X]'C::/;I!S9CRA\G3K_>Z#K7
MT9_PK'P=_P!`2+_O[)_\51_PK'P=_P!`2+_O[)_\50\#B&[N?XL/:PM:Q\\1
M^+=8CO\`5KU9X_M&J1F*Z;REPZD8X';\*P.E?4W_``K'P=_T!(O^_LG_`,51
M_P`*Q\'?]`2+_O[)_P#%5#RZM+>2_'_(KVT>Q\LT5]3?\*Q\'?\`0$B_[^R?
M_%4?\*Q\'?\`0$B_[^R?_%4O[,J]U_7R#V\3Y9HKZF_X5CX._P"@)%_W]D_^
M*H_X5CX._P"@)%_W]D_^*H_LRKW7]?(/;Q/EFBOJ;_A6/@[_`*`D7_?V3_XJ
MC_A6/@[_`*`D7_?V3_XJC^S*O=?U\@]O$\J_9X_Y'.^_Z\&_]&)7T/6!X?\`
M!V@^'KQ[K1].2UN'3RV=7=LKD'')/<"M^O3PM&5&GR2,*DE)W1@>/M=D\,^#
M=6UF"%9Y;.$R)&YP&.0!GVYKRC1?&/Q@UK2K74=-\-Z)-9W*"2*3>%W*>^#+
MD5WWQN_Y)1XD_P"O;_V9:E^#7_)+?#/_`%Y)7J4W&%'G<4W>VOH<DTYU.6[6
MG0XG^WOC7_T*VB?]_5_^/4?V]\:_^A6T3_OZO_QZO::*GZROY(_C_F/V#_G?
M]?(\6_M[XU_]"MHG_?U?_CU']O?&O_H5M$_[^K_\>KVFBCZROY(_C_F'L'_.
M_P"OD>+?V]\:_P#H5M$_[^K_`/'J/[>^-?\`T*VB?]_5_P#CU>TT4?65_)'\
M?\P]@_YW_7R/%O[>^-?_`$*VB?\`?U?_`(]1_;WQK_Z%;1/^_J__`!ZO::*/
MK*_DC^/^8>P?\[_KY'BW]O?&O_H5M$_[^K_\>H_M[XU_]"MHG_?U?_CU>TU'
M<3Q6\9DN)8XHQP6=@H_,T?6%_)'\?\P]@_YW_7R/&O[>^-?_`$*VB?\`?U?_
M`(]1_;WQK_Z%;1/^_J__`!ZO8+>_M+E]EO=6\K]=L<@8_H:>MU;O<-;I/$TZ
MC+1AP6'U'6G]87_/M?<_\P]B_P"=_P!?(\<_M[XU_P#0K:)_W]7_`./4?V]\
M:_\`H5M$_P"_J_\`QZO8YKJWAECBFGBCDDX1&<`M]!WI9+J"*9(99XDED^XC
M.`S?0=Z/K"_DC^/^8>P?\[_KY'C?]O?&O_H5M$_[^K_\>H_M[XU_]"MHG_?U
M?_CU>R7%S!;('N9HX4)P&D8*,_C3+:]M;IBMM<P3$<D1R!L?E1]87_/N/X_Y
MA[!_SO\`KY'CW]O?&O\`Z%;1/^_J_P#QZC^WOC7_`-"MHG_?U?\`X]7LGVF#
M[1]G\Z+S\;O+WC=CUQUJ"[U33[*9(;R^M;>5_N)+,J,WT!/-'UA?\^U]S_S#
MV+_G?]?(\B_M[XU_]"MHG_?U?_CU']O?&O\`Z%;1/^_J_P#QZO6[_5[#3YH(
MKVZBADG.(U8_>_\`K<]:O4?6%_S[7W/_`##V+_G?]?(\6_M[XU_]"MHG_?U?
M_CU']O?&O_H5M$_[^K_\>KVFBE]97\D?Q_S#V#_G?]?(\6_M[XU_]"MHG_?U
M?_CU']O?&O\`Z%;1/^_J_P#QZO::*/K*_DC^/^8>P?\`._Z^1XM_;WQK_P"A
M6T3_`+^K_P#'J/[>^-?_`$*VB?\`?U?_`(]7M-%'UE?R1_'_`##V#_G?]?(\
M6_M[XU_]"MHG_?U?_CU']O?&O_H5M$_[^K_\>KVFBCZROY(_C_F'L'_._P"O
MD>+?V]\:_P#H5M$_[^K_`/'J/#OQ!\<6_P`1='\-^,]'TVT_M%&=?L[98`!B
M&R'8=5(Q7M->*^//^3D/`O\`UZ/_`.UJUI3C5O%P2T?Y>IG.$J=FI/='M59?
MBG5&T3PWJFJ)&)6L[:2<1DX#%5)QG\*U*YKXF?\`)._$O_8.G_\`19KA9U/8
M\NT#QM\6?$&D6^J:1X=T6>QN`3%)OVY`)!X,H/4&M#^W?C1_T*^B_P#?U?\`
MX[72_`'_`))'X?\`]R7_`-'/7H-0E=7N0HMJ]SQG^W?C1_T*^B_]_5_^.T?V
M[\:/^A7T7_OZO_QVO9J*?+YCY?,\9_MWXT?]"OHO_?U?_CM']N_&C_H5]%_[
M^K_\=KV:BCE\PY?,\9_MWXT?]"OHO_?U?_CM']N_&C_H5]%_[^K_`/':]FHH
MY?,.7S/&?[=^-'_0KZ+_`-_5_P#CM']N_&C_`*%?1?\`OZO_`,=KV:BCE\PY
M?,\9_MWXT?\`0KZ+_P!_5_\`CM']N_&C_H5]%_[^K_\`':]FHHY?,.7S/&?[
M=^-'_0KZ+_W]7_X[1_;OQH_Z%?1?^_J__':]FHHY?,.7S/&?[=^-'_0KZ+_W
M]7_X[1_;OQH_Z%?1?^_J_P#QVO9J*.7S#E\SQG^W?C1_T*^B_P#?U?\`X[1_
M;OQH_P"A7T7_`+^K_P#':]FHHY?,.7S/&?[=^-'_`$*^B_\`?U?_`([1_;OQ
MH_Z%?1?^_J__`!VO9J*.7S#E\SQG^W?C1_T*^B_]_5_^.T?V[\:/^A7T7_OZ
MO_QVO9J*.7S#E\SQG^W?C1_T*^B_]_5_^.T?V[\:/^A7T7_OZO\`\=KV:BCE
M\PY?,\9_MWXT?]"OHO\`W]7_`..T?V[\:/\`H5]%_P"_J_\`QVO9J*.7S#E\
MSQG^W?C1_P!"OHO_`']7_P".T?V[\:/^A7T7_OZO_P`=KV:BCE\PY?,\9_MW
MXT?]"OHO_?U?_CM']N_&C_H5]%_[^K_\=KV:BCE\PY?,\N^$_CK7_$7B/7M#
M\46%G:WNF*I;[,3P2<%3\Q!^H->HUXM\*_\`DN7Q'_WD_P#0J]IHCL$&[:GG
M_P`2?%^L:%K&C:5X?L[:XO-0W;?/)P2"`%'(QUZDUF?VQ\5?^A>TG_OX/_CE
M-^)/_)5O`?\`UT;_`-"%>JURJ,JE2=Y-6?3T-[J*6AY9_;'Q5_Z%[2?^_@_^
M.4?VQ\5?^A>TG_OX/_CE>IT5?U=_SO\`#_(7/Y'EG]L?%7_H7M)_[^#_`..4
M?VQ\5?\`H7M)_P"_@_\`CE>IT4?5W_._P_R#G\CRS^V/BK_T+VD_]_!_\<H_
MMCXJ_P#0O:3_`-_!_P#'*]3HH^KO^=_A_D'/Y'EG]L?%7_H7M)_[^#_XY1_;
M'Q5_Z%[2?^_@_P#CE>IT4?5W_._P_P`@Y_(\L_MCXJ_]"]I/_?P?_'*/[8^*
MO_0O:3_W\'_QRO4Z*/J[_G?X?Y!S^1Y9_;'Q5_Z%[2?^_@_^.4?VQ\5?^A>T
MG_OX/_CE>IT4?5W_`#O\/\@Y_(\L_MCXJ_\`0O:3_P!_!_\`'*/[8^*O_0O:
M3_W\'_QRO4Z*/J[_`)W^'^0<_D>6?VQ\5?\`H7M)_P"_@_\`CE']L?%7_H7M
M)_[^#_XY7J=%'U=_SO\`#_(.?R/+/[8^*O\`T+VD_P#?P?\`QRC^V/BK_P!"
M]I/_`'\'_P`<KU.BCZN_YW^'^0<_D>6?VQ\5?^A>TG_OX/\`XY1_;'Q5_P"A
M>TG_`+^#_P".5ZG11]7?\[_#_(.?R/*--\;>+[/QEI&C>*-+T^V74&(7R6RP
M'/.0S#J.E>KUY3\0/^2Q^"/H_P#,UZM1AW*\XMWL_P!$$[:,X?XW?\DH\2?]
M>W_LRU+\&O\`DEOAG_KR2HOC=_R2CQ)_U[?^S+4OP:_Y);X9_P"O)*]+_F'_
M`.WOT.7_`)??+]3LZ***YC<****`"BBB@`HHHH`*\H_:>_Y))?'`.+B`\_[X
MKU>O*/VG1GX27X'7[1!_Z&*TI?&B9_"S@O&7PETWPQ\/T\7>%;W4+/6+&"*]
MR9LANA;'`(ZY].,5/XONYK";P3\7-.AVF>**#5TC&`ZL,$G]1^"UH?$?XF^&
M;KX2RZ)I&I)?ZO>6D5FEO`C$AB%!SQ]?QKL+W0CI/[/<^D:A$K26^BMYB,,[
M7"%OS#?RK;FDDG+O^!G9=#EO`$8^)/Q>U/QG.IDT71L6FE[APSX^^`?J6^K#
MTKA?BYJ&H:M\1M<\4:82UKX/EM801S\V_P";'_`LYKUCX1ZA;>'/V?[+5G5$
M2"TFNI#C&]PS=?<X`KR?P3X2^(VL^!K^32%TK^R/$1>XN!=$>;*22,YQQR./
MSJHNTF^BT![)'H'[25W!K'PMT*\A(:WN[^VE0_[+(Q_D:Y[XF?#&R^&_A^+Q
M?X*O=0MK[3IHW=9)MX=20/0=R,CD$$URVJ:TU_\`L_Z9871Q<Z+KJ6<JMU50
M'9<_09'X5WGQN^(WA_Q'X&;P[X7OTU35-2FBA2*!&./F!YR/4`414HVBMKL3
M:=VRK/KR1?'%_$FQ<#PI]N"_]L]X']*@^'OPILOB+X2F\4^+;V\GUG5FDDBE
M63`A`)"\=^1TZ8P!3;K0)9/B[)X=!!G_`.$0^Q`YXWB+:/UK5^#OQ-\/^&OA
MN-)\177V'5=',L+VLBG?)AB0%&.3SC'J/2AW4?<WT&K7]X[#X?\`@#4+3PSI
M]GXSNDO+ZP=EMY()&.(3]U&+#)Q\PX['&:],KB?A!XJU3QGX/36-8L(;)I9G
M6$1$XDC!P'P>F3D?A7;5S3;YK,UC:V@4445`PHHHH`****`"BBB@`KQ7QY_R
M<AX%_P"O1_\`VM7M5>*^//\`DY#P+_UZ/_[6KIPOQ/T?Y&%?X5ZK\SVJN:^)
MG_)._$O_`&#I_P#T6:Z6N:^)G_)._$O_`&#I_P#T6:Y7L;/8P_@#_P`DC\/_
M`.Y+_P"CGKT&O/O@#_R2/P__`+DO_HYZ]!HCLA1^%!1113*"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`K(U^\N86LK6Q9(Y[R;RA*Z[A&`I8G'<X'`K
M3:1AR(V/TQ63KB_;[4&R(-_:.MQ%&W!W+V/L1D?C6-9OD:CN7#?4/[+U3OKU
MS_X#Q?\`Q-5]0BU;2[22]&K-=+`-[PS0(H=1U&5`(..E;&FWL5_8Q7,!)209
MP>JGN#[@\5EZ[(=1NH]&MSG?MENV'_+.('./JQ&![9-93C%0YHMZ[:OY=2HM
MWL_R-U&W(K#N,TM9TVKVD3&-#),Z\%8(S)M^N.*FT[4+;48FDM)-P5MCJ059
M&]"#R#70JD6^5/4SY7N6Z***L04444`%%%%`'BWPK_Y+E\1_]Y/_`$*O::\6
M^%?_`"7+XC_[R?\`H5>TU,=B(;'E7Q)_Y*MX#_ZZ-_Z$*]5KRKXD_P#)5O`?
M_71O_0A7JM84/XE3U_1&TMD%%%%=)`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110!Y3\0/^2Q^"/H_\S7JU>4_$#_DL?@CZ/_,UZM7-0^.I
MZ_HBY;(X?XW?\DH\2?\`7M_[,M2_!K_DEOAG_KR2HOC=_P`DH\2?]>W_`+,M
M2_!K_DEOAG_KR2O2_P"8?_M[]#E_Y??+]3LZ***YC<****`"BBB@`HHHH`*X
M3XUZC9Z5X"N;K4M*M=6MEFB4VMR<(Q+#!_#K7=U!?6=K?VY@OK:&Y@)!,<T8
M=21TX/%)WMH5!Q4DY*Z/E+2?B9H>D7J7FF^`-!M[J,Y259/F4^H.W@UOWWQ_
MGO[.>TO?#=A-;3H8Y8WN6(=2,$'Y:]]_X1;P_P#]`+2O_`2/_"C_`(1;P_\`
M]`+2O_`2/_"LG&J]7([O;X3_`)]?B?./_"XK0^'1H'_"':5_8VW9]C^T-Y>,
MYQC'KS6C8?'N?3+&"SLO#%A;VL"".*)+A@J*.@`VU[7XE\-:%%X<U5X]%TQ'
M6TE966TC!!"'D'%>*_LPZ98ZE<ZZ-1LK:["10%?/B63;G=G&1Q6<G54E%RW.
MB'U65.554_AMU.>G^)6AW*W:3>`=$=;N87$ZF4XDD&<,1CK\Q_.I=%^*.D:%
M>"[TKP%H=I=`?+*DA##Z';Q7M?Q8\/:-:?#?Q!/:Z1IT,R6K%)([9%93D<@@
M9%<7^S3I&FZEX;U=]1T^SNW6\"JT\"R$#8O`)%-RK<W)S"C]5=)UO9[.VYR_
M_"ZX?^$@_MS_`(1'2_[7\KR?M?V@^9L_NYV]*RM;^).A:YJ7]H:MX"T6YO3@
MM*T[`MC^]@?-^-?3W_"+>'_^@%I7_@)'_A1_PBWA_P#Z`6E?^`D?^%6HUEM(
MP]OA/^?7XGD_PU^,<_B+Q3IOA]=$L[*VE5E4PS$^6%4D`+@#'%>X5FVF@:/9
M7"SV>DZ?;SI]V2*V1&7/H0,UI5<%)+WG<Y:\Z<Y7IQL@HHHJS$****`"BBB@
M`HHHH`*\5\>?\G(>!?\`KT?_`-K5[57BOCS_`).0\"_]>C_^UJZ<+\3]'^1A
M7^%>J_,]JKFOB9_R3OQ+_P!@Z?\`]%FNEKFOB9_R3OQ+_P!@Z?\`]%FN5[&S
MV,/X`_\`)(_#_P#N2_\`HYZ]!KS[X`_\DC\/_P"Y+_Z.>O0:([(4?A04444R
M@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`,54O[&.[4%BT<J<QRIPR'V
M/].E0OK-E"76[G2WD0X9)3@_4>H^E5)-0N]2!72HS!!_%>SI@`?["GEC[G`^
MM8SJ0:MOY%J,MSG+S5+K0M4N((Q$UW.OF2*`3'_UWP.5./O)WQD5M:'IOG6F
M[SF:UG/FO)G]Y=L?XF(Z+Z*.U.M="M9[-T(DV,WF+,S?O7D[2EO7T[54TTWN
MFWD\$:"21/WDMJORB53_`,M8O0GNO3-<4(2A).IJGMY&K:DK1W.KAB2&-8XD
M5$7HJC`%9&GX'BC5@,#,4+''<X;FKMEJEI=@^5,H=>&C?Y74^A4\BLW29$G\
M5:S+"P>-8X8RR\C<`21G\177.46X<O?]&9I.SN;]%%%=!F%%%%`!1110!XM\
M*_\`DN7Q'_WD_P#0J]IKQ;X5_P#)<OB/_O)_Z%7M-3'8B&QY5\2?^2K>`_\`
MKHW_`*$*]5KRKXD_\E6\!_\`71O_`$(5ZK6%#^)4]?T1M+9!111720%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`>4_$#_`)+'X(^C_P`S
M7JU>4_$#_DL?@CZ/_,UZM7-0^.IZ_HBY;(X?XW?\DH\2?]>W_LRU+\&O^26^
M&?\`KR2HOC=_R2CQ)_U[?^S+4OP:_P"26^&?^O)*]+_F'_[>_0Y?^7WR_4[.
MBBBN8W"BBB@`HHHH`****`"BBB@`HHHH`S/%/_(LZO\`]><W_H!KPG]E'_CZ
M\0?]<H/_`&:O=O%/_(LZO_UYS?\`H!KPG]E'_CZ\0?\`7*#_`-FK"?\`$B>A
M0_W6K\CUCXQ?\DP\1_\`7HW\Q7"_LL_\BOK/_7Z/_1:UW7QB_P"28>(_^O1O
MYBN%_99_Y%?6?^OT?^BUHE_%04_]SGZ_Y'M=%%%;GGA1110`4444`%%%%`!1
M110`4444`%>*^//^3D/`O_7H_P#[6KVJO%?'G_)R'@7_`*]'_P#:U=.%^)^C
M_(PK_"O5?F>U5S7Q,_Y)WXE_[!T__HLUTM<U\3/^2=^)?^P=/_Z+-<KV-GL8
M?P!_Y)'X?_W)?_1SUZ#7GWP!_P"21^'_`/<E_P#1SUZ#1'9"C\*"BBBF4%%%
M%`&5XLU4Z%X6U?5DB$S6-I+<B,G&\HA;&>V<5YN/&_BW3=!\-^)-6AT2?2=6
MGMHI;:V61)K<3D!2&)(?!(R,"N_\?V%SJO@7Q#I]A'YMW=:?/!"F0-SM&P49
M/`Y-</X@\*ZS=?"?PCH]O:;]2L)].>>+>HV")E+\YP<8/2J5NI2MU+D?B/Q7
MXFU;7O\`A$AI%MINCW360:^C>1[R9`"X&T@(H)QGDU5\'_%&;7=>\-PS6$5M
MIVN6<_EN6)>*]@?$L)/0C`)!ZFG:5;>(_`^I>);6P\/S:S9:I?RZC8SV\\:>
M6\H&Z.4.05`89W#/!K&O/AKK6E_"/2K727BG\7Z1>_VM`RG"-.SEGC!./E(<
MCGKBGH/0U-5^)>H?:KRVTBQM)I;C6ET/27E9@LDBKF>63'\"'(&.I%7[?Q+X
MCTOQ9;^%]>?29[[4[.6XTR]@B>.,R1_>CD0L3T(((/-9VJ>`=1T_PKX,DT:.
M.[UCP[=B^E@9P@NV<'SP&/`8EB03Q3KRRU_7O&EGXMDT"YLH=!L+A;*QGEC\
MZ\N)!C^%B%4`8R3R31H+0DL/%'C.?QGJ7AY(M!O9+#3S<SS6Z2JL4[`^3$<G
MJV,GT%/@^)D]S\(H/$MO9PG7)Y%L5L&)VB],GE^6>^,Y/KBH_@[!JVC6C6^N
M>'M3CUG5)Y+W4]1D,1B,S<X&'+;0,*.*Q=(\,2#XZZCIT+(WAVSE7Q&8`/\`
M5WLJ&,`_DS@460[(V!XJ\7ZGK'BN'1_[#MX/#K+&Z7$4CM=/Y0=OF##8.H'!
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MA(LFFR(1!<'.47>59`./W@/X4:!H=CIK:\]Y9KJUKIWEBVS<26[$@3YY";N=
MOUK8NU\P)&?NNV&^G7%<[\,-*U;1/`FD:=XBN#<:G!$5E8R>85^8E5+?Q;5(
M7/?%=/(@<#.1@Y!':HDNA/4<!@8%8WB6+R[5-1BXN+)O-4_WDZ.OT(_4"MD#
M`ZYJM>V4=X$6<N8U8,4!PK8Z9]1[5G4CS0:01=G<2XL;2]4-<V\4N1P70$U+
M;V\5M$([>-(HQT5!@5+THJE%7O;4+O8****H04444`%%%%`'BWPK_P"2Y?$?
M_>3_`-"KVFO%OA7_`,ER^(_^\G_H5>TU,=B(;'E7Q)_Y*MX#_P"NC?\`H0KU
M6O*OB3_R5;P'_P!=&_\`0A7JM84/XE3U_1&TMD%%%%=)`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110!Y3\0/\`DL?@CZ/_`#->K5Y3\0/^
M2Q^"/H_\S7JU<U#XZGK^B+ELCA_C=_R2CQ)_U[?^S+4OP:_Y);X9_P"O)*B^
M-W_)*/$G_7M_[,M2_!K_`));X9_Z\DKTO^8?_M[]#E_Y??+]3LZ***YC<***
M*`"BBB@`HHHH`****`"BBB@#+\4_\BQJ_P#UYS?^@&O"?V3V5KKQ#M(/[J#_
M`-FKZ)90ZE7`96&"",@BH+2QM+,L;2U@@+?>\J,+GZXK.4+R4NQT4ZZA2G2M
M\5CE?C&<?"_Q(3P/LC?S%<+^RPP;POK6T@_Z:/\`T6M>TS11SQ-'-&DD;##(
MZY!'N*9:VEM:*5M+>&!6.2(D"@G\*'"\U(<:ZC0=*V[N34445H<P4444`%%%
M%`!1110`4444`%%%%`!7BOCS_DY#P+_UZ/\`^UJ]JKQ7QY_R<AX%_P"O1_\`
MVM73A?B?H_R,*_PKU7YGM5<U\3/^2=^)?^P=/_Z+-=+7-?$S_DG?B7_L'3_^
MBS7*]C9[&'\`?^21^'_]R7_T<]>@UY]\`?\`DD?A_P#W)?\`T<]>@T1V0H_"
M@HHHIE!1110`4444`%%%%`!1110!2UJRDU'2[BT@O+BQDE3:MS;$"2,^JY!&
M?PK.\*>&;3PW:W*V\MS=7=U+YUU>7<F^:X?&`6/'``P`,`"MZB@#FH/%]D^L
M7-C,DD"P-*IG=EV'RP-^0#E1\PP2,&EU#QEI-I`SQS^>_P!GEN5101E8\;@2
M1\I&>AJE?^`[*[>_D\]XI;YIO/D1`&=7VD*3W"LH(_$=Z>W@Q6LQ`MU'%OCG
MCN#%!@2^;MRW+$AAM'.3FJT'H:@\2:88!<"\@^RA7,DK/M";=N<@\_Q#\QZT
MU?$VGR7<$<<R&":-F$^<#>KJFS!YW9;I574O",-_<7<KW3K]H8D@(#CB(?\`
MM(?G44_@V%]935([R6.\AFEFA8("$,A3<".X(7'X]J6@:%_6=?\`[+U.TM);
M.5TN`S"<2(J($&YRV3D`#FG'Q3HBVRW#:E`(F<H"20=P&XC'7IS].>E)XE\.
MPZ_Y`N)I(UBCFCP@'/F)MS^'6J`\(F:ZDN[^_,]W(KHSI"$7#1>6,+DXP"3U
MYSZ4:!H:/_"3Z+]E^TC48##O\O<"3DXSTZXQSGICGI3Y?$FCQ2M&^H0;U9$(
M#9^9QE1QU)'('IS67+X2*W2W=C?FWNE01*S0AU">4L9&W(Y^4$'M[BI[#PG:
MV5O;PQRNT<-PLXW*,G;#Y6"?ISFC0-#0M=?TJZG\FWOX'EW[`H;[QYZ>OW3R
M..#4]CJ=E?K&UE=13B2/S4,;9W)G&[Z9!%<N_@;S+,02ZI*#!`EO9R1PJC0(
MKALGGYFX`SQQGCFMKP_X>M]$N+Z2W=F2X<&.,J`($`^XOMDL?QHT#0VJ***0
M@HHHH`****`/%OA7_P`ER^(_^\G_`*%7M->+?"O_`)+E\1_]Y/\`T*O::F.Q
M$-CRKXD_\E6\!_\`71O_`$(5ZK7E7Q)_Y*MX#_ZZ-_Z$*]5K"A_$J>OZ(VEL
M@HHHKI("BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/*?B!
M_P`EC\$?1_YFO5J\I^('_)8_!'T?^9KU:N:A\=3U_1%RV1P_QN_Y)1XD_P"O
M;_V9:E^#7_)+?#/_`%Y)47QN_P"24>)/^O;_`-F6I?@U_P`DM\,_]>25Z7_,
M/_V]^AR_\OOE^IV=%%%<QN%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!7BOCS_DY#P+_`->C_P#M:O:J\5\>
M?\G(>!?^O1__`&M73A?B?H_R,*_PKU7YGM5<U\3/^2=^)?\`L'3_`/HLUTM<
MU\3/^2=^)?\`L'3_`/HLURO8V>QA_`'_`))'X?\`]R7_`-'/7H->??`'_DD?
MA_\`W)?_`$<]>@T1V0H_"@HHHIE!1110`4444`%%!.*:TBHI9V"J.22<`4`.
MHKE=8^(/A;2'9+W6[,2+UCC;S&'X+FN7G^,^BRG;H^F:QJC9P/(ML`_B?\*R
ME6IQT<CNI99BZJYH4G;O:R^]Z'J5%>4GXB^*KL$Z7X`U)AV:=]@/Z"@>)?B=
M<KF'P?80?]=;@9'_`(]4_6(]$_N9M_9%=?&XQ]9Q_P`SU:BO*?[0^+3\KH^A
M)[-)_P#94"^^+0_YAF@'V\S_`.RH]NOY7]PO[,E_S]A_X&CU:C->5+K7Q5A/
M[WPWI$X_Z9SX_P#9Z:WC7Q_;-_IG@)I`.IMY\_XT>WCU3^YA_9-5_#.#_P"W
MX_YGJ^:*\I7XMS6CA=:\'Z[9#NXBW@?H*U=-^+W@^];:^HO9R9P5NH63'X]*
M:Q%-Z7)EE.-BK^S;7EK^5ST&BJ.F:MI^J0B73KVVND(R##*'_E5W=BMD[ZH\
M^47%VDK,6BBB@04444`%%%%`!1110!XM\*_^2Y?$?_>3_P!"KVFO%OA7_P`E
MR^(_^\G_`*%7M-3'8B&QY5\2?^2K>`_^NC?^A"O5:\J^)/\`R5;P'_UT;_T(
M5ZK6%#^)4]?T1M+9!111720%%(2!UK#U+Q3IMDY3SC-(."L0W8_'I5PIRJ.T
M%<SJUJ=%<U1V1NT5QS>.[8'_`(\Y\>NY:NV/C#2[IPCR/;L>!YJX'YUK+"5H
MJ[BSEAF6%F^537Y'244U75U#(P93R"#D&JMQJEE;W"037,2S.<!"><_TKDG4
MA35YNWJ=\8N7PJY<HHS15B"BBB@`HHHH`****`"BBB@`HHHH`\I^('_)8_!'
MT?\`F:]6KRGX@?\`)8_!'T?^9KU:N:A\=3U_1%RV1P_QN_Y)1XD_Z]O_`&9:
ME^#7_)+?#/\`UY)47QN_Y)1XD_Z]O_9EJ7X-?\DM\,_]>25Z7_,/_P!O?H<O
M_+[Y?J=G1117,;A7DWC36[R\\0S0Z=-,L5NI3$3$9QRQX_SQ7HWB74AI6BW-
MT3AU7:GNQZ5Q'PPTO[3)>ZA<KN5@85)[EOO?Y]Z\S'.56<<-!VOJ_0]G+(QH
M4YXNHKI:+U9L_#76'O\`39;:YD9YX&R"QR2IKHM>=DT6^9&*LL+$$'!'%>7Z
M5(WA?QL8I21#YAB;W1NA_D:]/\0\Z#?_`/7!_P"5&"K.>'E"7Q1N@S##QIXJ
M-2'PSLT>1Z+_`&YK,SQ6%W.[HNYLS$<?G6NWA_Q<BEA+,<<X%QS_`#K%\)Z\
M=`NY9Q!Y_F1[,;L8YS74/\27VG9IP#=LR<?RKRL.\.Z=ZTVI?UY'MXI8N-6U
M"G%Q\[?YE/P;XHU"#68K'49I)HI7\LB4Y9&^OUKJ/'/B=M$BCM[0*UY*-P+<
MA%]?K7'^!=.;6?$1OYY(U$4AF9,_,S$YX'IFJ?Q"E,OBN[W<A`J`>P%;1Q-:
MEA'*^[LGY&$\)0K8]1LM%=KI<NV-KXKUR/[5'<7'E-]UFEV`_05:7PWXK#`F
MZ?&?^?BGVOQ#:VMHH(],4)&H0?O.P'TJ9?B1(6`_LU>3C_6__6HC]3LN>I)O
MY_Y!-8]-\E&*7R_S-;XDW%Q::#;-!-)%)YR@E&P3\IKD?!WB6YLM9C%]<2R6
MLW[MM[$A?0UU'Q3;=X>M6]9E/_CIKEX=&^W^`UO8%S<6LSDX'+)QG\JO%NHL
M4W3?PJYG@%2>"4:JTDVK^IZ?X@=ET.^>-BK"%BK*<$<5PWPQOKJZU6Z6YN99
M5$.0'<D#D5?\-ZU_:O@V^MIFS=6T#(V>K+C@_P!*R/A/_P`A>[_ZX_U%;U*R
MJXBC.+T9S4L.Z&%Q%.:U5C5\=>+IM/N3I^F$+,H_>2XSMSV'O6+::3XMU&%;
MC[1.JN,KYDVTD?2LA?\`B8>-,3\B6\PW_?5>D^+_`!(?#PMMEL)O.SQNVXQB
ML(R6)<ZU:344^ATSB\&J=##P3G)7;9R?_"-^+/\`G[?_`,"*[$7DGA[PG%-J
MA,EQ#&%;YLEW[#-<M_PLF3_H&K_W]_\`K4OCW4FU'PGI5SL\L7#[R@.<<5I3
MJT*,)SH2;:74RJT<37J4Z>)@HQ;Z6[>IB17>O^++]XX)I`O4JK;$C%6KSPIX
MATR!KJ*Y,GEC<1#*VX#UKI?A9`J:!+*`-\DQR?H!BNSJL/@(UZ2J5)/F?F1B
MLSEAJSHTHI1CI:VYY_X"\6SWETNG:F_F.P_=2GJ3Z&O0*\3D7[#XV*P?*([S
M"X[#=7I_C35/[*\/W$JG$L@\J/ZG_P"MFM,#B9*E/VKOR&69X.+KT_8JW/T/
M//%.O7U]KEVUA<3K;0_*!&Q`"C@MQ[UW'P]U=M4T,).Y>YMVV.2<DCL?\^E8
M7PWT5;C2K^XN5RMTI@7/]WN?S_E61X-N9-`\6O97)*I(Q@?/KGY3_GUKEH3J
M4JD*]1Z3O\NQVXJE2KTJF&I+6G:WGW_KN>N4445[Y\L%>*^//^3D/`O_`%Z/
M_P"UJ]JKQ7QY_P`G(>!?^O1__:U=.%^)^C_(PK_"O5?F>U5S7Q,_Y)WXE_[!
MT_\`Z+-=+7-?$S_DG?B7_L'3_P#HLURO8V>QA_`'_DD?A_\`W)?_`$<]>@UY
M]\`?^21^'_\`<E_]'/7H-$=D*/PH****904444`%4-8U>QT:PDO=4NHK6UC^
M])(V!]!ZGV%,U_5[;0]'NM2U!]EM;(7<]SZ`>Y/%>7>$_#MW\1;Y/%/C,-_9
MI);3=+SB-4[.X[Y_7Z8%95*CB^6.K.["X2-2#KUI<M-:>;?9>?X+J6YO'WB'
MQ2[Q^`=%VV:G!U741LB`]5'?]?I6%#H.D:[J\=IXR^()U34';9]AM9Q'%N/\
M([']#69\2O[5\0?%*'P9::DUAI3*B1PQKMC3Y-QRJXSWZUSGQ.\#67@6_P##
MR6%U<3RW#%I)),#YE9<%0.G6O/J5):R:ND]>WR7^9]=A,'17LZ5.?LYU(\T;
M*\K6;O*;]-HV/0/'4?AWX9_V0FD>%M/N9[QV3S;K+E`".><D]:]!\=7<NB>`
M]7O=*V6UQ;VQDB*(,*>.W2O,_P!I/F;PF?620_JE>B_%7_DF6O\`_7F?Z5TQ
M=G42TLOT/&JP52G@ZM2\I3;YKMN]I)=?(I?!36=0U_P-'?:O<O<W37$JF1@!
MP#P.*XS]I6_O;+_A'UL;RYMA*90_DRLF[[N,X//6NC_9U_Y)K!_U]3?SKE/V
MH/O^&O\`?E_]DJ*DF\(G?6R.O`TH1X@<%%64I:=-F8_B#X6>(-(\.WFK2^*&
MF2V@,YC!E!8`9QG=78?#_P`5ZE_PI/4=7N9FN+[3UF2*27YB=H&W=ZXS^E=G
M\1O^29:W_P!@]O\`T&O+O`?'[.OB/ZW'\EJ7!4:MH?RLJ.)GF6"4L2DVJL5L
MEH]UH8/@OPIXO\>Z=-K8\43V^Z5HU\R>3+,.3PIPHYKL/@QX@\01>,=6\*>(
M+Q[S[&C%9)&WE&4@$!CR5.>];/[./_).!_U^2_TKG?A[_P`G!>*?I-_Z$E33
MCR*G--W>^IT8RN\3+&X:I&/+33<=$FK-+=$FF_$#6+?XU7.A7UYYND27CVR1
M,BCRR1\N#C/7^=;GQAUVP\/WFCPW?A[3=4AOV9)#.@#K@@#!Q[UX=\1KJ2R^
M*FLW4/$D&H&5>>ZD$?RKT?X^WR:E'X*O8<>7<`RKCT;8:E5Y<E17U3_4VJ95
M26*P<XQM&<-;::J-[Z6_I&GX\\)^`_#MU9233ZAX?N;O<8KBQ=BBD8SD<XZC
MI4VEW_C32[877A[5]/\`&NCKR4W`7"CZCO\`G]*](\2>%-&\4VL46N627(B'
M[MLE63(YP17S7:^&-5B^).MZ5X*NI;>YT]G>$F;:S*I'RYZ$\]^*TK)TIIQ6
MC[;_`.3.++)T\PP[C6J7E!7?.E*-KVT?Q1Z=3W_P=\0])\23&RQ)I^K)Q)87
M8V2`^WK_`#]J[,-7D>E^&IOB!X.2?Q7;M8>*+69XDO8H_*F1E/RDXZC_`",5
MJ_#7Q/J,FH7GA;Q5C^W]/&5F'2ZA[/[GI]<_6NFG5EHI]=G_`)^9XN,P-/WY
M89ZP^*-[VZ7B^L?Q1Z110.E%=!Y`4444`%%%%`'BWPK_`.2Y?$?_`'D_]"KV
MFO%OA7_R7+XC_P"\G_H5>TU,=B(;'E7Q)_Y*MX#_`.NC?^A"O5:\J^)/_)5O
M`?\`UT;_`-"%>JUA0_B5/7]$;2V04445TD'!?$#5KV"X%DJO!:LN?,''F^V?
M0>E>>:AJEM8(#<RA2>BCEC^%>I_$S6[70_#<LMS#%/-,WE012#(+D=?H!S7S
M7<R)/*TLK,SL<L2>M?3Y3!5*-^6R7XGQ&>WIXG67-?IV\CIIO&-HIPMO.P]>
M!3[7Q9IMPP1Y'@8\?O5P#^-<5(D!'5A^-9MY$44LAW#^5>LZ45L>3!*>C/=M
M)\47FDVLL,+[H)5PF3GRR?XEJ!)RY+,Q+,<EB<DGUKR/PIKTD#_8+ABT3<PD
MG[C>GT->@Z;>>=`#GH=M?F?&>7>UK1FMK?YZGZGP5*4<+*G-W=W;TLM#W;PO
M?'4-%MYV.7QL?ZCBM6N.^&$QDT2X!/"SG'MP*VI_$VA0.4GUK38W'!5KI`1^
MM;8#GJ8>#>KLAXR,:5:45M<UZ*K66H6=_'OL;NWN4Z[H9`X_2K)(`R3@>M=3
M36C,`HK*7Q)HC7/V==8TXSYQY8N4W9],9J_/=000^;/-%%'TWNX4?F:'%K="
MNF345!:W=M=AC:W$,P4X)C<-CZXIUQ<P6T>^YFCA3.-TC!1GZFBSV'<EHJ&V
MN[:Z4FUN(9@IP3&X;'Y5-2`****`/*?B!_R6/P1]'_F:]6KRGX@?\EC\$?1_
MYFO5JYJ'QU/7]$7+9'#_`!N_Y)1XD_Z]O_9EJ7X-?\DM\,_]>25%\;O^24>)
M/^O;_P!F6I?@U_R2WPS_`->25Z7_`##_`/;WZ'+_`,OOE^IV=%%%<QN>9_%/
M4S->6^F1'(C^=P.['H/R_G5&V\(>)8X5$#B-#\VU;C;U]JZ?_A"3+KW]I7E]
MYQ,OFM'Y>,\\#K79UY$<#*O4G4KW7:SZ'O2S*.%HPHX:SLM;KK^!XCX@\/ZM
MID2W6J8=7;9O\S><^]=_I&J?VIX"N'<YFB@>*3Z@<'\16_K^EQZQI4UG(VS>
M`5?&=I'0U@Z'X0DTNVO[<7_F17<10CR\;3V;K1#!SP]9^S5XM?B.IF%+%4%[
M9I3B[K1[?U^1R'PV^Q?VG<_VA]G\OR?E\[&,Y'3->@S'PX8F\PZ;LQS]SI7+
M?\*U_P"HE_Y"_P#KT?\`"M?^HE_Y"_\`KUEAX8FC3Y/9)_-&N+J8/$U?:^W:
M]$SE]!E\GQC;MIQ/EFYVICNA/^%:'Q,LGMO$1N-O[JX0,I[9'!%=MX;\'66B
MW`N3(]Q<@85F&`OT%;6KZ7:ZM:&WO8PZ=0>A4^H-.&75)8>4)Z-NZ%4S>E'%
M1J0UBE9OJS%T+4M"OM-@=OL,<H0"1)%52&QSUK1$FAYX;3<_\`KDY_AM&9#Y
M.H,J=@\>3_.F+\-MK`_VB.#G_5?_`%ZVC/%123I)_-'/.G@9-RC7:\K,O_%7
M_D`VV.GGC_T$U/\`#%0WA8JP!4S."#WZ5I^*-!_MS38;3S_)\MP^[;G.!BI/
M"VC?V%IGV0S>=\Y?=MV]:U5"?USVMO=L8O$T_J"HI^]S7/-M=MIO"GB&<6X/
MV:X1@H/1D;J/P-:'PG_Y"]Y_UQ_J*[?Q5H$6OV*PN_E2QMN23;G'J*H>$_"A
MT"\FG^U^<)$V;=FW'.?6N6.!J4\4I17N)W]+G;+,J5;!2C-_O&K>MCSW78I-
M#\72OM/[N?SDS_$"<UZA!K&AZK;QS236C<9"S;<J?3!J7Q!H%EKD`2[4B1?N
M2KPR_P#UJY%_AL-QV:B=O;,7_P!>JC0Q&%G+V45*+)EB<+C:</;S<)QT,WXE
MM8M<6/\`9QMB-K;O)QZCKBKNM63W/PUTN:,$_9U#L!Z'(-2?\*U_ZB7_`)"_
M^O7;:3IJV.C0:?(PF2./RV)7`8?2II82K5G4=6/*I+_(JMCJ%&E2C1GS.#OU
MVU_S.(^&&M6\$$VG74JQ.7\R(L<!L]1]:[G4=4L]/M7GN9XU11G&X9;V`[UQ
M^J_#N":9I-.NC`"<^6XR!]#5&/X<W;L/M&HQ;?\`94D_K5TI8NA#V7L[VV=R
M*\,!BJOMW5Y;[JW]?J8&@QR:WXPBD"GYYS._^R`<UJ_$K4&U#7(=.M_F6#"X
M'>1O\BN[\/>';30H'%H"T[C#3/R3_P#6K%TWP2;?74U*[O?M#+(92OEXRW;O
M67U&M&C[-;R=WY&W]I8>5=UGHH*T5W?]:'-P^$O%$,82&3RT'15N<`5CZ]HN
MJZ1)%<:E]^1OED$F\DCWKW"LGQ/HR:YIAM7?RVW!D?&=IK6ME4/9OV;=^FIC
MA\\J>U7M4E%[V0OA?4AJNB6USG+E=LGLPX-:M<]X1\/RZ!'/$UV)X9"&"[,;
M3^==#7HX=S=->T5GU/(Q2IJM+V3O'H%>*^//^3D/`O\`UZ/_`.UJ]JKQ7QY_
MR<AX%_Z]'_\`:U=^%^)^C_(X*_PKU7YGM5<U\3/^2=^)?^P=/_Z+-=+7-?$S
M_DG?B7_L'3_^BS7*]C9[&'\`?^21^'_]R7_T<]>@UY]\`?\`DD?A_P#W)?\`
MT<]>@T1V0H_"@HHHIE!1110!Y3^T1(__``BVEV>2MO=ZC'',1_=P37I]I!';
M6T4$"A8HD5$4=`H&`*YGXG^&3XK\'W>GQ$+=C$ULQ.,2+T&??D?C6=\*?&*^
M(-*&GZCF#7]/'DW=O)PY*\;P/?'/H:Y_AK._5:?(]:476R^'L_\`EW)\R_Q6
ML_32QY_JO_)SEG_P#_T2:=^TM_R&?"WUD_\`0DJGXGU"TTO]HZ"\U"=+>VBV
M;Y7^ZN8L#/XFI?VB[JWO-3\*2VD\4\3;R'C<,"-R=Q7%-KV51>?ZH^HPT9?7
ML%*VGLO_`&V1<_:2_P!;X3_ZZ/\`S2O1OBK_`,DRU_\`Z\S_`$KSK]I+_7>$
M_P#KH_\`-*]%^*O_`"3/7_\`KS/]*Z%\57T7Y'CS_P!WP'^*7_I:,+]G7_DF
ML'_7U-_.N4_:@^_X:_WY?_9*ZO\`9V_Y)I!_U]3?SKD_VHL[O#>.NZ;'_CE9
MU/\`<UZ([,%_R4<O\4_R9Z9\1O\`DF>M_P#7@W_H->7>`_\`DW7Q'];C^2U7
MU"+XO:WI,FEW=FOV.Y01N<1(=OUS75KX7F\(_`O6]-NY$DNC;2S3%.5#-C@>
MN`!3;=2;GRM)1>Y-.E#!8>.'E4C*4JL7[KOHNY8_9Q_Y)P/^OR7^E<[\/?\`
MDX/Q3_NS?^A)71_LX_\`).!_U^2_TKG/A[_R<%XI^DW_`*$M"_AT?5?D.I_O
M68_X7_Z4CA?%.D'6/B'X[CC7=+;QSW2`=<HRD_IFJFKZM_:G@CP5$S`RV-S-
M;-SSMW(5_0X_"N]\%Q)/^T%XHAE&8Y$N48>H.T&O(M3L9='\3S:3*2!:WQ0+
M]&P#^(Q7#4]V+DNK:_&Y]+@I*O.-&3UIQA-?.#B_T/MB/[H^@KPKP%_R<-XG
M^D__`*$M>ZQ_='T%>%>`O^3A_$_TG_\`0EKU,1\5/U/ALG_@8K_!^J/=P.]>
M4?$)!9_%KP+>VWRW4[O;2A>K1^__`'T:]/OKN"QM9+F[E2&WB4O)(YPJ@=R:
M\J\(^;X^^(C^+&BD30=,5K?3O,&/-?N^/Q/Z>AJZ^MH+=M?@<^5ITW4Q$O@C
M&2?FY)I+[W]RN>O"B@=**W/*"BBB@`HHHH`\6^%?_)<OB/\`[R?^A5[37BWP
MK_Y+E\1_]Y/_`$*O::F.Q$-CRKXD_P#)5O`?_71O_0A7JM>5?$G_`)*MX#_Z
MZ-_Z$*]5K"A_$J>OZ(VEL@HHHKI(/`_VD-0>/6M'M-Q$:P/+CL26Q_2O&GO1
MW.!7M?[46CRO8Z3K<*DQV[-;3D?PAN5/TR"/Q%>!:7#]OU&"W.2K-EA[#DU]
M7@<1"G@E-[13O\CY/,L)S8F4Y=?\C0M8K[4YH8[7<GGN(H449>5F.!CTKZ%T
M7X%^'HM.@_M6XU*XO]H,TB711=W<`#M7CFE7DFC^,].O(54M9?O55NA..GY9
M%?4NF>*M%O[**XBU2R7S%#;'G567V()X->!+,<37_><UD^B.K)Z5&HY0DO>7
M2W0^8?BUX';P-XHL#8M-)I=VX:"20Y96'WD8_J#Z'VK0\.W!-B')^\Y(^E:O
MQ^\4Q>)-=L=(TV6.73].)EFG0[@\Q&,*>^!G\3[53^'>BWOB2ZCL[="D$1'G
M2X^6*/\`Q/:C'\^)H1=3<^XR7!K"<]:7NQ/;_AE`T7A#S7_Y>'>0?3H/Y5\U
M_#+P7:^-O%E_IUU<R6B11R3[XD5B2),8Y^M?7MO:Q6>GK;VZ[(HH]B+Z`"OE
M_P"`NKZ?HWCW4[C5KV"S@>VEC629]H+>:#C/K@&NC*^:CAZJI[I(^?S.<:^(
MC*>S;)/'WP^U+X8+:Z[X?UB=H/-$9D4>7)&YZ9`X93C%==\0/&.H:]\"+'5K
M4M!+=3I;WYA.-N"0P]@2!^>*S_C[\0](UK18="T.Y2]S,LUQ/%RBA>B@]R3Z
M>E=GX"L].\*_!VSA\:>3!9766N([E<J/-;Y58?0CZ5TSG/V5.M7C>?-\VCEA
M&/M)TZ3M&WR3/*/ASX"\'>+M!2.YU^6S\1,S*UOE%"\_+M5A\W&#D&O2/CYI
M\.E_""QT^`'R;6XMH5SSD*".:\T^+'ACP=I%G:ZAX1UN.:6:4`64<XFVKR=Z
ML.5QQU]:ZKQU?WNJ?LYZ%=ZF[R74D\(:1^K@,P5C]0`:UGS5*M*LI/E<MGT(
MA:$)TVE=+==3B_A'XCN/`WBBPFO04T?6(PLA'W=NXJK_`%5L@^Q-;GQT\2S^
M+?%)T'23YMAI:O++M^Z\BKEW/LHX'N36SX:\$#QM\"M+BMBB:K:S3R6DCG`Y
MD.Y"?0C]0*M:7\.YO!?PO\6WNK&)]9NK.1"T;;A'$.B@]R3R?PISK4/;NJ_C
M3Y;?.R?W"C3J^RY/LM7O^A-^RN!_8FO[1@?:HST_V*]SKPW]E?\`Y`FO_P#7
MU'_Z!7N5>5F7^\S_`*Z([\'_``(A1117"=)Y3\0/^2Q^"/H_\S7JU>4_$#_D
ML?@CZ/\`S->K5S4/CJ>OZ(N6R.'^-W_)*/$G_7M_[,M2_!K_`));X9_Z\DJ+
MXW?\DH\2?]>W_LRU+\&O^26^&?\`KR2O2_YA_P#M[]#E_P"7WR_4[.BBBN8W
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`KQ7QY_R<AX%_Z]'_\`:U>U5XKX\_Y.0\"_]>C_`/M:NG"_$_1_
MD85_A7JOS/:JYKXF?\D[\2_]@Z?_`-%FNEKFOB9_R3OQ+_V#I_\`T6:Y7L;/
M8P_@#_R2/P__`+DO_HYZ]!KS[X`_\DC\/_[DO_HYZ]!HCLA1^%!1113*"BBB
M@`(R*X3QQ\/K?7KN/5M+N9-)\0P\Q7L/&['0..X]^OUKNZ#4SA&:M(VH8BIA
MY^TI.S_K1]UY'S[XI9=PM_BOX;DWJ-B:]I@^\.V[']?RJCX9^%NA:QK%K<Z1
MXMMK[2T<.T&W;/@'.W&>,]SC\*^C9(DDC9)$5T8896&0?PKAM>^%7A75YS.+
M`V-SG(FLG\HY]<#C]*Y)X6[O:_KH_OZ_,^APV?.--TU*5._\OO1^47\/R?R.
M8_:&T'4M2TW2=0TNUDN?[/D8RQQJ690<$-CN/EYKDO$_QF36O!^H:-=Z-+;W
MUQ#Y+.)?D4]S@C/X5W7_``@7C+1]H\-^-IWA7I#J$?F#Z9Y_E56X_P"%D6C;
M[_PWX>US!_UD857/YX_E6=2,^9R5U??2YU8.MA52ITJCA4]FVXOF<&KN^MU9
MZ^9L_`&TGL_AK9BZB:(RS22H&&"5+<'\:XW]J#[_`(:_WY?_`&2NB7XB>*+%
M,:E\/]17`Q_H[[A_Z":Y[Q7XQT#Q,MM_PD_@SQ%FV),>$*A<XSR",]!3J.#H
M^R3[;IDX*GB89G]?G"Z;DWRRB]T_/S/<K3_CUA_W%_E7.?%!&?X>>(4C4LWV
M.0X`]JY2+XT:!'&JMIVM)M&,&VZ?K1)\:/#CJ5:PUAE(P0;3((_.NB5>E*+C
MS'D4LLQU*K&HJ3T:?W,YCX'^._#N@>#9+#6;\6ES'</+M=&(=6Q@@@'-1?".
M^AUGXU>(]5L-[V4T<LBNRXP&=<9';.*S+RZ^'%Y=M-;^#=>D+$DI`C*GX#=Q
M^%=-X=\9Q:+:M;>%/ASJ\43')RA4N?4D@D_G7'!_#&4E:/:Y])BZ::KU:%*2
MG65GS.*2NTWUN4?`I!_:)\2#(SBX_FM9/QJ\*:A)\3(+O3-/N+F.]2*5C!&6
MPZG:V<=.`#776NK>-9;^:ZT?X>6%A<SDE[FYD4.Q/7)X)J[_`&-\4=7XOM>T
MS2(V/*VD6]P/KCK^-4Z:G!PLWK?;_,YXXNIA\5'$\T(V@H-.5]E:_NW/3IKB
M&TM_-NI8X(U`R\C!0./4UXC'K7A;P[XXU36-%N+WQ'XAOW8):V*9CC#$9&[O
MT'/-=-;_``@L+J43>*-7U77)LY(FF*)GZ#G]:[S0]`TK0X/)TG3[:S3_`*8Q
M@$_4]372XU*EKI*WS?\`D>)2K87!QDHSE/F5FE[L6NS>LFODCS7_`(1GQ#XU
MF2]^(-RFF:+&P=-'@DVAO3S&S_GVKU+3K>UM+."WL8XXK:-`L<<8PJKVQ7$_
M$BTN;BYM<-Y<>%$4S@M%&V3OW`=R-N#[&MCX?131Z2WF)+'`Q7RDE&#]Q0Y`
M[*7W$55.*A)KKW,L74E7HQFVE%;12LE_F^[>IU5%%%;GEA1110`4444`>+?"
MO_DN7Q'_`-Y/_0J]IKQ;X5_\ER^(_P#O)_Z%7M-3'8B&QY5\2?\`DJW@/_KH
MW_H0KU6O*OB3_P`E6\!_]=&_]"%>JUA0_B5/7]$;2V04445TD%+6M,M-9TNZ
MT_481-:7,9CD0]P?Z^]?,>J?"[5_!GBZ*9(WOM"8.L=V@R8\C@2CL>V[H:^J
M:BNX([JVE@F7=%(I1AZ@UHJTXTITH[231SU\/&LM=SX]\2:'J?GM?&2*10<!
M44C8.V?7ZU0@M!=KB:W.\=>,G\#7MFOZ!-H]RT,Z%H"?W<I&5=??W]JS=!\.
MZ?<^(;(/;?+)*%948J"#UZ5Q8/.YT;4*T=M-$<=/&8O#M0IQC;L]/Q7^1Y_H
M&@O>7T5K;6MQ<._`55)(_P`!7O\`\-?!]QX=66XNW\N25`HMXSE5'JW8M77:
M5H]AI,/EZ=;1P*>I4<GZGJ:OUZ5?$.IHMCW7CL15I>SJV^5W^+$8;E(/0C%>
M0WGP#\-3SO)%?:I$'8L4\Q6')SW6O7Z*BEB*E&[INQQ5*4*GQJYYWX6^#WA3
MP_>1W:V\U]<QG=&UV^]4/J%``S^%=1XP\+:9XNTD:=K,<CVX<2*8Y"C*PS@@
MCZFMRBB5>K*:G*3N@C2A&/*EH>4Z;\"?"-I=B:;[?=H"#Y,TPV'Z[0":[3Q=
MX0TSQ1X?CT:^$L-E&Z.BVQ"%=O0#CI7144YXFM.2E*3NMA1H4XIQ2W,7P?X;
ML_"FA0Z3IK3-:PLS*9FW-\S$GG`[FK7B#2K?7=%O-+O#(MO=1F*0QG#`'T-:
M%%9.<G+G;U+44ER]#EO`?@?2_!%K=6^CO=.ES()'\^0.<@8&.!74T443G*<G
M*3NPC%17+'8****DH\I^('_)8_!'T?\`F:]6KRGX@?\`)8_!'T?^9KU:N:A\
M=3U_1%RV1P_QN_Y)1XD_Z]O_`&9:E^#7_)+?#/\`UY)47QN_Y)1XD_Z]O_9E
MJ7X-?\DM\,_]>25Z7_,/_P!O?H<O_+[Y?J=G1117,;A1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!116+XI\1V/AO36N[]^IVQQ+]Z1O0?
MX]JF<XTXN4G9(NG3E5DH05VS:)`&3TK(O?$VB6+E+K5;.-QU4R@D?A7AVN^)
M?$OB]+F2%9HM-A!9HH"515']YOXC_G%6M(^'T-UHJ:A+J#DR0^:JQ(`!QG!)
MKY?&\44,._=7E_21]%'(:=&*EC*MGV6MO4]CM?%F@7;A;?5[)F/0>:!_.ME7
M5U#(P93T(.0:\"T+P%%JWA^VO1?/%/,I;:R`J,$CZUG:)JGB+PW#]NT^25M.
M60QG.6A<@X.1V^O%3A>*:56;A-;.SM_P2ZF04*CE'"UKRCI:2MKZGTA17+^"
M/&%IXHM#Y8$-[$/WUN3DC_:'J*ZBOJ:=6-6*G!W3/G*]"I0FZ=56:"O%?'G_
M`"<AX%_Z]'_]K5[57BOCS_DY#P+_`->C_P#M:NS"_$_1_D<=?X5ZK\SVJN:^
M)G_)._$O_8.G_P#19KI:YKXF?\D[\2_]@Z?_`-%FN5[&SV,/X`_\DC\/_P"Y
M+_Z.>O0:\^^`/_)(_#_^Y+_Z.>O0:([(4?A04444R@HHHH`****`"BBB@`Q2
M8I:*`$Q1BEHH`:44]5!_"@1J/X5_*G44`)M`Z<48^M+10`FT4N***`"BBB@!
M"H-`4"J<UX_G/';1*Y0X8N^T9].AK/O=9NK0$O9Q-_NS'_XF@#=HKE]$\5_V
MGK"V#69B+(S;_,W=/;`KJ*`"BBB@`HHHH`\6^%?_`"7+XC_[R?\`H5>TUXM\
M*_\`DN7Q'_WD_P#0J]IJ8[$0V/*OB3_R5;P'_P!=&_\`0A7JM>5?$G_DJW@/
M_KHW_H0KU6L*'\2IZ_HC:6R"BBBND@****`&30QS1E)45T/56&0:I6^C:=;7
M`GM[.".5>C*N"*T**EPC)W:$TGN%%%%4,****`"BBB@`HHHH`****`"BBB@`
MHHHH`\I^('_)8_!'T?\`F:]6KRGX@?\`)8_!'T?^9KU:N:A\=3U_1%RV1P_Q
MN_Y)1XD_Z]O_`&9:E^#7_)+?#/\`UY)47QN_Y)1XD_Z]O_9EJ7X-?\DM\,_]
M>25Z7_,/_P!O?H<O_+[Y?J=G1117,;A69X@U>/1[(2LC33R,(X85^](YZ`?U
M/:M.N<\1Z4]]=I,Q(2--BD?P@_?/U(&/QK.JY*/N[DS;2T%T'5Y[HE[IE(.>
M4'R9'4+W8#UK:AO;6>0I%/&SCJH89_*J^DVL45J"H7<PQ\O\([*/:JTGA^V,
MZRIE65MWXU$?:1BNI*YDC3EN8HG57<`L=H^IJ:N)\6I)'O6)V&0R*>X^7<I_
M`K74Z+<M>:/97#_?EA1V^I'-.%7FFX,<9WDT7:***V+"BBB@`HHHH`****`"
MBBB@`JF-00ZP=/5&,BP"=W'W5!;:`?<X;\C5RL#PJ?M;ZGJIY^V7)6(_],H_
MD7\R&;_@5-+2XF;LCK'&SN0JJ,DGL*^=M6GO?B+XUF6VDV6D0*Q%ONQ1COCU
M)_G7L?Q.OGT_P+JTT9*NT7EJ1VW$#^M>-?#I[_1;676A$)=*DD\BY51ET`_Y
M:#V!/-?*\38N=*C[.F]?S?0^IR*DZ5"IBXVY_AC?OU^?8[[P,Z2:!)I=Q"D4
M]FS6UQ&HX/\`M?B.:=X/#1^')K&3[]E+-;$>P)Q^A%.O!'9:Q:ZY:,K6=TJP
M73+R"I_U<GX$X^AJU9Q?9M?U.,#"74:7`^H&UOY"ORVK+F4I+[5I>C3LU^/W
M"JR4E*7\UG\UHU^/W6,W1Y_[/^'4<_>.U=A]3G'ZFIH!!X?\"I]K176*WR\;
M#/F.W\./<FH4M_.\+Z-I_:>2-7'^PI+-_*K=_%_;&O06Q&;+3R)IAV>4_<7\
M!\WXBJE9R?-MS.3]%M][NBI.,I/FV<G)^BV_&Z/,Y+75O!5_IFJ@*CR?O`%X
M`/4Q-^'^>*^A]%U"+5M+M;^V.8;B,2+[9[?A7CGQ"NKG7;&ZCTR-7T[3FWSW
M!Z.XXVH>^,\UV/P0F>7P0%=B1'<R(OL.#_4U^D<*XVK6@X5=^W;^D:9S!XG!
M0Q51)33L[=GJKG?UXKX\_P"3D/`O_7H__M:O:J\5\>?\G(>!?^O1_P#VM7W6
M%^)^C_(^+K_"O5?F>U5S7Q,_Y)WXE_[!T_\`Z+-=+7-?$S_DG?B7_L'3_P#H
MLURO8V>QA_`'_DD?A_\`W)?_`$<]>@UY]\`?^21^'_\`<E_]'/7H-$=D*/PH
M****904444`%%8VN>*=!T&14UG6+"QD;D)/.J,?P)S5W2M4L-7M1<Z7>VUY`
M>/,@E#K^8H`N450TS6=,U5IETS4+2\:$XE$$RR%#[X/'0U?H`**R]1\0Z-IE
M_!8ZCJEC:WD^/*@FG5'?)P,`G)YXK4H`**PI_%_AN":2&?7]*CEC8JZ/=Q@J
M1U!&>#5_2]7T[5D9]+O[2\1>&-O,L@'UP:`+U%4-0UK3-.NH+?4-1M+6XGXB
MCFF5&DYQ\H)YYJ_0`45F6>OZ1?:I/IMGJ=E/J$&?-MHYE:2/!P<J#D8)J]=W
M,%G;27%W-'!;QKN>21@JJ/4D]*`):*JZ;J-EJEJ+G3;NWN[<DJ)8)`ZY'49%
M1+K.F/JC:8NH6AU%1N-J)E\T#&<[<YZ4`7Z*P[CQ=X<MKB2"XU[2HIHV*/&]
MVBLK#J"">#1!XO\`#=Q/'#!K^E22R,%1$NXRS$]`!GDT`4KG4!:ZG=H3_P`M
M,_\`CHK*O]4@NFEC>[M[=EQ_KFVYSW%4/',%_;Z[++%;3203`,KQH6&<8(XK
MC;\ZE("!97A_[8M_A3$=SX/M(E\41SQZG8W!$3CRXI,MSCG%>C5XK\++>]C\
M:1O<VES%'Y$@W21LHSQW->U4,84444@"BBB@#Q;X5_\`)<OB/_O)_P"A5[37
MBWPK_P"2Y?$?_>3_`-"KVFICL1#8\J^)/_)5O`?_`%T;_P!"%>JUY5\2?^2K
M>`_^NC?^A"O5:PH?Q*GK^B-I;(****Z2`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@#RGX@?\`)8_!'T?^9KU:O*?B!_R6/P1]'_F:]6KF
MH?'4]?T1<MD</\;O^24>)/\`KV_]F6I?@U_R2WPS_P!>25%\;O\`DE'B3_KV
M_P#9EJ7X-?\`)+?#/_7DE>E_S#_]O?H<O_+[Y?J=G1117,;A3)HQ+"\;='4J
M?QI]#=#CK0!@>&UNK>2>VN4)V-C?V/O6CJVHQZ?`6?[Q^[7-:OKQL;\K(XA8
M]I'\HG\QM:K&EZC%K%R@GV3!3\JF17'Y+_6N2-5)>SB]3%37PHGM[.76+4W-
MRNPN24!'48P#].36_9P+;6L4"?=C0(/P%<EXUU?53K6E>&_#DT-IJ&H))/+>
M2Q[Q;P)@,57HSDL``>!U-,L_#7B;3+ZUGM/%MQ?Q>8/M5OJ4",KIW*,@!5O3
MJ*Z(4U'7J:**1VM%>>23:YXR\1:O::=J\NB:'I<_V1Y+9%:XN9@H+?,P(11N
M`X&32V]QKGA#Q/I.GZGJLFM:-JTC6\,MQ&JW%M,%+`$J`'5@#VR#5E'H5%>5
M^&[+Q'XG;6[Q?&&HV/D:I<VL,,<$3HBHV%ZKD_G53Q!XPUVT^'OB1;R[2WUW
M1;V*TEO;6(%9$9D(D5#G!*-ROK0!Z_17DOA>:?7]2^SZ=X]\0221*)62;3%B
M5E!&1EHQ70?$CQ#?>$+C2M:6;[1I/F?9;O3U`\Z8O]UXN[.I_A'4$^E`'=45
MPGPY\1WOC#4-5UCS3;:1&_V.VTYP!,C*?GDF'56/&%[`9[UA6_B+Q->?"?\`
MM&QDGN-2:_DAFG@MQ++%;B=E9TCZ,RJ.!^-`'K%%>0>$==@'B6QMX?&FM-YS
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M5AT'M7H,<:HH"C@#`SSQ7Y%C;T*LJ4M6NO?3?UMN;XR$J%:5*3NUU[^9EQ0^
M1';/MW?9X2$7U9N/Z?K55K6:2$Z9:R-'O)>]NEZY;DJO^T?7L*Z`J#7+_$*Z
M;2_!]VUH[0R,5C5D.#\QYY]>M9X>HZU2--;M_P!?=<SH<U6I&G'=M&)XZ\0Z
M5I.A3Z%IH5IFC\KRXONPCU8^OZUU?P/MYK?P2//B>/S+F21-ZXW*0,$>W%<Q
M\(?!&GZAIT6NZHIN6:1A%`_W!@_>/]XYKV95"@!0`!P`*_6N'LF^HP]JW=R_
M&_4O-\51HTG@*-VU*\I/NNPM>*^//^3D/`O_`%Z/_P"UJ]JKQ7QY_P`G(>!?
M^O1__:U?887XGZ/\CY2O\*]5^9[57-?$S_DG?B7_`+!T_P#Z+-=+7-?$S_DG
M?B7_`+!T_P#Z+-<KV-GL8?P!_P"21^'_`/<E_P#1SUZ#7GWP!_Y)'X?_`-R7
M_P!'/7H-$=D*/PH****905RGQ4\1R^$_`&LZS;`&YMX<0Y&0'8A5)^A(-=77
M._$3PVOB[P7JNB&01O=PE8W/17!RI/MD"@#P?X-_"'3O&WA\^*_&UQ>7]UJ,
MCM&OG%?E!(W,>I)(/'0"O4OAI\)=,\`:]JFH:9?WLT5THCBMY7^6)>ISCASG
MH2.!7D'P^^)VJ?"6QE\*>-=`OF2UD8V\D0`(!.2`3PRYY!![UZG\)?B3K/CW
M6=2:7PW-8:"B@VUVY.=W=6S]XGK\O3'-`SAOV3`!K'CC`Q_I$?\`Z%)7T8S!
M%+.0JJ,DGH!7QQ\)/B+%\.=6\2F\T;4+[[=<#9Y"[=NUGZY]=U>L?$#XIC4?
M@?<:QIME=V5WJKO8002#=(O4.W'^SG\Q0!XWXS@U3XE:[XU\9:<S?8=$,?V?
M`R3&K8&WT(`+FOJ?X4^*4\8^`]*U;<#</'Y=P!_#*O#?KS^(KPWP?\"?$TGA
M>VDB\6SZ3'?PK--8QJX4;EZ-A@"<<'(K1_9]FO?`_P`0_$'@'5B[1LQEMI=A
M".Z@<CTW(0?^`T`<5X-\,^%_$_Q9\:V_C&Y2VM8;B:2%FN1!E_.((R>O':K=
ME8:5X._:`\/67P[U22\M+AXTN42;S5`8D.A8<,-HW>U+X"\`Z5X[^+'C>S\0
MQ78@@EFFA:-C'AC,1G..>*TO@Y;0_#+XO7_AOQ'I\;37)\JQU0Q'@'[N#T"N
M.#Z$8H`UOVD0#\5OA[D#_6+_`.CTKVWXA^)(O"7@S5=:F(W6T),2G^.0\(/S
M(KQ7]HZ-W^*GP_*1NP$BY*J2!^_2I_VCKR\\5>*_#GP_TC?NGE6>Y?:2BDY"
M[O95W-^5`'EGA:/6/`.I>$?B%J#.UKK%Q+]HXYV,V&W?[P)8?2OJ/XP2)-\)
M?$LD3!XWT]V5AR"".#7C7B3X">)1X:G1O%\VHP6<)D@L)$?82JG"J"Q`..!Q
MWK2\(^)IO$/[-'B&RNUE_M#2K.2T=74[F3'[L_EQ_P`!H`\Y^"/C6_\`AUJ%
MC/JJ2#PIK;,C/U5'0[3(/0CC<.XY[5Z#HKI+^UW>2Q,KH]F65U.0P,"D$'TJ
MW\)O!5GXW_9]31]3C,4IN9WMYF3#02!N&&?U'<&N'^!.C:MH?QYCT[7(IEN[
M.WG@9G!*E0GR[6[KC&/:@#N/CE\)O#&G^%/$WBNWBN_[6)-SN:?*;V<9^7'3
MDU#\"_A/X8U;PCX?\47<5W_:JR&?<L^$W)(=ORX]A7HW[0*LWP?\2!%9F,"X
M"C)/[Q:A_9V5D^$&@AU96"R9##!_UC4!T/2****!!1110`4444`%%%%`'BWP
MK_Y+E\1_]Y/_`$*O::\6^%?_`"7+XC_[R?\`H5>TU,=B(;'E7Q)_Y*MX#_ZZ
M-_Z$*]5KRKXD_P#)5O`?_71O_0A7JM84/XE3U_1&TMD%%%%=)`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110!Y3\0/^2Q^"/H_\S7JU>4_$
M#_DL?@CZ/_,UZM7-0^.IZ_HBY;(X?XW?\DH\2?\`7M_[,M2_!K_DEOAG_KR2
MHOC=_P`DH\2?]>W_`+,M2_!K_DEOAG_KR2O2_P"8?_M[]#E_Y??+]3LZ***Y
MC<****`(Y[>&X7;/%'*OHZAA^M-M[6WMEVV\$40]$0+_`"J:BE97N%CFO&/A
MF36WL;[3;]]-UK3V9[6[5`XPPPR.I^\C<9'MD5EP:-XUU"\MO[=UZPM+&"42
M,FDP,DEQCHK.Y.U3W`'/K7<T4P.*U7PKJUIKUWK/@_5(+*>]VF\L[R$R6\S`
M8$@P0RMC`)'7'-+H_A75+C7[;7/%^IPWUW9AA9VMI$8[>W+##/R2S.1QD].U
M=I10!YQI_A;QEHT^J1Z+K6C1V5Y>S7B^?9N\D9D.2.&`.*EO_AY(_@>_TBVU
M,R:M?72WMQJ%S'GS9@ZMDJ,8'R@`#H*]"HH`X;[!\1,_\AOP[_X`2?\`Q=:E
MQX;DOO&>G:WJ$\<L.GVK1V]N%X6=S\\OUVC`],FNEHH`YRW\.&T\=7.O6<R1
M0WMHL%W;A?\`6R(WR29]0I*_3%96E>$=8T?P=%I6D:XEI?Q74MR+C[,)$<.[
M-L92>GS8R"#Q7<44`>>W'A?Q3XAN]/3Q9J6DC3;*Z2[$6G6[B29T.4RSD[1G
MDXY/2O0J*SO$5Z^GZ)>7,*EIUC(B4#),AX4?]]$4TKNP,I>&Q]KOM6U0\B>?
M[/"?^F<7RY'U?>?RK>JEHMBNF:3:62$$01*A/]X@<G\3DU=HD[L2V"JFJP?:
M]-N[<#)FA>,?B"*K^)M2.CZ!?ZB(O--M$9`F<;L5YMH/C[6=<TV:[BO_``U9
M2(Q5;6X=@[X'NPZ]JY:V(A!^SENT=V&P5:M!UH;)VOYG&:;X*\?:3O&FV\UO
MOQO\J=!NQT[U:EL_B5IB_:YDO9(XCN*[UE!^JCDBNZ;QKKUKX+U+5]1TZRBN
M+=XUA\N4/'(&.#G:QP1]:L^'/B=H=SH]K-K6H6MK?N#YL2*Y5#D]\'M[UX,L
MJR^J[2>K5]4O3JCZ6>88Z2=25"$];.RN]K]&^G4\]B?XC:[F[M(+J"+.T*@$
M2_@&Y/UJ#4_#/Q"U*V^SW]O=7$.X-L>5,9'XU[5JWB_0M)CMI+W48E%T@>$+
MES(I[@#/%1:?XVT"^U*.PBO=EY(<)%-$\;,?;<!5PR+`4VDFD_D80SC%17M*
M6%BDMGRO2WGY#OAYIDVC^#],LKN(Q7,<9,J$YPQ)/:NDKR[2?B'?WEYXHB>T
MM5728)98BN[+E6P`W/\`*NG^&WB.X\4^'#J-Y%%%)Y[Q;8LXP,>OUKV</B*3
M4:<'T_+0\;&X+$Q<Z]9===>LM4=57BOCS_DY#P+_`->C_P#M:O:J\5\>?\G(
M>!?^O1__`&M7J87XGZ/\CQJ_PKU7YGM5<U\3/^2=^)?^P=/_`.BS72US7Q,_
MY)WXE_[!T_\`Z+-<KV-GL8?P!_Y)'X?_`-R7_P!'/7H->??`'_DD?A__`')?
M_1SUZ#1'9"C\*"BBBF4%%%%`$4]O#<`"XACE`Y`=0V/SJ1%5%"HH51P`!@"E
MHS0!'Y$/_/*/_OD4ODQ%0#&F!T&T<4_-&:`"FF-"^\HN[^]CFG9HS0`U8T5B
M5103U('6AHT=@716(Z$C-)YL8E$1=?,*[@F>2/7'I3\T`-:-&(+*I(Z$C.*/
M+3?OV+O_`+V.:=FC-`!3!%&`0(T`;KA>M/S1F@!%547"*%'H!BDV+OW[5W=,
MXYIV:,T`(RAEPP!![$4*H5<*`!Z`8I<T9H`**,T4`%%%%`!1110`4444`>+?
M"O\`Y+E\1_\`>3_T*O::\6^%?_)<OB/_`+R?^A5[34QV(AL>5?$G_DJW@/\`
MZZ-_Z$*]5KRKXD_\E6\!_P#71O\`T(5ZK6%#^)4]?T1M+9!111720%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`>4_$#_DL?@CZ/\`S->K
M5Y3\0/\`DL?@CZ/_`#->K5S4/CJ>OZ(N6R.'^-W_`"2CQ)_U[?\`LRU+\&O^
M26^&?^O)*B^-W_)*/$G_`%[?^S+4OP:_Y);X9_Z\DKTO^8?_`+>_0Y?^7WR_
M4[.BBBN8W"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HZ]:**`"BBB@#
M/\06]Y=:+=P:9+%%>.A$3RH&0'W!ZBO,(/"WB+^S;FVU+PQX=OIY`P2Y!2(I
MD>@7MUKU^BN>MAHUG=M_UZG9AL;/#Q<8I.^O6_WIIGBVC_#;7+/P1K>FRFV^
MU7SQ&.(2?*NPY))QC/\`A6MJ?@749_A;9:%!!:C4XI`[G<`/O,3\V/<5ZG16
M*R^DE;7:WZG5/.L3.:F[7YN;;K:WW6/&/$GP\UNY_P"$=FLXX9GL;2.":(3^
M6<J<_*WX]:N6/@O5;CQA8:C=Z4L-O;NCF6ZU)KB4;3GC_"O6Z*2R^DI<VO3\
M/D-YUB'#D=MFNO7?K8\AT;P+K=I>^,)9H8=NIV\T=OB4'<S.2,^G%=;\*=!O
MO#GA;[#J:(EQY[R81]PP<8Y_"NQHK6E@X49*4>E_QU,<3F=;$P<)VL[/[E9!
M7BOCS_DY#P+_`->C_P#M:O:J\5\>?\G(>!?^O1__`&M7IX7XGZ/\CQZ_PKU7
MYGM5<U\3/^2=^)?^P=/_`.BS72US7Q,_Y)WXE_[!T_\`Z+-<KV-GL8?P!_Y)
M'X?_`-R7_P!'/7H->??`'_DD?A__`')?_1SUZ#1'9"C\*"BBBF4%%%%`!111
M0`4W>H8*2,GH/6G5Y?\`'^WF'A>RU"UDDCEM+L'>C%2H8$=1[XK*M4]E3<[7
ML8XBM[&E*I:]CM/&^I-I'A+5;Z-BLD-NS(P[-T7]2*X'X8_%*+5533/$<B07
MX7]W<GY4FP._HWZ&O-M,\8:]KNFS>&]1O_/M+I<>;,NZ1-OS#GN.,<UGZ-X?
MN+7Q%#'?1!HD!D##E'QT_7'%?.XK.XPJ*5-[*[3ZGB2S"M6JPJX=/EV=^_\`
M74UM2^(=W)\1U\06[.;6!_)BASPUOGD?4]?KCTKTKXA_%*TTBR2WT!X[O4)X
MED$G5(%89!/JWM^=>7S>$U?7!*JXTX_.X'\+?W/Q_E5/Q'H4UQKRII\`"2QA
MSCA4QP<^G2O/HYZ_>C%_%K?L8*6.H4ZCZM_TU^!]#?#+5YM<\$Z9>W<AEN61
MDE<]696()KI]PW;<C=UQGFOE^Z\4:YX4TJ+P]I=Z(85!E>:-,.2QY`)Z#Z<U
MZ)^SW'<W%CK6IWDLLTDTZ1"25RQ.T9/)_P!ZOH<%F4,1R0@KW6_R/2PN8<\X
MX9I\R6K\TCUZBBBO6/6"BBB@`HHHH`****`"BBB@`HHHH`****`/%OA7_P`E
MR^(_^\G_`*%7M->+?"O_`)+E\1_]Y/\`T*O::F.Q$-CRKXD_\E6\!_\`71O_
M`$(5ZK7E7Q)_Y*MX#_ZZ-_Z$*]5K"A_$J>OZ(VEL@HHHKI("BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`/*?B!_P`EC\$?1_YFO5J\I^('
M_)8_!'T?^9KU:N:A\=3U_1%RV1P_QN_Y)1XD_P"O;_V9:E^#7_)+?#/_`%Y)
M47QN_P"24>)/^O;_`-F6I?@U_P`DM\,_]>25Z7_,/_V]^AR_\OOE^IV=%%%<
MQN%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!7BOCS_DY#P+_`->C_P#M:O:J\5\>?\G(>!?^O1__`&M73A?B
M?H_R,*_PKU7YGM5<U\3/^2=^)?\`L'3_`/HLUTM<U\3/^2=^)?\`L'3_`/HL
MURO8V>QA_`'_`))'X?\`]R7_`-'/7H->??`'_DD?A_\`W)?_`$<]>@T1V0H_
M"@HHHIE!1110`444C':I/IV]:`.*^+$6M+X9>^\.WMQ;7-F?-D2$_P"MC_B_
M$=?SKY_D\::W?QBTUG4KB\TZ1E\Z&0@AESGKC/O7IOB[XR36=U<6.EZ.T<L3
M&-VO^"#_`+@_J:\^\.?V1JLDHN[.!+UG+[<D(V3GY1GC'I7RV<8R$?>IR;Z-
M(^:QM2.)Q"C0J6?5.]C=TOPSI\>K6ES:2R0C>,<[E((Q_6N]TG1'@NKJ"^C#
MPO'A77D'GMZ&JGABRL9[=;.:Q*E!B*10PX],^HKO;*#[HY)`VNC=2/6O@5'$
M9A75"#\KO\UW\UO:^A])@\)2HPYTDNNGXG-)H)71I+/(:9F\Q7(_(_E5+5M$
M9A9VUA&,*K%W/`[<DUZ"+7"8S\P0H#5.\MP@&<@`81%ZGWKNQO#V,P=+V[=^
MOWI?EKZNR2U.I*E/W;'B.N>&+2?6IWNI9)RF$PIVJ,#FN4_X2[5=)>:R\/:A
M/9::DC&.*(C\3GKS7L'B2RL[6W>"*S:2:4?/(P)V@]>?4UY9XGAT;380L5I$
M;QL%4!.`/5AGI[=ZO*<=.]KROMV/F<UPGL;SIM1ZMZW]+GLGP;77+O07U3Q!
MJ%S<_:B/LT<I^[&/XOQ_D*]#)P*\,\*?&:</!9ZIHZR`XC0V`PWH`(SU^@->
MWQ.985<JR;E!VL,$>Q]Z_2\'5ISIJ,)7L=^7UJ52DHTY7MO?<Y>R\9Q77CR[
M\,"SD6:WC,AG+@JPP#TZ_P`5=97@U]J\VC?'#6)K.SDOKV:,06]NAQO=D3&3
MV`P23[5TNM^)/'_AJV_M/5],TFYTY2/-2V9MT0/J<_K@BLZ6,LI<]W9O9;(R
MHX^RFZEW9O9;+S/5**\]\4?$'[)X!L_$FAQ13K<2K&8Y\_)G.0<=P1BJL'B[
MQ?XALTNO"FAVIL]HS<7DFWS7Q\VQ<C@'(R:W>*II\JU>^FIT2QM)2Y5J[7T5
M]#TRBN!\!>/)=<U2ZT76['^SM;M@2T6<JX'7'H1U[\<UWU:4ZL:L>:)M1K0K
M1YX/0****T-0HHHH`****`/%OA7_`,ER^(_^\G_H5>TUXM\*_P#DN7Q'_P!Y
M/_0J]IJ8[$0V/*OB3_R5;P'_`-=&_P#0A7JM>5?$G_DJW@/_`*Z-_P"A"O5:
MPH?Q*GK^B-I;(****Z2`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@#RGX@?\EC\$?1_P"9KU:O*?B!_P`EC\$?1_YFO5JYJ'QU/7]$7+9'
M#_&[_DE'B3_KV_\`9EJ7X-?\DM\,_P#7DE1?&[_DE'B3_KV_]F6I?@U_R2WP
MS_UY)7I?\P__`&]^AR_\OOE^IV=%%%<QN%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7BOCS_DY#P+_UZ/\`
M^UJ]JKQ7QY_R<AX%_P"O1_\`VM73A?B?H_R,*_PKU7YGM5<U\3/^2=^)?^P=
M/_Z+-=+7-?$S_DG?B7_L'3_^BS7*]C9[&'\`?^21^'_]R7_T<]>@UY]\`?\`
MDD?A_P#W)?\`T<]>@T1V0H_"@HHHIE!1110`4G;FEI&!*D`X/K0!Y-\<K?PO
M]@6;4W:/6RN+?[.`97'^V/[ON?PKSSPK%HNV)K-@][US-Q(#_LCI^5=9XT^$
M.KWM_/J%AJRW\LK;F6\.Q_IN''\JX?PS:Z;ITTCWUY;&_C<H%WY6,@XR#T)]
MQ7Q>?PJ2O*47'M;KZGSD_:?7.>I344^K_._<]NT%M0:%?[2557'RD<.?J.E=
M;9_<4YD([&05YOX9O88[<7=SJ>8V_P!5'YA(/OC^5=U97&[:<MEAN9W_`(1Z
M`5\UPYBX8+&-5-+_`"^6^OW66[:/K$_:4DT;%5[LX0D&0>I09-(+H%`0.2A<
M#VJE=W&>03R-R.O7Z&ON,USC#0PTFI7NOS_KRW2;5S.%-\QB:TUZL)_LQ58]
MR_WOP'2O'O%<6D,TKZL0EX<Y,?\`K2?<?XUZ-XCO(KBW:YM=1*O&/WD9D*Y'
M?CU%>4^*TTK4(_.AO;<7W`!W9\SV)_K7YSE5.]3FU5WT5G\]]#SLYJ+D:5GY
M-Z?+S.^^!-OX696E@9I/$*@[EN0`R+_TS'3'J>M>SG[IQ7@OA'X/:N+JWOK_
M`%2/3S&PDC-HWF2#T(;H/UKW>%&CA5'<R,H`+GJWN:_6<O4XTE&<>6WXF.5J
MI&CRU(<MOQ/']&$1_:'U3S<;Q`3'G^]Y:?TS7I7C+R?^$2UC[3CR?L<N[/\`
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M2>*+B.XUJY!"K&<K"#UY]<<<<`5Z-79A(22E*2MS-L[L%3E%3G)6YFW8****
MZCM"BBB@`HHHH`\6^%?_`"7+XC_[R?\`H5>TUXM\*_\`DN7Q'_WD_P#0J]IJ
M8[$0V/*OB3_R5;P'_P!=&_\`0A7JM>5?$G_DJW@/_KHW_H0KU6L*'\2IZ_HC
M:6R"BBBND@****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`\I
M^('_`"6/P1]'_F:]6KRGX@?\EC\$?1_YFO5JYJ'QU/7]$7+9'#_&[_DE'B3_
M`*]O_9EJ7X-?\DM\,_\`7DE1?&[_`))1XD_Z]O\`V9:E^#7_`"2WPS_UY)7I
M?\P__;WZ'+_R^^7ZG9T445S&X4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%>*^//^3D/`O\`UZ/_`.UJ]JKQ
M7QY_R<AX%_Z]'_\`:U=.%^)^C_(PK_"O5?F>U5S7Q,_Y)WXE_P"P=/\`^BS7
M2US7Q,_Y)WXE_P"P=/\`^BS7*]C9[&'\`?\`DD?A_P#W)?\`T<]>@UY]\`?^
M21^'_P#<E_\`1SUZ#1'9"C\*"BBBF4%%%%`!1110!Q/Q8U#5+7PO);:%9W5Q
M>WA,.Z",L8DQ\S<=#C@?6OG=?"VKP;9M2TV[L[%6'FSS1%41<XY)KZ^KR[]H
M*]:'PC:V4>XO=W2KA1DD*"V/SQ7E9EA%4BZLI/1:'C9I@XU$\1.3]U:+^NYP
MVF>(-+.IVEK;;YQN`"(N%``SU/TKOM)UQ[FZNIKMEBMXX\A1TZ_J:\AT3PWK
M6DVDGB*\TZ6+3K5,DR_(S[OE&`>>I'-,T;Q%<7GB*'[4P2WD#1K&O"J3T^I]
MZ_/<?DSWLUI>[W^1&#S:=+E596<GHK6T[^A[<FO[M'DO0,,C&,)GWX'Y53U;
M6VA^Q7%DP>*0-N1NG&.OH:\MF\61Q:T+0/\`\2\';(W;?_>^@Z52\1:_/9:\
MHLI%:.*,*Z9RKD\G^G-<,,IJ3FE+K=Z_E^1W5<[IQ@VGLTM._<Z;6O$>G)K-
MQ'<AK<OA\,NY3D<]*XB;PQJ5Y+-<:+I]U>Z<SD1301EU/J..XZ5IZGH.L^)-
M/C\0:;ILDUFR^4RQ'>Z,O7Y>N*])_9UNI!I6KZ=/N5[>=9!&PP5W#!X^JU]7
ME.5J,HQG>/,CQJC>85U2JJT7=Q=C;^#%[J__``CS:;KMC=V\MEA89)XRN^,]
M!D]UZ?3%>B445]M2ING!0O>Q]%0INE34&[V"C%%%:&IR_P`1?"[>+O#XTU+H
M6I\Y9?,*;NF>,9'K6]I=K]BTVTM2P<P0I%NQC.T`9_2K5%0J<5)S6[,U2BIN
MHEJPHHHJS0****`"BBB@`HHHH`\6^%?_`"7+XC_[R?\`H5>TUXM\*_\`DN7Q
M'_WD_P#0J]IJ8[$0V/*OB3_R5;P'_P!=&_\`0A7JM>5?$G_DJW@/_KHW_H0K
MU6L*'\2IZ_HC:6R"BBBND@****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`\I^('_`"6/P1]'_F:]6KRGX@?\EC\$?1_YFO5JYJ'QU/7]$7+9
M'#_&[_DE'B3_`*]O_9EJ7X-?\DM\,_\`7DE1?&[_`))1XD_Z]O\`V9:E^#7_
M`"2WPS_UY)7I?\P__;WZ'+_R^^7ZG9T445S&X4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%>*^//^3D/`O\`
MUZ/_`.UJ]JKQ7QY_R<AX%_Z]'_\`:U=.%^)^C_(PK_"O5?F>U5S7Q,_Y)WXE
M_P"P=/\`^BS72US7Q,_Y)WXE_P"P=/\`^BS7*]C9[&'\`?\`DD?A_P#W)?\`
MT<]>@UY]\`?^21^'_P#<E_\`1SUZ#1'9"C\*"BBBF4%%%%`!1110`5')!%(Z
M/)&C.ARK,H)7Z>E244`8'CS37U;P?J]E$I>26W;8H&26'('YBO-_AE\*A;!-
M3\4PAYBN8K(\B/(ZOZGV[5[/17/4PM.I452:NT<M7!TJM6-::NT?+&H^`[Z'
MXACPW"KE99-\4I&1Y!YWGZ#(/N*])^(?PG@O;-+OPRBPWD$81X#PLX48S[/_
M`#KUAK6!KM;HQ(;A4,:R8^8*3DC/ID"IJYH9;2BI1>M_P.2GE%",9QDK\S^X
MY+X5Z5-H_@73+6ZB:*XVM)(C#!5F8G!]ZZE8(DF:58T$K##.%`)^IJ2BNZ$%
M"*@NAZ-.FJ<%!=`HHHJS0****`"BBB@`HHHH`****`"BBB@`HHHH`\6^%?\`
MR7+XC_[R?^A5[37BWPK_`.2Y?$?_`'D_]"KVFICL1#8\J^)/_)5O`?\`UT;_
M`-"%>JUY5\2?^2K>`_\`KHW_`*$*]5K"A_$J>OZ(VEL@HHHKI("BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/*?B!_R6/P1]'_`)FO5J\I
M^('_`"6/P1]'_F:]6KFH?'4]?T1<MD</\;O^24>)/^O;_P!F%<7\-/BOX-T7
MP#H>FZEJYAO+:U6.6/[/*VUAVR%(->T7,$-U;R07,4<T$BE7CD4,K`]00>"*
MP?\`A!O"7_0KZ%_X+X?_`(FO2IU*?L_9U$][Z'+.$^?G@UMU.;_X75X"_P"@
MX?\`P%F_^(H_X75X"_Z#A_\``6;_`.(KI/\`A!O"7_0KZ%_X+X?_`(FC_A!O
M"7_0KZ%_X+X?_B:+X?L_O7^06K]U^)S?_"ZO`7_0</\`X"S?_$4?\+J\!?\`
M0</_`("S?_$5TG_"#>$O^A7T+_P7P_\`Q-'_``@WA+_H5]"_\%\/_P`31?#]
MG]Z_R"U?NOQ.;_X75X"_Z#A_\!9O_B*/^%U>`O\`H.'_`,!9O_B*Z3_A!O"7
M_0KZ%_X+X?\`XFC_`(0;PE_T*^A?^"^'_P")HOA^S^]?Y!:OW7XG-_\`"ZO`
M7_0</_@+-_\`$4?\+J\!?]!P_P#@+-_\172?\(-X2_Z%?0O_``7P_P#Q-'_"
M#>$O^A7T+_P7P_\`Q-%\/V?WK_(+5^Z_$YO_`(75X"_Z#A_\!9O_`(BC_A=7
M@+_H.'_P%F_^(KI/^$&\)?\`0KZ%_P""^'_XFC_A!O"7_0KZ%_X+X?\`XFB^
M'[/[U_D%J_=?B<W_`,+J\!?]!P_^`LW_`,11_P`+J\!?]!P_^`LW_P`172?\
M(-X2_P"A7T+_`,%\/_Q-'_"#>$O^A7T+_P`%\/\`\31?#]G]Z_R"U?NOQ.;_
M`.%U>`O^@X?_``%F_P#B*/\`A=7@+_H.'_P%F_\`B*Z3_A!O"7_0KZ%_X+X?
M_B:/^$&\)?\`0KZ%_P""^'_XFB^'[/[U_D%J_=?B<W_PNKP%_P!!P_\`@+-_
M\11_PNKP%_T'#_X"S?\`Q%=)_P`(-X2_Z%?0O_!?#_\`$T?\(-X2_P"A7T+_
M`,%\/_Q-%\/V?WK_`""U?NOQ.;_X75X"_P"@X?\`P%F_^(H_X75X"_Z#A_\`
M`6;_`.(KI/\`A!O"7_0KZ%_X+X?_`(FC_A!O"7_0KZ%_X+X?_B:+X?L_O7^0
M6K]U^)S?_"ZO`7_0</\`X"S?_$4?\+J\!?\`0</_`("S?_$5TG_"#>$O^A7T
M+_P7P_\`Q-'_``@WA+_H5]"_\%\/_P`31?#]G]Z_R"U?NOQ.;_X75X"_Z#A_
M\!9O_B*/^%U>`O\`H.'_`,!9O_B*Z3_A!O"7_0KZ%_X+X?\`XFC_`(0;PE_T
M*^A?^"^'_P")HOA^S^]?Y!:OW7XG-_\`"ZO`7_0</_@+-_\`$4?\+J\!?]!P
M_P#@+-_\172?\(-X2_Z%?0O_``7P_P#Q-'_"#>$O^A7T+_P7P_\`Q-%\/V?W
MK_(+5^Z_$YO_`(75X"_Z#A_\!9O_`(BC_A=7@+_H.'_P%F_^(KI/^$&\)?\`
M0KZ%_P""^'_XFC_A!O"7_0KZ%_X+X?\`XFB^'[/[U_D%J_=?B<W_`,+J\!?]
M!P_^`LW_`,11_P`+J\!?]!P_^`LW_P`172?\(-X2_P"A7T+_`,%\/_Q-'_"#
M>$O^A7T+_P`%\/\`\31?#]G]Z_R"U?NOQ.;_`.%U>`O^@X?_``%F_P#B*X"_
M\5:/XN_:"\%WGA^[^U6\,#Q.WELF&VRG&&`/0BO8_P#A!O"7_0KZ%_X+X?\`
MXFK.G>%O#^F7:W6FZ%I5G<J"%FM[..-QGKA@`:N-6C3NX)WLUTZDRIU9V4FK
M&S7-?$S_`))WXE_[!T__`*+-=+39(TEC:.5%>-P596&0P/4$5QG0]CPWX0_$
M[PEX?^'>CZ9JVJ^1?6ZR"2/R)&VYD9AR%(Z$5V'_``N?P'_T&_\`R5F_^)KH
M_P#A"/"G_0L:'_X+XO\`XFC_`(0CPI_T+&A_^"^+_P")J4I+0E*25CG/^%S^
M`_\`H-_^2LW_`,31_P`+G\!_]!O_`,E9O_B:Z/\`X0CPI_T+&A_^"^+_`.)H
M_P"$(\*?]"QH?_@OB_\`B:/>#WCG/^%S^`_^@W_Y*S?_`!-'_"Y_`?\`T&__
M`"5F_P#B:Z/_`(0CPI_T+&A_^"^+_P")H_X0CPI_T+&A_P#@OB_^)H]X/>.<
M_P"%S^`_^@W_`.2LW_Q-'_"Y_`?_`$&__)6;_P")KH_^$(\*?]"QH?\`X+XO
M_B:/^$(\*?\`0L:'_P""^+_XFCW@]XYS_A<_@/\`Z#?_`)*S?_$T?\+G\!_]
M!O\`\E9O_B:Z/_A"/"G_`$+&A_\`@OB_^)H_X0CPI_T+&A_^"^+_`.)H]X/>
M.<_X7/X#_P"@W_Y*S?\`Q-'_``N?P'_T&_\`R5F_^)KH_P#A"/"G_0L:'_X+
MXO\`XFC_`(0CPI_T+&A_^"^+_P")H]X/>.<_X7/X#_Z#?_DK-_\`$T?\+G\!
M_P#0;_\`)6;_`.)KH_\`A"/"G_0L:'_X+XO_`(FC_A"/"G_0L:'_`."^+_XF
MCW@]XYS_`(7/X#_Z#?\`Y*S?_$T?\+G\!_\`0;_\E9O_`(FNC_X0CPI_T+&A
M_P#@OB_^)H_X0CPI_P!"QH?_`(+XO_B:/>#WCG/^%S^`_P#H-_\`DK-_\31_
MPN?P'_T&_P#R5F_^)KH_^$(\*?\`0L:'_P""^+_XFC_A"/"G_0L:'_X+XO\`
MXFCW@]XYS_A<_@/_`*#?_DK-_P#$T?\`"Y_`?_0;_P#)6;_XFNC_`.$(\*?]
M"QH?_@OB_P#B:/\`A"/"G_0L:'_X+XO_`(FCW@]XYS_A<_@/_H-_^2LW_P`3
M1_PN?P'_`-!O_P`E9O\`XFNC_P"$(\*?]"QH?_@OB_\`B:/^$(\*?]"QH?\`
MX+XO_B:/>#WCG/\`A<_@/_H-_P#DK-_\31_PN?P'_P!!O_R5F_\`B:Z/_A"/
M"G_0L:'_`."^+_XFC_A"/"G_`$+&A_\`@OB_^)H]X/>.<_X7/X#_`.@W_P"2
MLW_Q-'_"Y_`?_0;_`/)6;_XFNC_X0CPI_P!"QH?_`(+XO_B:/^$(\*?]"QH?
M_@OB_P#B:/>#WCG/^%S^`_\`H-_^2LW_`,31_P`+G\!_]!O_`,E9O_B:Z/\`
MX0CPI_T+&A_^"^+_`.)H_P"$(\*?]"QH?_@OB_\`B:/>#WCG/^%S^`_^@W_Y
M*S?_`!-'_"Y_`?\`T&__`"5F_P#B:Z/_`(0CPI_T+&A_^"^+_P")H_X0CPI_
MT+&A_P#@OB_^)H]X/>/*_@IJ-KK'Q>\>ZCITGFV=R(Y(I-I7<NX\X/(KW6L[
M2=#TG1_,_LC2[&P\S&_[+;I%OQTSM`S6C3BK(<596/(?BW>V^F_$;P7?7K^7
M:V[/)(^"=JAE[#FNG_X6IX._Z"W_`)+R_P#Q-=5J6E:=J@0:G86EX(SE!<0K
M)MSZ9!Q5'_A$O#G_`$+^D?\`@%'_`/$US>SJQG*4&M>YKS1:29A_\+4\'?\`
M06_\EY?_`(FC_A:G@[_H+?\`DO+_`/$UN?\`")>'/^A?TC_P"C_^)H_X1+PY
M_P!"_I'_`(!1_P#Q-.V([K[G_F'N&'_PM3P=_P!!;_R7E_\`B:/^%J>#O^@M
M_P"2\O\`\36Y_P`(EX<_Z%_2/_`*/_XFC_A$O#G_`$+^D?\`@%'_`/$T6Q'=
M?<_\P]PP_P#A:G@[_H+?^2\O_P`31_PM3P=_T%O_`"7E_P#B:W/^$2\.?]"_
MI'_@%'_\31_PB7AS_H7](_\``*/_`.)HMB.Z^Y_YA[AA_P#"U/!W_06_\EY?
M_B:/^%J>#O\`H+?^2\O_`,36Y_PB7AS_`*%_2/\`P"C_`/B:/^$2\.?]"_I'
M_@%'_P#$T6Q'=?<_\P]PP_\`A:G@[_H+?^2\O_Q-'_"U/!W_`$%O_)>7_P")
MK<_X1+PY_P!"_I'_`(!1_P#Q-'_")>'/^A?TC_P"C_\`B:+8CNON?^8>X8?_
M``M3P=_T%O\`R7E_^)H_X6IX._Z"W_DO+_\`$UN?\(EX<_Z%_2/_``"C_P#B
M:/\`A$O#G_0OZ1_X!1__`!-%L1W7W/\`S#W##_X6IX._Z"W_`)+R_P#Q-'_"
MU/!W_06_\EY?_B:W/^$2\.?]"_I'_@%'_P#$T?\`")>'/^A?TC_P"C_^)HMB
M.Z^Y_P"8>X8?_"U/!W_06_\`)>7_`.)H_P"%J>#O^@M_Y+R__$UN?\(EX<_Z
M%_2/_`*/_P")H_X1+PY_T+^D?^`4?_Q-%L1W7W/_`##W##_X6IX._P"@M_Y+
MR_\`Q-'_``M3P=_T%O\`R7E_^)K<_P"$2\.?]"_I'_@%'_\`$T?\(EX<_P"A
M?TC_`,`H_P#XFBV([K[G_F'N&'_PM3P=_P!!;_R7E_\`B:/^%J>#O^@M_P"2
M\O\`\36Y_P`(EX<_Z%_2/_`*/_XFC_A$O#G_`$+^D?\`@%'_`/$T6Q'=?<_\
MP]P\MUOQ)I7B7XM>#I]%N?M$4+,CML9<$Y/\0%>VUEV?AW1+&X2XLM'TVWG3
8[LD5JB,OT(&:U*JC3E#F<WJV*33M8__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image00012.jpg
<TEXT>
begin 644 image00012.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"`!5`'`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Z0\8^(;7P
MIX;O=:U!9'MK4*76,98[F"C'XL*\N3]HOPH6`:WOU'<^7TKIOVA?^2.^(O\`
M<A_]'QUS?PB^'_A;7?A?I%QJFBVL]S/$WF2D$,?F/.0:ZJ4:2I\]1=;&$Y3Y
M^2'8[NT\?:-J/@^Z\1Z1(]_:6JEI8XA^\7'4%>Q`Y^E'P[\>:3X[L+BYTCS$
M\A]DD<HPP]_I7AGP=B/A/XWZ_P"$0S2Z9<B6'RWYW`?,A/OM)%4EO)?@E\7+
M^-UD;1+V-G0`9W*<E?Q!XK1X:-W&.^Z(5>22E+;9GMWB7XI:-H?BZW\-F&ZN
M]2F*J$@7=@L>`?>MKQ_XRT[P1HBZGJWF-$\HA5(QEF8@G^0->+?L]:%<^*?%
M^J^/=:4MF5EMMW0N>I'^Z./QH_:-N7\3_$#POX,M'ZL'F*\[6D..?HJD_C2]
MA#VJI]MQ^UER.?W'MO@7Q;I_C304U72MXA9V0I(,,I![UR_CSXOZ%X,UYM*U
M."[>X$:R9C7(P?\`]5>=_LQW\NB^)O$7A*]8K)'(9$0_WE.UOZ51^)=E;:C^
MTMHEG?0I/;3?9TDC<9#`D\&FJ$%5<7M:XG6DZ::WO8]"T#X\^$-6U".TDDN+
M)I"%5YTPF3ZGM75_$+Q[IG@?3K2]U-)I8;IRB>2,]L_UKSCX[_##PY;>`;[5
MM&TZ*QO;';)F'(#J6"D$?CG\*\T\<:U-K7P(\(27+EYH+F2W9CU(7`'Z8IPH
M4JCC*&U[,4JLX74M[7/J#6?%^D:)X:BUS5;D6UE)&KIN^\VX9``[FO-+/]HO
MPM/J"P36M]!`S;?/900/<@<UY]\2C+XK\;>!_"32E;06UN&`/=P,GZ@"O8?%
MWP>\-:KX2DTO2M.M;&\1`+:Y`(96'=CU(/>I]G2II>TZ_@/GJ3;Y.A;\7?$)
M=+DT[^R(8;V&[C$PF+':5)P,8KL-!U)=7TFWODC:,2@_*W8@D'^5<?\`#_X<
MP:!X3M=(UV6'5GMW9HW*%1&"<[1SDC/K^5=]%&D4:QQ*J(HP%48`KGJ<B7+'
M[S>'-O(\]_:%_P"2.^(O]R'_`-'QTOP*ECA^$NA-+(B*L+$EFP!\QK7^*VB?
M\)%X`U;2C=PV7VA8QY\QPB8D5N?RQ^-?/D/P@NTA6`>/M-2W'&Q9V``^E:TY
M4W2Y)RMK<B4*GM.>$;Z6-+X>NOB/]IK6-4L")+.W:9_,7E2`HC!_$UTG[6UE
M;OX6TN\:-?M,=P8UD[[2.174?"KP[X4^'^FS1VVLVES?7)!GN&E49QT`'8#)
MJ'XS:3IWC[P_;:?9^(--M7BF\TM+("#Q[57UFG[>,D]%H'U:K[)IQU9U/PLM
M;;3?AQHB6Z+%$+59&QW)Y)-?+?\`PE>LW7Q=U;Q;H.EOJLL4[K$#$TBHF-B$
M[?\`9''XU])-+9P_#K^P++7]-COA9?9EN#*-JMC&[UK$^"V@:-\/=%O;>YU[
M3KJ\NI_,>6.0`;0,*.?^!'\:5/$4X<\V[MA4P]6?+%)I(\)T_P`3ZO8?&"P\
M3:UIC:9+=SCS8_+:-7#<,?F_.N\\<.K_`+3_`(==2"C&V(/J,FNV^-'AW2/B
M!I]@MGK^FVEY:2%EDDD!!4]N*XCQE\.'\1:II^H#QCI$%U;V<5NSB0@EDR-P
M(_"MHXFC.TFTM&C)X:M&Z46];GIG[0>KVFG_``MUB*::,3W2I#%'N&6)<$\?
M0&OGOQ)I\EC\!?"SS`J;B^FF`/\`=/0_E76:7\';.XU"&3Q-XWM+NT0Y:..8
MEF]LL>*[WXL>&-'\7^&M(TC1M=TNPAT]\J'DR-N``!CZ5-.O1I<L%*^MVRIX
M>M4O)Q:TL>:^*Y!X=^+W@K6KS*V4EM:.7/3``#?EFOH[QKXIL_"_A.\UR9XY
M8XH]T2AP/.8_=4'WKA_''A?POXN\'V&E7NM645]8Q*D%TD@^5@N#^!KR:W^$
MEY=W$-IJ_C;3FTJ)N`MP6./]E3T-2ZE&LDYRM;\2E1KTVU&#=SZ(^&_C*#QS
MX<75K:TFM$+F,I(<\CK@]Q755R_A!O#FA:18Z)HU]:&*%1'&BR@LY[GW)KJ*
MXY2C*3<-C=1E%)3W.,^,FE7NM_#76M.TNW:YO)TC$<2D`MB5">O'0&OEC_A4
MWC?_`*%RY_[[C_\`BJ^VJ*YZN'51W;/2P>9U,'!P@D[N^I\2_P#"IO&__0N7
M/_?<?_Q5'_"IO&__`$+=S_WW'_\`%5]M45E]3CW.O^WZ_P#*OQ_S/B0_"?QN
M`2?#ER`.3\\?_P`57)V>FW-YJ<>G6L!DO9)/)2(8R7Z8]*_02;_4R?[IKXB\
M"_\`)6M*_P"PJ?\`T,USUJ"IM)/<]+`9E4Q4:DI)+E7^9-_PJ;QO_P!"Y<_]
M]Q__`!58_B3P9KWAF&*;7M+DLHY6V(SLIW'&<<$U]Y5X+^UC_P`@+1/^OEO_
M`$$UI5PT80<DSGP6<5<16C2E%6?K_F>%>'?`WB+Q)8M>:'I$MY;*YB:1&0`,
M`"1R1ZBM7_A4WC?_`*%RY_[[C_\`BJ]S_96_Y$"^_P"P@_\`Z`E>STZ6%C."
MDV3B\YK4*TJ<8JR]?\SXE_X5-XW_`.A;N?\`ON/_`.*H_P"%3>-_^A<N?^^X
M_P#XJOMJBK^IQ[G/_;]?^5?C_F?(_P`//AGXOTWQOHUY?:#/!;07`>20NA"C
M!YX:OKBBBMZ5)4E9'G8W&SQDE*:2MV"BBBM3C"BBB@!DW^ID_P!TU\1>!?\`
MDK6E?]A4_P#H9K[=F_U,G^Z:^(O`O_)6M*_["I_]#-<6+^*)[V3?PZWI_F?<
M%>"_M8_\@+1/^OEO_037O5>"_M8_\@+1/^OEO_036V)_A,X<J_WN']=#3_96
M_P"1`OO^P@__`*`E>SUXQ^RM_P`B!??]A!__`$!*]GIX?^&B<R_WJIZA1116
MQPA1110`4444`%%%%`#)O]3)_NFOB+P+_P`E:TK_`+"I_P#0S7V[-_J9/]TU
M\5>![*Z7XK:6[6TP0:H26*'&-YKBQ7Q1/>R9I4ZU^W^9]L5X+^UC_P`@+1/^
MOEO_`$$U[U7A7[5<$L^AZ*(8GD(N6R$4G'RFML3_``V<.5?[W#^NA?\`V5O^
M1`OO^P@__H"5[-7CG[+<4D/@*]6:-XV_M!SAEP?N)7L=/#_PT1F7^]3]0HHH
EK8X@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>image00013.jpg
<TEXT>
begin 644 image00013.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"`!J`&`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#ZIHHHH`\N
M\5?&WPYX:\07NCW]EJ\ES:.$=H8HRA.`>"9`>_I63_PT5X2_Z!VN_P#?B'_X
M[7AOQP_Y*MXB_P"NZ_\`H"UPU:**/'J8VK&;2/JO_AHKPE_T#M=_[\0__':/
M^&BO"7_0.UW_`+\0_P#QVOE2BCE1'U^L?5?_``T5X2_Z!VN_]^(?_CM'_#17
MA+_H':[_`-^(?_CM?*E%'*@^OUCZK_X:*\)?]`[7?^_$/_QVC_AHKPE_T#M=
M_P"_$/\`\=KY4HHY4'U^L?5?_#17A+_H':[_`-^(?_CM>M:)J,6L:-8:G;+(
ML%[;QW,:R`!@KJ&`."1G!]37Y]5]X?#?_DGGA?\`[!5K_P"B5J9*QUX/$3K2
M:D=%1114GH'Q-\</^2K>(O\`KNO_`*`M=)\!?!7A_P`:1ZO%X@MY2]J8S'+'
M<-&?GR,$=.H&*YOXX?\`)5O$7_7=?_0%K7^%UY/IGP^\<:A:DK+;?9)$8?WA
M+D?RK3H>%&WMWS*ZU..UKPS=V/C>Y\.1(SW2W?V:(=VR?E/Y$&O2_BU\/_#G
M@S3/#!L89KB:\N1%=2M<$B0*!N`'09)[=,5UWBR"QBOXOBM'Y1MSI*O#&>K7
MC#8GY`_^.US'Q/:6?X6_#*XF)=V<%V/4LP!S_.BYK[&,%+\/2YROQT\+:/X0
M\46FG:#!+#"UJ)G,DQD+,6([],`5;\8>%M`TKX4^%_$%G8R_VCJ+J)B]PQ0@
M`[L#MG'X5V_Q]\466C>,K:WNO"^C:LYLT<3WBL7`W-\O!''^-9GQ=O(]1^"O
M@JZ@LK>QCFG)6VMP1''\K<+GM2OL$Z<%*I8B^+'PPT71?`%IK_AV&:.93$UU
M&TYD`5U]^F"1^=8WP'^'>G^,[J_NM?$O]G08AB5)"ADE/.,CT4?K7IT5XFH^
M+M8\$W[?N=5T*W:$-T698NWX8/\`P&LWX?K_`,([X^\*^"XF4R6%I/=Z@4.0
MUS(N<?\``5P/QHOH:>R@ZBE;3;YGS[XFM[>T\1ZI;649BMH;F2.)&8L0JL0,
MD]>E?;WPW_Y)YX7_`.P5:_\`HE:^)_&2E/%VMJW!%[,#_P!]FOMCX;_\D\\+
M_P#8*M?_`$2M$MA8#^)(Z*BBBH/5/B;XX?\`)5O$7_7=?_0%JCH?C%M)\%ZQ
MX=338)8]4(,URTC!UQC;@=.,?K5[XX?\E6\1?]=U_P#0%KF-(CTIUD_M:>YB
M((V>2N[/KFG4J*G#F:;]-3P;2E6:B[;[E^\\5W]WX)L/#,C'[%:7#W"G/+;N
MB_0$L?QK>UKXDRZOX7T/0[G1K06^DR1/$ZRMN?8,$'_>[UA^1X6_Y_=0_P"_
M7_UJ/(\+?\_NH?\`?K_ZU<OU^'\DO_`6;K#U5]N/WHM?$GQM/X[UBWU&[L8+
M.>*'R2(7+!@"2#S]35S5OB"VI^$M#\/W&CVPM-)D22-Q*VZ3&<@_7-9/D>%O
M^?W4/^_7_P!:CR/"W_/[J'_?K_ZU'U^'\DO_``%A]7JW;YXZ^:-;6OB+>:GX
M\T[Q5'8PV=W9^6/*B<E7"=N?4<5%X9^(-]HGCJ\\5-:Q7E]<F0E)7(5=Y]O0
M<5DW,/AL6\AM[R^:;:=BM'@$]L\5@UT4:RK)M)KU5C"K[2E)-R3ZZ.YI^)M6
M_MW7[[5#;I;-=RF9HHV)56/7!/O7V[\-_P#DGGA?_L%6O_HE:^#Z^\/AO_R3
MSPO_`-@JU_\`1*UI(Z,O;<Y-G14445!ZQ\3?&_\`Y*MXB_Z[K_Z`M8GAZYO[
M*QO;BRAMI(8]IE,PR1Z8K;^.'_)5O$7_`%W7_P!`6N9T_47MM+OK-(#(+D`%
MP3\N*RQ<'.ERI7U6_:^IXE.:AB)2;MN;DOB'5HM.AO7M-/\`L\K%5/E\Y'M4
ML^LZS!>6UK)9Z<)K@*T8"`@@]*Y^XOI9M%MM.^S,!"Y?S.><^V*L7>KS7&J6
M-Y]C93:JJ[,D[MOOBO,^I1_Y]Q^U_P#:]>IV_6Y?SOI_P>ALPZQK4NH3V26>
MG>?""7!08&.O-9Y\87PZVUC_`-^?_KU6M]<>VUJ[OVM>;A6'EEB,9]\<U?1+
M/PY803W5LEWJ=PN]4D^[$M2\/2IM*=)-M*R75]>NR&JU2HFX5&DKW;[=.F[(
ME\6M*=M_IMC<1'JH3:?PI-0TJRO]/?4=!+*(^9[5N63W%3V/B)-4N4L]7LK5
MK>8[`T:;60GH146BH^C>,?L18M&[F%L_Q*>G]*.5T&W3CR3BKVO=274.95DE
M.7/%NU[6:9S%?>'PW_Y)YX7_`.P5:_\`HE:^&M6@%KJEU`OW8Y&4?3-?<OPW
M_P"2>>%_^P5:_P#HE:]M24X*2ZF&`BX5)1?0Z*BBBD>H?$WQO_Y*MXB_Z[K_
M`.@+61X3.M;+G^Q4B9<CS/,`_#K6O\;_`/DJWB+_`*[K_P"@+7.:78>?I&HW
MBW$L36P4A4.`V?6L<;RNC:5M;;JZW['BT;K$MJ^E]G8ZS/C'_GE:_DE&?&/_
M`#RM?R2N6N;1X?#]IJ`N[@O-(R%"QP,59O=+:WU?3K-;VY9;I$9F+'*[O2O%
M^K0_N=?L/[._4]+V\_[W3[2Z[=!OB@ZK]JM#KBQ*P!V;,=,C/2G^/`QUJ-_^
M6;P(4/;%-M]%6ZUZ]L);F8I;JQ5SR3CZU)8ZI87VGQZ?KH=?)XAN4Y*CT-=4
M9>S=.=-7Y5JDK:2V:7R.>2YU.,W;F>C;ZQW3?S'Z;I6GV)AO[_5+>2-`)!#"
M<L6]*71&?6?%CZBZ[((F,SD]%`'`J,:5X?B/F2ZV98^NR./YC4.J:Y#]B.GZ
M-`;:R/WV/WY?K4VG7<N2\G)6NU9177U95XT4N>R2=[)W;?\`D96J7`N]2N;A
M>DDC,/IFON;X;_\`)//"_P#V"K7_`-$K7P?7WA\-_P#DGGA?_L%6O_HE:]GE
M4(J*Z&&`DY5)2?4Z*BLOQ-JIT;19KQ(3<2AHXH8@=OF2R.L:+GL"S*">U><0
M_$+7+76)X]1BL+B*VD=;RVME.^W1"`SAMQ)`SQN4!L'&*1ZIX#\</^2K>(O^
MNZ_^@+65H/\`R*^N_1*U/C<<_%3Q"1T,RG_QQ:R]!_Y%?7?HE<V8?P5ZQ_-'
MD8;_`'B7I+\F&H?\B/IG_7=_ZUHZQ_R-&@_]<HOYUFZA_P`B1IG_`%V?^M:6
ML?\`(T:#_P!<HOYUY77YU3MZ?^"QVE_\CKK'_7.3^E<0WWC]:[?3/^1UUC_K
MG)_2N);[Q^M=V7?Q)?X8?DSDQWP+_%+\Q****]8\P*^\/AO_`,D\\+_]@JU_
M]$K7P?7WA\-_^2>>%_\`L%6O_HE:B9Z.7?%(U-<TN#6=*GL+HR+'+@AXSAT9
M2&5U/8JP!'N*XV+X?7$MR@U+6EN+,.[2K%:>5-<AF#%)I-Y#*6`)`5?PR:]`
MHJ#USR/Q=\#M(\3>)+[6+G5=0AFNW#M'&$VK@`<9&>U5[/X!Z-:Z=>6::OJ3
M)<@!F(3(QZ<5[)14S@JBY9:HRC1A&3DEK_F>-S_`/1IM'M]/.KZD(X7+A@$R
M<_A4]U\#-(N-1L[QM6U`/:JJJH"8;;Z\5Z[16?U>GV[_`([_`'E\B_+\-CR.
MW^!ND0:M=7ZZMJ!DN%964A,#/IQ61_PSAH7_`$&]4_*/_P")KW.BKA3C3=XJ
MVR^[8F=&$U:2_IGAG_#.&A?]!O5/^^8__B:/^&<-"_Z#>J?]\Q__`!->YT5I
M=F?U2C_*>&?\,X:%_P!!O5/^^8__`(FO9=!TV/1M#T[3(7>2*RMH[9'?[S!%
1"@GWXJ]11<NG1A3=X*Q__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>image00014.jpg
<TEXT>
begin 644 image00014.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!#`0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P``1"``_`70#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#ZIHKB_%GB
ME?#OC7P_;:C=16FDZA#<1M+,P2,3+L*`L1U(W<9'XUE?$+Q=<WZMX7\`7!NO
M$UU&&-S:O&T6GQ$@&65CD#C.%Y8]NU`'HJS1M(\:NID3&Y0<E<],CM4E>'W?
MA"'P!XF^'VJ61;[;=WIT[6+A)7+7TDT1P[!F.0'!/MGC%=UKWQ"T[3KZXL-,
ML]0UZ_ME+7,6F1B1;8`9_>R$A%./X<[O:@#M)'6-"SD*JC)).`!ZFJNDZI8Z
MQ:"ZTJ[AN[8L5$L+AE)!P>17F6J:@?B=K^GZ5HS7$GA.TQ/K$K*T<=RS`-';
M@\,Q[L`=HX#9/%:/PRBM_P#A-_'\NEVX@TM+Z&U18^(_.CB'F[0.`<E0<>E`
M'I%%%%`!1110`445S'Q%'B1_#%Q%X,5?[8F98XY7=%$()Y?Y@0<>F,^E`'39
MYZ&EKY]\8^!-;\&^#W\46.OW,WB/3A]IO+@S2R&9-P+`!V(QCJ-O('3M7O&E
MWB:AIMK>Q!A%<1+,H;J`P!`/YT`/FO+>&Y@MYIXHYYR1#&[@-(0,G:.IP.3B
MIZ\OD=]=_:!A6,^98^'=*8R9)VI<SGC&!C=L'0G.#P*]0H`****`"BD#`YP0
M<=:1G5656906.%!/7Z4`.HHHH`****`"@G%%<#XL\"7?BGQ1Y^IZO<_\(\ML
MJ+IL,\L0,N[)=MC+N!7C!S]*`.FU#Q1H&FW!@U'6]+M)UX,<]W'&P_`D&M2W
MGBN(DE@D26)QN1T8,K#U!'45S>G^`?"FGVIM[7PWI*Q$DG?:I(6)SDDL"3G)
MZGO7G?A/Q%IW@+Q!XS\/^5=21Q:C&=(TBSA,DKK)`KLL:_W<[B<G"CT&*`/;
M**\8T?7/&?AWQCIT_C[4+6'1M8:>..V,L6+(HAD!=@H&-HZ@GN357XA:[KNL
MVLOB'1;^^T_PE:P".V5`8IM3NW<")XAPWE[BH&X@-U"D')`/<:*@L#,;&W-T
M")S&OF`XX;'/3CKZ5.3CK0`54O\`4[+3WMDOKJ"W:YE$,"R.%,LAZ*N>I]JY
MOQQXQBT-O[+TZWN-3\274)>TT^T4-(>P=R?E1`>[$#@]:\J\*^']6MOB[HUO
MXQDM=4UNX@;5IYO-WM;JN\)&HVC"ARA&W`..G%`'T(#FBD7@4M`!1110`44$
MXZT`YZ4`%%9GB36;/P]HMWJNI.RVMLF]]@W,W8*H[L20`.Y(JCX'UF;6M(F>
M]C:&^M[F2WN(6928F!R%.WC(5DH`Z&B@G'6N4U[QYH>DZF-+$MQJ.K8W&PTV
M!KF9%]7"\(/=B*`.KHK)\.:]9:_:SSZ>TH\B9K>:*:-HY(I%ZJRMR#@@^X(-
M:U`!1110!5U/3K+5;.2TU.TM[RUD&'AGC$B-]0>*K:%H&D>'[5[;0],L].MW
M;>T=K"L2LWJ0!UK3K)\5ZY:^&O#FHZS?MBVLH&F?_:P.%'N3@?C0!Y5\1([O
MQQ\6]%\,:7=2VT.B1&^U"[A;;)`9!A0A[/MX!ZCS,]N.E\=3:?X0\)P>'_#=
MK#;:AKDYL;.*).3))_K)F[G:I+%CGG&:C^">E2VGA>\\2ZT%35O$<[:K='.5
MCC;/E(/94QUYY-9?PT_XN#XTO?B!=!QIUH'TW1(&`&(^"\Y_VFS@9Z"@#=\5
M7%O\//`-KI7A6SC^WS%=.TJT4!?,G?\`B;`[?,[-['/6M3P?9:/X(TG2O#9U
M&'[;(I<>=(!-=RDYDD(ZDEC^HKSSQ5XKM?\`A,=4\17\7VJR\-2G2=(L%'SW
M>I2!3(X8=`HVISD#YCUP#S,>G2VOQH\*1Z_#_:?C"ZE&I:BZ2G9:)MD6&"/&
M%VI\SDGDE`!UH`^EJ,XKRV;XEW%]\1]'T#PY;P76G37$]O<W+J<L85S,8SD`
M*A*`D@[F.!T)JSK/B+5=:^)UMX5\/3FVM--6.\UBX`&2K<K",@_>`&<8/S>Q
MH`])SQ03@5YUX^\67R^)+#P;X<1O[9OXUGFN-HV6MN6(+9/\1"OC@]/<5G?%
M;Q;?VZZE#X?E:,^'XX[_`%"8`$%V(\FW&2,[N6;T"@9RU`'JU9GB?5HM!\.Z
MCJL_,=G;O.1C.[:,@?B<"KEA*T]C;S21F-Y(U=D/\)(SC\*S/&FB_P#"1^$]
M6T<3>0;VW>%9<9V$C@X],T`>+>.K+47^#3:IXEUF^N]4UV2W`A2Y:"W@69P1
M&L6<':F>H).,]J]'\,>)VLO`.JW&L[#=^'C/:7>Q=JR-"/E91SC>NP@9/WL5
MYMX5O9_B+XI\.:%>116MOX.59-1C$JMYMVC%(PAYW)B,G/&=Q],&?Q0;G5?B
ME?\`A"W5O)O-:L-4N')&!%%`I=/?/E*0/8\\@4`>F?"[PU<^'_#YEU>03Z[J
M4AO-1GQRTK?P_11\HKLJCEE2&!Y)7"(BEF8]`!R37E'A#XK3>*_B4=&TRVMS
MH8CE*7)#&278JG<.RK\PZ^OUP`>MUYK\5?B$V@,-%T!3<Z]<1[CY<?F_9$)"
MJQ0$%G8L`B]SR>!SH?$SXC:9X*M?(<_:M<N`JV6GH&+32.2$!(!VKD<GKQ6)
M\-?AY>6.HGQ'XPG2ZUZ:5[@1(?DAD<!6<D?>?:`HZ*JC`!.6(!H^$K%?AYX&
MO]7\1RRW&I3?Z7?NK&1Y)#@+&,G#-DA1TR3V&,9?POM]9\5:Q-XN\3,#%&[Q
M:;:K)NC@R?G9<8!QC9N.22&/`Q6#XJUVY^(/CB/PWI=Q+;:79WK0;HE!>:>(
M9FE)S@1Q*Z%?[TA7J`178ZIX_P##?@>X@\/113F#3HXH[DP)E+&,J=A<G[Q(
M7HN6[XYH`]%HKS>P^)S>(2;3PAH=[>ZF!O>.\*VT4$>?EDD8Y(W<[5`+<'('
M6B3XI6S>%]&O+6PDDUW6)9+6RTHR`%KA&*NK28P$5AR_IV[4`>D45X[X3^(F
MKM\3)/#.N7-GJ#OF%CIMJT<-I<!6<Q[W;=(`@Y;`P2!BO1/%?BW1?"ELLVN7
M\=MO222./!9Y`B[F"J.2<"@#>HKSG1O'VJ:C\0+3P_-HD5I#<6CWQWW.^XAA
M&`C2HHVH6)`"AF(YSBO0YY5AA>61@L:*69CT``R30!R_Q&\9V?@O03>SHUQ>
M3/Y%G:1_?GF/W1[+ZGL/PK(^%?A"YTFWN=>\3"*?Q3JSFXN95&?(#`8A0XX4
M8'Y`9.!6'X+L;'XC^-Y_'MR1/8Z;)]AT6+/"[.9)F]26;`!Z;>_!K<^*_B>]
MLH;+PSX;`?Q/KI,-J6(VV\?_`"TG;/95S@#G/TH`P=2EB^)/Q.M]/MX4N/#/
MAIW>^E?F.ZN67:L0&,,%YSV.2/KIR%/'?Q#$$3%_#OA6;,PQ\EQJ(Y5?<1#D
M_P"TP]*;>6=C\,OA]8>'/#]PMO?WK_8[6YF&XB4J3)._LB*S_P#`0*Y31[C4
M)/A[=R^#[[_A'?`^F6TSKJ$\'VF^U(@%I)@"0$5R2<_>SV4<``]Y!^45P'B[
M7M4UC7I/!_@Z7[-?K&LFH:JT>]=/B8';M4X#RMC@9X!S@]H]#\77.E?`^U\5
M>)`\EU!IOVJ4-@-*<?)G'&6^7\3VK;^'>CSZ9H;76IHJZSJDIO\`4-O`$S@?
M(!DX"J%4<_PYY))H`Q=8F\,_"7PS>:Q-&9;Z90C32ONNM0F`)5"[<GN?11DX
MP*H_!K0=6DDO_&?BT8US6U4Q0'G[':_>2(>@YR1V[\YKL_%^BZ'JME#<^(X8
MY+;3)/MRM(Q"QLJD%CCJ,$\5XYXV\6>*-?\`#R^(]+U!?#_AN:X@ATI70>=>
MLS@M-,>?+B"ASM')"^XH`^@>M%123QP6[S3.J1QJ7=V.``.235>ZU:PM+&.]
MN;N&*TDV[)6;"MN^[@^^:`+M%("#T-<_K7C3P[H>KVFEZKJMO;:A=$"&!LEF
MSG&<#C.#UQ0!T)Z5R7@#49)5UK3-0G=]4T_4)EF$CLQ\N1R\+#).%,94#'&5
M/I76<'(_`UY_\1=$.GW4WC?2]6&DZEIUB\=S)+#Y\$]LN7*2(/FR#R&7D>AH
M`H^--;AU/XCZ-H'^LL-&4ZSJ[[P(H0H/DB0\]#E]I`Z(16[\-[RW?P<^N2E;
M>WU.XN-4\R0[<0R2,T;,3T_=[/ITKSCP9X'\0^+M(N]5UZ_M++3O%+1ZC?PV
MR%KF>/"F*`LWRQH$`'&6.3R*ZWQ["=>\2:)X!L_]&TN2W^W:D47K;1L%2%<]
M`S#D]@M`$<,^L_$J\\W3[N[T7P9#)A9HPT5UJG<E#P8X>@SR6!.,<5=^(EOH
MG@?X3>(_[/L+6SM&M7C,<2;?,DE^0$D#+,68<\FO0((8[>%(H45(T4(JJ,!0
M!@`5SWCSPM'XNTVST^YN'AM([R*YG5!S,B9/EY[9..?:@#)^#6A7>B>#8Y-4
M!74=0?[9.C`AHMRJJ1G/.5154_2NZI``.E+0`4444`%>>_%'P?J'C35O#E@T
MOE^&X)VN=14.<S%<;(RO<'YOIUQQ7H5%`&!XPT!];\(W^AV-VVG?:H/LZS1K
MGRUX!`&1QC(_&J+16/P[^'ODV(41:?;>7`AX,\QX5<?WGD(&/5JZVO.O%LB^
M(/B7X;\.8>2VTX-K-ZH0[=R_+`"W^\2V.^!0!S]_\-]>TH>"I_#!TR[N]%69
MKA=2=PDMS-M,ER2H)9L[SZ\KZ5'8?!K4HO$5SJMSXMNO,U.(C5VMX%CEN6)R
MR1R<^7&<(,`9PO7ICVFC.*`/'[/PIXNT[Q5JT/AZ'1](TGR8;*PU!U,K6MJH
MSY<4/3=N+%F<\G!YZ#-^'MU<>&]8\;6=K:W^N>(KC6/)1ICEFC6%=L\\N,)&
M6W\`<8(5>*[K7KG4_$?B0:'H5^+73+/G6+R!L3*6&4MXFYVN1RQZJI&,$@UE
M_!JRM+#4_'=OIRA;6'6S"@(^=2L$60Q_BY)()R3GDDT`<UI-GXL\/>,_$EQ=
M:)-K7B'5!;PVFLK&%M($V88>J1HS,=O)8+R<D53U?1[#3_%T.@:PM_!X:LI$
MU*XE>WDEDU^^8JV^1E4AU4_P\8('8`#WVC%`',>&M?U+7-6NL:)=:=HL";4G
MOT:*:YD/]R(C*H!G);!)(P.M3^/UUQ_!VJ+X4V?VVT6VV+,%P20"03QD+DC/
M?%=!10!YUHWPE\,P>%=,TW4-.2:\M5WM>"1A-YS#YV$BX.,DX'3IQ7'^`?A=
MJB^,?$&LZE?ZQI`6X>VL'CN4FGEA!P':217)&P(!GGKZ"O=:*`/#OB;J=B=>
ML?`^O>)9+?1?)%]JEW>31I/<)G;';)M49W%=QVC-6=)\%V_C'69?$.H66H>&
M=)L[=++2XH)FL[IX8R299B,,JG/RKGIDGDUZU=:3IMU?P7UUI]G->VXQ#<20
MJTD??Y6(R/PKAOBA/=:WJ&F>"-(DE1M3/FZK+&&!AT\'$F'Z*SGY![%OK0!Q
MO@%/!%KXTO\`5[1YG6#$6FQLDUU+,"@9[PG:S,7+;5<GA1Q@-SL>(?&^M>+M
M1NO"7@O3;RPO&VI=ZE>+Y9LX6Y+&/[REEX7=M8YR!QD6=/\`$\/AWX:ZOK>F
MVRD7%_-:Z/:0)A92K"VME53CY2(D/';)'I4$FGW7@WPC9^'M.N#/X[\32$SW
MBG<QE.#<7))^ZD:DXQP"5P.30!QWPBTW6]-?Q!I?AJQF47UY);Q>('0&WM[>
M)V4LAR1(W7:HX!X;.WFYH_A/6[^^N+N/1[VVT#0)9+S3]-O05GU:^4'%Q,QY
M9F89R>@VA>I->Y^'])M="T6STO3XO*M+6,11K[#N?4GJ3ZDUH@8H`\;\.67B
M3P5X#U"_DTVYU;QWXCN&GD2&+*0RLN$\U\[52,#U`[`=ZR-$\$^)O!>J01Z/
MI$>L7@T46<%])<^3#:S,\DDS="Q+.R\<$@#GT][(S10!\\?"OPMXET<,=*T"
M2SUN9&BN=7UK_5VJG!80PJ<RDGDL2H)`YQ6E\0O"M_X;N+/7XHVU>WTU)M8U
M*_O9`T]Q<0Q_N8\`86+(X5<`=>V3[K45U;PW=O+;W44<T$JE)(Y%#*ZD8((/
M!!':@#C/A;X=CT[1WU:\NEU'7-8(NKZ_R"7)`VQJ><(@PH&>U+\7M!\0^)O"
M?]C^&;NVM&NI5CNY9F(/D8.0N`><[<CN`1WKJ=$TC3]"TR'3M'LX;.QASY<$
M*[57)).!]235Z@#%\(>';/PIX;L=&TP,;>UCV[V^](W5G;'<DDGZUQ/AO39]
M"U+Q+XZ\?S10WI9H(6+@QVMFK?(B>[$_4D^IQ7J%>9>+(O\`A*_BEI'ANX!?
M2-*M_P"U[V'/RSR%BD"L.Z@AFVG@_A0!AW7A/6/%_A7Q7XCU>RD@U_5+&:UT
MJQF&'L;4K@1X_ADDY+_[V.QK3U/6?!/B[P>OAC7=1C\/^8J1RZ7<W(M+B+80
M1&0V,CCMP17JW4<U5O\`3K+48C'J%G;749XV3Q+(/7H1[4`<=X@T_1/&WP^U
MCPEH&KV,O^A"V4V]PLOD$#]V7VDG&5'UP:F\/^+[L6"0>(=`UFSU&!1',8;&
M2>&1AP6C9`V5)Y&<''6NITW2]/TR-DTVQM;-&.YEMXEC#'U(4#-7,4`>0?&.
M]O?$OAVSTS1M$U^[MY+Z&2_B2QD@:2W4EF4&0`9R%X[UR^LP:UK'CS3;SQ3X
M+U1M!L++S-*T2TC6:/S<[0LI!$:M@9P<@#`SUS]#8YI<4`>:7^B:MK6EW>M^
M-;1[A8(6FL_#5DYDB5@IQYIP//D)Q@$;5[`GFO%?A_I=O=Z]9V/C>_D!T1%$
M>BQK))<2OL#>5'"HR(UXW'&68G)QP/K4C-,\F,2F0(OF$;2^.2/3/I0!X-\5
M]4U:XL=,N;E[O3[_`%"[2+0])3(>##`M<SJI&Z3;\JIG:I8=23C8^)>C:=I/
MA2S\+:+;1R:YX@NX4\R51)<3[&5I)Y&/4@`9.>-W%>NRV=M-/#--!%)-#DQ2
M.@+1YZ[2>F?:J$WA[3)O$UOK\MOOU2WMVM892YQ'&QRV%SC)]<9QQ0!IPH8X
ME5FW%0`6QC/O7EGQ@E;Q+KWAWP%:.S)J$ZWFJ^6,E+.(YVM@\!VP.?0_0^K'
MI7.Z7X5L]/\`%VL>(DEN9;[4XXHI%E8%(DC&`(QC(!ZGD\T`6]4UW1]!N-.L
M]1OK6QDO6\FTCE;8)6&!L7MGD8'Y5QFK3#PO\6EUG5`D6BZSI\=@;UV*I;W$
M<C,B.>@#AS@G'(QW%>C300S-&TT4<C1MO0LH.QNF1Z'D\U'J%C:ZC9RVFH6T
M-U:RKMDAF0.CCT(/!H`G5U=0R$,K#((Y!%5-2U2QTR-'U"[AMQ(VR,2.`7;^
MZHZL?8<UQ+_"?0%D46%WK^FVB]+.QU6:*`?[J[OE'3A2!Q6WX;\"^'_#UR+N
MPL3)?A2HO+J5[B<`]0'<D@?3&:`.F4A@"*R='\1:?J^I:I864CM=:;+Y-RC1
M,NUB,C!(P1]*U\8Z4`8]:`"BBB@`HHHH`*\X^&LG]I^.O'^KM@XOH].B.\MA
M(8\'Z`LQX]<UZ/67HF@:9H<NHR:5:K;MJ%RUY<[6)\R9@`6Y/&<#IQ0!J4V3
M.TX`)[`G`S3J",T`>4?"CQ!IVC?"&3Q!K%TBR":ZO-5F*;7-P97+@KW;@*![
M#@=*WO@Y87=MX-2^U6W\C4M7N)M3N4)R097)7)]=FP8[=.U+?_"OPE?^(3K-
MSI\C71N!=L@N'6)IAC$A0'!/RCVXZ5W%`!1110`4444`%%%%`".P5&9B`H&2
M3V%>%)J-W=Z1KFOZ?(Z^(/&EV=*T$@?-!:QAE23V4`22D_[2]\5ZUXZM+[4/
M!NM6>D(KW]Q:210JSA,EE(X)X!YXSQG&>*YGX:>!Y]%CL=2\0.DVLP62V-O%
M'_J["W&#Y*D??;/WI#R<<8'%`&!XVT74]&U;P%#H&A7.KV>AVTZV\,858S=>
M6L<32.3\B@&1B3^&376_#WPC<Z,UUJWB.[CU/Q3?<75ZJ;56,'Y(HQ_"BC'0
M#)Y-=I10`4444`%%%%`!1110`4444`%<=X5T*^L/'OC+5;R-!;ZD]K]E=7!+
M)'%M((Z@AB>OX5V-%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
+`%%%%`!1110!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>image11.jpg
<TEXT>
begin 644 image11.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,#
M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_
MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`+#!$<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]_****`"B
MBB@`HHHH`****`"BBB@!&.!3=QIS_=IE`'D7[<G[4-K^QQ^S3XH^(E]#)<V_
MAVRDN?*C4$L55F[E>RGO7YG6_P#P=J^!)X5<^%-7'S#<!!'DCO\`\MZ^Q/\`
M@OF,_P#!++XJ9&1_9%Q_Z)DK^5+2;2-H$^7^`U]=P[D-+')RDSYS.<SG0?+$
M_?!_^#M?P$`2/"6L[<]?(C_^2*:W_!VMX#!!_P"$3U@;NG[B+G_R8K\$[@10
M/O=!,!P&!VA?P'6K5OX>U6^LWFM-+UV>V;[TL>D2.B_0@8/;\Z]G_5G"J3BW
ML>?#-L142L?O%'_P=K>!)3\OA35V^D$?_P`D4B_\':7@1GP/"FL9`SCR(_\`
MY(K\$Q%%<2^4(Y+;;]]I%*M_WR:G6U"#9N7RR0H<*,L#UK>APKA9J]S*MG-:
M+LS]Y5_X.V/`;'_D5=6.?^F,7_R12R?\':?@-'PWA/60?3R(_P#Y(K\%Y5W6
MOEX5XU;:`B`NW..`.:%TMH7-M]CO!+(Y"PO`PE8>P//;]#2GPQA8/4%G->2N
MC]YQ_P`';/@(''_"*:QGK_J(O_DBG#_@[1\#,/\`D4]8_P"_$?\`\D5^"<BF
M16,T?DJC^6L;1[7#8SR.OK2Q[%7&W%2N&<-+83SNM'<_>I?^#M;P(7V_\(GK
M!/7`@C_^2*4?\';'@-HMX\):SM)P&\B/&?\`P(K\$UA;=_HT,TLQ_ABA,AQW
MZ=.,TK)',"B`[0>5*;2&[TO]6L,GR]1O.JW+S]#][#_P=J^!%//A'61_VPC_
M`/DBF_\`$6UX"_Z%35_^_$7_`,D5^#%Q9``@K\PJ&*WCWXVA6S@,>WO5/A6B
M32X@JO<_>U?^#M3P*_3PIK!_[81__)%-_P"(MGP'M)_X175L#J?(CX_\F*_!
M>2WC*82,F8'YI<_+C^5236[?9#(L5Q);(!YDJVA\M3_O=/3\ZF7#.'6Y2SNL
MS]YC_P`':O@5=N?"FK_/]W]Q'S_Y,4J_\';'@4#_`)%35_\`OQ'_`/)%?@O<
MPI:2?.@)1<HZ\@?ATI[@VR?/LFSSO50`?P%7#A3#2W)>?5HJZ/WE_P"(M;P(
M3_R*FK_]^(O_`(_2'_@[4\#%\?\`"*ZMG&<>1'_\?K\%IA%$N]E7GMG%3VFD
M7^K6W_$MTK4[]P>1;6+S*@_WE!S5/A?!0W9<,\Q,_A1^\0_X.U/`I/\`R*NK
M'/3$$7_Q^D/_``=K^!`V/^$5U;/IY$7_`,D5^"[VJ07;0S+(DJ\@RQF)\>FP
M_P`Z:T7DO_JU(/\`%6?^K6%EK#8<\]KPERS6I^]@_P"#M?P)_P!"GK!_[81?
M_)%!_P"#M?P(O7PEK'_?B+_Y(K\$C:K&/N9SSD4HA#GF.C_5?#F?^L-0_>L?
M\';'@,_\RGK'_?B+_P"2*4_\':W@3'_(IZP/^V$7_P`D5^"K6<:_PTPPCLF3
M]*?^J^'#_6*H?O8/^#M3P*?^94U?_OQ%_P#)%'_$6KX%SC_A%-7_`._$7_R1
M7X)^4.Z8_"E6W13G9GM1_JOAP_UAJ'[U_P#$6MX$W8_X175L_P#7"+_Y(I3_
M`,':G@5?^94U?_OQ%_\`)%?@G]E7=N\ND%NC]J/]5\.'^L50_>S_`(BU_`@_
MYE35_P#OQ'_\D4?\1;7@+_H4]8_[\1?_`"17X*"),[0G/O3OLH_NBE_JOAP_
MUBJ'[T_\1;7@+_H4]8_[\1?_`"11_P`1;7@+_H4]8_[\1?\`R17X+?91_=%'
MV4?W13_U7PX?ZQ5#]Z?^(MKP%_T*>L?]^(O_`)(H_P"(MKP%_P!"GK'_`'XB
M_P#DBOP6^RC^Z*/LH_NBC_5?#A_K%4/WI_XBVO`7_0IZQ_WXB_\`DB@?\';/
M@,_\RGK'_?B+_P"2*_!;[*/[HI#:J.JBC_5?#A_K%4/WK_XBU_`?_0IZQ_WX
MB_\`DBFG_@[7\"?]"KJW_?B+_P"2*_!;[,GI2_91_=%'^J^'#_6*H?O7#_P=
MI^`Y90O_``BNK<G'^HC_`/DBOL/_`()1_P#!532O^"F_@_5]3TW2KO3?[+F$
M9$T:KU>51T=O^>=?RH&V"C[HK]R_^#0!=OP?\<_]?</_`*,NJ\C.,DHX:@YQ
M1Z>69I/$3U/VBO9O+MW9^41=QQWQS7Y;?M9_\'*OA3]E_P#:/\2^`KWP[J5S
M+HCO&)$AC.[;,\?>8?W/2OU#U&4G3;D?[#C]#7\EO_!8Y4_X>=_$;>G_`"\3
M_P#I9<5X>182.+ERM'KYK5=&ES(_54_\':W@08_XI35QNZ`P1\_^3%)'_P`'
M;'@.1R%\*ZL2O)`@BX_\F*_!>)8T+.B':Q\H@)O9G/("CZ#M1<VS*ODS6\L+
M1$,5DA,;GN,CKWK[7_5K"6MU/F?[:K<MS]Z?^(M;P)C_`)%35_\`OS%_\?H/
M_!VOX#49_P"$4U?_`+\1?_'Z_!5+)9N1'Q3X[6.<&+Y8\]R.M3_JOA[F']OU
MMC]Z#_P=I>!0S#_A$]8RIP1Y$?'_`),4B_\`!VKX%8$_\(IJY`Z_N(__`)(K
M\%%$1VS/)PKAI`%I9K1I)0DUM/9^:I>,R0E0X'IG%'^K6%6ATQSJNU='[U'_
M`(.U_`F/^14U?_OQ%_\`'Z1?^#M/P)GCPKJ__?B+_P"2*_!FV5,C#)MY4Y4=
M14)MPO2/]*K_`%7PJW.9Y[6N?O<O_!VKX%W`?\(GK!SP`((^?_)BD_XBV?`?
M_0IZQUQ_J(__`)(K\%/E^[Y9^?Y<X^[[TCP1V^YP,PQ]..7;_P#71_JQA36.
M>5C][!_P=L^`R#_Q2>L<=?W$?'_DQ2_\1:_@3;G_`(1+6,>OD1__`"17X)[%
MC.6C'[Q0P&.F:1+?C'E\$]**G#.%BKB>>UKG[UQ_\':W@264(OA75R[<!1!'
MD_\`DQ2C_@[6\">8%_X1/5RQ.`!!'D_^3%?@[<6IBC83QSP-NWQ^=;>2Y&.V
M>>M10VXM[?R%*R)G(&T;]QYZ]>II4^&<+*-T.6=UEH?O.?\`@[8\!J3_`,4G
MK'RG!_<1<?\`DQ0W_!VMX$8\>%=7'&<&"/\`^/U^#>TRSB-4RP'*)'N9S].M
M0R6R+*$\F;SW.'BEB,;J?H>:C_5K#1W%'.L0]4?O2_\`P=J>!H^OA;51WY@B
M_P#C](/^#MGP#P?^$4UCGI^XBY_\F*_!;3K62;YK*UOY26V,8K)K@#]#4QL]
M0:26/[!JH"8"I_9;98D?3-9/(<&G8W698F2NC]YA_P`':O@1QQX2UG_OQ'_\
MD4G_`!%J^!,?\BIJ_P#WXC_^/U^"HL6MBPDMI+9T`+).#'(<^BGF@11;"I6N
MI\*X9QYHG//.Z\-S]ZQ_P=K>`P/^13UC_OQ%_P#)%'_$6QX"_P"A2UG_`+\1
M?_)%?@J+5`,;.E(UN`?N5FN%Z%B/[?K'[U_\1:_@/_H4]8_[\Q?_`"10?^#M
M?P'_`-"GK'_?F+_Y(K\%!;)Z4C6Z@?=H_P!5\.+^WZQ^]?\`Q%K>!/\`H5-7
M_P"_$7_Q^E'_``=K>`_^A3U@_P#;"+_Y(K\%([96_@I'A4'B.G_JMAQ_V_6/
MWL_XBU_`?_0I:Q_WYB_^2*!_P=K^`R?^12UG_OQ%_P#)%?@D8EQ]REC@`!_=
MT?ZK8</[?K'[V?\`$6QX"_Z%+6?^_$7_`,D4?\1;/@+/_(IZS_WXB_\`DBOP
M5AMT=3\GZ4DMLL8SL_2C_5;#A_;]8_>L_P#!VQX"'_,IZQ_WXB_^2*3_`(BV
MO`7_`$*>L?\`?B+_`.2*_!5;=67(2E^RC^Z*/]5\.4N(:J6I^]/_`!%M>`O^
MA3UC_OQ%_P#)%'_$6UX"_P"A3UC_`+\1?_)%?@H;<`_='Y4"`$_='Y4?ZKX<
M?^L50_>O_B+:\!?]"GK'_?B+_P"2*/\`B+:\!?\`0IZQ_P!^(O\`Y(K\%OLH
M_NBC[*/[HH_U7PX?ZQ5#]Z?^(MKP%_T*>L?]^(O_`)(I!_P=L>`L_P#(IZQ_
MWXB_^2*_!?[*/[HH^S#^XM5'A?#=0_U@J,_>EO\`@[9\![3_`,4GK&<<?N(O
M_DBNQ_9R_P"#G+P=^T-\;?#_`(+L_#6IVUUK&5\V2&,#<$=B.)CSA?2OYY_L
MRX^Z*]Q_X)=QH/\`@H!\.L)_R_2_^D\U<^+X;P].BYHZ,%GM2I4Y#^OI6!;.
M=V3CZ5%);[E0/G"G?P/0YJ6,=.,<TZ?.W\#7YM[**>A]C[62C<_+[]K_`/X.
M1O"G[*7[0>N^`[_P_J5U=:-</"9(HHV#[79>\RG^'TKSF'_@[/\``P'/A75^
M#@Y@CX_\CU^7/_!:,QO_`,%*OB"&'S+J-P<_]MI:^69%5+7:$)DE<X&*_1,%
MPY0EA56F?&U\YJPKM(_>\?\`!VSX%+8_X135\GH/(C_^2*4_\':7@8<GPEK/
M0G_41]O^WBOP7CTK4))'3^RM5W#H5L'8,/8XJ"1$M6(GLKNP^=5"W2-$[$]P
MK8./7ZBNA<.8&6S0_P"U\6E=Q9^]O_$6SX"VY_X1+6<>OD1__)%!_P"#M3P+
MM!_X1/6`",C,$?/_`),5^#!MY($^U?9;IHL[/-%L?)';[V-O>F/"@D8!=W/.
M.GX5?^JV%Z&<L_KI>\C]Z1_P=J^!6Z>%-7_[\1?_`"10W_!VMX$7KX5U;_OQ
M%_\`)%?@G)`$/RQ_I08T<<QTO]5\.9_ZPU3]Z_\`B+7\"8S_`,(KJV/^N$7_
M`,D4O_$6MX$"Y_X135\=,^1'_P#'Z_!:"+Y\1HJG&<L!C`Y/7VIT$$8/G-;7
M,,=R,QR20L(V/7@GCI2_U9PR=F5_;=>7O(_><_\`!VGX%)/_`!2NK\<']S%_
M\?I/^(M3P,3_`,BMJO\`WYB_^/U^"D-LK0C/S.>6XQS2I9QQM]RM8\,87J3_
M`&_5CHS][/\`B+6\!C_F4]8_[\Q?_)%'_$6QX#_Z%/6/^_$7_P`D5^";1)N^
M[2>4G]VH_P!5L.9_V_6/WM_XBV?`7_0I:S_WXB_^2*/^(MCP'_T*6L_]^(O_
M`)(K\$_)']S]*-BKUCZ^U'^J^''_`&_5/WL'_!VSX"/_`#*>L?\`?B+_`.2*
M/^(MCP'_`-"EK/\`WXB_^2*_!/RT'_+.E"(__+.C_5;#A_;]4_>L_P#!VOX#
MQ_R*>L?]^(O_`)(H'_!VEX&(_P"14U?_`+\1_P#R17X)M9*>J\4@C5.%3/X4
M?ZK8<J/$%5;G[V?\1:W@3_H5=7_[\1__`"11_P`1:W@7_H5-7_[\1_\`R17X
M)FW4]8\?A2?9D_N4O]5\./\`UBJ'[W#_`(.T_`@B,G_"):SLW;"WD1XSUQ_Q
M\4?\1:O@3C_BDM9^;I_H\?/_`),5^"UO%&DZ%E^2/Y]A'#L*C>7]Z%\O,BYR
MH'"@\_RI5.&L-%:ET\ZK2V/WL'_!VWX")_Y%36.N/]1%U_\``BE/_!VEX%!_
MY%+61]8(_P#Y(K\%F@<V#2^5.+12`2+7Y=V<??QZXI)K2&,QA(F4M&')))ZT
MZ?#.&E&Y-7.JT6?O4?\`@[5\"#_F5-7_`._,7_Q^@?\`!VKX$8X_X135\_\`
M7"+_`./U^"0BC7JM2)%&T#L$Y2E_JQAS/^WJQ^]/_$6IX%_Z%/6./^F$?_Q^
MF-_P=I>!$Z^%-8';_41__)%?@ND.]!$L+/)+R%49)[\"GFV\B06QAEMK@+O*
M3Q%6].C?2E_JUAEN4LZKRU/WF'_!VIX$7_F5=7_[\1__`"11_P`1:_@3_H5=
M6_[\1?\`R17X*K&DI5N&9ESC'%/^S+_<%;0X7PK)_MZK'1G[T?\`$6SX#'_,
MJ:O_`-^(O_DBC_B+:\!?]"GK'_?B+_Y(K\%C:C^Z*/LH_NBI?"V'N5_K%4/W
MI_XBVO`7_0IZQ_WXB_\`DBC_`(BV?`?_`$*>L?\`?B/_`.2*_!;[*/[HIKV^
MU?N"E_JOAUN-<0U#]Z_^(MCP'_T*>L?]^(__`)(H_P"(MCP&9%7_`(1/61W)
M\B+I_P"!%?@K%!N'^K%.:%`#N09QVJX<+89W81XAJ\UC^J3_`()6?\%;]$_X
M*=6^N2:5I%WIJZ-DMYT:KT\OCB1N?WE%?!7_``:"#_B4?$/:O_+5O_0;:BOS
M[,<'"EB'!'U=#%3G!2/W&HHHKA.\****`"BBB@`HHHH`****`&._.*2B3_64
M4`?&_P#P7Q_Y18_%3_L$W'_HB2OY4-*W&S5L]$:OZK_^"^'_`"BQ^*G_`&";
MC_T1)7\J&DMC3Q_N-7Z+P5"/LY2>]['QW$[LXI'V%_P2/_8=\/\`[2_B/Q7X
M_P#B([V7PW^']NEQ>;0'6YD9+@*A0;FYDB0?</WJ](\4_P#!9[PGX$\57.F>
M!_@AX#D\#Z9*T%JUUI=F\UY$I*K(Q,*GE=APRYR*Z/\`X)>>;X@_X)!_M!Z=
MIK_9KJ+[').PX,J_:KAL<>@#?G7YG:((9/#Z!8^8N78_\M1@<?GS71A>6>*K
MJKLMON*M[*A!TMWN?;__``4?\+_`WXL_`KPY\7/A5>67AW7;^Z2'5?#`M2H@
M&RX8MD1QH1\D0X!^]7@?P5_8:^+7[0VGMJWA7PC(^G9!CGN+RV@CD897:@ED
M3JRMTK+^$7[(WB+QJOA;Q=<:1--X7US68M%EOLKY<Q=7DXSS]V,]1VZ5^N/_
M``42^`=UI.I>$O`/@[XX_P#"J]$\/:9'/!I-M<S0.99(H9\L$A9.7D=N,??]
M<UA5QCI/EI,J.!C4]Z>I^3O@[X$^*/A-^U1X/\.>./#ATR>YU94FAG,<L,RA
MUS@J61N#ZGJ*^]/BU\#_``?#_P`%KOAOX<@\.Z4F@7FE%Y[);2)(I&V:@<E=
MNW^!>H["MG]L+Q!X/\?_`+/WP7TN_P#&B^.?B3X6\0PV[ZG&[,SH+JQ7YFDC
M#'*QMTQWK1^-<S3?\%\?ADW".FD%F4=#\NI"LYXN4TG?4VCA(4]+'PQ^V%^S
MEK7C_P#;U\=^%OAOX<2\BLG,XLX#%"L(`B4XW%5'+CIZUX)HW@W4_$WB^+P[
MI]LUSK-Q<+9QVXPI:=F"*F20.6(&<XK]6?V([Z73?^"VOQJ^R[/+_L&>5=P/
MRG[1IPSQ7PM^RGJ:Q?\`!5WPD?-4P6_C>RE$8S\Q%]"Q_7/YUWT<;R*[.>K@
M(SV1Z]_P1^_9[%M^UUXD\)_$3PU9/<V>CW$\EK?0PW/V<BSNW0C[PY*CIZ"O
ME_XC?#C6/'W[3WBGPUX1T1KZ\&JW)M;"S18LQB1\?-PBX"GKCI7ZA?#"Z-Y_
MP6Q^)-R^)6;P_<,D:],&PO\`&<^@K@?^"?\`;CX`_#7]I+XYZ<MK?>*M`UJY
MM+..=2WV93=6R\8VD<3N.'KFEC9NJYIFT,#%4E"2/BSXE?\`!-?XW?"/PC_;
MVK>#YGTV-=]R\6I6D[VZ@$DE$F9SPOIW%>;_``H^"'BW]H?Q:-#\%:%<:Y?$
M[7`D2W$7(!+&4J!@GN>U?5G_``2E_P""A7Q0U?\`;@\.:?XH\27OBOP_XXNH
M[#4;&XFDDAE$DL62JLP_A3'S9ZFOH#X/?$[X>_L5?\%$?CK\)-6OK[PD/&6G
M1V^EZW"RJ--DNM.B.0P4D8>Y#<(?N=^^\\RK):,Y/[-@I:(^#OC'_P`$]/C)
M\!]';4=<\(S/I,<6;B:VO[646W`'S".5R>3V'8UT_A3QYJMO_P`$]]7LE^&F
MF7.ER700^+#';![<@6WRLI'FGH.__+3ZU]Q?$/\`9Q^/GP2^!?C:Y^'/Q9M/
MC!X.URT,UY#?W%S/+;1_,WR_+`H^^W8_<'X^2?#EW_XAZ_B!#<*T2_VV([T)
MP\4@_LW(';&<>M9TL?.HKR9O5P$8O1'Q7\`/V4/B%^TA=FW\%:#<ZI#;QE;N
M[GFCB@BY7/,KH#]Y>A/?WJS\<OV3?B3^S+>1P^.O#4FEVLWRPW,5S!/#(Q`(
M`,+N!G/KZYK[G_;.^*VM_L/?\$IO@WX;\`ZQ<>&I_&=Q'+JM_%(8Y[@,M^A7
M<F!SY<9Y4_<KYCUC_@HM\0_B9^R'-\)_%5@/&&G12EXM8N0\MS8%VF?)=I0/
M^6N1A.B#\>A8NJYQA?1LRG@HJ-['EW[*?P<@^/W[2'A3P;=3K:QZM>JLY<C:
MD0^8\D@'<H('-?HE^VQ^VQX<_P""9/QB7X4?#_X"^$-3M=$MA'+J^IZ-:3O?
MA))(?,WM",[O)!Y8]37YI_!GPKXH\8>/M.B\%;Y_$>D2&6!D;#@H-PYR.R&O
MNO1/^"UUM=Z-_P`(C\??@[I'C/6O#_\`Q+;J^%EYMPHBPN2TMR?XP_;^(\5A
MF#2Q'L^EC;+5>]S'_:Z^(?P!_;1_8@MOBEH6E:)\/?BGIET(+WP_8:<(4NX1
M#.Y(,<*("7,0SD]/R^+_`!3\#/%OP^\':;KVMZ/-9:!K!/V2\:>-A(0Q4@*K
M%NN1R!TK[C_:K_8C^!?[6O[&.J_';X!B]T:\\..W]KZ<_DI$D:Q22,-J19SG
MR?XZ?_P4_P!12Y_X)7_`61]L?DK?,P7^-EOI,9_*IR[%2C:">EY?@3CL'[6I
MSGPMX=^"/C#Q7\/-0\6Z5HT]UX9TJ01W-\)4"Q$ML^Z6#'GT%='^SS^R!\2O
MVIC/+X-\/3:C86Y*M>O<0VT6X`'&9G0=&7OWK[2_8DOFN/\`@B?\2T,LT<!U
M&U$L<9P)A+?X`_"K7[>GQH\1_L9?\$[O@GX$^&^HW7ANW\3:%8ZWJ#P.8YKF
M26W"L,H0O_+!3R.W6NB68348N^[_`$,*66TVO>1\7?$#]A_XN_"K2[_4?$/@
MNZT_2=,;;<W@O+::-,+N_@D;/&>F>E4O@9^R-\2OVDK@_P#"'>&KB^LPX7[;
M)/#;0]2#@RN@/((Z]J_0?X#_`+67B_\`:"_X(I_$_2?&6HW-Z^A+.(+@NQDN
MHQ:GJ68Y.9#V'2N9_9;\(?M#?&W]A?P]H-AKEE\(OAK'<32V^JAYX;JZ`NKC
M>Q:-I%.US)_RS'&.M<T\TK*E*=]4[?*PXY93['Q5^T/^Q3\4?V7;7[9XO\-R
M6FE_*/MB7,$T>6*J!^[D?NRC\:7X<_L.?%OXO_V2_AWP?=7=EK8W6=S]JMXX
MY?DW]6D4#Y<'G'6OT\^,OP_?1?\`@D#\1M)UCXJ_\+8DTRXL\74T\L\EJWVU
M,@%XDQRH[?PUY_\`%#]KOQE^S+_P0W^%:>#]4_L^]U*2$1WL;.LT'^A6QX96
M&.%]#UJX9I4ES)=+?D:?V322YFCX`T']BCXK^)?B_>>!++PO-/K^G1^==1B[
MMQ'`@**6,AD\L\R)P&SS[&IOCC^P=\6OV:].;4/%/A::WTI<9NX;RWN4Z9.?
M*D<C'/7T-?7?_!,']N30_'/@SQSX(\=>.-6\)^+O'$,J:=XN68K+"'$$84R;
M9&^\"W"?P"O1/VC/V=?V@_@+^REXJTSP[\1K'XS_``ZU&"26:XNY[FXN;-/+
ME,C`D0H.7E_@/W1^,2S*LJBC<7]FT'3;MJ?E5&!.I9?X0">V,T;?=OSHQY<\
MJ[,.'*2GT<'YA^!S2U])%J44T?,3O&33&GCNWYT;O=OSH?K3:JQ-QV[W;\Z-
MWNWYTVBBP7';O=OSI5.?7\:93HZ+!<=2;?<_G2T4!<1E^4\G\Z_<K_@S_&?A
M!XZ_Z^X?_0[JOPV/2OW*_P"#/[_DC_CK_K[A_P#0[NOG^(U_L<CZ+(-9W/V9
MOT/]GW//\#_R-?R6_P#!9$E_^"G?Q&_Z^9__`$LN*_K5OO\`D&W7^X_\C7\E
M7_!8[_E)Y\1O^OB?_P!+;BOE>#=*VA]'GJO0:9Y)^S!86^K?M,_#BPN(H+JV
MN_$=J+B">,21RH<@J5/!_&OJ'_@MA\#[32/^"@<'A7P+H%E:3ZK962P65C%%
M;))*UE987`"J"SN>3_>.:^7OV4Y?(_:Q^&,@'`\36BL?Q:OT1_;^C>'_`(+]
M?#14^97NM#('OY&E?XU]/BL1*&+E&+Z7/(R["4ZM+]XCXJ\"_P#!,CX]>/[N
M_BLO!$L/]GJ#()]2LX2Q^;(4/,N[&T],UX_\0_A[XA^$'C"YT/Q3I=SI.K6D
MC1F"5=Y8@E205R",AN0>U??O_!8;]OGXH:1^WY9:5H7B>_\`#]AH4EO##;6<
M\D:R$,JL7&X@YV]L=37M'[4'P]L/VM/VZ_V8;WQ5`9[[7/"EI)J"1`;=4D\B
M_D8G>&).[YN3VI0S&MR0;>[U,)X"DYV2/SJL/^"<?QO\0>`&\2V/@K&FR-B*
M.6\M$EN."<!&E#C.#U7M7TO_`,%B_@/IO@E/@1H?A+PQ::;XDUVR:"YMXX8D
M>XG+VR*I("C)+XR3WKF/^"G?_!1+XI>&_P#@H)XG?P[XIOM"TKP]>(MAI<<T
MB6]J`B/@J&]23P>]?2__``4*\=3_`!'_`&Y?V,==NK<1WFM:WIAE1AQN%]IR
M$]3][&>O>LI8^;EN=JP,%3T1^67Q"^&WB#X2>*YO#WB/2O[+UD$2?9F9&;#G
MY>5)'ZU:\=?!;QE\*;+1Y_$&B7%E#XA@2XTUMZ2M=HP)!"HQ8<*3\P'2OIO_
M`(+FSEO^"J^J;F2%HTL%PN0%VL:]X_X*2?%FP^#^N_LL^)M46._L-+\+V-Q<
M1LNY9-UO=IC&1W8'K76\P_>1CW3."CE\7)\R/C^W_P""7/QYN/!UOKL?@TF*
MY'RVQU*R\YNO&SSMP^[W6NB_X)B_L5:I^T-^VE8^$O$7AZ?^R=#E1M6MYY8E
M()>-\;7/S?*6Z`U^A'BOP!K7[8GQE;XR?`O]HBZM=2U.Z2YLO"T][.MO`J@#
MR]B0#JZKTE_B//I\Z?LQ>-_BYX0_X+8:=;?$&2;1?$-X]NFH6UF[+#?(%M%#
M89W)_=E>I_B/'8<D<?5DYV>QTK`070^;?VS_`-BCQ?\`#S]M7Q+X1T3PM)%;
MR7D_]C6:7=NYN(5>0C&UL+\@4X./3%<WKO[!'QF^'7@Z7QCK?@N:ST.TE\J4
M27]KN1OEXV"4L?OKT6OL+X"_$CQ%XU_X+]ZU;ZOK6H7JZ7JNJ'38992RPHB7
MAVD'_951QZ5YS_P5!_;S^)OQ2_;M\3^%9]>N]/\`"EOK5S9-ID,LBQNT<TIW
M;2S#H%'_``$4J./K5(VF_LI_.Y%3!P70\<_X*%^.=0\?_$+0I+OX<67@&<6H
M1+&RB@'VUM[XQY(`&>G/]VF?#G_@E]\=/BKH:ZE8^$?L<(C,T8FU"SBED49/
M"M,K=NF,\BOJS_@LG?ZGI?[>_P`*5T/3[?5-:M[2,V5F5)CN9/M,FW(W*3SQ
MU%>F>/?@1\=/&/Q@T+QQ\2OC9;_#5(9K*2VT73KJZA1$C6(;&4I+]X1J>&_C
M/3MH\=5I647TO^(Z.#IRDN9'P%^R3\'-5\#_`/!0/P'X3\>>'#;M-J,UO<6=
MVJ3+=`(PS_$I'?O78_\`!:#P7HGPG_X*/>*]&T#3['2=-L?,CAM;.W6!!BZN
M5SA`%S@`=.PK[=_X*-Z98V__``4M_9<O;348M2GN;,^=JRY)NF%E;Y8D@$DD
MGM_%7QK_`,%WMEK_`,%/O%YE3:LGFL\?>5C=W69/3G\^*,-C)UI^^]+?Y%8S
M#0I+]TCWG_@GSXH\&_LX?\$JO$WQ,U/X?>'?&6O:??M;QC4--@N&/^C-*#ND
MC;O'CKWKS^T_X+?^%7:.Y;]G'X>EVD3.="LCG'_;#VKV?_@G1\8O#/P"_P""
M-_C+6O%WA:+QWHHUALZ=)$LO_+FYZ,RCHK#K_%7CFG?\%7?V=([=I$_9ML76
M4%%)TVV_=$\9_P!?V-90UJR4^FQI:4:47'=GS7\9_$6M?M]?M#7&H^"_`ECI
M5S+"7CTG3$@M44*K,QP-B\*I/3M6GX8_X)??'CQAX.N_$-EX%E-M9MM\E]3L
MDFD'R\A&F#_Q_P!WL:^D?^"+7C_2_''_``51G\2:'H8T/2+FWU"YM].5%01J
M+.]<#`)'`([]JY[Q_P#\%&?B_>_\%7M<N=-\7W]CIMEKUY8V6FQSRK:B%6G*
M@IN[!NQ'05V/'U8+EBS'ZK"I_$1\E_#?X#>,OC%XXG\.>'='GNM:MEWS6DCI
M`T:Y49)D95'+KW[UZ!<?\$S/CW$TBKX%EE>(;Y%CU.R<JH&2V!,>U>Z?\%EO
M&&N?L\_\%/?$A^'>HZIX8U'Q#"(F6PE$(N&;R_D&/7RUZG^&OH?PI\=O'?\`
MP2D_97N?&7Q*\:ZYXM^,7Q#TV>UTC0YKEIH=+B99(Q*00C`[7MGRLIZGCL,L
M1F-;V<51?O=2'EM%/1'YH>//V7_B#\+_``;-K^N^&Y[+2;28V]S<^?%((7WA
M`"$<GEV`Z5C?#+X/^*/C1<3P^&=)EU.2UC\VXV.BB%<XR2Q`ZD#\:_0#_@FK
M\>K[]N'X/?&GX4?$"^CO;SQ0DFNV3-N+PSHUS>L@+%@/FB0=#]>]9/['VB3_
M`/!/3_@F5\5/B#J<NSQ)XBOFT:T1SET5392Y7&W'5Q][UXKH683BHJ;U9']G
M4^Q\<^`/V0/BE\5=+LK_`,.>%KG4M*OI1`M[]HAAC5SG@AW![&MWXC?\$[/C
M;\*_%FEZ-J'@NXEN=<=5M6BO;62,@E`2765E&"XZD=_0U]JG]H_Q?^S[_P`$
M$O#KZ#=R6>K:GJH$]Z&8/$IM[WE2&!SE%]>E=+^R[^V;X^O?^"&WCSQCJNK7
M6O>(+!Y+33-4N)'DGL3(VH`L&W`C#1IC']P5RULPQ,;6?5KH:TLOH/XD?GU\
M=/V"_B[^S7X9M]=\5^%I;31KGI=17=O<JG*CD12.1RZ]17!?#3X6>+?CGX@3
M3/!NBW.O3N2I,)5`A`R<ER`.,=^]?HC^P%^T#XU_:!_X)<?'JW\;:[>^+/L5
MO93VKW4K2M9,US(S[=QXSL4?\!KL?^".GPNB^&/_``2F\5>/='\4VW@OQ%KF
MI-`FMW#.KVX\JQDP&C0L/O,._P!ZM*F95:<6Y/JT']F4KZ(_/OXU?L#_`!@_
M9ZT?^T?$7A:6'357]]<0WEM<+`V&.UA%*Y^ZI.>E9'P#_9,^(O[4V?\`A#]"
MDOK.,[9+IYX;>)#DC&973/*MT/:OU#_9+TK3O@S8^)=#^*7Q_?XA^%O%6E31
M7NF3W4T\D3LT2^:@>!4!"(ZY.?\`6'BN`_8]^+GPV^,?[,FJ_`'1?BA<_"_5
M+#69KFSUR*8PR7:/=7,JH72*3('G*OW!T_&L)YU-*YI'*J/8_/KXV?LA_$W]
MF]@?&'ABXTZPD<I!>+=031S%2`<>6[8^\O7UKSQ<R$JFYI!_!NQD?7I7Z3_\
M%$?A%^T-\'_V/TTC7_%&F?$SX7PW#"TUWS+B6Y@4308)9RB_-B+I'ZU^:ME(
MJ11RY_<!`(V_B:O5R[%RKTE.7F>-CL(J=1J*T'E,MPQ([&CR_P#:-.QB@G`K
MUG!]#RD]=1N[W;\Z!SW;\Z;3DZU-A7%V^[?G1M]V_.EHI.*#G:V#MU/YU[E_
MP2Y5A^W_`/#KG_E^E_\`2>:O#:]T_P""7?\`RD`^'7_7]+_Z335R9C!?57Z'
M;ELG'$1L?U\*"S]:23A3]#3D.'%-EZ'_`'37XQRIM)]S]/W1_)G_`,%I6!_X
M*2_$,@88:C/S_P!MY:^;_`\*7_Q'T6"5=T4TQC*GIPK&OH__`(+1#_C9+\1?
M^PA-_P"CY:^<OAV,_%'0/^OIO_1;5^N8=R6712/SR;4L:XS/UX_X*D?MJ>`_
M^"?OQ@T3PCI'P(\#:KOTXW0F_L.S^?\`>,,9\D_SKS+QY8?"O_@IC_P3Q\7_
M`!)L_`6F?#OQ7X#1IY)[:SAMX[A`MPQ4*L2'.+=1P3R>G->]?\%>?^"AOPI_
M9P^.?AK0/%_P9LO&^JOIN(+^:RBE*YE?&2TJ'U[5YS9_%_X?_P#!6O\`8`\?
M^$_AKI*_"O6O!=I-K.HZ?91K;)?Q0QW,NQ@OFYRJ'N/OGFOG:-5)W_4^JK4V
MT?#6D>-=7/\`P3OU:T3X:6+Z,MVJKXO86WF1XN(L#:1YW.`O']_ZUYA^SK^R
M-\1?VF$B'@O0+C4[*)=MQ>RW$-O&A`!SF9TZ[EZ'O7V];Q7%M_P0%UW0KF>.
M)T\36]@"N>%35;-"3]0/2K'_``43^*>M_L5?L%?!CP#\--0F\.0^*--M=0UC
M4;5C%+>,\#*4#*1GF!&^93]?3UXXIQ7N.S/'J83G]V1\+_'+]E_XB_LRWS+X
MW\.3Z1;"01BZ$\5S$V06X:%W'16[]JU_!?[#?Q=^)>E:5J>B^#KF[TG7&*V%
MY]KMXXYR'V'.Z0;/FR,M@<9Z5]H?LQ_%C7OVV/\`@E#\<?#/Q`O;C7I?`^G7
M>K:9>RN7FM'CM@J@LY8?\O#GY0.HYKLOVH_VI_&'[./_``1%^"NB>$M4N-'F
MUN74;:ZOP[+)*AU"5<(RL.0'(Y!Z"JGF%6-K/<F.4TVKV/SM_:)_9&^)?[*Y
MA_X3;PY+I-O,$;[2ES!=Q#<5&-T+N.K`=>]?9_[37['=U\5O^":OP7F^''@V
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MAF((8DC`WOV%-_95^%_[0OQH_8CTG1M-UG3?A)X"TUI'.KHT\-Q?`SS-G<C2
M*<'?U0=16TL?.*W,%EM*I+8^*_VDOV(_BA^RA9V][XR\,2V&E7)VI>QW5O<Q
MYRHY\F1\<NO7UH^&/[#/Q=^,C:5)X;\&W-_9:T@>TN_M=O%'("NX??D7''/.
M.M?J7\4_AP=+_P"",/Q/T?5?BD?BK?Z5/8O#>W4\D[V3?;X?,0%HDQPN.G;K
M7FOQ)_;%\7?LO_\`!#;X9/X.U&/3=6UG[.#=H9%F@C-G"0%96&.5]^IJ*6:5
M9=2JF5T8]#\_[[]ACXP6WB#6M-A\(7%U<Z"^R[$5W;L(_E5LY$A'1AT)ZUJ>
M._\`@G9\;/AWX!LO$.H>"IWL+QBI,%]:S-"<X&525FY^@Z5]\_\`!(;]I7Q9
MI'[#/[1GC74=4N?$&KV>FW;O<W#M(=PMX&!!R#T4=ZY[_@B-^V?\1_&&M_&1
M_$7B&Z\50P:)>7T%A>2R2Q6K1V]PR%5+#&.._:KJX[$I/E8H8##-:K\3XNF_
MX)M?&VV^%`\8?\(;-)INSSG1;ZU,D<?RG<4$N_HV<;<\&O*?A[\._$OQB\21
M:-X3T>ZUK591D6\>(\#GJSD*.G<BOT1_X)0?MH?$WXM?\%%?&7AS5_%=Y>^'
MM575DFTB2:0P6T:6U\RJJEL#&!Z_=%<;^Q#)\4?!?[8OQ8T7X+Z-IB/=ZE<Q
M#5;Y'(L`)5/!BD0CA0/NG[WY6L?64;R9SO+X.5DCPCQS_P`$KOCSX#\#?\)!
M=>$//LHS^]2WU2RF=.&/*I.S=%].XKQ/P5X%\0_$CQ-'H7A[2KG4M<ED\I;-
M,*P.[:<EL`8/J:_93_@GS^SQXL^`G[2'V;Q=^T3<>(K_`%.V,-UX>>^GDANB
MTL/13`!DA0O+?Q&O/OV(OA]I7P8T[]JCXUZ3!(OB+P]%+:Z0K[=ML[VUX#(,
M`,,/"K<,*YX9O-IIO4WJ93336A\%?$7_`()I_''X9^"!XCU#P;)/I2Q"6X>'
M4+1WM/NY#(LS.<;O[O8UYM9?!#Q;J?PJN/'%MHT\OA.VD\B34#(BA9,(Q4QE
M@_21#]W^*O:?@)_P5D^,WPJ^(?B>]O?$5QXT7Q1]H-UI5Y++-"%<3<(OF)C;
MYA/+'[@_'Z4\!>+9_$/_``1%^(FJR6L,$=]XFF<6:J0L#&'3S@#)QC..IKJP
M^/JIWK/0RJY;22T1^?\`\./@SXM^,5EJEQX;TB758=`A:XO7C=%%M&NTLQW,
M,XWKTSUK[>_8H_X)F2_%?_@F7\3?'6H>&FNO%T44ATIS<VX/[L7JDAF/RX,<
M?4BM'_@WWF%C\/OCY%YDTEJWA#4&FY'R\V?3\*Z[]B3XS^,-,_X(W_'MH?$F
MI)-8W%W%8,LQ_=1N^IEQ^.!T]*Y<=F$GS..RM;YLZ\'E]-*[1\A3ZUK_`(4_
M8>OO"^K?#6PA:WO=LWB<K;/)"RSQ9CW#+DY7;D-@[Z\Z^`7[(_Q&_:?1V\$^
M';S5;&V8I+>RW,4$2$!3C,SH.C*>#_%7U]X;UV\\6_\`!!R]_M+4KN^.I^(8
MHYF9\R!SJ-GO.2,=374?\%"/CCX@_82_80^#'P[^&5]J7AG3?%.C6>JZK>VD
MGE7-U,\3HP+*54C_`$>,\H?KZ:4,74:<(O6]B,5@87O8^%?CO^RO\0?V9M>2
MQ\8^'+G3Q,!Y4RRQ3Q2DYP`T3.N>#W[5WGPK_P""7WQS^,6A-J&F^#VL[.6/
MS[=KG4;.%KA1G.%>96[>G<5V>@_\%(?BE\8?@GX;^%&LZ!_PG]UI.KQ7UCJ-
MZK33DA94",S3*,9G/11VYK[$^*_P/^/7Q8\0^'_%GQ%^-EG\,K;3(K9K;1]*
MNKN!+:-$B`!5DF'*QJQPW5CT[9U,PK47[[N.EEM.70_/'X7?`GQ+\*OVP/"W
MA;QUX>DT^[DU!(3:S/'(LZ`D%@RED((&>M>Q_P#!7_X&_P!G_P#!12;PG\/?
M#<+-+8B1+.S@CA`;[3=`KP%7@(.?:OJ[_@JOI4%E\=/V9;IM0C\1W-Q:VJR>
M(%R7N`MO:X8LP!);)_A_BH^-/[7?@S]D?_@M==ZYXU`&@7>D>2U[MRUM)]KN
MSNS[@`=#UK*6:^U2<=+&D<NA%VL?G_X]_P""9?QR^%WA1=4U+P;YME;(1,;:
M_LY)(OO-DJDS-C`]/2O#(]P<I*)(9`678V<[@<;?SK]C=-_9G^-7A"_U7QS\
M'/CS!\5H-4L9(;S2=2N[J=#;94N541PC=NC11EB/G/'I^17Q,_M5?B/K/]O)
M'!JWVR0SVZ`[87W'IDGKUZFO2R[%3J.TCR<SPL(*Z1DR+Y;8)(..0&Z4W=[M
M^=(Q4GY01_>SZ]Z2O;L>%<?M]V_.C;GNWYTM%'*GHPYF"C;W/YT$]?IWHH['
MZ4XKE32"]I*2/VP_X-`R1I/Q#Y_Y:M_Z#;44?\&@O_()^(?_`%U;_P!!MJ*_
M(\U7^U2/U/+O>P\6S]Q***3=7EFXM%&:*`"BBB@`HHHH`***,T`-=>,TVG,?
MEIM`'QK_`,%]&V_\$K_BI_V";C_T1)7\J&F\6J^Z-7]5W_!?=@O_``2P^*F2
M!_Q*+C_T1)7\IVF741M4/F1XVD9W#K7Z#PE44:=F_M'R'$<7)W70^B_^"<7[
M>%[^P?\`%J[N3:RZIX.\11"VUFS*`[T,<J''([S,?O#I7TCXB^"_[!7QI\7S
M^-E\;:MH4.J2-=W^B--:#[.[DN0F;DMP6`Y(^[7YV)/%L*"=-IY)..#].]0$
M1O)DFW&W[A&T9^H_QKVYX*/MJLD]VOR/+H8Z?)ROH?;/_!0/_@I9I7CSP?X7
M^%/P7T]]'^&/@6\CO[21E5OMTJ+.N"V^3JMP>C?PUZ5\0/C5^S5_P4_\"^&M
M6^,6O7G@+XC:&BVES=1RP1K<H"(TR))AC]U##T05^<@GB^>&&2+RU&Y@2%`^
MGJ:KH+:4^8?*G[;78)O/8D]L5G_95.6K:.F&9S2T1]O_`+2_[1WP'\"'X?>"
M?A+H[R:?X3U..XU;Q#-+N-\%EMVW+B=TY\J3LOW_`,NG^*/_``4`^'WBO_@J
MQX+^*UE+=/X<T+2A:3R-Y6Y3_IOI(5_Y;+U;O7Y_1&"7]Q)+$?XMH(4)CG&[
MO0;B#86WQANBJ",$>]*660C9)F4\RJ2>Q]K?"O\`X*+:%\%O^"I?B'XJV4-Q
MJ'@OQ"OV2YDVH2D+26[MR'V_\L?[W>O:/!WB_P#8M_9R_:IL_C3IOB/4M<OW
MO[>]CTL2VQ6PD5HV)&+G/+1[OF)ZU^8"R01QF+[0B*WWD`!4_CFD*01R#+08
M)#!<@@X]?2KEE<)1T9<<UG'H?HA\/?\`@HU\.],_X*<^-/BU-/,GAW7;"YM+
M4(8BRE[:ZB&[,FT<S+C#'O7F_P"Q/_P4#T'X$?'7XFZ/XKMCJ?PN^(FH7$\Y
M3;F,M*)`2=Z@?ZN/^.OCB9K91@>5&20Q`8,'P<_A3C/;FY!0Q*)7+LC,"O/U
MK&.6PA&UQO-9]C])?@M?_L<?L#>/I/BCX-\4:AXT\3:8AN-"T]Y;9E@E5D=>
M$N,D[HSQS]^O)OV:_P!M?X>?&/XJ_$2W^/>C)-H_Q*P5U6&39+82)$;>+.9(
MT&%8'O\`<KXR2.!1Y6ZWA#/YNY6#8;&,?2DN9X)V96\N+=C?A]X)'0CT_"MZ
M6`A):L7]HSOL?I;\)?BY^S5_P3(\$>.-6^&7C?5/&FO>+;5H+6P:2UD6S!$J
M8PDQ;[MP>H/W*\:M/VW_``QXB_X);^.OAKJ1>+QEXNUEK\0ML554FS;D;]W6
M%^BU\:0_9[4;(VB!;DR$@D=^E2O+#<L&9HFQQNW@%OP[4J>61@@JYI-[(^\_
M@#^US\(OVK/V-M/^#/QZO;KP_J/A*\%SI.K0&)5@58W0#,DJ`\W,AY4]*I_M
M+?M$?!']FK]DF?X+?`UW\53Z\7.N:_,\;A0_FE2ICE=?E6X8?='*5\+2O!<R
MX?R@6^0\@Y_&G(8(AAC!"(AA4C<-OSSRW^>M0L/&-6'J3+,9R@TT=Q^S3\>-
M8_95^-FA>.-`P]]HKJ)(Y%!6ZC*E''0_PLWIUK]`/B]KW[$W_!1C5X?'GC+Q
M#J/@'QWJ<0GU2W26V1/-8F1\"2YS]^1Q]T=*_,M)H4BV[XI2_(!D"[._7O5=
MUA:=I"UN\OW6'"@?0]ZZ,9@85,7>_0QPF.J0UL???[4G[7WP7_9U_9:U'X/?
MLY+/J\7BB0S:QJURZ,]T&BDB8'RYI%`XBZ`?=_/7^"O[2_P(_:^_8MT7X3_&
M_5KSPQK7A$S2V.HQ-`@`>>:7:/,E4'[\?5>WY_G?`8(8L1/#M!VELA&`]A1-
M'9W3`/,F!R&XS_.N>AE\(32O_,;/-*B=FF?I9X[_`&TOV=OA#^P!XK^!/PO.
MIW-Q=2Q2IJ<ODL;N59UD9N)V')4]%_BK*\`_&+P%\5OV'/!?@/\`:ITC5O#V
MGZ0D3>$O$,40B$UL+>)(TS+)$A^59#P&^]U]/SI"PW"E1=11R`8@<(HQCKGG
MT]:^P?V8/^"MUG\*O@Y!\/?B5X#TCXBZ!HR*=-FGDCAEMP%2,*"L#,<*G=OX
MC7'6PBY8V_F?Y'9AL:Y;H^PV\0_"3P__`,$9OB/H_P`+=/O(/#:2RQ1ZG/@K
MJ4IM'(^82NO3^Z?X*\7N?VA?@%_P4!_8K\$>"_B3XIU+P/XA\&>>BK;M;+'-
M&UQ(Y)\R4-]T)_#W->`_MJ?\%0[[]ISP-9^"?"GAVP\`?#VPF%U-IEK*DAN'
M"R(?F\I'.5E/<]*^7PEK"[#S$\L$-QU*XRPS54<!&IAYIO[7Z!B\;*F_=/TL
MM_VO/V9OA%^PAX]^#'@J2]>]O%@"ZG))$POY(YB^[_CX8=5)^5?XJ\'_`&EO
MVK?"?Q/_`.":_P`+?AKIEP__``DGAB9'ND8IM91:119.'+9W*?X17R>);6"'
MRL6YAD.Z(@C<O?YN_IUIGVB%&)!BRO).\<GOBNB&50@YM/\`E_(Y'FM1P<;'
MU?\`L&_&GX+ZA\)?$/PS^-&GR6.G:\[?9-<MW`>R=E1`1OEC7@&0\@U[KX-_
M:!_9_P#^"8/P+\9V'PG\7:AX]\1>/]/N-,D1WMI1:))%+$"0DQ(XD!Z=J_-R
M58%A_>RP[_O1J"'`/N:CB>UBW",QQLP_>R$Y./8'V]*JOE\.9.XJ&83LXLMW
MEW_:.J7MRQVM>7<UZ5/]Z5RQQ^=-IJWD,T"[FC_=<1-N&3ZY%)]JC_YZ)_WT
M*]6*C"*C<\FMS3FY6'E<TFP4W[5'_P`]$_[Z%'VJ/_GHG_?0JN>/<RY)=AVP
M4;!3?M4?_/1/^^A1]JC_`.>B?]]"CGCW#DEV';!2@8IGVJ/_`)Z)_P!]"C[5
M'_ST3_OH4<\>X<DNP^BF?:H_^>B?]]"D^UQ?\](_^^A1SQ[AR2[$AZ5^Y7_!
MG]_R1_QU_P!?</\`Z'=U^&)NXL?ZR/\`[Z%?N;_P9^2JWP=\<$,"&NXL$'K^
M\NZ^?XCDGA)6/HL@34W?N?L[??\`(-NO]Q_Y&OY*_P#@L:/^-G7Q'_Z^)_\`
MTLN*_K3O6SI]T._EO_(U_)3_`,%CKF-?^"G?Q'!D0'[3/P6_Z?;BOE.$7:J[
MGTF=)NCH>,?`SQ=!X%^-_@K6K[Y-*T76X+Z\D&,JB9SU('0]R*^NOVL?VZ?!
M'Q>_X*N^#?BII=RP\*:-)IKRS!HR3Y$5@K\ARO6!_P"+M7PV)HD*L9(V4C8T
M98#/>HR+>.'R1Y(53]T29'//6OO,5@(2Q+FGT/D<)CYTX<MCW[_@H?\`'KP_
M^T9^V9?>-/#TEQ)I'^CLQPAW!6.?NLP_6O6/VP/^"A5A/XJ^!7BSX<OYVO?#
MOPY9V4UO+L*`K'<1G.UF/_+7N!7Q8EY&MF4ADBC'1@2#N%1Q/`S8=T*8P^'P
M2O8#\:YI9?'V$->OZ$4\?/FNT?I;^T/KO[&'[9/Q`_X6_P"(/$.K:/KDR^9K
MNA;[93>.O]U3<[L%%0=5YK@_^"B/_!0WP/\`%WX\?!+QE\.[>>/2_A;J%M=B
MV78[%8)[60'B1^?W!ZD=:^$&C@NB`9H-Y^[+A1@>A7H?QIT5Y';S%T:&(#A5
M#!@?7]:F.50;U9T_VK.UK'Z<?'7XB?L?_ME>,-.^-'BCQ'J6E>*8XK9M4T<2
M6P-W+'MZJ;C</F+'C%</_P`%!/\`@IK\-OC%\:_A1XD\%:+<7WA_X?6,=C)I
MUP%^=4CN$&-DK$_ZY>K#I7Y]2O!)<%RT(DDSNQC;^72I(I88O+7SHLJH\D@`
M#'^U_P#7K6.50E7CJM$R/[1FNC/T>UCP1^Q3\4_C'%\6[3QWJGA2=9EO9-"B
MN+7;YJ$87Y[@MR%'?O7$_$G_`(*E:'\4O^"I?@OXIW%I<Q^!O![VU@DFQ!)/
M"!9HY^_M/_'LW\??\OA2"*U>X5I?)3;*&E1'!##':G+=H?*8O$J9;RXQC"X/
M?_Z]70RJFG4=T5_:=17T9^B^O_M&?L__``F_X*7:?\7_``9K5W=Z+KZWE[JU
MO(\!,<TT$I"G$QQMDF;^(=*^0?VG_BSH_P`5?VRO$OCC2);A]#U'5[BZ29E7
M**\CL,8)7HP[]Z\D6.UE8K(\7SL6W!AUZFGI>PL"OF1Q11\>6,$-[Y_STK*A
MET%?7[*_,RJ9A-K9GZ!_M)_\%-O"FK?M^_"KXF:`)[W1O"$,27*%8V\E5NC*
M2,.1Z=6'6M?]HRW_`&1/C!\?W^.=_P".M2U&YN9+>^ET".XM2TD]O'$JIM$X
M."8>Q_BK\Y`MNJ;?.C58Y`I`(.\8S352S9%)6&V89V,K^9W[KTJYY="4HJ_V
M?U*I9A.*;/TD_:__`."CGPI^.'[0?P`\7^&$FL](^&ZO;7]M*T>ZWC%O;Q)C
M$K?\\V^\PZ5\Q?\`!4;]H+0?VK?VY_$OCKPI++-HFHES`\H3:P-Q.XY5F'1U
M[U\[23),-^80/N'#!?,'3)':I[6X@C5;?S8_)/RXR!MQ[^E3A,LA3J7N%?,)
M2A9H_0#]@_\`:2^!D_[`NO?"#XQ:M<Z3_:=^;GSK9X>1Y!B_Y:2IV=NW:JR_
ML\_L#6I"?\)YX@(8J?,C>S/`ZC_CYKX!,T,ZAF$/S1E>7#<YHA2TVLOFPQL%
M(`V*P.?>M)8.'M'9E/'R]FDS[J_9H^.'P*_88_X*%C7/!6JWVH^`6TB2+S93
M"6CEDL[B/((E*_,TBY^;Z5\U^*_B=HUQ^V[K/CDO<#P]<Z_=WL(55^ZY?'.[
M'1A_%7E2SQRQ;&:!G08!R%#"G&5)+1(DGB.[E@^``?K2^H0?4C^T)WT1^IFD
M?MU_L[>,O^"IVL_%GQJ\T^FVEILTX&2(>5.);9UD'[]02`D@Y)'/2N9_:!D_
M8^_:L^)NH>+O&GQ+UN::XF5HH0]DOEJJJ@``G'9%K\UQ+%*K(1`S*"68N/F/
MM44:6KPK_J1(QP,X('-+#Y=!2E)LTACYWU1]3?L^>,O#?P&_X*8>'C\'[G4=
M<\-O-Y"(L:2R2121R(Q(5F'W&)/S>M>Y_P#!P[^T%IOBSXPZ%\-?#-M!:Z9H
MUNNK7EJKY+7+/<0NC<L00$3CCI7@?[#7_!0W0_V)/"NLJW@;3=?\27H\O3]7
M>9=UD3O5CL,3CH_4D=*\'^*'Q/U3XM_$K6O$^O7276K:O=23R7!E'RAF+;0H
M`&,D],=:XX895J^KV.KZY+D;L?27Q/\`VL/!WBC_`()4^"_A9:7;R>)-,UB.
M\GCS'PHAO$Z!RW69/X:T/@O^V)X0\*?\$JO&GPMOI)/^$OUR;?$5*?O%4WF.
M-X/`F0<+_P#7^0XQ#'*V!;#S/D#>:/E]Z8S01E7W1"4`J&W`]:['@X2BK_S/
M\SS/[1J1>Q]9?L$_M;^#_@=^Q=\6_!>MRW,6N>+;:SAM1B,;O*ED8]7!Z-V!
MJ[_P34_;)\!>`?@YKWP;^,L,][X`\4RFY-U&51K:0B'Y23)&!C[.O?\`BKX\
MN;@`H6>!_*YW`C)S4DT]N5+*T>.FTD')_O>U5/!4I.2D_M,W_M*:6Q^A&C?\
M,=_L*^`/$>L>'-1NOB7XYU"RDMM-L[FYBV618*RMB&X#</$HY4_ZSZ5S'[.O
MQ9_9V_::_9OD^'?QFMKKP3XCL+N2[T_6K9U7*R3S2[1YLZJ<!XA]T_=_/X=0
MVT47E@PRO]Z29V`9E]!^G0]J42I.D?FW$3&,_N<A<CGN?KZU$\MP]C19K/L?
MH1^T-^U/\&_V:?V&=7^"GPG\17OC-_%LD;7M[,T#^0(9XI5'[N5L?QCIVK\]
M+.V_LJ%(Q^\>*,*'_N^W^?6G1&"UG+Q^0-V[<=XR6QS^M%O,A$:^=%\YRY+"
MM\'AZ=*-D<6*Q<ZG0ECC\E-N<X[TM-6]A9,AT_[Z%)]JC_YZ)_WT*[)XA+2Y
MY-I-[#M@I0,4S[5'_P`]$_[Z%'VJ/_GHG_?0JN>/<TY)=A]%,^U1_P#/1/\`
MOH4?:XO^>B?]]"ESQ[B<)=A]>Z?\$N_^4@'PZ_Z_I?\`TFFKP?[7%_STC_[Z
M%>Z?\$N[V'_AX%\.AYL>?MLIQN'_`#[S5RYC./U5Z]#NP$9>WCH?U^#K22\`
M_P"Z:&.TCMDX'O1*V[IS\IZ5^-K='Z8M_D?R:_\`!:&/=_P4B^(P_B;4)]OM
MB>6OFOP;J4>B^.='OI1^YM7+2?7:P)_45]'?\%H;E4_X*7?$-O,0!=0N`<L/
M^>TU?+INH9+<1^9'EV))W#CBOV'!J+P$5<_.<9S1QCDD?K%^VY\8OV+_`/@H
M!XTT?Q!XI\4^(]/UBV@V7"1"SPJ[F];G_:%<!K/[;7[.G["'[./BOPK^S[;:
MCK'BCQK:2V%UJMT8VQ&T<L9X2X<<"8C[O\-?FTHLL32-Y<:R#:"&W,?PJ19+
M=;6,1I;JD0.#Y@W$DYS7%'*8+J=KS:;Z'V(/VSO"M]_P26\2?"ZXFN?^$SUK
M64U)U`CVLPOH+C^_N_@;HM=[\)OVK?@M^W%^Q[X7^%'[05_=>&M=\%A+72-7
M@:%"MO'#&B+^\E0'DS?PGKU]/S[$T/\`SUC\[[V<C'KUJ=9H)MQ?[.79?O%Q
M\ISUK?\`LN,E9,YWF<WT/O#]I#]KWX+_`+)'[#OB?X&_`F>[\2W/BU)(]9U>
MX,3+$DD,D;',<K@8S%_"/\?IWQO9_!OQ)_P13^!WAOXP7-UI<.I/J"6%Y`R#
M[(YU&4%V+R(`,LK=^!7XT7D,$^E-#&\.S_EJV0&F'/'K_P#JKW_X]?\`!0"Z
M^/7[(?@;X2WUA%:V/@9YY(;I65VN/,G,VW`12O7&=Q_I7#6RF?.K/KW79^9Z
M,,R?(?07QN_:X^#_`.QM^QQJOP<^`=]>Z_>>,VB.LZP_DR*%AFCE"J4E<<_O
M1]T=?R\[_:Y_:X\)?%K_`()X?"KX?:+(S:WX3B@CNH<H=I2W$9Z.6Z^H%?(H
MEMT==DJ(@12J`#Y3W^;J<U(]U%#%+.HA7[0,@"0$J<YZ5UTLN5/W6SSJF/J3
M=TCZT_9L_:S\(?#7_@F-\0OA?J4[P^(O%$T@MD4IR&MFC`PS@]2.BFO<K_\`
M:7^`W_!07]A[P5X#^)7BC4_A_J_PZ,B(D36T8OP\[./]9*#T1.@'WZ_-R9[5
M=2F9O);'RQL)!\K<'/\`.JDCQ2K"SRJY;=YAP%(YX_2M:N50GK<UPV8U([H_
M3.Z_;0_9N^$/_!/[X@_`;P,^IR2ZW]ED_M:=H2+J:*Y64\BX8=4/1?XJ\-_:
M7_:Y\+^/_P#@F=\-/AE9W$H\5>&1"+E4\MDVK;+'N^^6^\#_``BOD6)H(VXF
MAFC==I0JJ%2.^>M)`\$)PLL>]3PS$'</2N?#97"#;N%;-)RZ'V5^P5^V9X,_
M9[_80^,W@#6Y-FL>+K.YM].0,F,O;H@ZN#]X'H#7._\`!+C]J?PK^R?#\1D\
M3SRQOXDT.]L;39LY:6&9%^\R]W7UKY5:.W>,1@Q,J'+NTF"?H.]+OAE"X>)O
M+^9"S`9`ZUUSPD.YBL942N?3G_!.;]IGPO\`LV_MHZEXQ\1S3KHMT-0:V("#
MF:WND!)9E'65.]>X?L2_\%`/ACH7B3XS^!_'E[<:7X-^)VI7%VNKH8E:+?+`
MX3<TBKT@'0G[U?GH9X98V42QNTW)W$`1XYP*$>S>9'(BE@C7<T3/MW-ZY_*L
M9X*,E:Y<,QE%W:/TG_8T\=?LE?\`!-#XW66NZ?XAU+Q]KEQ#]@^UF:!QIT;2
MQR&7Y+A1\K1+]X8^:O.O@#_P43\+_"G]K;XG'54N=4^$WQ03['?K$J,\:O"8
M2Q.]0,>;*?OU\.116ZVF/.A1I&W!N'8CIM/I3X9;=#N,Z6ZXP%7$@8^X[?\`
MUZPCD\%+GNC:>;3DC]&/!6O_`+(7[$-_KOQ&\':]J7C'Q'JD<S:3HKO;,+0S
MJZ,K!+C=\J3\?>_U?-8O["?[>_PU^(OP>\>?"KXZ&XT/P[XPU>;5K6]@\M?L
M+.+<!<R2(.D!'.?O5\`*(8)!(9H/,Y)8`'<#TX[42Q6UQD-/%Y['(4D%"/\`
M>S@5M/!0J+E3.?\`M.;=K'ZF?LZ?M4_LM_\`!/;X6_$+P7X+U.[UW4?%VE7%
MH^JM+`RXD6,;>)\=47^'M7C/_!,?]K3X5^'_`-GCXL?"3XIW=[I&@>-GGELK
MY/*56D)O-F2\B#@W`Z9KX5C^SS1;4,((?S,,P^Z.,9J6XE@E;#RQ;7QLC&,+
MCW]ZREE,'&2;_E_,V6;3BK)'V7XU_:8^'7A3_@F_XJ^#GA[49[N6/Q`\NF2Y
MB.^)+^&17X<DY2('H178_"7]ISX)_ML_LG^'_AE\?=2O_#OB7P5''::#K:>3
M'B*.)$52'E1<?-.<["?F_+X!?R)/NO%&T'+?.""IZ8]32W<L5TRKYT+K(-Z,
M0`RKV![@UO\`V7%2DH2UYF2\RG+1H_1VQ_X*"?![_@GE;>#O"GP:M1XH72M8
M@U77=9N'1_-A3S`^W9*RY^:/LHX//J_]JW_AD/\`:?\`B\OQ>U7Q]K,LTT45
MS=:"9;16+QQ1*5VK/NP3$<<]&K\W+.2$0*-L,D2(3(&D"LRYY&>I^E`\A&5M
M\)#*QW<=N@*_I[UC/*U?]X[FT,RG36B/T-_;8_X*`_"7XQZG\"[GP,MU:Z5\
M.F2UGAN3&#Y,4=M&G25^@C/4BE^(W_!17X2>*?\`@HKJWC37-(;Q%\/O$UD;
M:Y4LHD0_:)I1G9,%'5/X^]?GLGD$N-T#Y5649"!>YIKM`"4#PHLYW[LAMN?:
MM5E5!Q]RQG_:]1N]C]+OV>KO]DO_`()__$UOBSX1\?:QJFKV4!-AHAEM'(D5
MTD4;?/S@F'U/WJ^`OV@?BS-\??C7X@\8RI%:?\)#>B3R7.UHT7Y`2.>H`/6N
M)*6V_/GK([<K(P'!_P!W.*LQ2Q21,TH@DA?"NWG!7].%ZU>%PL:4[W.?%XF5
M6-K"O#Y<C#L"0I[$=B*38*1[R)B`'3:@VI\P^Z.E)]JC_P">B?\`?0KTG*-]
MSR>278?13/M4?_/1/^^A1]JC'_+1/^^A0IQ[BY)=A]'8_2H_M<7_`#TC_P"^
MA0+J-MV)$/&?O"GS1MN/EE=:'[:?\&@O_()^(?\`UU;_`-!MJ*;_`,&@,RR:
M3\0]K*W[QNA_V;:BOR7-?]YD?J.6M+#Q3/W$W\4VN7^+_P`9_#GP-\(RZYXG
MU*'2=,AX:>4';G!;'`)Z*3^%>+3_`/!6K]GQ"V/B;HAV=<)-Z9_N5Y<*526Q
MM*:CJSZ35L"C=[U\WQ_\%:_V>R@_XN7HC>X6;_XBE_X>U?L]_P#12=%_[YF_
M^(H^K5N@E5@U<^C]WO1N]Z^;_P#A[9^SU_T4G1?^^9O_`(BC_A[9^SU_T4G1
M?^^9O_B*/JU8?M('TAN]Z-WO7S?_`,/;/V>O^BDZ+_WS-_\`$4?\/;/V>O\`
MHI.B_P#?,W_Q%'U:L'M('TAN]Z;T%?./_#VS]GK_`**3HO\`WS-_\12'_@K;
M^SR,?\7-T/GC[DW_`,136&J7O)$^V@NI]'T5X#X5_P""G_P,\<>);31]'^(&
MDZCJ5\VR&")9=SG\4`KWB&^CGA$BME&^Z?[U15I-239IS)['GO[57[.6B_M7
M?!C6?`WB%';2==@:WGP1T964\$'/#&OA*#_@U^^`84JL5^P5PQ560#_T"OTO
MF1I2<(N5^Z6Z9I(X#DJNU`>Z\&MX8NK2^'8QG0IS?O'YL_\`$,)\!C_R[7X]
MMZ?_`!%'_$,%\!3_`,L+_P#[[3_XBOTJ*^6`,D]LF@<MU-=']LXEZ<QB\MH/
M6Q^:O_$,!\!/^>%__P!]I_\`$4?\0P'P$_YX7_\`WVG_`,17Z6;?<T;?<T?V
MMB?Y@^HT#\T_^(8#X"?\\+__`+[3_P"(H_XA@/@)_P`\+_\`[[3_`.(K]+-O
MN:-ON:/[6Q/\P_J%$_-/_B&`^`G_`#PO_P#OM/\`XBC_`(A@/@)_SPO_`/OM
M/_B*_2S;[FC;[FC^UL3_`#"^HT#\T_\`B&`^`G_/"_\`^^T_^(H_XA@/@)_S
MPO\`_OM/_B*_2S;[FC;[FE_:V)_F']1HGYI_\0P'P$_YX7__`'VG_P`11_Q#
M`?`3_GA?_P#?:?\`Q%?I9M]S1C'<T_[6Q/\`,/ZC1/S3_P"(8#X"?\\+_P#[
M[3_XBE'_``;`_`0?\L+_`/[[3_XBOTJW?6C=]:T_M7&_\_!?4*/8_-7_`(A@
M_@+_`,^]]_WVG_Q%!_X-@?@(?^6%_P#]]I_\17Z5;OK2@9]:EYKC/M3N+ZA1
M/S3_`.(8#X"?\\+_`/[[3_XBC_B&`^`G_/"__P"^T_\`B*_2S;[FC;[FI_M;
M$_S!]1H'YI_\0P'P$_YX7_\`WVG_`,11_P`0P'P$_P">%_\`]]I_\17Z6;?<
MT;?<TO[6Q/\`,-8&B?FG_P`0P'P$_P">%_\`]]I_\11_Q#`?`3_GA?\`_?:?
M_$5^EFWW-&WW-']K8G^8?U&B?FG_`,0P?P%_Y][_`/[[3_XBC_B&"^`IZP7_
M`/WVG_Q%?I9M]S1M]S3_`+6Q/<GZC0/S3_XA@/@)_P`\+_\`[[3_`.(I?^(7
M[X"G_EA?_P#?:?\`Q%?I7M]S0..YI?VMB?Y@^H4&?FI_Q"^_`7_GWO\`_OM/
M_B*/^(7WX"_\^]__`-]I_P#$5^EF3ZFC)]31_:V)_F%_9M#L?FG_`,0OWP%'
M_+O?_P#?:?\`Q%)_Q#`?`3_GA?\`_?:?_$5^EIY[FDV^YH_M;$_S%+`45L?F
MG_Q#`?`3_GA?_P#?:?\`Q%'_`!#`?`3_`)X7_P#WVG_Q%?I9M]S1M]S1_:V)
M_F']1HGYI_\`$,!\!/\`GA?_`/?:?_$4?\0P'P$_YX7_`/WVG_Q%?I9M]S1M
M]S1_:V)_F#ZC1/S3_P"(8#X"?\\+_P#[[3_XBC_B&`^`G_/"_P#^^T_^(K]+
M-ON:-ON:?]K8G^8/J-$_-/\`XA@/@)_SPO\`_OM/_B*:?^#7[X"9_P"/>_\`
M^^T_^(K]+MON:3:?6G_:^*_F#ZC1/S1/_!L#\!8QGR+X8[ED./\`QROI[]@#
M_@FIX$_X)Z>';S2_!JS)'?-ODW8`;YG;L!_ST-?1[@JAHQY2]<GKS6-7,:]5
M<DF5#"PA+W1ERJ/;.I`^<;#CK@\5\#?M(?\`!OG\&OVD/C)K?C;74N/[3UB1
MGE9%7(+2-(>=I/5S7WU'MSD#'-/,9D<?,?<9K*C6J47S19O5IJ2L?FH/^#83
MX!2C<L.H8/3YD_\`B*/^(8#X"?\`/"__`.^T_P#B*_2S9M[FC;[FNG^UL3_,
M<OU&EU/S3_XA@/@)_P`\+_\`[[3_`.(H_P"(8#X"?\\+_P#[[3_XBOTLV^YH
M"9[FC^UL3_,/ZC1/S3_XA@/@)_SPO_\`OM/_`(BC_B&`^`G_`#PO_P#OM/\`
MXBOTM\KWI"F#U-']K8G^8/J-$_-/_B&`^`G_`#PO_P#OM/\`XBC_`(A@/@)_
MSPO_`/OM/_B*_2S;[FC;[FC^UL3_`#!]1HGYI_\`$,!\!/\`GA?_`/?:?_$4
M?\0P'P$_YX7_`/WVG_Q%?I9M]S1M]S1_:V)_F#ZC1/S3_P"(8#X"?\\+_P#[
M[3_XBC_B&`^`G_/"_P#^^T_^(K]+-ON:-ON:/[6Q/\Q/U&@?FG_Q#`?`3_GA
M?_\`?:?_`!%*/^#7_P"`A_Y87_\`WVG_`,17Z5[?<T`8[FG_`&MB?YA_V?1[
M'YJ?\0OOP%_Y][__`+[3_P"(H_XA??@+_P`^]_\`]]I_\17Z69/J:,GU-+^U
ML3_,3_9M#L?FG_Q"^_`7_GWO_P#OM/\`XBC_`(A??@+_`,^]_P#]]I_\17Z6
M9/J:,GU-']K8G^8/[-H=C\T_^(7WX"_\^]__`-]I_P#$4?\`$+[\!?\`GWO_
M`/OM/_B*_2S)]31D^IH_M;$_S!_9M#L?FE_Q"_\`P$'_`"PO_P#OM/\`XBC_
M`(A@/@)_SPO_`/OM/_B*_2W86[T>5[T?VMB?YBE@**/S2_XA@_@*/^6%_P#]
M]I_\11_Q#!?`5O\`EWO_`/OM/_B*_2PKCN:`,=S3_M;$=Q_4*)^:G_$+[\!?
M^?>__P"^T_\`B*/^(7WX"_\`/O?_`/?:?_$5^EF3ZFC)]32_M;$_S$?V;0['
MYI_\0OOP%_Y][_\`[[3_`.(I/^(7_P"`G_/"_P#^^T_^(K]+<GU-)M]S1_:V
M)_F&LOHK9'YI_P#$,!\!/^>%_P#]]I_\11_Q#`?`3_GA?_\`?:?_`!%?I9M]
MS1M]S1_:V)_F*^HT3\T_^(7[X"'_`)87_P#WVG_Q%+_Q"^_`7_GWO_\`OM/_
M`(BOTK`QW-+D^IH_M;$_S$_V=0>MC\T_^(7WX"_\^]__`-]I_P#$4?\`$+]\
M!?\`GWO_`/OM/_B*_2S)]31SZFC^UL3_`#"_LZAV/S2_XA@/@)_SPO\`_OM/
M_B*/^(8#X"?\\+__`+[3_P"(K]+-ON:-ON:/[6Q/\Q?U&B?FG_Q#`?`3_GA?
M_P#?:?\`Q%'_`!"__`0_\L+_`/[[3_XBOTLV^YI1P*7]KXE?:%]1HGYHG_@V
M`^`@7_47_P#WVG_Q%=)\$O\`@W:^"WP1^*>C^*](BD&I:.YDC9XTSRC+UV@_
MQ&OT)/2HHH6CNM['(\L+CWSUJYYEB)QM*0X82C!W0I.[<<*VWE01WI$B"6_/
M!`).*D$?)X`^E+M..,>^>XKS%[1.[.IV>Q\$?M'_`/!OQ\'/VGOC!JWC778K
MIM3UF5IIC&44$LS-W4\Y8UPZ_P#!KY\!/^?>_P#^^T_^(K]+$PN<>O:GEL"O
M0IYOB*2Y8R.:6#C+5GYJ?\0OOP%_Y][_`/[[3_XBC_B%]^`O_/O?_P#?:?\`
MQ%?I9D^IHR?4T_[6Q/\`,9_V;0['YI_\0OOP%_Y][_\`[[3_`.(I/^(7_P"`
M@_Y87_\`WVG_`,17Z6Y/J:0C/<T?VMB?YAK+J"V1^:?_`!#`?`3_`)X7_P#W
MVG_Q%'_$,!\!/^>%_P#]]I_\17Z6;?<T;?<T?VMB?YBOJ-$_-/\`XA?_`("?
M\\+_`/[[3_XBC_B%_P#@)_SQU#_OI/\`XBOTL*^YI-I]:N.;8RWNSL'U&B?F
MI_Q"_P#P$_YXZA_WTG_Q%'_$+_\``3_GCJ'_`'TG_P`17Z5[3ZT;?>J_M;&_
M\_`^HT3\U/\`B%_^`@_Y87__`'VG_P`11_Q#`?`3_GA?_P#?:?\`Q%?I9M]S
M1M]S67]K8G^8/J-$_-/_`(A@/@)_SPO_`/OM/_B*7_B%_P#@(?\`EA?_`/?:
M?_$5^E>WW-`&.YH_M;$_S"^H47H?FI_Q"^_`7_GWO_\`OM/_`(BC_B%]^`O_
M`#[W_P#WVG_Q%?I9D^IHR?4T?VMB?YB?[-H=C\T_^(7WX"_\^]__`-]I_P#$
M4?\`$+[\!?\`GWO_`/OM/_B*_2S)]31D^IH_M;$_S!_9M#L?FG_Q"^_`7_GW
MO_\`OM/_`(BC_B%]^`O_`#[W_P#WVG_Q%?I9D^IHR?4T?VMB?Y@_LVAV/S3_
M`.(7WX"_\^]__P!]I_\`$4?\0OOP%_Y][_\`[[3_`.(K]+,GU-&3ZFC^UL3_
M`#!_9M#L?FG_`,0OOP%_Y][_`/[[3_XBC_B%^^`@ZP7_`/WVG_Q%?I9D^II#
MSW-']K8G^8:RZ@M;'YI_\0P'P$_YX7__`'VG_P`11_Q#`?`3_GA?_P#?:?\`
MQ%?I9M]S1M]S1_:V)_F*^HT3\T_^(8#X"?\`/"__`.^T_P#B*/\`B&`^`G_/
M"_\`^^T_^(K]+-ON:-ON:/[6Q/\`,+ZC1ZGYI_\`$,!\!/\`GA?_`/?:?_$4
M?\0P'P$_YX7_`/WVG_Q%?I9M]S1M]S3_`+6Q/\POJ-`_-/\`XA@/@)_SPO\`
M_OM/_B*/^(8#X"?\\+__`+[3_P"(K]+-ON:-ON:7]K8G^8KZC1/S3_XA@/@)
M_P`\+_\`[[3_`.(H/_!L!\!,?ZB__P"^T_\`B*_2S;[FC;[FD\WQ*5^83R^B
MU9GYI_\`$+_\!<?\>]__`-]I_P#$4G_$,#\`P&_<:BK$8W!TZ?\`?%?I;CCJ
M::8R7!!/N*N.<XJ4?B"&6T(;(^8_V`O^"7G@+_@G7::HG@>.X9=7)\T.RC@[
M/8?W!17TV(L8X7:!V'.:*\ZIB*LI79T*E31\*?\`!Q/;_:/^";OB8$='8@YZ
M?Z-<5_+?8>';1(H/*1FWN?,)<\_,?>OZDO\`@XE;'_!-[Q-_OM_Z37%?R\6O
MRVZQ_P`()8?7)K[_`(6HJ4>:1\OG^)G#W8D,FBV\DK?N77!(QN;_`!IO]@V_
M_/-_^^S_`(U=6X9QU]NE+YK>M?8RH4F[V/F/KM;N9_\`8-K_`,\Y/^^C_C1_
M8-K_`,\Y/^^C_C5WSV]ORH\]O;\JCV%/L/Z[6[E+^P;7_GG)_P!]'_&C^P;7
M_GG)_P!]'_&KOGM[?E1Y[>WY4>PI]@^NUNY2_L&U_P"><G_?1_QIQT.UD0?N
M&Z_WF_QJWY[>WY4A8A1]::P]%R2:%]>K7W/7/^"<>CPQ_MX?#H"-U_XF`YW'
MT^M?V#:"@CT.U7:-B0KM'?I7\@/_``3G.[]N_P"'7_80'\J_K^T2$?V7;-SD
M1*!S[5^=\54HT:]D?<Y+*52GSLRO&-[+;Z.CI)L8]OSKFXM5NTA7,_)^G^%=
M%\1X@NGH1_>`_0URK?ZT?[(R*^9DW:R/9<8MW+!U2\!_U_\`+_"C^U+S_GO_
M`"_PJ%5W(J9S(VYBX_A'44V.*2ZEQ#@J(Q\Q/5\\_I1!V7O!96L6/[4O/^>_
M\O\`"E&J7?\`SW_E_A3&L+HWS1"V?YA\A&?\*B5&BG,4@(D48((ZD],47(]G
M$L?VK=?\]Z0ZI>9_U_\`+_"HV@DBN%ADC=-REO-(.T<9QZ>U1IB08#'=W&.G
M^-%P]G$L?VI>?\]_Y?X4?VI>?\]_Y?X57+`'Y?,?')&S%2/8S`E8TF=%&XSR
M1F//?:!^G7M1</9Q)/[4O/\`GO\`R_PH_M2\_P">_P#+_"JX5R@)0H22"I[#
ML?QHX4?>W'THN/D18_M2\_Y[_P`O\*/[4O/^>_\`+_"JW[QERB;O7YL;:<T9
M$R>4?M`;Y64#&TGI2N'(B?\`M2\_Y[_R_P`*/[4O/^>_\O\`"HI08-S/'M4_
M*H)QR.M-E'R#&X-L!(*\?G6/L(=V+V<2?^U+S_GO_+_"C^U+S_GO_+_"J[`^
M4/7O3FZ\5<*<8.Z8>SB3?VI>?\]_Y?X4?VI>?\]_Y?X5!16EP]G$G_M2\_Y[
M_P`O\*/[4O/^>_\`+_"H**+CY$3_`-J7G_/?^7^%']J7G_/?^7^%0447'R(G
M_M2\_P">_P#+_"C^U+S_`)[_`,O\*@HHN3[.)/\`VI>?\]_Y?X4?VI>?\]_Y
M?X5!11<:IQ)_[4O/^>_\O\*/[4O/^>_\O\*@HHN5R1)_[4O/^>_\O\*/[4O/
M^>_\O\*@HHN+DB3_`-J7G_/?^7^%']J7G_/?^7^%0447#D1/_:EY_P`]_P"7
M^%']J7G_`#W_`)?X5!11<.1$_P#:EY_SW_E_A1_:EY_SW_E_A4%%)M]!<B)_
M[4O/^>_\O\*/[4O/^>_\O\*@HI7D/D1/_:MX/^6^?;_(K6\$ZI=WNO,LS94+
MZ5@L,J:V/``QX@/^[5J5HV>X6ML=?JA\NPD*-@@9KS^37;HW3XE/!/85Z'JD
M0_L^7_=->:[\>:>^\CI62E4OKL/4G&KW<@SY_7Z?X4O]J7G_`#W_`)?X5"XV
MM25=Q<J)_P"U+S_GO_+_``H&J7?_`#W_`)?X5!2!@9%3YLR'`(&<=Z=PY$6?
M[5NO^>](=4O,_P"O_E_A4<EM(%?S%:WW+MB(&[<_;^OY5"'4!1O?<>#^[Z47
M#D1:_M2\_P">_P#+_"C^U+S_`)[_`,O\*A4`2;?F/^UC%1_,89-@:0K(1D+Q
M&..":+AR(M?VI>?\]_Y?X4?VI>?\]_Y?X5'*OD2NDD14IT.<EC]*C&-N0S,V
M?]7LYHN'(BQ_:EY_SW_E_A1_:EY_SW_E_A4+'<>!CCD$X--#;FP5,?OUHN3[
M.)9_M6Z_Y[T'5;O'^O\`Y578>3&"P9L]P*'B:20>5DC&Y@1@`#KS1</9Q)_[
M4O/^>_\`+_"C^U+S_GO_`"_PJM(?*A.[?G/9<\5):V\ERF8UDEYY8H5"^V?6
MBY?)$E_M2\_Y[_R_PH_M2\_Y[_R_PJ"4[6Y62-1U;:2?RH$3E\A=R8]:+AR1
M)_[4O/\`GO\`R_PH_M2\_P">_P#+_"J\8\S?EMI'130&*GE,KZ@T7#DB61JE
MW_SW_E1_:MU_SWJJY#02D.5VH6!VYJ5[>3R^$/&&+=]O4\47%R1)#JEY_P`]
M_P"7^%']J7G_`#W_`)?X5!D-TZ=J*+AR(G_M2\_Y[_R_PH_M2\_Y[_R_PJ"B
MBX^2)/\`VI>?\]_Y?X4?VI>?\]_Y?X5!11<7)$G_`+4O/^>_\O\`"C^U+S_G
MO_+_``J"BBX<B)_[4O/^>_\`+_"C^U+S_GO_`"_PJ"BBX<D2?^U+S_GO_+_"
MC^U+S_GO_+_"H**+CY(D_P#:EY_SW_E_A1_:EY_SW_E_A4%%%Q<B)_[4O/\`
MGO\`R_PH_M2\_P">_P#+_"H**EMDN">Q-_:MX/\`EO\`R_PI5UR[2:,O-D-]
M*@ILK8,--3DC3DIVLSTNQ_X]E.<Y%.NY"MI(1U"D_I3K`;[),^E%Y&$LI<?W
M#_*I;E<44HJR//+K5[I[J7;+M`<C'XTS^U+S_GO_`"_PIDB&2[N6!B/E,24,
M@#-DGM384,LD``RTO)5CM5!C^]5I_P`P^9]"7^U+S_GO_+_"C^U+S_GO_+_"
MJ[O]F-R)`I^4M`R-N##CD$=><T^.UEDF>.)4G*J"[,^P1@C.?P_I1<7)$E_M
M2\_Y[_R_PH_M2\_Y[_R_PJ&-/,8)DJW(WD?*V.X/2F!GC&XQY4?*<-U/K1<7
M)$L_VI>?\]_Y?X4?VI>?\]_Y?X5`R;9@`6(/^STI71E?RMH4KR9"W7OTHN'(
MB8ZI>?\`/?\`E_A2?VI=_P#/?]/_`*U0@97YO.7/"LL98&B%'N)?+0+N7[S.
MVU?IFLYTXS=VPY8DZZK=`?Z_]/\`ZU+_`&M=?\]S^7_UJK7.8P^W;N4Y=<\Q
M\=,=_K0[AT5DXW<?/\M1["'=ARQ+']J7G_/?^7^%']J7G_/?^7^%5V!'S%H5
M(X\L2`[O>G2(R@,%4ENB!\_K6UPY$3?VI>?\]_Y?X4?VI>?\]_Y?X5`V5^54
M\XGJPZ+2.0?E#$,O4D4[AR1+']J7G_/?^7^%']J7G_/?^7^%5IF\LJ`-WJ13
MF^]1<?)$G_M2\_Y[_P`O\*/[4O/^>_\`+_"H**+AR1)_[4O/^>_\O\*/[4O/
M^>_\O\*@HHN')$G_`+4O/^>_\O\`"C^U+S_GO_+_``J"BBX<D2?^U+S_`)[_
M`,O\*/[4O/\`GO\`R_PJ"BBXN2)/_:EY_P`]_P"7^%']J7G_`#W_`)?X5!11
M<.1$_P#:EY_SW_E_A1_:EY_SW_E_A4%%%Q<D2?\`M2\_Y[_R_P`*/[4O/^>_
M\O\`"H**+B]G$G_M2\_Y[_R_PH_M2\_Y[_R_PJ"BBX^1$_\`:EY_SW_E_A1_
M:EY_SW_E_A4%%%Q\J)_[4O/^>_\`+_"F_P!LWD4H/G<?A_A45(PWKC\:.:VP
M<JZFOX<U6ZDU1E>;Y=I/;V]J*A\,'S=4;/\`</\`2BESR'RP/E'_`(.)O^4;
MOB;_`'F_])KBOY>;?M]#_.OZA_\`@XE_Y1N^)_\`>;_TFN*_EXM^WT/\Z_1.
M%/X3/C.(_C'1?=_&G4P]:2OJWN?+!1110`4444`%*WW124K?=%$?XD1,]D_X
M)R_\GW_#G_L(C^5?V!:+_P`@BW_ZY+_*OX__`/@G%_R?A\.?^P@/Y5_8#H__
M`""K?_KDO\A7YWQG_O*/T3A_^`8WQ)_Y!L?^^/Y-7)M_K3_N_P!*ZSXD_P#(
M-C_WQ_)JY-O]:?\`=_I7RCW/9%@3RE(!Z]3Z9KXM_P""[G[3WC+]DC]CZ/7?
M`.HG2M1EN$B^U!F7RR60'[K*3P?7O7VFG]/Z5^='_!SD[1_\$_H"GD!Q?)M\
MX$IG?%UQS2`Q/AM^RE^W5XU^&^C^(=-^+OVFZO+8W,=LTK@,`Q7&6O@.HKU;
M_@E;_P`%`/&?[45E\0OAO\0(;:W\?^`X'B&H1<B5W261&9@6'`,?_+3C'4=O
M$?@O/_P4-NO@%HIT&'P1'I(LBMJ\*7ZSD;VZ'[1M]>U4O^")_C"T^'K?&WP5
MX_TJZT[XV2Z=<S:K<3;"MRC03.A0@E\"&6`?,:`/N[]C71/'VGZ;XLA\=^*X
M=?:XU)WTT17'G_9XEFE;:2)9`OR[!@[>G3M7I7B+XK^#O#VJI!J7BC1].NMN
M?)-VH*]1\V#QT/7TK\Q_V$?CSJ'[-G["G[3?C"UF\S4K/Q%/;68;)\II=1NH
M5/!4_P`8[]JZ'_@G3_P1S\!?M6?LNP_$3XSSZ[K_`(U^)C_VB]VTT#I9I+%#
M<"./S(6=5#M)@%F^]U[T`?H[XN^)6D?#[P!J'BK4=5L$TNPMVGCE20&.;'.,
MKG/0_E7YE_\`!,WXP_&O]O#XWWOQ1UGXQIIO@C3M5\N+PM'=RJDD$4[1.S+]
MHVX(MV.3'_RT_/%_8\\'R/J7Q]_99^(MY/XF\+>!=.N=1T.:Z;S7MT5;2(`$
MC:.;J4\1CK^>1_P1G_8\\`:5_P`$Z_C%\0;;3@OB>QT;7K2.XVQ_NU!U!5YV
M[ND2=^U`'Z[:9XBM/%,,MUIM_!?VT3&&1XGWA67@\_457TSQ)I>NZC-:6-[:
MW%Y;DB6**56>(C@[@.1^-?&?_!`AY;S]AKQ(LIGN+E-<OVWH1\P^T2XZ^F*\
M$_8:^*%Q\&OVW/VI?$@N`/[.N[IRLF3M8W^WL1_>]:`/T\\0_$OPIX+N(8-9
M\2Z9I]U+*`8GNU5CP>HS[5Y[^VI\4K[X>?L1_$'QEX1O[8W.E:+?7=C>6TX<
M++';3,AW(V>'3U'2OQ@_9&_:`_9L_:#\):AXV_:0U+7M<\<:\Q_=PO`T6G+A
M0!&)HW9>5)Y9OO&NR_9(_:<DM_@[^TK\)/"UUJFK_"&#PGJ%]H&HZHXDDA;^
MSIY9(U*%5&9YI1Q&/N#GN0#]./\`@DU\;O$/[0_[".B^+_&E^+O4I;F837,T
MV`N&')+L3^M>WZ=\9_!>IZW)80>+M$N+V(D/!]K3Y0/0DX/.>E?F!X(\*_$K
MQ7_P;YV5I\,H[B34OM\KWYMW*R-;K=6[.`<@?ZL2]:^?_A%9?L:_&OX,>'_"
M>HZWK_PD^,&FQ11W6M,]M$\U^J()P72"5B#B3WYZT`?O(V&DX/RXR".AJ->E
M87PQTZXT#X=Z-;W^H#4YK6V,?GJ21,-Y._D`Y[?TKH)?OT`-HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`$/2MCP#_R,)_W:
MQSTK8\`_\C"?]V@#M-4_Y!TO^Z:\R/W9O]\UZ;JG_(.E_P!TUYD?NS?[YH`?
M)]\TE+)]\TF_9SZ<T`&<UY]^U3\?[']F3X!>(_%U^Z1_V;`AB+@_>,B+Q@$_
MQ5Z#$X67Y5ZY*_[Q_P#KU^77_!R!^T_H'AI/AW\'-=U673(_$<XU'5IHCAHX
MBLV,G!'^LMQ_":`'_P#!%W_@H9\6_'OQRF\#_'.YE2Z\0V+ZCX?\^1G.!-;P
M*/ON!\S2]2M?IUK&M6?A78=2O;6TCN7V)+,0@R3CJ:_%'_@J?_P49^`WAWXJ
M?"'XH?"KQE;ZEK?@O4K>UNK$AOWML&N9V)`1,_.(A]\=>G>OJ[_@NSX\/QB_
MX);>"O$>@7MW;77B76-.6TG@?8('=F3CJ1\_UZ4`?=-[\8/!EEJ*Z?)XMT47
M;'Y5^UJ"3V'7\*\\_;BTWQEJ'P*NE\!>);;P[JMR5D\XW`B0@LO23S$7_P`>
MKX6\?_\`!%3X8Q_\$V[3QK?WVOK\1K?0+'6VU59K?FX*13$%O(WXW9'7//7O
M7&_M!_%C7/B?_P`$"O"NJ:O?-<:I9_9H6N-S$Y$-IGDDGJQ_.@#]7?#.LIX5
M\,:/:>)-<M/[79?):XGG`$\A9B,$L<\#KD]*FTWXI>%=7\1'2+/Q/HLFL_W%
MND)/3W]QWK\KO^"VOA/6O'/PL_9@T71=5O+#4-4UVSA^W6\FR0`G4AC=@\9P
M>G85SG_!6K_@F)X,_8G^`'@7QW\-=;\2:5XWEU2QMKG4OM$*LS3,I8[DA5NH
M]>U`'ZWS_%'P@OB%])E\4:2-81MK1?;$!)YXQGKP>];TC".(F66%85'^M=P%
M`^I.*_)']M#_`()4>!_AK_P3F\.?%^RUS55^*/V33=<GUF::(O+/</:O("PA
M#X.^0=<_-UKZ=UK_`(2+]JC_`((S^&;BX\9+X,NM3TNS;5=>\R1)(#Y=NY8,
M%D/+''*G[WXT`?5!^.7@2.[CT]/&>C232,`N;M>3^)KPK_@K1\?/$O[-O[*Z
M>(_"6J`74NL6=MYT4A&Z%RV_#*P]/6OS%_::L_V&O`?[)]WIGA#7]4\2^/[2
MSDN+#6[(VXNA*%D"EG:W0X!*]`#TKU/Q3\4-;^*G_!!#P5J&NW-Q=W=OXDBA
M$UPQ:6XC_M"\5"3DYVHBCM0!^J_[/?B6Z\8?`3X?ZU?7?F76M:/;7=RS@]6M
MXW8DD_[1K\]_^"@_[6GQ$_:`_;\C^!GPJ^*%K\/]/L+!;^ZU*"\>'?-Y]S&R
M%DFB[1)W/6OO?]EJVBU#]D_X>QW"[K6;PS8V[CVDM(D/\Z_+.[_X)=_"KQ5_
MP76U3P;?Z=-+H4^B_P!J7'EB'*SM=WBL>8R/^6:]L^]`'ZQ^"R/A7\(K&/QO
MXNLWO;'A]2N9MHNC\Q[LQ/'N?NUI^$O'?A[Q[&[Z#K]AJ+P\ND%R'(Z]1G(Z
M5^+7[;G[9?P^^//_``4LNO`GQ;U>YTWX/^!8E>PTG3"$6>X5XRI=91(A^2>X
M'`7M[YS+']HSX6_`3]M_X?ZY^RZ^M&PUK4+>T\4Z7,T0M7MO-MXV<I$L9.(_
M-/+'[QX[4`?N!XJ\7Z#X,LQ/KVJV&F)@<SW"QLV<`8!.3U'YTSPYXJTCQQI;
M/H.KV.IJ.HM[A92.GH?<5^&WQ5_;6^&'[8G_``42\4WO[0^K:A;^$?"#?8-$
MT/3&5;6;;Y\3F5)EER3Y<!^4KR/H!U?[-O[5GP\_9Y_X*(>&Y/V=;V]?P=XC
M,L.KZ1<E?LUBP2=\!(A&!C;".K=*`/V<UWQ]X8\#201Z]KVF:8]S^Z\J:X56
M.<G.,Y[&OCOX??M9^+/%G_!8^^^'%KKL=YX&CT9KD"&X,B'_`$6U<X`?'61^
MU?,__!-K]F3PS_P67^*OQ!^,WQ:N->U6PBF-AINEI+$;2R79;OYBI*DA!!\P
M??\`XSQS5[]A+]DBV_8O_P""\>K^'+'4[^^\.76@RRV$EY*KO"?LMHVU=J(!
M\TA'W>PH`_62Y18KB14Y16(7CMGBF5)>G-Y+R6^<\GJ>:CH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"F3?>AI],F^]#0!ZAIW_'E']*=??\>4W^XW
M\J;IW_'E']*+G_CSF_W#_*@#S.?_`(_YLF!,.>3%EFY]:\C_`&[?ASXS^*7[
M*?BVP\!:OJ.@^,H@IL;FRNS;N!YD?1E=,<;OXA7K]YS>R_[Y_F:6P?RW/O0!
M\@?\$1/VL=0_:M_8<TP:]=R:EXY\+[K34VN'9Y&.XR9)?KPZ?Q&N7_X+5?M'
M>*/A_I/PV^%OP^US4-"\=^/M?M899["YD@F2V^T11N"R,N%VSKG+XQ7G'[(6
MFC]@;_@LMXZ\!>0++P5\1-/.HZ8I'5_-L8`ORX'\$G\/XTOP+T9_V]?^"Q_C
MWQU>7'_%(_#;31I^F3@X"236<.]N0WW9+9NF.G>@#ZW\3?M??#/]C3X3>#=,
M^)GCL'6[?2K:"]<">^F:=88UD9_*65LESR2?7GJ:]&^#GQX\(_'WPE#X@\&:
M_9^(]-N,*IA1XFB^56PT;@.#AEY*CKCM7Y4ZCKG[)?[/7[0?CV#Q!;7_`,<_
M'^O:Q>>:LJP7/]D_OICY">9'$1C>RXRW^K'/K3_X([_$Q/A1_P`%!?C%/X6\
M)WG@WPT=*:]A\/WBQC:&O-HD58FVXP%7KGY#[4`?IY\?_P!M/X5_LM?)XX\7
MQ6$[_P#+.!)YI$X)Y$*.1]T_I79?#?XI^'?C#X)LO$?AC5+;7-(O#AI$F^:)
M=Q7+!L,/NMU`Z5^8'_!#_P#9'\&_MY^!?'/QI^,NG0^-==O-4%C;07:+-!'$
M88FVXD4MUC/\>/F->C_'']CU?^"1_P"S;\;_`(@_#K7KRVT?Q+ISV]GH32CR
M=*9K2=2\2)''M.]F?[S<F@#ZS^*W_!0OX-?`_P"(UOX6\1>/(;;5+A]D5O%!
M<SI&1]X,\4;(N/\`:(Z5B?M[V=Q\7OV;4E\$_$O_`(0J*\NOM$6M6ES(GFHP
M7"[HW1NF#@GOTKYI_P"":/\`P2O^$?QC_8/L_%?C?P]#XA\6?$F,ZE?:I=QQ
M27"O.JS#:QCR-K2GKN^IKS;_`(*??L6K^PK_`,$I;[PC8^(]0UW3F\0O-IRW
M4PD_L^/RK=%C7$<8``B/0?Q&@#]+['XE>&OA[X5T*/7?%%G#=W\1,5[=AO\`
M34WL-YSSG(QR<_+Z5QGA[_@H-\$_%WQ=E\"VOCW3KCQ&A588S:7$<3NP4JH=
MHQ&>64?>K\[?^"X_P_/Q3\$_LP^&EG>S&JZS:022QG:QA:2_5ES@]R#T[5V?
M_!5__@E[\'OV>?\`@GE!XO\`"OAVVT#QKX.2#4[?58(HDN)YD0S@EU3)^95]
M/ZT`?IOJ^HV7AS2)[_4KS3;&RMT\Q[N;:J!?9L_R]17D_P`,?^"@?P:^,'C^
M;PMH?C6TEUN"1HBDD$\*2,O7;))&J>O1C7Y7_P#!0S]KOQ7\3?V%/V:/!NIF
MYO=.\4Z;;3:O;V;$3ZFL5OI\ZAB[E2=P).1W-9G[2VH?"KQW^S>WAWX<?L\>
M*O"WQ%T2&--)U.SAL(9'=2JLSL)">4W],4`?L_\`%OXO^%O@)X*D\2>,-=BT
M+1HLY.YFDDP&;A4#,>%;HIZ5R_P(_;*^%O[3\4__``A'B>#46@8*T4PE@FR2
MP&%F1&/*GH#V]17Y<_MJ_#3XV?''X,_`SXG^*?"C^.-%\,J@\1Z#]]IPL]U(
MS,LD@4_NP%^]_'6]^RSX_P#V1/VE?VQ_!OB'PQ;ZM\&OB3H$D5N="A%M;V^I
ML6A7:RI'*3_JE_Y:+_K3Z\`'Z[0$QJT(&7[&D0%5`;[W>GC[3!"NW9N<GRR,
M[@GK^*TU@BG]V24_A)ZD4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`%_P`*?\A5O]T_THH\*?\`(5;_`'3_`$HH`^4_^#B7_E&[
MXG_WF_\`2:XK^7BWZ#Z'^=?U#_\`!Q+_`,HW?$_^\W_I-<5_+S;_`'1_P+^=
M?H_"2OA7+J?&<1_Q`/6DI3UI*^HW/E@HHHI@%%%%`!2M]T4E*WW11'^)$3/9
MO^"<7_)^'PY_["`_E7]@.C_\@JW_`.N2_P`A7\?W_!.+_D_#X<_]A`?RK^P'
M1_\`D%6__7)?Y"OSOC/_`'D_1,@_W<QOB3_R#8_]\?R:N3;_`%I_W?Z5UGQ)
M_P"0;'_OC^35R;?ZT_[O]*^4>Y[(]AY2Y)&,?E7PO_P<&?!'QC\<OV+HM)\$
M>'[_`,3:O%.EREM96\DYD&^/@!%)R`">E?<T+B%?,4><C_*P/8]*6)/*8H)X
MTC'S$2(&V?G2`_-;X/\`_!67XZ_#'X0Z#HI_9G^(M[?:3:F%G_L"ZW^9O9@0
M`PR,'N.O:HO^"?\`^QE\7?BA^T'\4?C]\6M(_L'4M>T*X@TK23'-%=+MM1"%
M:-XUY/D)T)^\/6OTSFOCO&(;))Q]U_)3#?I44L[."[/NFR%8(/EP?8<=*`/S
MJ_8'_8S\2^/?V8_VA_!7B_1;K1'\8ZK+)IQNXI(5FVW=U)&RDJ">J'@'J*Y7
M]D']LKXR_P#!,OX1O\'?%OP2\>^*-0\.S-;>'+[2=$GN+:[M42.&-R[&,G*Q
M.>%(Y'X?IZ^!L5?F4?-F./9L/7G'7\:?+*MP/M<J075VGR)//:K^[7T&0<]3
M^=`'YW_\$X/V,OB7H'ACXQ_&#XDVDEKXQ^(MK/#9:.8I$N4#+:D(8VC4YW6Y
MZ9ZBNB_X([_LV^)/#7_!/WXB^!/%FF3^']5\8)JEHL=[&\&?.FOT3&Y0?NRJ
M>G>ONTC[6VV.1V8\LYCVC_@(Z9^E('%RIF*Q1E_DAC5`A5NF<#W&?QH`_)[]
MC7]I#XS_`/!,31_'7PHU'X.^+?$L%YJUZ?#>I:=I,\]HXDFF^9I#LXPT?0-_
MCK?\$G_V1OB?XM^,_P`<KCXJ>']0\*3?$-I;E-UK+&GSW*S=9$7N#TS7ZDY2
M=56XAMI983DR26J'R3V()'.<?I3[NY-QYT\\B22.-L;0Q!#C.?X?J:`/RL_9
M)^+WQ#_X)3>#[KX9^//@QXJ\=6VF3[M!U/0='FNX[E=JXW,WE#[WF=`>WX=K
MH'ASX^_M$?LQ_''Q-XK\*W/AS1?%>@7EIX;\.+8R)J#2FRG@"M&T0.6D4$`.
MV1(/7%?H_,OVN0)-%:W$B_-$UQ;(=@]`6![TU[H,QF5I&?&SR_(VQ1'IN`Z'
M&,]*`/SK_9^^$7QV^%?_``1^T:U\`)+H'Q"\/:C+<W>D7%NWG7</VB$E/+:)
MVW>6LHQM')Z]QX=^U9\8=4_;W^`=O\/=3_9C\=)\5]0MH4N=6NM&NX+*W=65
MWE+I)D!F20#]UCYAP.W[#!I-K)&8TC7:S.D8^<GKE1_GFG(J(\MPEK9QNI\E
M9EM$\QE'([9[T`>.?L"_`37?V7/V1?"O@SQ->KJ.OZ8/WTN>",O\O*J>X_AK
MV`C:?6DA*E?-7S))>Y<$8_.EW^9R<?A0`48XZBB@+NZ`B@`QBBCRV7EB#10`
MF[!I0,TG!;D'ZU*L)8<$"@".BBB@`HHHH`*1FQ[_`$I:79MZ#=0`T'(I:4IQ
MD\'TI*`"BBB@!`:=MXZBF8<GH<4_R\+G-`"4444`%%%%`"'I6QX!_P"1A/\`
MNUCGI6QX!_Y&$_[M`'::I_R#I?\`=->9'[LW^^:]-U3_`)!TO^Z:\R/W9O\`
M?-`#Y/OFDY[=>U+)]\TTN$&6SM')QZ4`.2Z:Q5[@P2LD$;N$5<M(RJ3A1WY`
MK\W_`-EC]C_Q'^UC_P`%1/B=\5/B_P"$KAO"M@9M-\/V]_%-;R21K=2.G`"@
M_+.>C'H:_1L6[/'%#F7!<RH^#P"<X-327)2Z,KE(XX'+LL<07=GC/'6@#P']
MIK_@G5\,OCM\!?%G@_3_``I8Z3?ZYITL=C<":;,<C+L7JQ]2>AZ5^<MI\(/C
M1KG_``3$M?A+K'@KQ%>ZSX"\:V=S;3-ITP6:V%]=SEEP@)`1DYV_C7[));XB
MME1F.QPZS8^[UZU92Y_?.TIM>1MXMTQ,.YZ=10!X7\2/!VMW?_!-9/#<%G<R
M:W>>$K2$6'E'S#*MO'N7;C=D'/;M7P=XZ_98^(LG_!#S1O!=MX2U:3Q3]IA:
M;3%M)C,H$-H#\FW=U1NW:OU?VH&`DW>>I)MFV_(JG[W'3[M&Z1#(ZF+S(SB)
MC"OEN.WR]/6@#\\?^"B/[.WC7XF/^S6_A_P_JUXGAK7K.ZU);>U>3[%&K7NX
MR84[<;TZ_P!X5WO_``7:^#WBOXY_LJ^"M,\%Z1>^(+RTU>PGO8+&!YS#%&R^
M83L!(.`>M?::,`PCMF`68?,S1!L2=@,]!BDBD"7)Q&%>+[Z[-Z/_`$H`^3_V
M\?A;XC\??\$B]%\':'HU[JOB'_A']%MY-/@@>26W:+[(6#JH+`C:W&.JFOG/
M]LK]DWXC?%7_`((E_#_P;HNA7EQXA\)VUJEYH:0RFYO`L$"$%%0OPV3QC[AK
M]/?F1RF1_I7(V1ANG.,>U.@N'@RP\J.1?D'[M3G'JO2@#\GM7_:+\2?$G]DC
M5_AQ\$_V<?&_AGQ+J6DS6]U=:IHMREJ(FRIVOOE;.YHC]WH&_'-\'_LS_$BY
M_P""*>E^`IO".L0^+=*\3I--:M9RAW62_O96<+MW84.O.T=17ZW0S1Z6TDEM
M'96]SO\`+_<6L?*XSV'J!4PN1;W,L>(53*G:8%PV1D\8H`XS]FK1KWPK^SK\
M.M,OK9[6YL-$L(+N*52K+(EO$IX//W@>N*^3?#OP2\7V'_!>;5?'YT*_3P@_
MAQ;2;4_L[^0[B\O7V;\;,_O$/7/S"ON)4PRK())3<L^TJ"!&%Y'3_/%1R$7!
MC7R-VW]W)D[6?'?/6@#\VOVD_P!FCQK^P=_P4&U#X[^"?!5U\0?!7BVU^QZQ
MI6D6TU[>1EGBD9HD"@'Y+0#F0<N/K6WX-_:+^*_[;O[1_A!?AY\+M?\`AKX$
MT&[CE\07/B+2I+-KB+S8FD53B5?NK,/O+U'/I^A<,@5+A2(?LT`)6`L),G\>
M>YIUMLLTVPQ06XG_`-9';P*H8>Y4#U_6@#\N_$?P;\>?\$K/VXO%_CW0O`NK
M_%;X8_$>=K[5TTFPEO)K";=-(`NU54#S;D=9.B'Z5Z-\#/C7\7?VX?VJ]/O=
M%\`ZC\.?@[ID;2WIU_3GLIKAB)0.=LBYP\/_`"T'0_C^@%RWGVS02-!]D4C-
MLT*R>9SW)YXZTBQX"VZ):Q6S2%#%;0HB%0.,E0/\XH`_+']G=OB)_P`$2/CW
MXV\/6_PR\3^/?A3XC<WNDW7A_3IKZ2)]L";6)V+TBE/#GJ/PO_L'^'OC1\6O
M^"PNI_%KQQX%U_0/"M_I+Q::;K3I83:#[/;QY;<H7.8L_>-?IX4&JPK;W*PR
M0CD))`KX^A(]ZDGOGO(T!95V?NMD5N%.P\'D<]*`'7C;[N4[MV7)W'^+GK4=
M`4)PN<#@9ZXHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"F3?>AI],
MF^]#0!ZAIW_'E']*6[&VSF_W#_*DT[_CRC^E.OO^/*;_`'&_E0!YE<M_Q,9?
M]\_S-,!S+Q3KK_C_`)?]\_S--B_UE`'PY_P6N_8[\=?'CPYX*\>_"BV_M#XA
M>#-1AE:%%D<^0BW+D;41S_K&BZKWZUV?_!-S]B/6/V>/^">^J>$]<,6G>//&
MUEJ(NY,N&CEFENBAPZ@Y`G7`VU]7B0B?,9DMWD_UEPJ;T;\.GI^5*A^U,6F/
MFF/Y49CY>2>]`'Y0?L9:5\?_`/@FGXL\;^"8?@=J_CFX\2ZU=WNG^(H--O)K
M4+)-*X:20(H4[7!X4C)KKOV`?V.?CE\.?^"F7BKX@_%'0(/[(\>V#2RR6T<_
ME68>XDE$)9HD`*GMDGYA7Z:"2X">7)(V#]UE7=@?6HY5D6WV+(95W9*N^&)^
MO6@#\M_@I\,?V@O^"+/C_P`9^&/A_P"!+OXF?#/7[L7VG0Z3:7%Y<0R^7$@W
MA8P`/DDZ.?O+Z\=_^SG^P;\7?VH_#_Q8\5?'"_\`[._X6=IKV.DZ`R-%_9$G
MV:6U1F#1(X.?+?DMU-?H=)=M!M<!>/X%_>&HIYTGE\]QN,WRHGFE1&>F<?7F
M@#\O/@MXZ_:O_8#^%>K?!.R^%NK>-X+6::#P]XAL-.N9[:UMW8HID=8E48C5
M?X6^O>G?&G_@FU\<?$W_``37N/#.LW[^,OB!XJUAM7NH((G=-.62&WS'\D*M
MD/$_5?XNOI^HD37$#>69"C]5?;N&/0FB-B['"-&>[I(6S^%`'Y_?\%"OV._B
M#\7[W]G6YT71Y''A75K6XU<M%+F#;-=DCA#AMKJ<'%>V_P#!6OX(:_\`M#_L
M#:[X.\)V2ZAXDN+!(H(P':57^SLO*HK'[Q':OI&-]C*@D*B.0398;P6''?IU
MH!E,1E;"SNX/F*H;@>W2@#\VOBA_P2\^(7Q'_P""?WP1N]#-MI7Q=^#ME"ZP
MW'F*MRS0V<<B;?*9LA89!C8.3^5?XE?M4?MD_M0^`+7X9Z)\)M2\$>)+V-;6
M]\4W>DW$=LKI\S2(S0NI#%<`E!][I7Z7.Z,^XKNEZ[UE(!]RHX'TJ5[^X?"E
MU9OX2B`;?Q%`'P9^U'\)/VD?V8H?A_XO^&^JMX]/ARW^RZYX>AMO.DO%\Z69
MBJQP%NBQKU7[]>)>./@=\6O^"K/[3_PXUW7OA-=?":R\!ZC#J%S<:G:75G/,
M4F@D/EJRLK#]P<Y(^\/6OU<W+"^^*,[N[)(7_2I'O;@G/VB#85*\1J&&?UH`
MJ:1IW]E:+:VL<BNUC;Q6C3$_,WE@+G'3G'ZU8==K$?SI/+:6Q\M5\L*VYG[M
MSFAG$AR.0>AH`*0'-**<%#]*`&T4KH4I*`"BBB@`HHHH`****`"BBB@`SB@#
M/<4#;GYJ0M@?*IH`4_*1[TI7$H3C)IC99,D8QVIS0,\7FC\Z`"BBB@`HHHH`
MO^%/^0JW^Z?Z44>%/^0JW^Z?Z44`?*?_``<2_P#*-WQ/_O-_Z37%?R\V_P!T
M?\"_G7]0W_!Q+_RC=\3_`.\W_I-<5_+S;_='_`OYU^D<(_[HSXSB3^(!ZTE*
M>M)7TZV/E@HHHI@%%%%`!2M]T4E*WW11'^)$3/9O^"<7_)^'PY_["`_E7]@.
MC_\`(*M_^N2_R%?Q_?\`!.+_`)/P^'/_`&$!_*O[`='_`.05;_\`7)?Y"OSO
MC/\`WD_1,@_W<QOB3_R#8_\`?'\FKDV_UI_W?Z5UGQ)_Y!L?^^/Y-7)M_K3_
M`+O]*^4>Y[(=(H]O16RP7CKZU\__`/!2[]ORP_X)O?`B?Q[?^'_^$B7S0BV@
M8+YX9E4`'8P!&[/([5[^KM'+,0,6[(H9O0\U^=W_``<RS1Z=^P';2&7S8HKJ
M-V]<;XZ0&1I/_!?;XD/H\&JS?LW:N^FNGFR2+J%NQBC!.6`$9)Z=AGFOKG]C
MS_@H'X*_;@^%.L^)O"220ZIH%I-->Z6RR(XD02%8SOC3KY?7!'-?&_P?_P"#
MBSP1X"_9WT6S;P9K=]J-IIS)*=D1@N!O8XQYP;T_*LW_`((.1:;XY'QZ^-ND
M31Z9<:]937-KH2#:EHT,$\6XJ`>2T.[B0_?/X`'W;^R7^T]JW[3.F^)9]3\(
MW?A$>'KYK-5DG5_M8$LB!_E`X.P''/WJ]?AM)+H!FD,()PI=2T9_X#7PM^P'
M_P`%!-=UKX`?&SQY\0I[:6S\#ZG<06\<0DP^+FYBA4AG;NB="*\Y^`>J_MB?
M\%'O`VH_$S0_&ND>!?#DURY\/:4TEY']JA(21"55Y!_JY>S#[GY@'Z7D^:K*
M`\6T[5YVG=ZCTI88EDOO*/SSL,QKM[#K@]`?>OD#_@E/_P`%!_$/[7`\2>"?
MB?I\6F?$GP0'6^^SJRI(J^2=WSR2-UG7N.E?8>ESI)?6A&H0I,6+QJ=VXJK<
MCI]*`/G;]C+_`(*!6G[9/QO^)W@:PT-]/E^&>H-87$TDF[[6WFW,9SE5Z&V/
M<_>KZ#23R6B:.(298H5QL5"![\&OQ0_8OM_C=\2?^"E7[1?@_P"#U[#X9M[S
MQ%-)JVM3O*@@/VJ_>/!C;/S$2#E3U[5]8_LV_MD_%?\`9E_;IMOV>?CUJ5CX
MC3787N=%UBU\YVN`/.`RTK]Q:L?]6/O?D`?H%'9S7MO(B(6<-E&>0?,N.Q/3
MFDFCG24)Y13C!!E&W\^AKX)^(VK?M4_M:_M/:]H?A>XTOX6_#+PJ?LW]J2FX
MBFOL>6Q(,<DBGB4]4'^K_/BOV*OVT_BK\'?^"A&J_`#XK^(=(\?^'Q9&ZT^[
MM_M$D^\QPR\M*X7&ZYQPG\/XD`_2R*SN9I"J6_E+QD^8HWGVYIEP'MYOG?R2
M@^;(R":_++3_`-M?XQ?M_P#[7WQ!\#^%O'VB?#'3OAU?M8:;;NUW"^H,))XU
M!\MI%/\`Q[+T"_?_`"^H_P!B7XE?'?P7I_C[1?V@K+0Y=/\`#;O<6.K0).3?
MQ^8D:\R2MUPS?=7K0!]6&UN978>0R<9W^8`N/I4:IY+A1EA@NW&-@'4>^?:O
MS(^"_P"TM^T)_P`%5;W5?&7@GQ_X?^&7P]BE-KID;M>0M=R81@"$:5>0S^GW
M/SZW]D__`(*V^(_"NB?%WPE\7XK&Z\5_!W3)=16[M$E\O5B+62\C&9)2Q&SR
MU/W._P!:`/T-GCDM=->^>,QP10S3;2P+2[%+#`ZCIZ=Z^=OV&?\`@H7:?MK_
M`!$^(GAVTT233)?`FJ7&FRRL^0YB=%)P47^]V)KY6^#.K_M>?MF?#S6/C/I?
MBW3/#6C2K=RZ)X=EDNU6[M`KX^1789\HJ?O@9/X5D?\`!MOXLU;Q5X^^/.I>
M)+<Q:^WB"\%]9ITCE\V`OP2?XB1]X]*`/U$/F0+)))&VV%L./,!R,9R!4BV\
M[V>\0,6^\!N`R/H:\5_;Z_:YTO\`8/\`V5M5^)>JQR7,EJ3:6L+#<KW)BDE4
M$94XVQ-_$*^-?#>C_MM_%/X#3_&N/QOI5M=RQ2:GI?A6.:\436T/F94IO(^8
M1)_RT'^L[=@#Z_\`VY_VWH/V(H?`OVW1GUA?&6H&QW1RB,VA,ENBDC:Q/,X]
M/NU[M%I]W<VL<BQ,Y>)9PBR!2ZMT`R>M?D)_P5I_:@\:?$#]B7X*>,==\.0:
M-X[LM9-G);,A"7=T+C3X]V/-9C\^3]\'FNI_:/\`%?[:?[./[-EE\>=3\8^'
M/L^FQQ74WAQ7OOW-O+L105\P#AIL?ZS^'\P#]49%>-HW:+;!(N5(<,2<^@Y_
M2I/LICB27_6QX9FQP>/X<=>?6OAG]J'_`(*VCX:?L0?#[QUX.T_3_P#A.?BQ
M.ECHD=Q$Y@A,BW6TX217'SVW]X]3^'E'Q,\4_M4_LG_"2+XOZG\3/#'BB/2@
M-0\0>'E>_=5M!F9U569!GR4/5R,M0!^G0AE:18C#L>3YTD\Q6&T\@8'?'%#6
M<[EH]HAD8[$)(?!'))`K\MO^"@G_``5K^(&A>"_V=_$GP:ATR)OBHD\.H6%U
M'-\EP(;(@J(YE``>X<\LQX'XXW[9'Q\_:^_X)EZ'H7Q/\3>(/#OBK2_$FTW>
MC$WLGV"1P3L"F5`-I('WFH`_63[._G3?NB8XQUW#)]\=:\>_;,_:<U/]DOX7
MZ-K>F>$KWQA=:AJ45D\%M<+&=CR%2_(.`HZ^M?!7[5'Q0_:^_93^$.A?'O5/
M%GAU]'.HQI?>&MUZ<6PCFD8[/,"]80/]9_%T]/;_`/@I5^W=XO\`AC^P7\,?
MB3\/9+33=1\1:Q:6\T-TLFQ%>=DDP(W!Y*D\L>M`'VIX7U:3Q/X1T+5Y86MI
M-9T^"\:WZM:/+&KF-L=2I;&?:M*6UGM(W66$[U/WU8,`/H*^'?V^_P#@I5XE
M_9]^"/PB\->!+:UN_BY\8M'LY()9$<P6\IAM))W&V1''RSR$<MT&<]_/_'%G
M^V=^PUH7A[QQ?>+M,\?P32`:_I+2W<OV7<F"`K/&.)&7JS4`?I#Y$LS2B!//
M(0F/#!=YXYYZ?2G2V4MNOS<L&4,%Y\L'KDU\5?M9?%O]HWXV?'/PS\/?@OHE
MAX0T>^@6_P!4UV[65&M,2-$R*T4W`PZ-]P_=Z]J\!\;?M2?M`_\`!-_]LKX<
M>&/%GQ`\/?$;PI\1M6MM,O5+7LTMOOGMX6QN:-1Q,_4-T'X@'V?X@_X*`6.A
M_MZZ7\!CHTLFJZC9&]74!+B-$^SO.,KMP>$(^]7T));D3E8V,ZQCYY`I12?8
M&OSF^(TB2?\`!P%X/E17\B;PV+HHF.5?3)F"_2L/XB_MG_%K]LG]OKQO\*_"
M?Q"TOX5Z3X#N)[2!&>ZA>[,4\L>3Y9D4_*%_A7[M`'Z:2P>6ZQ$[;@<O&5Z#
M_>Z>E,[]<BOE#_@GUXI_:%TKXM>*?`GQOCLM8T'287GTSQ+;><S7;@P`*6ED
M.>))C_JU^X.?7ZP9FF/FNGE._!B_N`<#\Q@_C0`E%%%`"'I6QX!_Y&$_[M8Y
MZ5L>`?\`D83_`+M`'::I_P`@Z7_=->9'[LW^^:]-U3_D'2_[IKS(_=F_WS0`
M^3[YIK'"\#/L1UITGWS1&_ER!@,D'('K0`6R/=3B'S&C\W`WDY">P':OAG]O
M?_@L]=_L7_M.VGPMT;X<W'CS79K43[(9UA\Q?,G3DNA4_P"I)^]7W):DP2X7
M]])/,&*?W/FS_GZ5^1/_``42_:PT/]C[_@N/H?B+Q!!<75A_8JQ*L&-T;^?J
M&2<D<8/:@#U._P#^"Y_QCM()(IOV8M;MY)OD&-8M&6$GO@+[5^@GP?\`&MQ\
M5_A-HWB*ZTHZ1>7D1>YT^0!VM"&(`R``=P7/'K7RGX!_X+^?"[XO_%/3/#.E
M:3JL5YXAO8[99I5CQ\WR]GSUQV[57_X*B_\`!1/QG\$_B7X&^#_PHM(+KX@_
M$:9(/M=PKD:7'(T"!V*2H1@7*,,!N%Z=J`/M<P/#.!(&C>5=T:-^\!&,G!'"
M\=C3)"8?W.WSFE&](T_A'L>@Z5^:7QR^(O[67_!,'1],^)GC?QAI/Q"^'LLM
MO#KUF)+N::RDG>.'"!WC4`2SCKNX3OW[7]OK_@JMK_A_P7\-?"WP&M(+CQ_\
M6;&'5+%[I'Q!!)')(,&.5".(7[GK0!]\75K+;!$^ZTHX"#.W\N_O389?M,;O
M`[;8N/+`.^0]\GV([U^97[1WQ!_:X_X)8>'])^)/B#Q1I?CSP<URL.O6\DEW
M,UCQ)(S@&2,<)!CJW^L_+TW]NO\`X*>ZU:Z?\+_!?P8BM1XY^+\0&GW,R.%@
M5FABE;*2*PVR3KZ].]`'OW_!0/\`;/M/^"?/P.M/B#?Z5/JD;7<5H;6.3&#-
M/#`#D*W>8'IVKT[X7>-!\3/A5X>\31V[1+XJTZ'58XB^6M1*H8`MQG'3M7X]
M?\%A?!G[3?P!_9>\/6/Q)\3:=XT\-:[J=E)>/%)<R26,WVRT8I^\8`8D91T;
M[O7O7ZU?LKJD7[*/PS*+*X'AJR58CC=,OE#'M[_A0`_]H7X\^'_V9?@UJOC+
MQ#*D&GZ3;O*'5&'VB159P@VJQ&0K<D=J^,_AQ_P7CGU'X@^'XO'GPJO?"'@W
MQ3>I9:7KDEVER)F:58@2L49<98_Q`=*]9_X+.V_@K4_^"?OB33_'6J-HL%\K
MBQ"$#S[LV]P$095NJ^9^76OS2_8.^*'C+_@K+XL\'?`[QA+!X:T/X672:P%;
M>LEZD5P+B,YW2J?DQ_"OWJ`/W0TN[CU2UM;VSN7>UU*%;NV?D!XW7<N`?N\$
M=<5R7[2GQCB_9N^`FO\`CVZM&U"#P_&KRP+*$8YD1.3@YY?TK>\&7.CV^A6.
MBZ+J2:E:Z#9Q:<Y7.;9H4$9[#J5/;M7B_P#P55LH;_\`X)O?%&(^8I^P0!"A
M'F3$7<'S9Z<_TH`^/_AS_P`'"_CWXG>!X?$ND?LX:I<Z3,?EG34+?]ZO.?\`
MEF#V].U?4?\`P3^_X*I>#/V\]5UC05TV[\%^-='16O-&NV=I(`0Q!!\I%;*!
M6^4G[P'6OB/_`()B_P#!>GP9^SW^Q/X0\-ZAX1U^>XL8RC,BPX?+N?\`GJ/6
MIO\`@F9XWT#_`(*4_P#!8?Q1\:M)M(_!JZ!:PQ_V<$\N6]Q;P)N<#S`<?9?[
MPX?\@#]<+6%9(]\6Z<;FCWE"A+=._/6BVLY+65H3\TB<NB-L7/0G=]T_A7YW
M?'+]NWXM_MM?ML:_\)O@EXCTGP/X>\$326VNZWJ'VE&FES*I6-H7/1[=Q\T?
M\8]Z/A#^VM\4OV5/VJ+?X,_%W6]#\;Z+XJB;_A&M8M5N7N%E'F'#M*X&/+MV
M/RQ]7_(`_1$VLL%G%O?YV.&([+SFI(V>Z@DN5@^SV^1&DN\%F[$X^]U%?&/_
M``1\_:V\<?&C7O'_`,/?BM<6-UX\\$SMY_V42[#;!+<D_O'8YW3KZ?2N.^#7
M[?WBSX@_M:?';Q7=3J?@]\&M),L=N-_[R?[!YY!!<J?WD$O0+U_&@#]`+:U\
MT9#&0Q\NA&TD=CN/!]:BF$D/SF$B)S^ZRPS)[8ZC\:_,3X)?&O\`:4_X*26N
MO?$7P[\0O#/@#P5;7-S'H6E[KZ*:]6)GV%@K2(<@1]"OWC^&U\&/^"IGQ`\9
M_LR?%CP]XJ_LJV^+?PM;R8[Z!)A%=HDUO"2"TK/DLTQZKQ0!^D4MN\<9ED_<
M+L)5#\Y9^RY'X\]*6WMY9V8)$92!@G(0*3TZ]:_+W_@F?\9OVK_V^K3P=\1I
MM7T_2?ALD'EWMJ[W(ENY!.#Y@'F.O^KW+S7HNI:I^UA^VW\6?%2Z'X@T;X5?
M#O0VCMK*[D:ZBDO7$05FS&\BG]Y')_"/O4`??N!`VR4GS!PV!P#]>GZTZ.SF
MNG*V\?FN/E*EPNUN_)X/X5^=G_!-C]NCXL6G[8OC?X"?%?5O#_BRS\+VLE[;
MZI;K<O-.D<5W+DM+)CI;K_RS'4_AE>#/CK\?O^"J_P`>/%R?"GQ19_#;P-X#
MOIM&2\#W$!O)H7R<[&D!RDT?\*]*`/TH>,))MY(4;78C;\WX^U,@M+B\BQ%'
MNG!R8RP`V^NX_+T]Z_-#]C+]N']H#Q/_`,%3M0^"?Q?N-+2R\/Z0]Y,(!<?O
MU%S:(6.^5P>)V'W14Q_;&^-'_!1_]I7Q3X6^%/B;0_AS\//",OV;[7)]JAN)
MI]@')C=T(\Q)OX`<$>]`'Z3R@Q2%3GL/NG@]QGO2R`^?Y:]QD&O@K]B']O+X
MC>!/VP;K]G_XU:SHOB/475SH.JV"W!:Z1(IW;>TSG)V1QGA!U/X?>C)+;+L;
M_EE,T9/L!0`N0W3I12M$L+;4^Z.E)0`4444`%%%%`!3)OO0T^F3?>AH`]0T[
M_CRC^E.OO^/*;_<;^5-T[_CRC^E.OO\`CRF_W&_E0!YA<Y.HR_[Y_F::IV2<
MTZZ;9?2G_;/\S3[6'[:]`'RO_P`%6O\`@I.?^";GPJTN_L-`?Q/KNL7R6]OI
M<<H!=&CG;</E8?>B`_X%7I_[$7[5FG_MK?LSZ'X^M+-+(WPE6XMMVXP.DTD6
MW[HYS&><5\,ZSXET3]MW_@MC/::QJ%I;>#OA5IX6T5@VVZG6XM95R"&!^6>0
M<!>GYS?\$A/B+;?LO_\`!0GXG_LZC4H=1T>:1=7TA_F)!DC:Z=0?E'W[O'W.
MW7N0#].5@F>UB"OS,S?)OQY8&#R<_P"<4LMK-.)ML$*I'\HF2YCFS]0I)K\M
M?VUOCK\=_%?_``5LL?@=\-O%5OX?TCQ38,UR\DDZO#Y=O-,Q4HVT?<;JIK(^
M(:?&S_@CO^U=\/SJ'Q(NO'_A#QM=/:W]I>W4T_E2^5.Y*@"$`?NDZYZG\`#[
MS^(_[<GAWX<_M9>%OA#]F$FN^)T2:.<2;1$IF$6T_+C.6!Y84?$+]H'QQX0_
M:[T;P+8^"$O_``IJNU9==-Q!BW)$.2$)W\&1^G]ROS9_;3_8]\9>*O\`@O#X
M3BM/B#+IMWX@BAO[-5N'7[(HN88MH_=G'S<]Z^H?BU\>OB!\,/\`@J_\)_A?
M#XG)\-O;$7N^20B_;_021P0"29''*]Z`/6_A-^W[<?$7_@H/X@^!K:0(+?1(
MVD.J/("LF$N7QC`Q_J,=?XJ^E9D>`>8-A4.<K#,K97MRI(%?CQ\5_AW\3OC1
M_P`%O_%_A#X:ZY_PB,=_!)_:-Z\CQF%1'>.&4QYQNVN.5/6O0K;QA\7O^"1/
M[7W@7P9XM\;M\0_A]\2@1)-<S33SV\A2=\*3Y2#BV3JC?>/X`'ZC/:O=Q8B6
M-^?G)D6-4^I)`;\*)(9(H8[DF/R-PCW1R+(K$G&,*3CI7YQ_M!?%SXJ_\%#O
MV\]?^`_PT\0GP#X%\"0?;M6U>TDEM[UW4PJ4#@NF"EYNYBZH.>,'&M_&OQH_
MX))?M9>!_"/BKQ<GQ`^&?Q*OH;""XO)9KB\M6,L,;.K9BC!WW#G[A^Z./4`_
M38Q+`Q;]W'$QP=Y&"3TYZ#GM7RU^V9_P42F_9,_:_P#A3\*8-"CU8?$9OW]\
MDRJ+4>7=/QP<\VPZ'^*OG/XS_&WXJ?\`!3#]N36?@O\`#CQD/A_X%\)H)=1O
M[26:WO)I")64E@9$.7M>?W?\9]>/FG]ISX(_%/\`9^_X+!?LZ>%_'?BB;QGH
M$1,NG7\DSRW$B>1J*+N9@HZ(3PH^]0!^KFA?M`>/;K]N36OAA<>!OL/@>TTU
MKF#Q2+J#$TWF6ZA/*!\T?++(<GC]W[BO9`L;1AU5%0OM1)&5"2#C)=L`C(SC
MWKX=^'O[4WCO4_\`@O1\0_AOJ>JR7/@'3_"LU^ED7<HKK<Z<G`+;<[99.W>O
MGSQ?^V'XD_X*9_M0^-O#5E\6(OA-\,_`%Q';JEO-/;W=V6C'F-D+-&=KQ2?P
MK]X=>:`/UGNF:(>=*_EQ)A24;S$.>!]W(-231.+@&);=HB-N'N(X27[X#$'&
M,5^6_P"RC^WCXC_9'_:\OO@QX@^($'Q1\)ZSI,M_X=N)9)Y[@R16MQ.`Q;RT
M_@AZ(.AYZ5YI\%/B-XD_X*0_$3QQ?>-OCU=_#/Q/H.MW.FZ?H5A>301Q1Q['
M#,IBGY_>R+PX^X..Y`/V2E06TOELWG/G:P52H1O3/0\>E4?$GB&T\#^%-7UC
M4;J."TT:TDO9RRGA(T9RN1GDA3_A7@G_``3CT_XX^'?A9>Z-\:[BSOKBRF*Z
M=>0&4R7T>`?,)D9LX)=>@Z#BO._^"[7Q8O\`X9?L*KIVG3_9?^$^UBVT:>89
M$B)*[0$`@]PYZ@].E`'J'["G[6>O?MAZ3XT\0SZ%_9?AG3-6ET[0I-ZLVH+%
M.Z._9@-@C8;E'WN,U]`-;L6!C,#*RY"O.D3`_1B#7SQX/\7:3^P+_P`$P?#/
MB"..2*#P[X3T^\S+@K<7,]O`A;Y=OWG89Z=:^`/@_-XT_P""C7@:X^)WC']H
MN7X=WNM7#/IFC6%[<0)91,J2KN5H9O\`GJZ\/_"/J0#]@E(D+)RIW;8W92`_
MX=O_`*U`.#$^-ZN"OECJ6Z#FOB+_`((W_P#!1?7/VN])\4^`O'-]9ZSXR\!N
M6?4K42[+P@1,"#([,?\`CX`Z#[M?0O[<W[3P_9`_9/\`$_CWR4.I:=:S16*,
MI*_:6CD,6<,I^^J]&%`'K#I)!]Y(CD]/M"!U]MN=Q_*B:-[9OG"C=\P4,&(7
MMG%?EQ\"?V4/VEOVC?@@_P`?I_BW/H_C#7()M5T31UO9ULA;.GFJK)L9\B*3
MM+C(':O0O^#?']H_XE_M&>$?BL/BSJ:ZCXD\.^)+O3VVM(5"HEF<KO9CC=(_
M>@#]!8W604(HN)TC601G!WLPX'I4*R@VV5]:\T_;B\9ZK\./V*OB7X@T>X2W
MU+2-"O+JU?Y@5F2UF>/H0?O*.]`'JJ6TLIRT<5NF2B&2ZC'G$=2.>G?\::(6
M4Y`CE*<.C2K#^3,0#^%?C]^S7\(OVE_^"A'[&?\`PM#6OBM<>%9/#:22Z?#;
MWD\:W`C"G#`K(3D*HX9?O59_8=T;]I/_`(*]?!?4KO6_BFG@G3_`NIR:#YVG
MW-S!+<RPQ0N2Y83`Y%P.@'0?B`?KL86>$G`/G#,+!AA>V3Z\UX#_`,%(_P!N
MF/\`8!^!*>(8])&OZ[*YCMM/CD"M>,>@7Y6`Y*CGUKQK_@A-^TMX_P#CAX/\
M5^`OB;>6VM^)?A]>?9%OOWC"XC*12X)=R2<S>@'%>6_M?>.-,_:Q_P""RG@C
MX?SW]KI_ASX6`:C?G#`2.RV5RJGA@?NN/NCZ]Z`/KK_@G!^W/:?\%!?V>X_%
MD-@-,UN&X^R:EI1?#Z?(I"D,2JAOFWCC^[6'\8/^"@MW\+_^"D?A'X`IX?\`
M.M/$>F)?OJ_GJ1'F2[3&S&?^78=_XJ^5_P!B+QQHO['O_!9'QQ\.[.^M9_"O
MQ3GFU6Q8!N)\7UU(!PHQED_A/U[UQW_!6^P^(-U_P6Q^%VG?"Z>TLO%D^@Q0
MQ7%QY@A`$VIDYV$-V-`'ZY747D2S*DD4OEC<PC</Y8]\$Y_^O7SQ^VK^U]J_
M[(OQ)\#/=:.MSX%\0WT=C>:F)5S#)))"BC:,N.7?G;CY>M?'O[1'@7X\_P#!
M(#4_#OQ'@^)%[\0?!]]JD.F^(;?4[N6X$4;AY7("K"/N6X')/WCQZ?67_!1+
MPSI7[4?_``3/\2:S8+%!Y>CG7],9!CR[B&WDEXX./W@^OO0!]'V%XFN:/I]]
M:$?9]4@2\@;.08G4.OX[3_\`6J9B#(VW[N[Y?I7S1_P2`^,][\=?^"?7A6?4
M[@S:UH"KI4C9/(ACBC[DG^$U],R/G"[=OE#8??%`%WPI_P`A5O\`=/\`2BCP
MI_R%6_W3_2B@#Y3_`.#B7_E&[XG_`-YO_2:XK^7FW^Z/^!?SK^H;_@XE_P"4
M;OB?_>;_`-)KBOY>;?[H_P"!?SK](X1_W1GQG$G\0#UI*4]:2OIUL?+!3DZT
MFPTJ*=U4E=V`=2,^UL4XC"`_WB0/PJ:STC4M4L;FZLM+U&]M;,!KB>"V>2.`
M$@`NP!"C)`R>Y%3.T%J;4\/*>J(%;/:DD.5%=5X0^`?CSXA^#+KQ#H?A37=3
MT:S!,EU;6$LL9P`<*RJ03@],URDD;QET='CD@<1R(RX9"?45G2Q$7-)%5,+*
M.I[+_P`$X_\`D_'X=?\`81'\J_L!T3C2[?\`ZYK_`"K^/[_@G./+_;U^'*]3
M_:`R1R!Q7]@.D?\`()M_^N2U^?<7_P"\IGW60?P+&+\2!C38_P#?'\C7*-_K
M3_N_TKK/B3_R#8_]\?R:N3;_`%I_W?Z5\L]SVAR+E]B?)M7))]Q7YS_\'.$Z
MV?[`EF3<;5@OTDFDXQ&-\0YK]%)`9(QS\V0#]`:Y;XR?`SPC^T/X5ET'QGH<
M&LZ.S[OL\CD"09!'3!'(!_"D!\Q?L]_\%5/V6_#OP'\+6FH^,_#D%QIUIF:-
MK^U#,`[?+@S=>17R5_P3WGLOCK_P46^-GQ'^%VG7>E_"FX\/7'VJ:9#LNREC
M'&^Q@9$.6BGZ..OY?=:_\$?/V;V@$;?#J/YFWEQJ5S\AZ8"[^17M_@'X/>%/
MA7X3FT/PSX>T[0]*FA:![>WC`\Q""&#-C)W;FZ],T`?EQ^R'\*K_`./_`/P3
MY_:C\.Z!!,;ZX\1RW-I"RG=(L.I7,IP`&)RJ>E>[_P#!);_@HU\*?`O[#FE^
M'/&'B6Q\+^+/A]!'INIV&HW,%M/NB@@B941I`Q`?</F`/RGTK[,^%_P5\,_!
MF&]A\.:=#IT.KR//>JH)$CL68@@DYR7;\Z\L^)__``2^^`_QA\8R:_K/@55U
M6YYGDM=1N+=)&+,Q+1QLJDDL>H]/2@#XA_X)\_"%_P#@HE^U!\=?B$AU+PYX
M!\60S6&E78BQ)*["R(*YW(>%DZ.?NU]$_LP?\$4_#?[-OQXTOQ=:_$77M2ET
MZ3>;:=(0#^\1\<#/\/ZU]:_#KX9^'?A)X0@T'POI%MH>EP#`A@&=Q]<]<UN1
M-Y:?(!$_4G&\MCIUH`_)#_@EG^V=X+_9W_X*9_M(>&O&NHQ^'(];U^4V.HW#
MQQ0D1W.HLY=I'`&0R8P#RW:NH^,WC>U_X*!_\%F/A])\+_\`BI/#/P[T]AJ6
MK1$26;RJM_&0LL1<?QQGG'WAZU]P>,O^"=_P7^(\FL76M^"K:YU#7)?.O+B*
MYEAEF8N6)W(P*\D].N:ZG]G[]F#P#^RKX?DT?P%X<AT:SNOFFG,SS3YPHQO<
MES]Q?XO6@#\K/`?BN#_@I/\`M9?$.R^.?QA'POT[PS>$VVAWSVEEB-4@Y7S%
M#L/WT@R3Z^E<9^Q_I'PP^'?_``7%TVS^%[ZK>Z3:Z<RQZI<!6@U:3;9'$;K(
MX;#[T^7'(K]4_C!_P38^"?Q[\:1>)?$?@\'6V8"YFM;Z>V^T)R2&$3*#V[=A
M71:'^Q7\)_"NIZ)>Z1X,M-+U#PXQ?3[N*XD,D1WB3YCG+_,`?F)Z8H`_.SXX
M>&/V8O\`@H;^T=XL@^(DI^#/Q-\(WMS;PZAJ-TMDFH*CR*)%$LY#`K#G(3_E
MH/6J7_!.#6O'GB_XA?&+X*>'O$T_Q$^'%O8[-/UB"..6W#I<J`!+$F#^[BC/
M4_?'K7Z$_'W_`()Y?!O]I_Q.FM>+?"4<FL1)L-W:W,ULTW`!+")ESG'?/4UV
M7P*_9Z\$_LQ^%/[%\"^';?1;(X:5EE:269L*I+.V6Z*O&>U`'XC_`/!*3]D+
M]GO7OA%<^$OC-XZO_AK\0?"<Y-]8ZO-#8+'A4.]1)(KD?O1U4=Z]#\!_LR_#
M#XM^'OCQIGP%TWQ-KESI>ASS1ZY)!YEOJ+I82$)$\<DBN2^4^Z.5Q7Z=?';_
M`()O?!7]I/Q/+K/BWP=%=:G<+Y-Q/:74UDUPO7+>2R\]OP%>B_!OX(>$/V=O
M"4.B^"?#]EHE@`5=%'F,PW,?F9LE_O-U/?%`'QE_P39_X*4?"OX?_L(P:%XO
M\4:5X;\7>`[2XT^^T>_NX;>\,ZQF+`B9PWS/&<9`^E>>?\&\7Q)M_C-\8?VB
M?%5G#/8V^L>([Z>%)D"E@T\+CN>S>O:OL;QI_P`$S?@7\0_B/<>+-4\#0-K=
MP_G7$D5Y-%'>.222T:L$&"2>ASFO0/A7^SUX+^`DUY)X+\/VNB_VI(TMU'"Q
MP6.">O7H/RH`^9/^"_/P.U_]H3_@FM-9>%M)GU75?#VK+KDMO#&\CO%'9W<9
MPJ`DG=*G8#GK3O@-_P`%:O@SH?\`P3\TSQ'<^+K*SU[PQI-Q;R:$;FV%]]JC
M,P1/*,N?F,0P.IW#CFOLPN7:16$;P3+Y4D+QAT=#U!!X[5\^7O\`P2G^`%]X
M_7Q+_P`(&D6H"87$L2ZA<?9[AP003%O\L=/[O<T`?$?_``4+_:3UO]KCX&_`
M#Q=K_AZYT:VOO$\[6D<L!C:2W^TV!BE(Z?,NTY!(YXKZX_X+38/_``2:\>EH
MA+"--LQ`$)+-_I=M_2O<_'/[/G@_XF:+HNF:OH5J^G>&7#Z9`F56#!0A1MQT
M\M.?:M;XA_#;1/BUX.N/#NOZ>MWH=WB.6T:0[=BD,O3!ZJ/RH`_%#]JC]G^X
M\8?\$M?V7/&^IV.N:EX8\.WMO%K8M+8N]K;@ZE([G&```1R6'WA7=?%_]F_]
MBKPM^SD_C$_%*\\4RZM:F&R\/VEY:RW9N-C((3&LX;YG7'4GYABOUNTOX1>&
M-#^%=OX(M]"LW\(QQFU?2Y?WB&,[B2&;)!Y(X]3S7D/AG_@D_P#L^>#O%_\`
M;]EX%4WMO()[:":^N)8(Y00P.QG*?>`/W:`/S;_:U\+Z9X-U3]BNWT30M8T+
M1;R_N98;"Y@*R[#%IQ5B&9CR"#]ZOK;_`(.5-\/[*^B@"0[=7*K$5^8+\N,#
MT]Z^O?'7[.O@CXI:[X>U+Q!X?M[Z\\++MTEED:-=/^5%^55P#PB#I_#5OXL_
M!/PQ\>]'_L[QAIRZQ:0/OA$CL,'Z`T`?)W_!<5U7_@DK=7`4>1Y;Q#:<D_N+
ML_TKY^_X*4.I_P"".'P'&]XD_P"$ALF0@#)/VZ7U]Z_37XD_"'PW\8?`P\,^
M(M)CO]!/+63RMMSAEZC!Z,WYUG>,/V;?!/Q`^'FC^$=8T2"]\.^'YUN;&V9F
M`C=7,@Z'/#$]30!^:O\`P4K\(:I\(_BK^R#\;I].N6\%>$]`MXM8O4B8B$3V
M%C`C$G"`;F[L*^K?VM/^"R'PS^$_P_T[5/AYK6D?$;Q!XJF!LM-TZZANY[96
M`?YDCDR,*&]:^FO$WPWT'QW\/G\(Z[IEIJGA@V\=I'8S1@K!&@`4!NO&U?\`
MOD5Y+\)/^"9/P-^!WC5/$'A[P;''J<#-Y+7%U-<QQ@@C(21F4<$]J`/@3]LG
MX[^+_P!J3_@I]IWPF\?^/_\`A4'@E-*^TCS%@A2_<7*1X#SIG)6:3@'_`)9^
MU?/?[:'PL^!WP)_;.^`5I\+O$=]X[U./QCIJZGJT$D5Q$F;ZU(7,<A49!(^Z
M/N&OV>_:(_8G^&/[6=U97?CWPW%J&JV(#17]O-):3@C=CYHBIQ\YXSCI6;X?
M_P"">GP2\)Z#:Z;IW@*UBM[&9;J*22[EEG$RL75Q*Q+@AB3U]/04`?)7CF<R
M_P#!>?P+)'`WS>$;=XG(X)&E2G:??M^-<G^U3X?_`&:?V_OVO/%_A/XL1M\*
MOB)X7O9X;+5K^Y%E!J,*32`.IDG^;),QR$[?E^B]M\`O"%K\0[/Q<-'1_$%E
M:I96]PTK%[>)8S$,$GGY"17*?M`?L$_"3]J#48[_`,8>%H[K5XAY?]H07$MM
M-(@).3Y;*2268\GO0!^?G_!'CXE^+/`__!1CQ;\)O#OC6;XC?!ZST.6ZM]5A
M2&6U@N!<V*`>=$F/N22'!;O7ZP2H8;F2/=Y@0\2#H^>>#[=*X/X$_LQ^`_V8
M?#-QI'@/P_:Z';3/NDE!,T\ZX&5,CY<`X'?^$5W039T8[3T3'W/Q[YZT`+11
M10`AZ5L>`?\`D83_`+M8YZ5L>`?^1A/^[0!VFJ?\@Z7_`'37F1^[-_OFO3=4
M_P"0=+_NFO,C]V;_`'S0`^3[YI%!8X7[QX'UI9/OFD!.>.#V/I0`^P?-[&0O
MFRI(%9?3FOS$^/$%I-_P<+:#%<1&6*31<LK#Y4/G:C7Z=`F.!V&(6R,2#G<<
M^G^>M<5J7[/'@S6/BW;^/+S2(9_%%O`(!=EV#D9<^N.LC=N]`'7W7A;1-*UX
M,-'A+P7"E90IXX^M?F?_`,%++F[_`&2?^"KOPI^-.LZ7/+X(N)%LK_4(D8QV
M"%K!&9V;:B@+$YR6Z*:_3*X61()"RR%RVYDYW#CL.M8/Q/\`A3X8^,/A2X\.
M^+-'MM>T>]A>-X9>,!E()5QR"-QZ'.?I0!\-_P#!9C_@H'\,?B#^Q?<>$?`?
MB>T\;>*?B+<6#:5I>ESP7<R+]KMI7W(CEOEC8DX#8V'TKYI^+'P\UC_@G'\?
M?V7_`(N^.M*O_P#A'M"\*66E:E/;0,QTZ1;>\!$GF!%7YI5'+9^:OT@^#W_!
M,'X%_`SQ[%XE\/\`@W_B;6&YK6:[O)[E;8NK*0L<KLO`;CCL/05Z]\1_AMX<
M^,_ALZ-XKT:UUK2F`$MO/'Q*1SD'JG('3TH`^'/^"S7_``4/^&?C?]C*\\%^
M"O$]CXY\4>.)#::;8Z7<074@$D%P@9UC<L!O`&0#]X>M?.'QE^%VM_L%_'W]
ME+XC>,[>\A\,^&XI;76KF.$^78?:;RTE1G9PBJ`BL3DC[IZXK]%/A%_P3$^!
M/P)\4G6="\$>9J.<0S7=]<7(M!E3\J2LPZJ#VZGU->N?$_X7^'OCAX-N_#WB
M_2;77]"N8C"UI+&$R"I7(<?,I`)QC^E`'YP?\%\O^"@_PU^(W[).C>&_"'B*
MS\57?B74[&](T^XAN/L\;7MG*N_8Y(.W=V/W37Z!?LJ1-%^RG\,X%;>!X9L4
MCG_YYXB'![=/YUY]X._X):?`?P%I4UE8^!X[B.XD693=7L\Y@(;<%7>S<#H.
MG2O<M%T*W\-Z#9Z7I\?DV6GQ+!;6Z?-A5&`,]1Q_*@#\P_\`@N!*O@#]OCX*
M>+_B):7LWP?TF]M0T\"?*ER)9W!=B40#RA-_'Z<=QYE_P7Q\??"#XG:'H?C#
MX*>*UO\`XN36T=G:6^ARP7DCV[PPH49`[G.$B'"'OS7ZW?%?X0>%_CAX+F\/
M^,=$M?%&DL^R.*<;2C%6`8,.1PS#@_Q5YI\$?^";'P/_`&>?$O\`;/ACP5`-
M5VLRSW]U+>"$YSPLS.HP?Y4`?+/_``;B^/O!,W[+6L>'+:[O3\0_M*R>*+*]
MV)-#<;Y&+;`Y9?W@FZJOW>GI]+_\%6),?\$YOB4B--N:UAC#(H(8"Y@.:]'^
M''[-G@7X2?$/5_%WASPW:Z=K&O<ZC+"QC2Y;Y^0OW>LKG@=ZZ7Q;X.T_QSX6
MO-$UBP-_I-[&$GMI`5!4,",=SR!^5`'YV_\`!)7_`(*7_LY?#+]@KP9H7B#Q
MIX8L-7M`5GBO-0MHF!W2'D&4'N.U>6^/_BIX%_;._P""NOPZU;]G73I)QIDB
MGQ7K5H?/M98M]D`-R/*@_=QR#HOW3[FONB+_`((_?LV6L?DQ?#J*2,+N'EW=
MP-A]P'XKU;X'?LQ_#O\`9HT:ZM?`'A;3O#46HC;-,J>=*2-P^^^6'WF[_P`J
M`/QH\/\`[(/@#P5_P5(^+'AW]H'6-5\$2^,;^34-`U*0);V5S"TEW,<R2M'G
MY&B^Z&Y<<\YKU?P9^SW^S3X%_;8\+Z)\.[W7/BEK6G.\AO+!H[N"P.R9#EHI
MN.G=?XQ7Z8_M!?L>?#?]J33X(?'GAI-;NK-`(-1222">,?+P#&0<`(!][I4'
M[.7[&_PQ_9462;P/X9M]/O+@;I;^X=[B23(`P#*6(Z9X/<T`?GG_`,%<O'NL
M_P#!*K]N/4/C+HUI=S6'Q`T1]!9HXMWF7DLJ2J?FPOW+(]#^'4UZI^SC^Q/K
M%K_P11^(.EVULZ>-?B)I&K:G/`ROOF9OM[1+MVYR5F0<+WK[7^+_`.SOX._:
M)TVTL/&^B0Z]:V5PMW;I.6(CF564$$'T=_SKJM-M8]-L8H+2..""UB$*P`#"
M(!@+CN"!0!^'/_!./]D[]FSQ5\#+O2_B9\1+OP#\0O"-U<0ZOI=]<V]JT@4L
MIV))*&(/EOC*KU'X=S\&?`7P?M?V>OV@-6^$NC>(+[1=,7[.-9NH\PWK"[MN
M4=)74@JR-^-?I!\7O^"9WP0^/?C1_$&N>#(K?6+KFZN[6\FA\\CGYHXV5>3G
M/^\:[G1/V:_`G@[X2/X&TCP[8Z7X7GC6.YM(_P#EXV[?F9_O$_(G4_PT`>1_
M\$G+S_A&?^"57@O5+6/S9K#2Y9TB09::5992%`]Q7YZ?LR7&E_\`!1GX@_$/
M6?CO\9G^'T^B7C11>')7M+:4VZ^8I&UPK_-'$C#G_EH.>:_8CX>?#S2?A5X.
MM/#OA^R73=(TIMT-MDNF.3U;KRQKR#XF?\$O_@7\6OB,WBO6/!SC5IV62=[7
M4+FT6<J%`W)&ZKT4=O7UH`_,;_@ECX1^'.B?\%;OB-H?P]NM0O-"NM"GTZUO
M;[8HNYELM13=&5=@P)(/'J.*]K_X)4?M4>%OV"_%7Q3^$_QGU.3P/K,GB2\U
M#3Y]2\JT2]MV\B)70RLA;)@DZ+CY>OI]]>%?V/?AI\.]?M]8\+^$;/1-9TNV
MDAL;J.9F8,8BBE@?O=?XL]37YW?M`?'J3PS\:O$>D_M,?`;6/'%Y%J$S>']?
MT.TGS<6>\B(,+2W`ZB9N6/WQ[4`,_9X_:7T']LC_`(+T>*=0\)"Z;2X_#DEC
M;Z@R+B4&[T]LJ59E/)_2O"OV2?V._A&?VH_B9X-^.WB35?A[XPN-3\^T^VF.
MSM9H&WOO#2NC$[)(3]W'S>F,_6/_``2O_9XUKXO_`+<WB3X^S^!Y_A;X/%FV
MG:)HT\3K--F6TEWL'2)P<Q2#!4_7M7V=^T)^Q!\+OVKI8=1\;>&(I=75F_TJ
M"62VF8`A1EHRI/RJO?M0!^>_[$WP-_9\T3_@I=I2_"EM5\;WOA$7-O=^(]RR
MVMN[6\\0`>*9DP2KCYE':OUAOQ(ES,DCCSO/9O/_`(6'\OTKSWX%?LL?#[]E
MK29[#P+X8M=,^U*C7%P7:66<\]6?+9&YN_.:[X1A58%C(IY`/8_6@!1],>U%
M(.G/-+0`4444`%%%%`!3)OO0T^F3?>AH`]0T[_CRC^E.OO\`CRF_W&_E3=._
MX\H_I2WQ_P!"F_W#_*@#S*[`\^Y)^?\`>`!!_O<UYK^V-^TA!^R9^S5XK\:M
M'(]SHB*=/C0`M(3)&G`)&?E8_E7I-PWEZC,W0%F!8GIUK)\9_#[1/B)HL&D>
M(M.36-)=MTJ2Y"-QWQ[@4`?E'_P2^_X(?>#OVC/V9[/XE_%>YUBV\1>.2;AH
M74PO"P)C&1E<<1?K6%^WQ_P3?T;_`()1_&KX2_'3X7C5KNPTOQ!:6GB!2ADS
M;-<V^[J2!^[CDZE?KZ?L-I6EV>@:(+"RLH+:RA4I#;Q'Y;<GG@?B?SJIXV\$
M:+\2M'GTKQ%I=MK6DKMD%I+]UV`ZY]0<_G0!^:7@3QC_`,+2_P""\OP^\;6=
MI<MINO>%5O;>8Q_+#YNDW+E202,X<#J:Z#_@X9A>[^)7P,\JUN[E/[9<S""/
M?L/V6ZY/IVK[]T#X,>$?#&NP:OIWANTL[^RM5M[256)>V14*;1D=-IQ5CQ5\
M/-`^(7V&;7]%MM7GL\7%LTP_U,A!4X./0G\Z`/ST_P""C_Q3TO\`9D_X+.?"
M_P"(7BZ*\B\-QV<5L;Y(U$<6;Q9.69E4<1,>O:G?'S7H_'__``6X^$6OZ6UU
M>:)?6YN1<"-3&H_XE^W+#(]>_:OOOXJ?!/P9\;=/2V\9^';/Q,$.4:8>6T/!
M'##G^(_G5G3OA+X5TN_LKRV\.VB7FD1&&RN#R\2G'`R.VU?RH`_,"^_:TTS]
MCO\`X+D>--<\7Z;J4/A'5(&6;55A`A@_=WH4EV95&6D4=>]7OVO/CO:_\%5?
MVY_@_H7P6:ZU_P`,>"S]KU;6(HUFA@;RKN,KOB,BC[\1YQ]\>HK])/%?P#\$
M>.$O7U[PGI>LRZD`EQ+-&-P`.>N/<TSX1_L\>!/@';75EX&\,6/ARUN1F26$
M;I)3QW/S#[J]Z`/SH\*?%*U_X)2?\%<?B3J?Q&L=7L_`7Q(M3]@UOR`L"SL;
M)`#)(R)]VWF/!/W?KBM^VO\`M*Z?_P`%/?VM_@KX*^#MO>:]H?A'7K?5=7U?
MRUDAB1;JUF^_"T@&`)!SC[E?I3\3_@UX/^._A\:;XS\-66NV<#>?%%.?G64!
ME&),;@,.W?'-5_A+^SUX`^`,$T7@GP?8:$;K'FS(YD?'.0"PS_$>]`'YM?##
MQ?;?\$H/^"I/CG6OB7:RVO@?Q[#&;#7(QB*VE479<,\AC3EKB)>IZ_3/!_MO
M_ML^&/VS/^"N_P"SI#X&74M8\.>'96AFU18HW@N)%M]1!P\;LOW70]NM?K;\
M5/@[X2^.6A+I?C/P[8>(;`-\L<T81HL%3D.!N.2J]^U97AO]F?X;>!(+&VT/
MP1HUA#HS>99S+$&F#[=F=Y&X?+[T`?"_PT\-76L_\'('Q/@FMYQ;W7A&=?M)
M0B-P;K2QM#>O^%?+OP3_`&?O@]^RC^V7\5_"G[3>A26D'B&]CN=%U2>5[6WE
MB,;/(H=Y803^^B'`/3KZ_M1!\/M!MO'%QXIM]&MH?$MS^[DU#=^\>/Y25/XH
MA_X#6;\6_P!G;P)\?+&*S\9^&-.\1BV??'<RQB.9\X)&X?,,8`Z\X%`'YO\`
M[+/B'X+^+OVR7M?V=_A=?ZQIOA#3YGD\1GSIK=)/LUP!&CI/*AW&,J,@'YAW
MKD?B!\0/V4?VW[[Q,G[0?AZY^%7Q,TS5)K*<33_9&O(TVMY^V6Y4Y:1YAP@'
MR>U?JI\+?@GX0^"%E):^#O#5AH5FP`D@@7#2XS@F3&XXR3CO^-<U\6/V,/A-
M\<=>.H^*O`FF:I?RI^]O`3;ECN9B3LQSEC^=`'Q)_P`&\]WXTF_X6):3:IK^
MN_"G3)6B\.:CJ%G'$9F*6[;0R+L89,_\9/'MQZ#_`,'!/@^\UO\`8X\+ZG`A
MD&A>*+&]N"H)\N)+@.Q/']U3UK[8T#PKI'@W2(=/T;2K32=,MI`(+2SC$2@<
MG>VT#/)(Y]:YS]H7X+:=^T/\$/%7@C5%W0ZKITZ0LRGY)#"X4CD'JWK0!XM^
MT'\.;S]K3_@D;9:-X<)GU"]\'Z5);%`6$VR*WE=/E#<E4(X'>OSD_87@_8Y\
M&?LV6.C?'+0+CP5X^\(2"RO[:_NS:-(R11*S*LETA^^9!RH^Z?2OT5_X)8V'
MC?X=?"?Q%\-O&FG3VG_"#W[0Z)<N"8[RR,K1Q?-M`)$42Y&YL;OQ/J?Q*_8Q
M^$7QHUZ;5O%'P_T:^U1I"7<-Y8N1DG+!0`#EB>AH`^3?^"5/C+P;X>\$^/OB
M'H?PSOO`O@31H9)H;N1)LZJBK$[%#+*RM]UAPP^Y]:]&_:YNX?\`@J7_`,$R
MO%$W@&&ZDN<S7>G6LJ?O5:V-PC*%C+Y+/'P.<Y'2OJ6+P7I-MX5E\/PZ39)H
M#6[0FQAA6*)LGD?*/0G\ZXGXM_"*^TS]G#Q)X?\`A6+;PSK$EM)/IXC165)U
M21E7:W!#2-DY]>AH`^)?V5O^"Q7@7X&?L86WP_\`'.G^(=.^)7@S3'T0Z4UM
M$DMVT,`@W*CRJY'R,WW1QVKEO^#<GXT+?_"_]H#QOXALKC3K>X\5WM]-;NFR
M98W%A@%21CYF]>U5X/C_`/%/PYH5WH'BG]EK_A)OBM$)=-@\2Q6["UN`08C.
MVRR,0)7>V"3R>O>OIS_@D5^P/J'[(G[/_B%?&J0WGBKXCZE)K.JV)7RX[;SH
MK;,(P2,*\!Y"K]!0![9^RA^UAX6_;*^&:^)/#,-Y%:QR>5^]5<CO_"[#]:R?
M^"AZ37/_``3\^+:Q[YYY?#U\BA1EI#]DG``'Z5Z7X$^'7AWX4Z##I?A/2+?0
M=,/[TQ0C?DYQSGD5>U_0[3Q-IT]AJ%N+NPNAY=Q;L,(Z,,-^A/YT`?'7_!*>
MUDM/^"/D<!@EBO#I]V)('7#\6Z=NOK7-?\&Y%K)IW[)WCZWN[2>W>;QE>7($
MJ%2ZFUL!D?D?RK[BT;P9HOAC0_[&TC38-.TN-2B6T1RCJPPV?3Y:B\$^`="^
M'%A+9^'=*M])M9)#.T<!SYKD`']%7\J`/S6_X)._$Q?V=KK]IWQMK%O/9VNB
M-)>11R)M:4I:6C?+N(R?E/>O//\`@FC_`,$DM&_;Z\.^-?C=\9+C6;?5?&.J
M.VF-#&4)MX9KBWQCY!]R*+IGZU^KEO\`!+P?#I^J6O\`PC-F+?726U&$$XN1
MM"%6X[J!^5:_A?PMIW@S0;72='L(K#2;"3=!:1C:B`L6;GZD_G0!^/?_``5*
M_P""07A?]@SP;X-^-GPGAUR]U7PEJ\3ZC#-&S2/#+<6T`.T%AC;+*<Y'2C]J
M+]MM-+_X*F?`KXX1^'M7O])O/#-LDZVUMYAA);49/F^;`_UB_P`7>OV(\3^&
M;#QII<VEZQ:0:QI-Z?W]I-&-N`=RC=R>"`?PKG;#]GKX?Z;Y2Q>#-+D^R+Y%
MJLP\P01CIC<#ZG\Z`/SG_P""JW_!0'P?_P`%`_AIX=^#/P4FN/&NK>,-9A>Y
MFM1'<+I<;17%N7?R7<KAI8SRI^\/:OK_`/::MH/V7/\`@E/XGT:Z\XW&C>$Y
M[2XED4!)Y9+.4A5)QSDE<8'->E?"W]E'X8?`S74U/PCX,TK0M2N1M:X">:5R
M0>-WW>44Y'I7@W_!57X=^,?VDQX)^%>@6$XT>_U2.]U^^$C>6;>.6)BG0`YC
MDD&`PZ8H`B_X(5>![OP7_P`$\=,N+FUDM)?$=Y)JFQU()BEV2H>?9J^N]_F*
M"#E2/E^E8_PY\$6OPP^'WA?PYIT:Q6VAZ3;:>D:K@,(H%CR??Y??ZUL"/R5"
MXP5&"/0T`7_"G_(5;_=/]**/"G_(5;_=/]**`/E/_@XE_P"4;OB?_>;_`-)K
MBOY>;?[H_P"!?SK^H;_@XE_Y1N^)_P#>;_TFN*_EYM_NC_@7\Z_2.$?]T9\9
MQ)_$`]:2E/6DKZ=;'RQ)3D;:X^O%-I5D$+"0](CO(]<<T[VU#?0BOF,43R9X
MY7'H3Q7Z"V5@WP*_X)":9:^$_!]EKOB#XH7<5K?:K]EB>>U01VD^P-C<,,A_
MBQ\YKX`L=/GU^*5+&%[Z>9]PMXL;QDY[\?\`ZJ^\?V1?VLOC7_P3Y_9QL=0N
M_`^G^,O`^I7;"RL-2B><V=QY,66P)XU'R!!QGI7D9G5E&%SZ/*:2M:1])?'_
M`/:0O?\`@GG\4/@I\!/AQX8T?41?"%]=TXV"$W,C33H=YP(S\OECDGM7Y_\`
M_!5GX9Z+\+/VX/$FGZ)%#INGR)9W+VT*JJ)(]E;2.`$`'WW?M7HG[-_[?/Q=
M\3?MJW?C>;P19>*?B!XX_P!`T:2]B>5=)D=XF5X_](5E(:(_Q-]\^O'A?[;G
M@GQIX,_:E\3V?Q&FAN_%1$-S>8+%8MUM%(@7<2>(V3J3TKS,I=2=:[V.O-*4
M8P4D7O\`@G++G]O#X=;%PC:ER?7`XK^P'2/^03;_`/7):_C]_P"";IW_`+=?
MPZY/RZD#@]@17]@6CG.DV_\`UR6O%XPTK(]+A_6C=;&)\1CG3(_]\?R-<JW^
MM/\`N_TKK/B0NW3(_P#?_H:Y-O\`6G_=_I7RCW/<O?4!TI:0=*6D`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`"%<TFRG`XI=WL*`$'%%%%`!1110`4444`(>E;'@'_`)&$_P"[6.>E
M;'@'_D83_NT`=IJG_(.E_P!TUYD?NS?[YKTW5/\`D'2_[IKS(_=F_P!\T`/D
M^^::Y`0Y.!CD^E.D^^::0".<8[YH`=),L/S$>9"B`@>I(KF/B?\`&7PE\#?#
M:ZSXVU^Q\.::RA\S1M*[`\#:L89LY]JZFUB^U:G#&/\`EI@*J_=(7FOR2_X*
MWZQX;U'_`(*I>$]+^.OV^+X01:>/LJJR&%[GS+X?,KAQ]T)T4=J`/T`^&?\`
MP4B^!/Q8\01V>@_$:&352<*MS97B"49`QF2)1U([U[)J.J6&DV#76H7*6&EQ
MKYHE9L@C&XG(]>37P/\`'?\`X)4_LW_ME_!#6H/@7<:)H_C1(VO-%O\`2(EM
MV1U1D4,QA)QO=3QCH.:X'_@KW\9_BE^R9_P2W\+^$?$D%QJ/BV19;6[U2U8_
M<#R*@W,X;=Y;ICC'RT`?IM8:C!K-NEU:S"2S*AHG&<2J1P?RQ4OF^:>#BOC'
M]AC_`(*`:?X=_P"":F@>-_B#IUSX?T[PCHME!)-<`>9>L8HXE)(=LEFVXZ<O
M7GNM_P#!?*_L/"8\8V/P;\17_@3`/VN.*#SW4XVN";D#:0R=L\F@#]#RRI_'
MD^F*5(MW.\@5\U_%[_@ISX(^&7[$VF_'6")KWPYJ+;=FT$Q#9.Q)&X?\\#T/
M>O/_`-D__@L]8_MD?%:+3/#G@35X/";PB=]9F2+8J+M\PY$Q/!W_`,'\-`'V
ME,J[6S*5QC##/-9?CSX@:1\+?"UUXBU^^&D:5IJCS+A@Q')"]%!/\0[5\4?$
MC_@N+IUM\5O$GA?X;>`=1\>Q>#YV35[Q8HVB@VNZMC,\9R/*D[=A7,?ME_MY
M>#?^"@7_``2)^)^N>&C<V]WILZ6EW83`![2=9K-G'!(P/,`ZF@#]`?"'BO3?
M''AVTUK0[S[7I^HKYL3@,`>2O<#T]*TO+;R$1A\QSYG^Z3S^E?E%^R!_P6H7
MX3?L.>#K?P]\.M;\2Z3X;LV?5]7"1,B*))68J3.AX#+U6OT1_8Z_:S\._MK_
M``%T_P`?>%C,UCJ3/'Y;X#0NDLD+*W)_BB;H:`/3IV+*[\)$J*L*'HH7[S'\
M.?PKQ_Q3_P`%#O@AX)\??\(UJWQ#CCUB&1D8"UNV1&&X%"PB*\%3_%BO0/BY
MIVH>(?@MXQM-(DQK<FF31V[1DAH3L;)S],_E7X#>'?&WPFG_`&4_B/\`"_Q!
MX1F\1?M#C79K>SU`10M<[D-MO82,0<$QW'YF@#^A>"2(&.>"X8Q7/SEXB=LJ
M=#C'T_2G.4,+,W^H!_=I_>/_`.NO*_V'?`7BWX2?LA^"M#\9W<EUKVEVY6XN
MW<MO;S)"%R>>A!Z=J]7A_P")G)''`T4\D;@RE`?E).1C/M0!Q?Q:_:%\#_`=
M;#_A.?$D7AM]2816L;+*WF;BJC_5JW]]>OK74V5W#<:3#);.+W3BHEM)%/\`
MQ\1G[K?B.>:_(G_@I?\`#R7_`(*S_MS^)/!6BW%]'IGP@TQ[B2='57:[6&5B
MK$A@0)+(`84'GKW'V=_P1(_:>?X^?L4:/I^HK(^N_#5U\-ZC&/\`6%[>VMPS
M$EB#\TI].G2@#Z-T'XN>%/%WCO4_"ND:\+GQ!HRF6>UVR`Q`;.,D!>LB]#WK
MHQ*DB',?ES,K88=R.*_.[]@.QV?\%H?CH^01:Z?(S[NBX;3/UYKT+X^?\%DM
M/^'_`,8-0\">`/".H^/=6T!@=1FC1&B@#HDH',L9SAB.G\-`'V:B!D&X_,!R
M?4TN]0VUH3,IZKZU\Y?L=?\`!3'P5^U[X8\3LT%UX<\0>"QYFM6=TJA;=<R9
MP%9_^>,G?L*\0US_`(+TPZMXFUUOAO\`#C6_&'A;P].\%QJT4<1W%6V_*3.G
M9HSRO1J`/O'7-9@T319=2O[GR=(L8S-=7.#^Z4<G@?-TYX%9WPW^)?A_XO\`
MAA-;\,ZC_:VES,Z+,%<#*.R-PP!^\C#IVKPK3/VO_"'[:_\`P3[^(_B'PI+L
M0Z-=17=C,/FMI/+[@9&-I'<_>KX+_P""87_!6?\`X9\_8U;P[X5\!:MXQOM$
MU&].I7$*1M;VJM>W<@ZS1M]UCZ_=-`'[#J4W8Z&HM1TRR\0J$N](T76)X!B.
M2]LHY7A3LH+CMST]37B'[%/[?7@_]M;X.ZMXKTU9M.G\-!EUFUE`!M77<'`P
M6Z,CCJ>E?/'C/_@NG#?>)M93X<_#35?&NC>'IFMKR^CBB)#JVTX)G3C#(>G\
M5`'WAJ.LV&B>&;S59YX;#1].B:6X\N$QI:J.2X4#L/09YK*^&_Q0T'XT>%UU
M[PY?KJNER.T:3*K`$J[1M]X`_>1NW:OG%OVYO`_[=W_!.SXPZ]X/FF@-MX<O
M8;O3[@`2VS>6I_AR.C+W/WJYW_@WW3S/^"7^@H6;=_:.I'S/XS_Q-+['-`'V
M?T.#U]/;M12;MX4GKM"Y]<4M`!1110`4444`%%%%`!3)OO0T^F3?>AH`]0T[
M_CRC^E%__P`>DW^X?Y4:=_QY1_2EOE_T.;_</\J`/,[E0;Z4M\R[VW+^=<]\
M3OBAHWP?\"W'B'Q%>-9Z%;'!V([L.G9`Q[C^&NAN'\K47<=0[<>M8_C/P)H_
MQ$\/7.DZYIUKJNG71W/!<IO0<@\#\!0!\XM_P6I_9EM`'N?B"UG_``%I-$U(
M!FZ_\^WI_*MKP+_P5F^`?Q,\8:=X9T'Q;/?:MJDR00XTF_B#,[!5.Y[<+CYA
MWKXP_P"#B+]D/X5?##]F;P/?>'_`VA:9<W?BFU@ED@M50NAMKXD<>ZK^5?=7
M[.'[$OPBTCP#X)UBQ^'_`(;M]6M],AG6Y%FH??M1@Q(YR"!0!V_@']H/PI\7
M_%^O>'O#.L?;M7\)O&FIQA)%VAG=1]Y0#_JWZ$]*[IG6:1TB.R)F+(<?P]J_
M&?X"?MD>(OV4/^"C/Q^T7X?>`3XN\2^(M580QO$'MXQ%<WK$$":)L;6;'/:O
MLG]A'_@JIKO[2G[06I?";XF^"(O`WQ!M8C-:VEK#Y<,\8;:"-T\I^\DW<?='
MX@'V6[(@\O<6;U`I\\F2J[MM?%W[07_!5S7]%_:-OOA;\$?`EO\`$/Q%HL.=
M3NIX#):VLF4PIQ/$_26(]#U-:/['O_!5"[^/'Q!USP'\1/!W_"%_$+1+*6^6
MVCBV6MVL:&0A`9I&SM,?4CEOR`/KZ1RB[,D@TAF$B[4)R.N`:_,ZQ_X.`/&O
MQ.^*7B7P?\.O@_\`V]J?A;6Y])NY)K8-&JQW#Q%^+M3]V-S^'3M7J_[1O_!8
M75OA!XR\(^`?"/@!/$7Q1\2:?%?W-C)!NM;$-YH*L!.C9#0L.&/44`?;2[<[
M68CU.#3BRR'8C''K@U\)?!__`(*Y?$+3OVM=-^%/QP^%]GX+;Q#&#IE]8VYC
M2:1I8XU7+W,I_BD/W?X/SM_MC_\`!9ZY_90_;,_X4GI/@)O$^N:G;Q-I?E0A
MG:26""1/,)G0;=UPO09P*`/N*0;UVEBN./K34B"'[^ZOA/X4?\%@?&&D?M-:
M)\-OCA\.8/!DGB</_9-[86YC1BL3R8??<2G/$8X7^(_AZ-^W?_P4M7]D[QYH
MWP^\%>&S\0/B;K4*W<&FP1AHDA)E7+!I(CG,,G1O2@#ZH5%GX9RF/8TWS@C<
M.<+QGGFOB#X._P#!6GQA:_M$Z9\.?CU\/;/P#=Z[M@TV]L+<QPRW#R(J(=UQ
M*W(,AZ?P=?7T[X(_\%!S\9/VZ?%7P7_L*WLX?#4$%Q'>F(A[A)+=)R<^81_'
MQ\@H`^E$&_[K_>K#_P"$^\.KXWC\*OK*MKLT?VA;$!]S`EEZXV]4;OVKPG]I
M?_@H+<?LZ?MC^`_A7%X?M[Q_&0NVBGDB+$>3;^:,$2+U_P!TU^>OC#]K3XN>
M&O\`@O[=W-CX%CO+VRTHVEMIQC)5X5N[TK.!YXZY(^\/N]*`/UBTS]H?PAKO
MQ=N?`,&IRQ^,(H?.FMO*EVK'E%.&V;.LB?Q=Z[<R%9LRG&SY?,'>OD[X>_'G
MPOK7_!4S5?`<7@NSC\4QZ*]S-KY@7<5$]JNPMOW9S(A^[_#7.?M(?\%8]=T7
MX[WGPO\`@AX%7XBZ]I)#ZI+=P^9;PY1),+MGB;.'8<@_=_,`^UW7C;^XV]0T
M<>UFS_>/>F^4H''6OD7]@S_@J+)^U#\9=7^&'C[PE%X"^(NDC(M88?+@F4+,
MW3S96Z0MW'6O??VI/C;-^S1\`_$/C5+6WO?^$?C4R)(I9&8NB'@,I_C]:`.\
MVF(Y\T\]5YXI^8U&Y2RL.2RY!%?FQ\//^"Y'Q1_:+^&:^._AA\&+76O"MM:O
M+J,UU:DRAU)SLVWB@#:!USS7OGP__P""J?AWXI?L*>)/C!IFD2C4/",,TFJZ
M.Z#,1C^T97`?H?L[?Q]Z`/J[[;+Y.$DQN^;>02Q[]:BGNI)XC=N&+1#:)-^X
MM[8Z]Z_/+]F7_@MO\1/VN?B3X7'A;X01P>`M0$L>HZO<VW%L4A+?*5NCQN&.
M4/6NB^+_`/P5N\:7'QVUKP+\`_A?!\0IO#SO!JU]=V_F6T-PDC(Z+MN8FP`(
MSR/X^OH`?=L$!8[%;YIU*(/3-8&C?%+PUXD\3W>D:;K*7>KZ;A;RU4/F+(R,
MDC'(YZU\R?L6?\%5YOVC_&WB#P5XB\(GPK\6O#-A)>II#Q!;:YVM"%P!,[<F
M9!]\=Z^%O^"/_P"TM\3]<_X*>_%\2>$X[Y=4U2TM]1$J%O[/C"/'N3]]Q\F6
MYW=!QVH`_:$M'%"V\E-QR"!U%)'L@F4C*^9&)4)_Y9J>E?%O[2__``5FUWP_
M^T+=_"_X-^!8O'WBK1E)U)KR#S+>S;YLJ=L\39'E2CORHK=_8N_X*D7'QY^,
M&H?#3XH^%%\#_$&WMO-M;2*+9!?Q!MH*`RRG[RS=2.$_,`]\^`W[2'@S]I"T
MU1_!NLRZF=)G$-XSPS1[6VAN/,1>S+TS7=B0IE6)^N*^%_\`@FS^V-X0\5_!
M?XP>*/"7@/3_``RW@UI)[FWM;81+.R6\3YD`D.3@@<$<`5Y[\/O^"[?Q._:1
M\!S:M\)?@W;^(AHLUS'K4US:[H8A'+(JF,"[4_=B?.<\B@#]*8W,0)#]3WI2
MX^]N/Y5\O_L4?\%1/#O[6OP4\:>)-3TB70-=^'4;+KVG!`JQRJ71@@WOQOC<
M<MVKP/1O^"SOQM^*7P^O/'WP^^#&E:O\-[>8QI?75H[3N,(P.5O%7[LD9^[W
M-`'Z.`[H\,OFQ_PMW%(D)A7++!._\#N@+I]">?\`]5>5_L:_M8:9^V5\$K/Q
MKHUK/IZ3.8;BQD`#POD]@S#&`.YZUZH[1R3-L&T`C:6^\WK^M`#Q\@\V23][
MV'I32S.<N<D\T<%]Q52?<4F,$^YS]*`-#PI_R%6_W3_2BCPI_P`A5O\`=/\`
M2B@#Y3_X.)?^4;OB?_>;_P!)KBOY>;?[H_X%_.OZAO\`@XE_Y1N^)_\`>;_T
MFN*_EYM_NC_@7\Z_2.$?]T9\9Q)_$`]:2E/6DKZ=;'RQ)2[V4';Y@+#;E%R1
MFH]U.C^9\=FX/L*4M8Z#6CN=S^SO^T9KO[+WQ.B\4Z$!-<0J%?ST&TX5E]#_
M`'C7ZG_`3_@KG\>/VX/A79^&?AE\/8[SQ#I9!O[][61K6-`B#EHT?!W9ZJ/O
M"OQQO5_T?`[$A/\`:K]%[#5?&OP__P""/OAB\^$:7:ZA/K*KKUUHL'VB_4?9
M[/*,B`N%#XYR.IKP<XB_9:GT.6R;/<_$7[5W[8W@KXKZUX*T?P?X<E\8^'+)
M]1#6D=Q*\:*R)NV_9\_>D7JN.:_*+XX?$;Q3\5?C#KGB#QM(6\77<GEZ@A3:
M5(18P,;5_@1>PK]*OVK;_P"+6D?\%5?A/>>!K?Q'<:A="&.^NDLI'M)+8W+E
MA.Y4H!N$>=_8"OCW_@KC#I$'[?'C*31EM7:Z6R\TVN/)63[!:A\!?E^_N_'-
M<^1I\]V=^:-^Q.4_X)SC?^WE\-AT:+4`7'L5XK^P#1O^03!_US6OY`/^"<J_
M\9Y_#KGYEU`!QZ\5_7_HW_()@_ZYK7B\8_QT>AP[_NYC_$G_`)!D?^__`$-<
MFW^M/^[_`$KK/B3_`,@R/_?_`*&N3;_6G_=_I7R3W/:CL`Z4M(.E+2&%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`(>E;'@'_D83_NUCGI6QX!_P"1A/\`
MNT`=IJG_`"#I?]TUYD?NS?[YKTW5/^0=+_NFO,C]V;_?-`#Y/OFDQGOCW/:E
MD^^:%&6'?GI0`DD"7B)O+.]L3L\OG.[@5\E^+_VCO@W^V;^UAKO[-GQ!\.Q3
M:QI=MYMN][*;=K@K-(A6/;*&9OW+G&WIFOK18W9<*P26-]^W^\,Y_I7RM^W_
M`/\`!)_PK^W7XOL_%VE:Y/X%\;V/"ZG9[XI9#ER02LT6?]8_K0!\P?MS_P#!
M`WX?_LQ_`3Q/\2?A#K&H^`-0\*6$FHQK=2'RI6C1FV@R&3.2%/\`P$UR7Q1_
M:R\1_MB?\&_D6O>,(3-J,.J_9I)X4!R8;F^A1QP!C;$I/%>D2_\`!#CXN_&*
M2;1/B1^T1K&M^%F.?[-33!;B=>A4O'=!B"&<<YZ^U?7OQ0_8(\!^.OV,[CX*
M:,IT/PREE);QR16S.8IG63,OWPS'?*[<MQG&:`/%/C]^T5X0_9R_X(Z?#34?
M'>D1Z]'J7A_1+?3M'9MCZC*%LEC.`Z,=KR1L=I[=#T/AGQ-\9?MC^/\`]CS4
M]2BT[PA\/OA_#I<$]G;R-.K+;,\8CCS+;-R`5_C/3J:]LT'_`((R-XA_8YG^
M#GCCQ]=>)+>TG6;P]JSVI!TQ$E21(]JSGH(HEY?M^%<_I'_!&?XD_$#X<CX?
M_$/XX7U]X(L8E@M;6WM%MY%5-H4,\=R';`4?>)H`^0;J*.X_X-J],@82F.^U
M(F4,/E4?9+X8S7Z)Z#X7'@#_`((CW]OX=@"WR^"M5:T^S+YAWF&Z;G.3]XCU
MKCM&_P""+-EI?["M]\"#XSFN=-FU#[?!=2690(OD20[`///>4G[]?6OPL^&$
M'PP^#&G^"I)H]4TG3+0Z:^8@!(DF=V1DYZGN:`/E?_@WUTO3(_\`@GM<2V:0
MMK=SJ]Z=:,1\R0R>82X<'[OS&3L._I7FW_!1WQ)\&9_V1/CII?PRCM[3Q5&P
M'B,1SB1+:<7L`D+#S'*G<`,%1VXKI?''_!&KQ;X-^).NZG\&OB[?>"=$\7W$
MMQJ>E+IPN(XC(SLQ4R7'RY\Q_NA<8'MCLM!_X(W^%O#7[(7BKX70:U+J.M>,
MI_M6J^(+@.LD\A,#-G=,<Y:#/WQ][\P#HO\`@G?X.TO0/^"1FC6-M:VR07F@
MW$UQ&A+"4>9(IY//I7B?_!M/$D'[&OC=6#+`GB2XV`=(5&H:AD_UK[&^#'[/
M\/P/_9=T_P"&L%]]ICM-.DTDWP3`57=G+;=QZ9_O?C7'_P#!/3]ART_X)_?"
MS7_"-IJ?]LV^K7YO3<;-FT22SS,,;WSS.1U[?D`>-?\`!=S]K/Q-^S%^R]HE
MAX9F&GS^.M2CTR74%4-LA-U:1D_,".5F;MWKYE_:5_X(QP_LH_LW^$OVA?A%
M>3W'Q*\.VD.H:C>W()BO?-3RV8`*Z\M,3]T5^EG[5W[*WA7]L7X*WW@?Q9;B
M[MIB'L;@*RR6;ATD#+M93UC3^(=*^*3_`,$,/B7KV@P>#=8^/^J7/PXMB$73
M$MAYI10`L9D6Z\PXVIU/:@!__!$+_@I?\3O^"G?Q6\8^(]>U'31X2T:"2S72
M4*B6&7=:N)B`F<!7=>7Q\PX[U]K_`+87QUM/V</V6/'/B^ZDB7^S]%O6MV+`
M`SBWE:+J0.JBOG_]G3_@C=X/_9#_`&I;7XB?#;Q'J&A>'XK;[/=Z`(92E^?-
MBD))><\D1!?N&O6?V^OV+Y/V\OA/I_A2?7_^$>TJ.]2ZFB5,FX56R5;YT)!!
M/&3UH`_,G_@FM\/_`-K7P/X<\4_$OP+X3\-:G;?%34I=2$UT]WND@DEDE3[E
MNR_<N#T/XUM?\$VO%WQ(_8(_X*\^*M&^+^F6&BP_&PSZG;Q6AD\J&:66:4\S
M)&>EN1QGH*_6OX.>`;7X)_"OP_X/T@[K#PY8V]B)`OEAS'&L>0,GKL]37@W_
M``4._P"";%A^WQK'A?6!K9\->(_"=T9;>Z0$2.FR1<;A)&<?O']:`/GC]CV"
MY'_!6;]HRWLF>>]LM`N9H9MORSL&TS`X^OIVK9_X-R[6*Y^%OQ7OXYK>7Q3=
M^)!_:BY#2!4N;Y47;[Q@=A7T7\#?V%;7]GS]K?QG\64UI-8U#QC;-8SVH3RU
M*,;=CC$C#_EV4<*.OY^,?&C_`((^:OI_QGUKQM\%OBA>_#J;Q*!]NTR+3/M$
M3OY:ID>9.!G(<Y"CES0!S_\`P4W\6?"JV\$_%W1O!$0M_BY<6MI)K)AD#?N/
M/9FW+YC%3Y8N/^68^O&1[Q_P12TK0-+_`."=?PX'@[[/+IEU90-?M&1*/M1L
MX=^\Y;'`3OUQQ6'^Q;_P2Q\-_LP6'BF;Q1K-S\0?&'C>(C6+Z_MGA'SB7<%S
M+(!CSGP%QT'MCR"Z_P""+/CWX2ZAJEA\(/C)?^#_``3KD[3R:3]C%T+5V(^Z
M\EQN0;4B7C`^7W-`'@/[%L6D:!^UI^V18^$(Y8?#<'A._$R/S&D^W2\$'+?P
MD]_PKZK_`."`7@JP\+_\$X)A96\.[4KW4S/.GSB<?VA?@Y)Z8!(XKT_]F_\`
MX)K>#_V6/V<O%/@'2+Z>YUKQA9RVVJ>()K=Y'F\Q54[B\C9X5/X_X:ZO]B+]
ME>+]B;]G9/A_9ZFVJKYMR?M)@\L(+BXGF)V[WSCSO7MVH`_+OX3+>Z3\/_VU
MK7P\LL1BU@.1$NXN&U.\\S'7^'-??G_!!73-)L_^";G@&3PW;JJR112:FI&Y
MWF-G;[E;DX/W3CBM;]E__@G-HG[.7C[XJ:Q-J2ZU8?%"=I+VV>#Y8RTEPW_/
M1N\YZ!>GY>(ZI_P1G\<_"37]4LOA!\:M2\'^$?$$[W-SI[Z8)EMF8_=C>6XR
M``D8^7;TZ<F@#YZ^!46D:+^TK^VK8^!_+/@YO"=_+*JOO\JY\O3`!G+8^3)Q
MN[]*^M/^#?3_`)1CZ#_V$-3_`/3I?5W?[-O_``2[\&_LL_LX>+O`.GW;ZGJW
MCFRFLM3UN7>97$BJI9@TKYP$3^,=.M=E^PE^R%9_L,_LT:=\-;+5FU*&"YNK
MAI3'@@S7<]QC)=S_`,MS_%VH`]@3[@^E+2*Y*!2FWR_D!S]X#C-+0`4444`%
M%%%`!1110`4R;[T-/IDWWH:`/4-._P"/*/Z4Z^_X\IO]QOY4W3O^/*/Z4MR<
MV<W^X?Y4`>8WG_'Y+_OG^=%.O^+V7_?/\Z;0!^=G_!RVQB_9/^'V6'_(W6G_
M`*2ZA7WK\!$>7X0>#B#"?^)1!Q(V`?W:^E><?MK?L2^'?V[OA[I>@^))7M[;
M2M0CU&#!?EDCE0?==/\`GLW>O5O#&A0^$_"VF:9#N^SZ3;"VB;)^95`![^WJ
M:`/@/_@D'96]O_P4F_:BNEMX$OVUE4\W)/D#[9J(!Y_O9(Y%8?QFMC'_`,''
M?A1+:<KJC>$(E60@!8W^U:GES[$9'2OLG]GK]C#0OV:_C%XX\<:5,9=1^)$Z
M3W<9W?N]DDTHZNW_`#W;L.GY4?%?["GAOQ)^VEIWQS^U2IXHTBR%@J;7*-"'
MG<9/F;?O7#_P?_6`/RI_X)C_``>^-OCG]J'XSZ+X(^).A^"/%2Z@'U&QNI(_
MM%T/(M!N5'@D;'S1C@#I^?M-Y^R=JV@_\%`--U#XR?%^P\4?$?1=(N9;73+.
M2W\P+Y5NXW(L<3?=6'^'O^?U5^US_P`$B_"'[27Q5NOB%X:U^[^&GC.>/R);
MW39I3Y[<$%HUFB4_=3J/X!5K]D7_`()1^%?V6]=U'Q'K&KWOCOQKK]E+8OK%
M[+*QA5E,?RAII%'RE!QC[E`'A/\`P;[:=%;?$+]H.^MX@M_-XOO/M$V,ND8O
MKPKQTYRPZ4S]H[]LOXJ?'7_@H#K?PF_9OM-&\/>*=*B8ZUKVHYX"SS(0,).H
M^95/*#[QKZX_9#_8B\/_`+'=_P"+KOPWJ#&Y\8:E)J&I>8&P&,LDN!ND;J9&
M'&/I7DG[7/\`P2&T']I?XS/\1_"GBS4_ASXLNE\N>>R25OM67DD).)XP<F0]
MNWY`'P]^U[\//B7X'_X*:_`=/C'\1M'\<:Y?:A:>3IMK)'OM&-RP&52&)L<'
MKG[XKVSQEK7AK1?^#B_3AX@GMHKZ?2+1+(B09\S[!IP1<$C)SM'0U[)HG_!"
MWP*/%OA[Q%KGB[6]=\<Z'?1W4>JW;7`=0A)"*AN2O7:<CTZ5\O\`[7_[)^G_
M`+5?_!=&7P]J>IZEI$]CI5JEAJ-JDD<D+K86`#G8Z$_,%/+=J`/5O^#E;6;?
M7M$^$GAK3S%<^.[GQ$LVGK"=TR0BZL7?*CG_`%2M_">_UKYS\5?#SXDZO_P6
MP71_#OC*+P-XHO?"L4-D=06./[:!>7K80/$Y/`8\+_":^Z_V8O\`@COX;^`7
MQB;QGXS\5:A\3_$5C(RZ5)?/+LLDPZ`;3/(N=K#DC/RBN[_;=_X)P>#?VY]1
MLM8U&\N_"OC;2$"6FLZ>)$FME!<]8Y8MP_>2<$_Q4`?$O[8'[)'Q!M_&OPOL
M/V@?CO87'EZY;7.E6$)M4FDN`9@@P8(F/!E'!/4<>G1?L#7\'@W_`(+;?$/0
MKN[@>\?1]/\`LPNG$;W8_LVWVE0.N`R@X]17MG[-O_!&#0?A!\8['Q[X]\=:
MU\2M=T9E?3O[0BF$-NRNCJ=AN)$R"IZK_$:W/VWO^"1?A+]LSXB6OC?2O$5]
M\./&]LGDG5[`RL9EV1HH*K/$HPL2`4`>`?\`!0KQQH6L?\%MO@AHMM?65YJ%
MDMZ]W#%,&:T8V1X(!R.58<CM6_I]VD7_``<I@2S0F6;PHD4:Y&\`7VH'IZ=:
M]#^"/_!$KP+\&_BAX3\>7OB?5_$GC/PP\S3ZK<K/(;LR1&/)#7#J.K'O]ZNH
M_;'_`."4WAW]KGXZZ3\4+#Q+J?@OQ;8P"P,MM'+ON45II-V1-'@$SMQ@].OH
M`>(?#JVW_P#!>GQW%$R>?)X.GP4;*J_VK3L$'U]JK_\`!!?4+30_VC/VA/#^
MI/ID/C<:I;7$,;3D7`A"W+%MAYQM:,_=[BOK7P9^PUX>\&?M83_&"UO;F37;
MW3VTTDP.1*K2PR9P7*]85'W?QKS;]K[_`()&^%OVE/B9)XY\*^)-1^''B^[7
MRKRZTY9=UR-B1_,BSQC[L8[=Z`/0->_:=^%4W[:%CX`066I_%B>W:03QS*6M
MT$,CMN59`?N)(.8^WXU1_P""LD!E_P"">OCZ)26_=()'3D;O.AS_`$JM^P__
M`,$SO"/[#6LZEK_VZX\;>,=8C1+K6+[S/M`XD'R[Y9=G^M?.TC@XJU_P5;1M
M/_X)Z^.D@61R(D$<4:F1Y#YT/XGC^5`',_\`!$7XA>"M1_X)C^%K[PY>6R:7
MI5O*=8Q(C>61+*QW?,<?*1U(K\Z?@=;?VW\,/VUM;TM8)_!U]!Y=C-"Y=1)]
MAOE?D?+_`*P-_$>E>N_L&_\`!%RP^,W[%/@W4M&^)7B/P;I6M1,VKV$8GC%Q
M^\E4@#[2F,J!T':ON_3/^"?'@#PU^R3?_"+1K>2ST/6K>2VO+P0N);LOYH9F
M)?=UF?G?WH`\H_X)-^'ETW_@D'I\.C1>0\NES.XD&/M$AMT)VGD]?3UKR;_@
MV]UJTMO!/QHTBWACMO&%OXQOKB^M'/[Q6,=BK-M)+`9!'0=*^Y_V;/@'I7[+
MOP@TKP3HC&;2M)A6##Y;<`BI_$S'^'UKYU_:>_X([Z!\=OBC<^,O`OCG5/A7
MK^I$B\ETV"0QW>7=SN07$:9RXYQGY1Z4`>)?';4](\4?\'%'@FV\,NDNO:;I
M22ZW/:L)/)C%]:[@P!('#1GD"J__``20NY[O_@H[^U#;Y59I$MRC?\MF(LI>
MJ].>V.U?6/[%7_!-OPC^P]K5[KT5Q=^*O'FJ1-!=:_?+(TDB%D;`\R20#F*/
MH?X:Y?7O^"2/AM_VRK?XS>'?$^H>&]6FGAN+ZPMS*8;WRA$NUOWX5LB,]4/W
MR/J`?`G[!GP@^,WQ#_;L^/&F_#GXCV?@;6D\17<EQ:7"Q>?<QM=WIC8*\$AQ
MA7/&.#7K7_#+_B&'_@IIX#N/C#\9X/$_Q'TFQ6'2]-M3:A4@!NP-P6*)_O-/
M_">WX?47[6'_``28\,?M)?$*3QGX;\1:G\.?&13RKB_L1,@NST+,JS1J>K]0
M?OU?_8I_X)5>%OV1_&T_B[6==O?B%XUN8O*.IW;RLT0R"=H,T@'S;SQC[YH`
M^+/^"/\`=(_[&/[5LF^%I/\`2)BJ-F,N+"`#GKTKZF_X(`>'++P__P`$Y(+R
MT@,5WK%_JAOC"-ZD)J-\JY)Z?*37H'[-_P#P34\%_LR?"SQ_X3T6[DGMOB,'
MCO)&WCRR\2Q=#(W9!T(KT7]DO]F_3?V-_@H/`6CRF?3[9KB??S\QFEEF(Y9C
MUE/>@#\]/^"=G_"-:=^U#^U__P`)5(B^$Y+^5-3>-P!$C7>H!222H!W$=Q6+
M\"_V,?C5\!_A3=^./V./BK8:O\.]6?SX-&OO)D1=PC(`:.WG;B/R?X^WXG[T
M^"W_``3P\%_!3QQ\1==MT_M9OBF6FU6T=G"J7>:3H78<&=N@7I^7SEK/_!`V
M'0[ZZ3P1\9O%/@SPI=RM-/H]O!/((6/92;L$``1C@`?+0!ZI_P`$A?VZ+K]N
M[X"W-_JFC6NBZWH%UY.IK:$E+F3`8`9/]QU[#I7U?$?]'C"C:@+?(WWDY[CW
MKSK]F']E?PA^R-\,K7PAX)MO(MA)YLT[*V^8\\L69B3R.K=J]&2596F&P[D*
MC=V-`!1110!?\*?\A5O]T_THH\*?\A5O]T_THH`^4_\`@XE_Y1N^)_\`>;_T
MFN*_EYM_NC_@7\Z_J&_X.)?^4;OB?_>;_P!)KBOY>;?[H_X%_.OTCA'_`'1G
MQG$G\0786-'EG_)I#UZ$T%?]DU]532:U/EM092M$3J7VDXW?+GTS3BCBF%=S
M;6"?,=HW#C)J*G-%Z;&B47IU$9-EHDDG2)W"XYWYXKZS_9<^-_QR_P""?7PK
MM?B#INE)KGPTUEP\UG>SQW=H[LB'!M_,."`8CS'V'IQXA^SW^ROXZ_:?UZ[L
M?!&C/J-SIR9D5,#.X/[_`.PU?H!^P'^SQ\>O@YI3_#7XE?#B77/A9XAD,MWY
MZB1M/DVJ=R9E"CF&(?<;K^7EYM7H^QUW/9RR[ERLC\,_\%=_CO\`MQZY+X?^
M%'PZ\/6^OZB/*768;2"W^Q0D@$K*S1XP[(<!QZ^]?G]^TW\-=?\`A+\<]:T7
MQ+JS:KXA$L4U_</-YQ0M$CG#[V!P'`X8],5^OG[:?P6^+W[(_A>#X3?LO?#V
MSTCPI?IO;Q':Q&*^F)\Q"K21RHIZ(?\`5?P"OQM^,W@_7_`OQ.U#3_&TLUQX
MGLG#7<CMN,C,JN,D\_=*C\*X<D?-/R.O-*EH\AZ!_P`$Y\)^WI\.E/WO[2!5
MO[X(K^P#1E_XE-O_`-<UK^/_`/X)RN[_`+>_P]$F!C4$9![$?_JK^P+1?^01
M;?\`7-?Y5X'%^M=(]G(-*%D8GQ)_Y!D?^_\`T-<FW^M/^[_2NL^)/_(-C_WQ
M_)JY-O\`6G_=_I7R3W/;V`=*6D'2EI`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`(>E;'@'_D83_NUCGI6QX!_P"1A/\`NT`=IJG_`"#I?]TUYD?NS?[Y
MKTW5/^0=+_NFO,C]V;_?-`#Y/OFFGI][;_M?W?>G2??-)L,ORC!+<`'O0`N[
M:`Q&Z0#`?=]X?SI(XA-&SDVF$.X>:RJ5;_@1!I]K;#SK?S80C+(5)0?05^5?
M[>MU\4OCY_P5QMOA3X8^(5_X5T$Z?]J?[/<R1,3Y]XN.%8=(U_A[4`?JK/:.
M9EVO"\Z<H$E4[OR-,3Y9CM;84&43'R/_`'LCOS7YC_M!?\$\OVHOV4_A1JWC
M[P5\=-9\3W_AH&YGTR^U&:6.2%$9R-JQ1_Q*@^__`!&OH[_@G5_P4MT?]JK]
MCG2O'GBTQ:+JEA=-I=T$5E66;[3/",99SSY'<]Z`/JEV4D0A2/-^=MAPH(YX
M7M36M!=[C-LQU)R(]OU)ZUGS>)M.TCPW_;,USY&G31?:_M)Z",C=G\C7QW_P
M6%_:BO\`0/V"I?&_PW\1LF+A(UN%=QYP)B/;!Z.#0!]K732&&8NT7F0(2"J?
M+CZ=S1RDL42^6$*^8P"XW$<C/YUYUH/QT\.?#_X;^$[CQ7KT.E:IKY$5H;G<
M4DF9I-N<`G&$;OVK,\,_MV_"/QIXY_X1?3?&.DW.O/,D(MBLGESR,0%`&W/5
M@.3WH`]9BB/GHD*F%I"S.Q<%6`YQC\ZCMC]M^T>7C;%SM(P#SUYI]Q9M;)L?
M8UQ-M:(1?=B`.3C/M_*OF+_@LA^U7XF_8\_88\1>,_"%NEQKOG+;))AML8\R
M+/1T/1CW[T`?3P4%6V?9Y@8RS".1&`[9*@YIL<H6S11AWR0V%V8R>,@U^.GB
M[XB>/O\`@GGX[^"'BS1_BEKWCV7XK:O;:=K&E7UXTULRRO/N>W4)$1Q:(OSL
MWWVXY&/V,9_ML%O<N?*FFMHIYM_^MW&-6"YZ8Y_E0`DC",)TCFSA6'"GZU8E
MM=Q<AM.@F'4J\8WOWZ'K[UYE^V+XCO?!G[)'Q!UW3V^P7NG::)+:Y&05;/7(
M.:_,K_@G)^QW\<?VZOV9+7XA7GQ[\0::VH3?+;1:E(J1@PPR9P87.?WF/O=J
M`/U^NX3;+:X_U6X%SN#MGGN.G%-1$F4-P3G]RS\Y]>.HYK\K)/C;\?/^"2W[
M:'P_\(^/_&<OQ)\`?%*[ATJ.\O9YKF6S>:7J"3$HPMO)_`WWJ_1_XU?M&>`_
MV>-+@OO&'B+2='AD1)4:\61IYPRA]H*@CH0.?:@#MG^9@)0HVY&(OE!)XY^E
M-2-1$WF`7$EN<9/8=.IZ]:\]^"?[5OPU_:4ENE\&>*K*_DA52T<(<;"=Q&<K
MWVFG>)OVH_A]\.]9O-,\0>)-'T_4=.'[^U99/W.&VY'![@CKVH`[Z8I!"&81
M>5O#?+%B13CUZU((_L4219WRD$^;G+1,>5YZ]_TKSWX&?M3^`/VA[:ZE\$>*
MK;Q#?62G[2HW%PHVY/*CNR#\:V/B_P#&OP?^S_X>.K^,=7M_#>GRLJ03R`^9
M=N1]T$`CKQSCM0!T\!,L4AF\PR1D98MR<GKGWIT4Q>0F--GE\.&^[-_2N*^"
M?[2/@?\`:-M6D\&:];ZV+;<)X5W>>.#U)`7`VL?P-8_C3]LKX7?#^WU=O$/C
M2STV+PVQ@O8IM^;4A@F5PI&=S`4`>D(^RSP/-,3R;)=Q)"L1TQ]*E#[`'&')
M&`.R_45E>#_&FF_$/PQIVMZ7JC7-A>.)89$/RR8R.X]C6FZL96D9%7S.X'WL
M<4`..74#?`B=2JQ8)/UIF?/.3E1U*2'>"?;TI:*`%WEB7&Q6<;2C+D*/6@?(
M=A\I]X),@3!4CH/7_P#5244`'4`DG/3!-%%%`!1110`4444`%%%%`!3)OO0T
M^F3?>AH`]0T[_CRC^E+=#;9S?[A_E2:=_P`>4?TIU]_QY3?[C?RH`\QOS_I-
MP_\`#&WS'TR>*:#NQ[H)!G^Z>AJ5\"]N0?NNQS^!-8OCZY>W^&>OWL)VRV=L
MJQ_]_%']:`+#>)-+6))_[4T]P[B*-/M*`\\],^U7(E2<;H[B"XB4C'E2+(.>
MO0FOQ?\`^"1G_!.36/\`@HW\(-:\9>+?C'\1=$U9;[R;>'2-4BABA38IP1);
MRGJ<\-7IW@$_$7_@DI_P4A\#_#7_`(3_`%KXB>"?B1*+46NJW37-S9MOMD+'
M:L,8&ZY<_=;@#WR`?JDM]#->L-\*W!`18?,7<%7J0.O3^5._UZ[(]RFX.U9&
M^9".O*]?QKYDOO`GAH_\%,=.U@?$G4HO$D5DX3PD+C_1I$:VF4DIY/92S?ZS
M^`?2O0?VHOV[OAK^QK=0Q^-]=_LR[O\`Y8[0=?+RV".,=58=>U`'K,^V4GS$
M@:19`RLD>%8XXXI(HQLCB?/[LET6)O+[Y.17E7[,/[;OPR_:^TES\/O$]KJL
M]F_[ZSC#">$<<\J%_C7O_$*B_:H_;A^&?['3B/X@^(;;2+JZP49@WGR_*IVY
MP1T91^5`'K:3?Z2Y,<(W@A`4!#$9SGUILLPCMD,G_++Y@0O`'3I7EW[,?[:7
MPY_;(TZX?P!KL&LFS1?-M\'S(^&.X\`?PL?^`FN,^/O_``5/^"W[.'BJ;1?$
M?BOS=7LU\J^MK?/[DAF4@[E_O*1U-`'T1=VICNG,QDD;S`QQ)^\1L=0WI[#N
M:YQO@[X3?XB?\)J?#VDMXNF40-J4EM$UV4"J@Q)MWC"HHZ]AZ5P_PB_;B^%O
MQN^%>J>.?"WBRQU70]$C:6[$8?S(-HW'.5`Z>GK7QG_P1V_X*I6W[57[0'Q.
MT?Q/XA&JWS7Z6OA^#+E(4_?(2=Q/<1]*`/TE6-5Y\LC>YQL.UF;OD_UH<['D
M,RNY'#(C88#_`'NAKPC]H+_@I;\'_P!E_P`3RZ'XK\70_P!N)&!+:INQ"%Z]
M5^O?M77?LE_MF_#?]LC19M0^&WB%-?BL?DNHQG=`P"D]@/XU_.@#T8312!IH
MKA;CRN"L<H8+WY4'_.:?]FWOG8I9N2KX,9],+7YP_P#!([]HR;0==^/.N>-M
M?NKC2O"-PUPLSR%EB1+:U<]?JQK]`OAU\1M"^+WA6T\2>']234=(N_WMO*V?
MWC(Q![#HRD?A0!N[?+`&3")"?,4'Y1CI@#IS2QN\=RK!6,P.`)6\P(/4=A7F
M_A[]K7X>^,-1\7P6_B.T6;PB^W6^&Q:,'=<=/[\;#OTKR30O^"RGP#UGQ6NE
M?\)83/).T:,/]5(P&23QGM0!]1PVV)M@FN/L\4159%EV<YSD>AZ\T6\GGI)(
MJ'<@(R[`N1ZY[]*^!?\`@O+_`,%&7_8L^"GA6#PUXCMK#6?$&IQ0W3?O!MMF
MBNMQ3:5(;=&G7(Z\5]`^"OV_/ACIW[)GASXF>(/$]O:Z*;)(IKBX#&62;E3M
M(!'WD;K[4`>["0);*P61F5B1\V"^>#GZ52\3^%=*\9Z8^F:O:PZKI,HS<07$
M0E1CGN&!!Y`[5X3\`_\`@J3\&?VBO%W]A^&?%T-[J\S'R(@&WRJ0Q&?E_NJ<
M5[UXJ\7Z3\,K)[O7;Q=,TR$8D=NK-T[`^U`%#PYI'A?X=:98^'M/32M(M$^>
MST]9(H53D\!!@#DGL.M;$+>8LQ$DQV.JQIYF4&>I`Z5^(G[%OQA\(?\`!27_
M`(*`^(-8\>?%/6],N=.U>'_A&=*L+KRXKD!;?`99(I.#([CAEK]3/VDO^"B?
MPA_8TU:TT#QAXB@@U"..*%+:T!$C!D0@ON&#D.IX]:`/<)9/(CW!>-VUB/6E
MN3';Y\U?D5=PVC_5]L\=?PKS[]GK]J7P)^U'X/O-?\#^(K+5].MT/VH`/YEC
MM!)!X`SP1QG[M>;>-/\`@JW\$?`.@:A?7OC6W#:'=OIL]N`WF-(FTDGY<8^;
MU[4`?18_T6:5"TKLBEF:23<F/9?\]ZAF,=O$6?Y1&I<L9`HC7J3D\>]5?"_B
M:P\8^&[+4K*XM[O2[]#*LS`DD!BN/T-?)'_!:;]I#4O@]\"/#'@3P]=QZ?XG
M^+&KPZ'I]Q%N7RQ-,MN6!!!&#.O8_2@#[$AN(KV2`12?:4G3<)&F$L?3/TJ.
M^U2WT\@RSVFFM`/DDW+%'./7&1[]?2OSY_X(E?%WQ?X1\7>.?@%\2M9.K^)O
M#<J7=E.[N[R1.T[8W,>RP?W16'_P<3:UXAMA\(_#>E>(M1\/VGB;5#;W#:9-
MY3[1;W+CD@CJ@[&@#](+K7=+W?\`']I8E==V$NHL`].,'K4TJ&U;8<.H*RAP
MP8.HY/(X_.OS_P!2_P"#>X)8+)H7QT^*UOJA0M:K=:S;F`2_PY"V0;&?0^M8
M'_!*O]K;XC7.D?'+X*?$#58M7UKX=Z;/+::LK2M)(I@NIQEG;KM,8X0?=H`_
M1N"[BO7D:"6(K&V?W#C>I)Z%A_+M4\9&UFP6!.URQR0?ZU\-_P#!"3XB:S\2
M/AS\59=:OYK_`/LWQ7?QQ/(Q8A?M<R@<^F!7W"N<0MV<[V'X4`/)Q*6&WCH%
M&,TLI\PJP(3^\@'6FT4`%%%%`%_PI_R%6_W3_2BCPI_R%6_W3_2B@#Y2_P"#
MB7G_`()P^)!V:0@^W^C7%?R[Q3+]E++G>&*@'IR37]17_!Q&/^-;GBAO[A9O
M_):XK^7:W?S[54*;0Q)S^-?I/"'^Z'QG$?\`$/K7]EW_`()+:K^U5\)K7Q99
M_$/P+X<CNY3"MKJVJ&VE#*<'Y?*;@GISS7KOB/\`X-P?'O@_3(-0U3XH?"^P
ML+I`\#SZU)&TX/0IFVP1^/K7PK\./&MUHOQ'\,))KVJ0:2NIVPN((9Y(XE7S
M4YX8#US7WS_P5=_9]^.7Q=\6^%-=\!GQ%XN^'R>'[4:>FAM+,(6+2G#F'<<^
M6T?WCZ48V=>G)N.PL%&C*E'FWL<=\0?^"`WCGX=_!C6?':^/OA_K&BZ3`TK+
M8ZK)-.I4;L,OD`#@'^+N*^$T8RK<1J>8&,;N?ND\\J>]?IC_`,$T_P!GOXD?
ML]_`7XO:S\99=:T'P'/HES%'::]<2PR33G[,P""8AL[$EZ>AK\T951]1N6AR
M+1[J1H$/7;YC8SW.?ZUW9;7J2UJ/0Y<;2I0]Z)N>"/BOXF^$5Q-=>%-8DTB>
M=%$TB(C,^T'LRD?Q-^=?:^K^#?B3K'_!.+3_`(R^'/'?B/5O$+7WV6]L(K&W
M?R5\JW?<H6,G[TQ'/I7P-<1+=*"0T>"PQ_>Q7Z$?\$R_^"A_QP^&_P`&O^$`
M^&GP?/Q`T>*<SWDDELLL:-Y<28.ZTE_YYH>O>EG5&G*G[2(\G]^I8^4;?]JG
MXYVTLSQZOXKAEN827#:9%EER/^F?L*\Y\2>)-9\9Z_=:AKEQ->:J5S=-,@1P
M`H`X4#^$#M7[#VW[87[4!O7'_#)>BOYB;1*UE"`J\?\`4.QUK\M?VSM;UK7/
MVD/$%UXKT2V\,:VGEF;3;+:8X\P1$`[$0#Y0I^[_`!&LLFQ$)R4(=#JSBCRM
M-FI_P3C._P#;L^&CD[MVHD*W?@=#7]@NB_\`((MO^N:_RK^/[_@G2A3]O/X;
M^9MVM?JT(0YZKSG'X5_8#HO_`""+;_KFO\J^<XN_WA'L9%_!,3XD_P#(-C_W
MQ_)JY-O]:?\`=_I76?$G_D&Q_P"^/Y-7)M_K3_N_TKY)[GM@.E+2#I2T@"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`$/2MCP#_P`C"?\`=K'/2MCP#_R,
M)_W:`.TU3_D'2_[IKS(_=F_WS7INJ?\`(.E_W37F1^[-_OF@!\GWS2!/,.WK
MNXQ2R??-(OWAV]_2@!^F*%U&U,1V+'(58=B>E?CI_P`%"OB)\1_AG_P78L-0
M^&.B6FN^($TPG[-<^9Y;*;B_'_+-6;U[5^Q-N_E7$,9^6/S"Y?UYS7PEXO\`
MV:/&=_\`\%L[7XDIIDC>#X]*^S-=&'*;O.O6ZXQTE3\Z`/-/CAJO[?/[77P[
MU/P'=^%/#/A2WUM&BN=03[9O2)E*,`'M2O\`&#_P&J/[=7[&-K^P7_P2P^&_
M@:UG%U?Q>--.GU"\B8LLCR7TTS`$@=YB.@Z5^IM[?23:C-MGD^T*I=,Q;`RC
M`Z_6OF;_`(*Q?LJZS^U]^QYJ7A_PWL77]&N$UZR'G[M\ULKR(G4?>;'K]#0!
MH?M`#[9_P2JGCCRTG_"(V;+NX*#R(R>GJ*_.'XA8E_X-^/#;3;I8Q<09S_"/
ML]G7HVM?'+]K#]HG]D4?`>'X4W'A_5+?3(M-GU^:3$<L5LJ8P&ME7+K"P&'_
M`(QR>^GXV_87^(=Y_P`$8-`^%\6F7+^*+66!;B(0G<"D-J&^7KUC:@#$_P""
MWWPOD^/'@?\`9L\*&]EM_P"U/$EE:&;[K2*PU$8.![]O2O6O^"C_`/P3+^%_
MPD_X)[:EXI\&:,ND>)OAGI3:Q#>0W$TDCS16\ER"RL[+]]!CBO(_^"_F@^*K
M+P1^SI:^'`+;Q=8^([,Q1NXC(?;J)!Y'J5[5T7QR^,'[3O[>WPAT7X)77POF
M\)V>N^38^(M:,VY6M7`B8_\`'O&.89&/#CIU[T`?8O\`P2U^-^I?M"?\$_/A
M[XIU!I/[8FL(+&61D`,HCBB0D@<=R>!WKP[_`(*Y?M03>)O$=A^RSX+\/Q>(
MO&/CRU2\D>??]DLX]\IW%HRS@YM&'W".1^'UA^RW\"=._96_9\\&>`](`DMO
M#=FEM*P8G?,L2)(QR6(!921SCTKY`_X*4_L;_$3P;^UUX:_:6^#"_P!N>+=!
ML5LKS1)(@RS)NN3E7?S`.;GM%_#^0!\1?LE_##3?^"&G[7-[:?M*:9-XCMET
MQY?#.O61=K6RD\^`HA>0P)N_=SMC#<?I^NW["?[9VG_MZ_`H_$/1-'U/2-)E
MFDM[9;R$1_:`DTT.1AW!YA/0]Q7YW?MJ>`OVAO\`@N-H^F^!]1^&*?"?P_I=
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M/`MS%=V&CV+2YWQRAAG?;QGI)-_%W'X/_;+_`.%"_"#]O>^\4_%S5-4^(?B!
M8[9=/\-::8I);!8[:W5<HLL3Y*K$PSG.:_2VPN?,&U@=G_/1FVG_`+YK\J-6
M^%/Q+_8*_P""B?Q"\9R_#"7XS^&?'26\EI=/$TOV!HK2*/8I$4^,LQ'5?]7^
M0!XWH/QV\)W?_!8SX6:Q\)/AYXS^&>CZY]M2^.J6#1?VEMLWQ]^64`?.V-I'
MW_I7H6F_LB:%^UA_P7X\=#Q6KW6A:/:2W'V1790K&\NU^?:01]X=ZM>)/@)^
MT'^TC_P4,^%?QGU3X>VGA/P9I$EQ!!H=LZ-+`A@$8>3;#&ZYRA^9>QYZUQ7C
M[XB_%+X5?\%U_B'KWPS\._V[*MO*^K:<L^6>,WMT!@&-R/F*]%[4`>S_`+??
MP1T#_@GS_P`%`/@E\1OAW:IHD'B36K/0]3L;.5YTNDDEEF;_`%A8X_T9!P1T
MKP;XZ?M4Z%\9?^"M7BE_BQX'\8_$+PIX&M+273-%TFQ,B02RV-K-YC&.6)\A
MUSRQ')KZ(\)?#GXU?\%./VX/"/CKXE>%7^'WPV^'1COH--G7S'N+B*92#DQP
MN#Y<TPZ'I^5S]I;]DSX@_L/_`+;=U\</A=X3@^(7AWQ/%%!K>D.`TT:Q000K
M@,DS<JDG11U'UH`^=K[XJ6D7[??P_P#'?[.WPG^(_P`/PWG6OB$ZAI$@MKB-
MH#&!N>6;!`>;^[RP_#=_9T_8(\#_`+>?_!6GXRK\1M.;5M!TR>XG_LUYI(D9
MS>2#<3&RMGYAQG'%>Y_#G4?C[^W;^U7H6L77P^M?A+\./"R22S02QQK)J4CQ
M-P"T$+\/&G0M]_\`/T+]@#]G7Q=\+?\`@HM\;?&&L:?+8^'O%!F:P,D6`^Z\
M,@PQ']V@#Z]^'O@;2?A9X-T[PSH%L+#1](C,<,"L7&"Q;JQ)_B/>M;:JCY4"
M^ISUI?D5G8=:0$E10`4444`%%%%`!1110`4444`%%%%`!1110`4R;[T-/IDW
MWH:`/4-._P"/*/Z4Z^_X\IO]QOY4W3O^/*/Z4Z^_X\IO]QOY4`>:3'==W"CE
MBQX_$UA_$24#X6>(%7H+5=__`'\6MN<$75Q(O6-SG\2167XQTPZCX+UC3T_U
M^H6JLO\`WV#_`$H`_#W_`((P?\$^/BS^T-\!O$>N^!_B]_PA&GS:AA["-('?
M=Y:?,1)`Y';O7H,_P)\=_P#!(W_@HAX%\??%+4M-^)-IXWO[;1K35GE99[-I
M'MH.%2.*+JP]?]6/>N@_8:^"W[9?_!/+P!K/AGPIX0TK6-,N[C?%-)/!&^XH
MO56AD/\`#ZUZ+X>_X)]_M!?M[?M6>$O&G[0M]IVB^$_`%[;ZI8:3;/#+]HFC
M>&4#,?E'[T`_A;[W3U`(=3UB*Z_X.&/#NL6OSF]\+7%]&CG"8;2;QQG'<9_.
ML[_@FA\*]&_;6_X*'_'?Q]\2+<>)K_PIJ-WHNCVDSF,V-O'<JZ;5C*Y`^T2#
M+9/)]*]W@_8G\3I_P5YT7XJ^5&/`FFZ5-I^W`WA?L5Q`!G.>KK7GGQ>_8^^,
M?[#G[9/B'XP?L^V4/BG0_&ZO=:GX;G9;?][)-(['S7$S=/*'"#[M`'.?MI_#
M[3/V/O\`@KM\$/$/@*-O#?\`PF4]M:ZG9)EHKY6N^?OECDB%!\N.E4/^"<7P
MXTW]K_\`X*C?&_Q=\0+8:U<>&9+'^RK.1F7[+_HG)(4KU,*'G-=_\`?V./B]
M^UO^VCX?^.'QSL[3PY9>$&271-`2X2?RI8YHY%RZB(_\]>J'[U1?'#]COXO?
ML<?MH^(?C5\!=/M?$MAXUBC_`+6T>:X6WVF""*%0-XEZXDZ(.O>@#V>;_@G1
M\+_AI^UIJ/Q9TC54\%ZS=Z?/'?6!GPETC6\Z%P)&)X$KMQ@5\@?!S]H3X*?L
M\_$SQMIWPR^$_P`0?C/XEU?5)Y-0UC3]-:]A:8E=\:F&XV[1L##Y0?WGIBO7
M_@)^Q_\`&G]JGXY:Q\5OC3?W'A6.ZTZ;3M-\-6\F](]]O/%N9D,7_/2,\Q_P
M]:\__9;^&7[2O_!..7Q+X,\,?#/1_%FDWNK37=AKDDT,4L:,(XU+$P2DY6'N
M_5_S`.2_X(HQW-[_`,%!_C7H^M>%9?"MC<Z3,\_AZ195DSNTY?F60[QP3W[U
MV/\`P0)^&OANU^)GQ^OO[/BL9=,U/<EY*S+]BCS=ECR=O``//]VNT_X)I_\`
M!/OXP_LQ_M_>+_'7Q$NK+6;?Q=I4D5W>12QJD+F6SX&PD'Y8">,5B?LM_L8?
M&G]EC]J[XJ^'(K&WO?A;\5XY+:34HIE#VGG0LA8$!FR#<2?QK]WMV`.'T#X\
M?`WX%_M0_$)/!/P\\<_&GQQKFIW!U'4[*P^U6-HYEG+1J\%Q_MR@Y3L*R?\`
M@C_JVH3?\%H/'6?"$_P_@O=':X;1Y4E1OFNY?WC"4E@3C;P<?)]:Z/\`9G_9
MV_:*_P""9?Q'\;>&/"G@'2/'_A_Q'J]SJ%AK,\T4<\`EFE<*=T,S-M#KU?UK
MM_V)_P!AKXZ?"C_@IC=?&KQ^VGW4?B[3/*N(X)(E73U:::8)A!@D,V/NJ>:`
M.<_X(]?#&S^.7_#2/@V\6-[/Q`9;!HG8J',EK:+G(YS@GI6%_P`$^/VQ;O\`
M8H_8T_:!^&6N?Z#KWPOAO4TF%L!W:[6_NXB`^&.-T?;N.M?2_P#P2J_9`\5_
MLJ?$[XFZGXA5$37K\7=D2`N<0VZ?CS&U?(G_``5N_91B\=_\%9OAI8^"==MY
MD^(UW"_BK3[,J^((/L$)\P*YZQ/)V7J?K0!W?P!_X)X>*?BK_P`$E?%E[97\
M6C_$'XMWR^*+BXO"T:7L,MU%?1PCY#U5Y%^5?XQ@]QX?JGQ]\+?#7]FBT^#G
M[2'[/?BOP]8:?;1VXUW2+"Z:V@1`J+(9)YHART;#D8^85^GO[7G[)-_\7/V.
M['X=>#O$%WX5O_#5E:PZ7=0H1\]L8"$/SKP1`%Y)^]T/0_%'Q'TO]L#X]_L^
MCX,>)/AOH,MU/`EA<>+YUMG?RX]K!O*-L!DLA/\`K?X^I[@&5_P6=\.>`/$'
M_!.3X(WO@ZZM?$&A#Q#;V]M?&<.)HBFHD@LC$9W`]#VKT3_@I-^PSXK\=_`;
MX*^*OA=966N1^`VL]4N?#+-*QO0C03D`1HSDGRV[C[];W[6W_!)+4=3_`."6
M_A7X5>!;];KQ/X$N?[3@DF/-U,B7FU?+:1@H)N%YR>G3FN>\>?L^_M/?%7X1
M^!/B!8.GAWXB_#X+;W.@I=)]EU2%'4+GY53)CMT_Y9,?WI_$`\?'[47P6_:`
M^-G@;3?C;\*/%OPD\>>&KEHM.U-[1[:T,A55*AI[A=P/EA>4)_>#O7Z^:1H5
MAXLMM/L;FV^WZ5<Q@<Y\IEP2'#`Y.<#VK\N_C#^S?^T!_P`%0?%O@O0OB'\/
MM%^'FA>&+E;J]U>.2)KF]D7RY#]V&!@-]NN"'(/F'\?U#\":3;^"XM'LH+F9
MK;1K9+5%E4@S!01NR23SGWZ4`?E+_P`$8?".B>"OB!^T9XCATZ!=8\-B2XL+
MP,2MMLM[-QMR<'YN>0:Z[_@AI^SKX4_:2'Q&^,?C:SM?%/B;7=6:Q9Y9G7RH
MTFNK;&V,JHRD*=NU>O\`_!*W]B?Q+^S3X]^+MQXRMXTT7QO=>;$H`=I$\BVC
M*[>O/EM^5>4Z-^S!^T)_P3'^.7BC4?@YIEGX[\#>,Y?M"Z2SQVITZ3:3DDI,
MPS)+(W(7I^0!Q7Q*\+V/_!/_`/X+?Z%X;^'1M]#T#XCZ3?W6K:7'*95:3^SK
MJ4/F3<P^>0G@@<5'_P`$:?V+O`/QM_:-_:1\3>--!.NR:=XQU'3DC>25%94>
MU<$;'7O(U>R_L7_L$?$;XE?M.Z]^T!\=98(/%5U:S66BZ"L*2+81M#<1`^<I
M3^&=>3'SL_+O_P#@D]^R/XK_`&4_%'QHF\5E$C\8>*KW4;'R\.)HY/LVT@@\
M_P"K;\J`/KWP_IHTZ/3M,M52UT[(2*U!SL!)[GGN>_>OQF_;?_;2M/B[_P`%
MA](GA\'>*/'OA3X-21RFVT*Q^V&.=H[.?)V..0\+X!8=#7[`>/M;U+2?A[J^
MHZ!`9=;.G2I8QOQMFZK@$'N/3O7RI_P2(_8-U#]E?P=XSU[X@6EIJ/C+QQJ3
M7<_G0*7CC6:YVC.3_P`LY$Z`=*`/@+X]?MX+X._X*>^`/C=IGPR^(7@3P]<.
M^FZO+KNCFTAD\R%K>/+-(RCY[C^\.6%>Y?\`!RGJ^K>*XO@7J/@6YMDU&_O%
MGT\NV49&M[L@G`;MGH#7V9_P4R_8ZMOVTOV/O$?A#2M/L=.U57MY]/E6W7<)
M8KJ&7@_*?^60'7O7R'\4O^"?_P`:_C=^SU^S[I6K06T?B+X;7RP:I,TZ2%HD
ML)(\XXQ^\D/K0!TFN_"K_@HEXG\-SZ5%XP^'6D07RF`7`NI=XC8$'AK`C.>?
MPKUS]@C_`()DK^P5^S-\2KW7]1B\2?$?Q7H][<:IJ,;DQDB*Y("_*@^Y*H^X
M/NU]A1WLN4C+Y$?R2AEQD=<@^OTK*\96(U[X=>*=-A5S+J&DW=O;[W*$N\+J
M.?J10!\*?\&^^[_A6'QD!#KL\87VX,,<_;9NGM7WT&,K,X^X4`7\Z^3?^"1_
M[*7BK]DOP3\0[3Q7$(9?$?B"ZU&W"MN!ADN))(SGZ,*^M53R(8?[J-M8_A0`
ME%%%`!1110!?\*?\A5O]T_THH\*?\A5O]T_THH`^5/\`@XE./^";OBCW+`_^
M`UQ7\O%NV44=L'C\:_J&_P"#B7_E&YXG_P!YO_2:XK^7B`[8U8]#D`^IS7Z'
MPG_NK/C.(W^\L/BL3<%42/S'GE2.)58`B0MA<?B17ZP?L%?LR_M7?`3X/:7?
MO\6[/P[IWB"".?3=*UJ_^UQPPM&C)B,7@"\#'W1]VORY^'-[_P`([\3?"][-
M9VUW$FK6I\ET):7]\GN!Q7Z5_P#!5;_@G#^T-^TUX^\&^/\`P9HU]J?A6^\-
MV@M;"VD`2TRTS@;2<#"R*.":WSCWHI(63Z*[+O[=G[(_QT^.OP^U;5OB#\>]
M.O-)T>)I3HNGWS+:W956^]$+MT.0[#E:_+"11;EEPQE@=EWAOE.TD=/PKW_Q
M3_P2N_:.^'^C7VKZGX+U+3]*TJ(F].Y=H`Y.?G/:OG_=YT82,3@HY62/(V*0
MQ!_K7;DBY:+3.;-W[Z:$NI-D<4OWLAP0>Q(QFOTFT#]IOQA^Q'_P24\)>(OA
M/'::?JFJWT:ZWJEO!LN4!@M20TB%7/S8[G[QK\V%5$\PDY!!4>QY!KW/]G_]
MMWQQX$^!FM_">TT73?%/ACQ`%D:"XBDDDMY`8FRO[U%'^I3^$]ZTS=)T;&63
MS:JGZ0?M4_\`!3CXT_`S]K+X52Z9?ZA?_#[QPL4-Q$LDSB3?/*"5`<[?EB(Y
M6OSG_P""G'@.Y^&_[;/BVUDN[K49+Y;6X>:^F,\N)+*WDV[F.>`^,>@'I7TA
M^S#_`,%0?B1\'_A'IOAKQK\'++QCJ7A@;M!O9K7S7TPC)5B6NEQ@O)]T?QU\
M5_M'?%KQ)\??CEX@\4^+TV:W<2PL\*Y_<HL**/O,QP$1/XJ\K)\,X5>9=3U,
MXJ<\+'6?\$XW!_;O^'``/&HX.>W':O[`M&/_`!*;?_KFM?R`_P#!.G#_`+>?
MPY;(=6U$%6'TYK^OW1C_`,2F#_KFM>7QC)*LCT>&_P#=]3'^)/\`R#(_]_\`
MH:Y-O]:?]W^E=9\2?^09'_O_`-#7)M_K3_N_TKXT]T!TI:0=*6@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@!#TK8\`_\C"?]VL<]*V/`/_(PG_=H`[35
M/^0=+_NFO,C]V;_?->FZI_R#I?\`=->9'[LW^^:`'R??--=0R$,<*1@D=A3I
M/OFD.[^``M_"#T)H`4-YL;M&GF1(H4%CWZ9P::9RB*F]Y-L8+*(V&T_7H:+_
M`'6$0DRWFB-GV+]TMC('YU\,_&W_`(*`?M7?#OQUKD&B?!>+5?#%A,_D7A@8
M^?&'*J?^/Q>VT_='6@#[G+>=*J_O9'VX#\\#/3Z4JN!E@`I/#;5QGZU^6?[.
MG_!;?]IS]KCP!>:SX`^"EEJ-CI]QY-Q+#:N`ORAB.;W_`&EK]&/V9?%GB[XK
M_![3];\7^'_^$=\0W0=;RP5=HMV$CHG&]_O*JM]X]?PH`[::Y=U#([+P!E3@
MX%1O.\GF+N;+_,&SR3Z_6I)+*6S)MY4*2\':>N#WIEZKV`VR+M:/YTS_`!(>
M`?YT`?./[=G["\_[:/Q%^'NNQWXLG\$ZS;ZJX?!$BQ"<;<%AU\X>O2OHV*=8
MU$B2G=Y<4!"*1OVH$Y_*N._:>^,^D_LM?!#Q!\0/$49_LS1HWEVD9&Y8V?D9
M'96[UQ.L_M1:UK/[%UO\5?!7A]=2OM2AG:RTU$^:8HTJ`@>8H^]&/X_XJ`/9
MU3;(=JG=,"'"C&,=*+<F*/9"[`2Q"-FS@@@YKY)_:L_X*-^)OV4OV4?`7C[6
MO#;0:_XONX+2ZL&3)MRTMK&>!*/^?AOXCT_/ZF\&ZK)XU\+Z-J:1&&XUBPBO
MOL_0KO&?4_S[4`:8G<1[-[;2<E<\4CN9&RQ+'@Y/MTJP^D7,:Y,3`$;OPIEI
MI\U](ZQ1EVC^\!VH`BWG?NR=QX)SS07)[FGR6<D07<A&]F1?<KU'X5"L@=W`
M.3&Q1AZ$=J`'$Y%.$K"'R]S>6#D+GC/TIM%`$L%W)!<+('PR]VYKYG^%7[!!
M^&7_``4*\4_'(ZH[#Q/;-`]M_!\T\LW3=_TT].U?23C([=>]*DA0J[1QN&D(
M,>/NC'!H`5I69&B9PZ=#@8#?4=Z5960,`S`/C<`?O8X&:8L?EK_#SZ4M`"LY
M:((22BDL%)X!/?%#R-(?F);'J:2B@!-N!TI>U%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!3)OO0T^F3?>AH`]0T[_`(\H_I3K[_CRF_W&_E3=._X\H_I3
MK[_CRF_W&_E0!YC<,5OIL<;G.??DT/RX;^(*%![X]*+KB^E_WS_,T$YH`D6^
MF4\2RC)R<.:C=S(1N);!R,G.#244`+YK;-NX[<YQGBG17,D'W'=,<#:V,4RB
M@!97,P^<EL<C<<T)*T?W6*_0XI**`'RW$D[9=W<],LV:4WLQC*>;)L(P5W'!
M'I4=%`"M(6B*$DH1@J3P1]*$E9(?+#$1YSM!XS]*2B@!ZW4BXQ(XVYQACQGK
M2-.QZYD_V2>M-HW[.>?PH`Q_B7X<N/''@#5]%@U2ZTNZU.!XH+V&1EGMBRD`
MHZD%2"<\$5\T_L2?\$KM)_9+^*&J^./%7BW5_B#XKOWW6-[K,TE[<6`^;Y4D
ME+LH/[O@$?<7T&/JQ(OLZ[?W<N#D%QG%`5MQ;;;+OP3M4YXH`=,SFS;SOF>6
M4RJ.X^8&IY=2GED8^=+\QSRYJ(R+"VX*7E88W=EII78<;MV/XAWH`0#;/Y@X
MD/5_XC^-/,K%L[FR2"3GN.E-HH`DFNY;D?O))).WS,34;G>RD\E1A2>P]J**
M`%:1G()))'()/2G1W$D+,4=U,@PQ!QN^M,HH`<\SRG+,S$#`).<#TIO0+_L'
M*_[/THHH`"<X]CD>U*\K22!V8LX&`Q/(I**`%$A`QD]<]>]'F'+<GYSEN?O?
M6DHH`&.X\\\YYH(W=>>,444`*\C2IM8E@```3D`#I2$Y7';.<444`%%%%`!1
M110!?\*?\A5O]T_THH\*?\A5O]T_THH`^5/^#B1<_P#!-[Q*>RNQ/_@-<5_+
MGYPMK'SF^XRN5'T)K^H[_@X=4R_\$XO$RC^^V??_`$:XK^6V?#:!*#_#;S[4
M]^<5^@\*R4<,TSY7-Z/-6]X]T\7_`+%WB?X5?LB:)\<!J%J=*URZ$5O;AB98
MFBEA3=@ICDS*?O'I7H6F?M"?M2:5^S._Q'L?'FHV_@G2G6Q1([&!O+P(L#)@
MQTE3^*O5/VH9_L?_``07^&DQ)S]OF#G=GC[18X^6LGP[?!O^#?KQF9/..?$1
M,0*E=RXTW&*ZL3*#?O\`06$I2B]-BA^R=XR^/O\`P4(\`_$*SE^+ES::/X5T
MR>]N["XMK6,SJAA4CB`MTG]17Q+<VS032J0OF032)N!.Z9@Y&<?45]]_\$')
MHU^'_P`?7PR9\*WJ_.,>8?,L.YKX%P6U74<[BZ7<NS(^5?WC'K7?ETDWR1//
MS.#W8VYFN&LAY.!(`2X(Z#O_`%K]./V;OVA8/V)O^"6VG^./AGX5M?%7CJ]O
M0NHWJ%YGLP8+4E"JDJ,,S=5S\U?F+J$GV>T4$GSV9MVT9!4XX]N,U^G_`.S5
M\?O#G_!.?_@E39^,;'PROCW4/%.I$SV4LA,%GN@M&PQ*2J,'/)4=JSSB-3E2
MB/*(PYKL\]L_^#BSX^^0@CT.&:,QY68V:\G/3A,5\;?'GXS:Q^T3\6]3\7:W
M%C5)RADA9`A7$2+T`'9!^=?3R?\`!<J&SCB@/P0\&NT8W@1WUN0!]1:<]:^6
MOCA\71\=/B?J'BTZ59:&M^%Q9VTRE8-L:)T54!^YG[HZU.41:?OHUS+78[S_
M`()TE)?V]?AR[;C)_:"X!'W..:_K^T;_`)!,'_7-:_C_`/\`@G,99?V\/AP\
MARO]H#80N-W%?V`Z,/\`B4V__7-:^6XOO+$*Q[7#R:H69C?$G_D&Q_[X_DU<
MFW^M/^[_`$KK/B3_`,@V/_?'\FKDV_UI_P!W^E?*O<]L!TI:0=*6D`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`AZ5L>`?^1A/^[6.>E;'@'_`)&$_P"[
M0!VFJ?\`(.E_W37F1^[-_OFO3=4_Y!TO^Z:\R/W9O]\T`/D^^:0TLGWS24`"
M.Z_=_6LGXERR3?##7XY438]L`6_N_.M:N,UB_%!,_"SQ`!O^:V'RJ"Q;YUZ"
M@#X%_P"#8-D_X8Y\0.ZKY%KJ^^1O[V(H^/UKRH_M,>.?^"I'[1/C&./XQ^'O
MA'X&\!W'V*UCN+FVBGNV9<,Q$L3C`>%^C=&'X>J?\&RNG3G]C3Q=97%G?:6;
M[469$NH'A9#Y,2@`,`3WKY3_`&2?@/\`!WX'?M`?%/P?^T3I'B70M1N=6CNM
M,U.*>]M[6[C</*1E'1#Q+$.IZ'WH`^C/V(_VN/&/A_\`:QUS]E;Q/\2=*^(!
M\1:?)<^&_$&E2P3^1LM[FXPY1$&0(X^BMT/XXO@[_@J%XS_X)>ZM\3?AI\:W
MU/6O$%K/)<^$+H6L:#5E,Z0@)D1;QLAF?Y5/^%S]BSX@?`_1?V]9]5^''P^U
ME_#G@JPNFN/%MS<7;X/V2Y7:GF!@V2A7A_XQ7E/QI^"'C#_@N3\9O&OQ3L+&
MYT'1OACNL?"GVBQYU79.<,<B/K#=D\A_N]>X`-#]KW]E7XV^-?\`@DWK7C3X
MG^,[S3O$FJW#7$NCO;I'B`6UPIC(:%6!)4'\>M=_\!/"?Q"_8^_X(4:UXL7Q
MS)J-Q=V%VUEF*$_V:%:^S_RS`ZX/.>E;/C7]LK4?^"A/_!'+QIIE_H&HZ/\`
M$3PM:S_VOIK0.6R()?N?NT[31\*M8G_#16@?&_\`X(!:MX<T%-3?7?#5E?6M
M[:R63B52[WQ!V$9/`].X]:`,;_@H[X\UGXG_`/!(GX`:]K-S]NOM0N]->YN"
M`IE)N-+(.%`'))Z>M>O_`/!2W_@HEK?[/OPK^$WPF\!:G::3XX\?:1:@:E<L
M@ATZ(1R/\Y(;'-NX^X?O#\/"OVVK"YN/^"-/[/$4%IJ,US;7.G`VJ6SF1B)]
M+W%E`RH&">G8T[_@K_\`LS2V/C/X%_%[5=`UGQ'X(L=#M;76K6R6=)H&\NZ.
M0T677YIHQ@`4`)\9M6^(/_!-GP[8_$_1_P!HWP]\1KFSF6'Q!H<5U9R/+'AY
M6V".$-TAC7JOWZWO^"A7_!2'7OB[\8_A/X%T7QFGPL^'WC:U%S)XBE^SK%O'
MV5949Y@Z#]Y-*.#_``]L5A_M%/\`L;>&?`EE+X%\.>*/B'KFJ7*VXT:'5-1F
M;++(=SXDD(&55>5_C'X^B?M:_$_X;^`_$7PZ^%/Q@^$=W9_#K4++?9:U")R=
M)DD\A]KS)&K+\T['YI1_J_;@`ZW]C_X7?'/X)_M!:5_8GQ-T/XQ?#'7(V^UR
M6$L=Q-:((G*.?)MPHW%P>7_@-?H5,JQ-Y49D,<(\M/,4`X'2OQ-\%Z!H/P0_
MX*&_#R+]F#QKXM\4Z-K=U<QZW9&.XGL+&)8CY:F9Y9D&`\HZ+R@_#]M;F)DG
M96&)$.V0#D!N^#W^M`$5%+Y9]*,#U_2@!**7`]:,#UH`2BEP/6C`]:`$HI<#
MUHP/6@!**7`]:,#UH`2BEP/6C`]:`$HI<#UHP/6@!**7`]:,#UH`2BEP/6C`
M]:`$HIWETC+M%`"4444`%,F^]#3Z9-]Z&@#U#3O^/*/Z4Z^_X\IO]QOY4W3O
M^/*/Z4Z^_P"/*;_<;^5`'F%Y_P`?DO\`OG^=%%Y_Q^2_[Y_G10`4444`%%%`
MH`**7`]:,#UH`2BEP/6C`]:`$HI<#UHP/6@!**7`]:,#UH`2BEP/6C`]:`$H
MI<#UHP/6@!**7`]:,#UH`2BEP/6C`]:`$HI<#UHP/6@!**7`]:,#UH`2BEP/
M6C`]:`$HI<#UHP/6@!**7`]:,#UH`2BEP/6C`]:`$HIWETC+M%`"4444`7_"
MG_(5;_=/]**/"G_(5;_=/]**`/E3_@XA#?\`#N3Q%M.T^:<_3[-<5_+CY):U
M;;\_#*1]2:_J*_X.*Y?+_P"":OBIMP5M[!2?7[-<5_+C;:[;I`DT<@ZD2+VS
MGK^E?>\,**I>\SY#/(U75]T^]?V=?^"KO@;X>?LBZ/\`"GQY\,=+\=66ES/.
M@O(H9`NYT?@2Q..J+T_NUZ!'_P`%NO@X/@_=?#M?@3H)\*7-R;A['[);"('"
M8^7[-L_Y9IV[5^9;ZO:,^[SMW?)[9ISZ];O!Y9FS'W7M7N5LNI5'S<W]?<>?
M1Q=:"Y;'Z*6__!9+X6>`/A9XLT'P%\(-)\,7OB>SDLY)[:VAB.'"]XX$[HO?
MM7Y[IDWUS+YO_'U*TC1X/RDDGZ=ZK?VU;Y_UWO2+K%LC9$W.0WXCI73A<'2I
M:J1S8NM5JJUB>8NEJ-B!V9G#!NH'MFONS]B'_@IS\*/@/^R9>?#?QUX#B\;6
MTTPNG2]B641$K`N$$D#@8,7;UKX+DUFW>0.T_P`PR0?2D?6K=BI,^=IW#)Z&
MKQ&%A45^8>$JSIJUC]"(/V[/V.;>#Y?@/:JLL16)C!;EU8GC/^A9[&OC+X[>
M*O#GC_XMWVI>$=!BT?0I0!#;A455_=H#P%3^(-V[UPBZW;K.91<?O&ZMW--?
M6[=U&9LX-98.C3I2?,]R\5*I57NH]P_X)QDI^WE\.DD<DKJ7R*.B\?E7]@6C
M<Z1;_P#7-?Y5_'C_`,$Y=5MO^&[_`(=XG8*=17.T]>.*_L*T217T>T^;'F1J
M5'KQ7Q?%:BZJY6?49"I*E[QD_$G_`)!L?^^/Y&N3;_6G_=_I76?$=]^GI[2`
M?H:Y60?O?P_I7R232LSW/0:.E+12,N\8R5]QVI@+10T1O9.?W"H,_+QNKS+Q
M1\>?$'A_6YK2W\*_;X8B`LL<?7@'G,@]?2@#TVBO(O\`AI/Q/_T(\_\`W[7_
M`..TK?M*>)=GEGP4YD;E=D8^4>_[WK0!ZY17D:_M*>)2NP>"G$B<MOC'S#VQ
M+2']I;Q,O7P1-^$:_P#QV@#UVBO(1^TKXF?[O@>?\8UX_P#(M!_:0\3IRW@F
M?_OA?_CM`'KU%>1#]I3Q,W3P1/\`]^U_^.T?\-)^)_\`H1Y_^_:__':`/7:*
M\B'[27B8G_D2)_\`OVO_`,=HE_:3\3*./!$__?M?_CM`'KM%>/\`_#2WBC_H
M2)_^_:__`!VE_P"&EO$X7_D1YR?^N:\?^1:`/7Z*\A_X:/\`%'7_`(0F?Z;%
M_P#CM+'^TMXE\QL^")\=OW:__':`/7:*\AC_`&E?$NSGP3/U_P">:_\`QVE_
MX:5\2?\`0DS?]\+_`/':`/7:*\B_X:6\2CIX(F_[]K_\=H_X:6\3?]"/+_W[
M7_X[0!Z[17D7_#2WB;_H1Y?^_:__`!VC_AI;Q-_T(\O_`'[7_P".T`>NT5Y%
M_P`-+>)O^A'E_P"_:_\`QVC_`(:6\3?]"/+_`-^U_P#CM`'KM%>1?\-+>)O^
MA'E_[]K_`/':/^&EO$W_`$(\O_?M?_CM`'KM%>1?\-+>)O\`H1Y?^_:__':/
M^&EO$W_0CR_]^U_^.T`>NT5Y%_PTMXF_Z$>7_OVO_P`=H_X:6\3?]"/+_P!^
MU_\`CM`'KM%>0']I'Q03_P`B3/\`]^U_^.TG_#2/B<?>\%3@=SL7_P".T`>P
M45Y_\+?C=JOQ"\026FI>'?[(B5<B0(!W4?WV]3V[5WX/)`.X#H?6@!:***`$
M/2MCP#_R,)_W:QSTK8\`_P#(PG_=H`[35/\`D'2_[IKS(_=F_P!\UZ;JG_(.
ME_W37F1^[-_OF@!\GWS24LGWS24`%`A%S(L3*CQR<.K@%2/<&BE5!*VUONGK
MF@#)\'^!O#_PNTETT'0-/T.U@DW_`&:QMXX%E;'4B-0/;I6#\5_V<?A]\<K!
ME\7^"_#7B&:(>8)Y]+MY+E>,_P"L=&)XP./0>E9/C7QU\0=`\5$:%H=CJ$&-
MHDE1R5'X2+68/B+\5X959/#.AY0$*3#+E<\G_EK0!VG@OX#>!_AIX1BTG0/!
M?A32-#ODV7$<&DVZ/.`.CE$&[J>H[FM/POX1T3P#X>?2=`T;1?#-BLQ,5OI]
MA'`DO"C+",`'A1U_NBO-U^(GQ74,!X8T'YCN/[F7D_\`?VE'Q&^+((/_``C.
M@Y`P/W,O3_O[0!WFG?"+PEH=_J,FG>$O"VG_`-JYBU%(=*@1+TD+]\*H##"J
M/FST%97AO]GGX<^$[34;;3?!7AG3[34^+ZRBTF!(+G@CE50*>&;KG[QKEA\0
M?BLJX'A?0,$8QY,O_P`=I\GQ)^+4JJ&\,Z$0O0&&7C_R+0!WE_\`"7PQKGAZ
MSTJ]\(:%=:39,&LK=K.#R;7!4C:A7"_=3H!]T>E7]6\/Z7XBT@Z;J>D:=JFB
M1*(CIEW;)-`2/1&!3T[=J\SD^(WQ9F3:WAG02OH89?\`X[2_\+)^+6$_XIK0
MOW9RO[F7Y>W_`#UH`T?!'[&GPA^&'BD:GH_PQ\'Z5J;2C_2H]'M,+T/R[(P0
M?E'?M75?$+X5^%_C'X?6Q\6^%M"\16L>X,-4L8;P#^Z$$BMM.,`'M@5P:?$;
MXLHFT>&-!"YSCR9>O_?VD_X6)\6/-W_\(QH.[(.?)E[=/^6M`'0_"?\`9;^'
M7P(#MX*\`^%O#GVF0R2S6NEVT4ZL<DE7C12/O-^==X'*NY!D978LK.^XD?6O
M)#\2/BR<_P#%,Z%\W7]S+S_Y%IJ_$7XL*BJ/#&@[4&U1Y,O`_P"_M`'KWG-_
MDT;O:O(O^%C?%C_H6-!_[\R__':/^%C?%C_H6-!_[\R__':`/7=WM1N]J\B_
MX6-\6/\`H6-!_P"_,O\`\=H_X6-\6/\`H6-!_P"_,O\`\=H`]=W>U&[VKR+_
M`(6-\6/^A8T'_OS+_P#':/\`A8WQ8_Z%C0?^_,O_`,=H`]=W>U&[VKR+_A8W
MQ8_Z%C0?^_,O_P`=H_X6-\6/^A8T'_OS+_\`':`/7=WM1N]J\B_X6-\6/^A8
MT'_OS+_\=H_X6-\6/^A8T'_OS+_\=H`]=W>U&[VKR+_A8WQ8_P"A8T'_`+\R
M_P#QVC_A8WQ8_P"A8T'_`+\R_P#QV@#UW=[4;O:O(O\`A8WQ8_Z%C0?^_,O_
M`,=H_P"%C?%C_H6-!_[\R_\`QV@#UW=[4;O:O(O^%C?%C_H6-!_[\R__`!VC
M_A8WQ8_Z%C0?^_,O_P`=H`]=W>U*&YZ5Y#_PL;XL?]"QH/\`WYE_^.T?\+&^
M+'_0L:#_`-^9?_CM`'L%-?I7D/\`PL;XL?\`0L:#_P!^9?\`X[6UX$\9>/=6
MUCR]=T33+.VQE6@C<$GT.9#0!Z%11<[;:Z^8GD?=':FI]WO^-`#J9-]Z&GTR
M;[T-`'J&G?\`'E']*=??\>4W^XW\J;IW_'E']*=??\>4W^XW\J`/,+S_`(_)
M?]\_SHHO/^/R7_?/\Z*`"BBFS'$1QUQ\H]3V%`#J4'':O+_$OCCXF6'B5H]*
M\-Z3>6.2%>6*0DCG'20?RJD?B'\5ED;;X9T3&[HT,O'_`)%H`]=W>U&[VKR+
M_A8WQ8_Z%C0?^_,O_P`=H_X6-\6/^A8T'_OS+_\`':`/7=WM1N]J\B_X6-\6
M/^A8T'_OS+_\=H_X6-\6/^A8T'_OS+_\=H`]=W>U&[VKR+_A8WQ8_P"A8T'_
M`+\R_P#QVC_A8WQ8_P"A8T'_`+\R_P#QV@#UW=[4;O:O(O\`A8WQ8_Z%C0?^
M_,O_`,=H_P"%C?%C_H6-!_[\R_\`QV@#UW=[4;O:O(O^%C?%C_H6-!_[\R__
M`!VC_A8WQ8_Z%C0?^_,O_P`=H`]=W>U&[VKR+_A8WQ8_Z%C0?^_,O_QVC_A8
MWQ8_Z%C0?^_,O_QV@#UW=[4;O:O(O^%C?%C_`*%C0?\`OS+_`/':/^%C?%C_
M`*%C0?\`OS+_`/':`/7=WM1N]J\B_P"%C?%C_H6-!_[\R_\`QVC_`(6-\6/^
MA8T'_OS+_P#':`/7=WM1N]J\B_X6-\6/^A8T'_OS+_\`':/^%C?%C_H6-!_[
M\R__`!V@#UW=[4;O:O(O^%C?%C_H6-!_[\R__':/^%C?%C_H6-!_[\R__':`
M/7=WM1N]J\B_X6-\6/\`H6-!_P"_,O\`\=H_X6-\6/\`H6-!_P"_,O\`\=H`
M]=W>U&[VKR+_`(6-\6/^A8T'_OS+_P#':/\`A8WQ8_Z%C0?^_,O_`,=H`]=W
M>U&[VKR+_A8WQ8_Z%C0?^_,O_P`=H_X6-\6/^A8T'_OS+_\`':`/7=WM1N]J
M\B_X6-\6/^A8T'_OS+_\=H_X6-\6/^A8T'_OS+_\=H`]@IK]*\A3XC_%82.R
M^&=#<8X!AE_^.UT?PO\`$_C77KUO^$ATO3K*UP>8$=6#<X'+M0!W-%%%`%_P
MI_R%6_W3_2BCPI_R%6_W3_2B@#!_;6LOAS?_``1OD^*4]E:^%`2TTMW<"")&
MV/R6++CY=_>O@R#PG_P3Y)?9K/@X*2,D:\N&]<?Z37L7_!Q7&LO_``3;\2A@
MY_>,1LD*'/V:X[BOY>(8V&T;KE5Y_P"7Q_7ZU]1D.63Q&'Y^=H\C,<5"G-)H
M_HF'@?\`X)ZJ>-;\'8SGC7D_^2:7_A!_^">O_0;\'_\`@^3_`.2:_G?6.-1]
MZZ/TO'_QHVQXZW?_`(&2?XUZRX>K/7VC_#_(\]YOA4[-:_UYG]#_`/PA?_!/
M?_H-^#__``>I_P#)-*/!?_!/?_H->#__``>I_P#)-?SN[?\`K[_\#'_QH"`G
MK=_^!C_XU+X<KMZ57]R_R*6<8.VW]?>?T1_\(7_P3W_Z#/@__P`'J_\`R31_
MPA?_``3W_P"@SX/_`/!ZO_R37\[OECUN_P#P,?\`QH\L>MW_`.!C_P"-;1X>
MKI6]H_N7^1']K87LOZ^9_1%_PA?_``3W_P"@SX/_`/!ZO_R30/!/_!/G[/\`
M\AGP?_X/5_\`DFOYW?+'K=_^!C_XT@?Y1\UWU_Y_'_QK'_5VJJD;U'KY+_(?
M]L8:UDE_7S/Z0O@[X2_8:LOBOH<GA76/"A\1+<#[$J:TKNS^R_:#G\J_26W"
MQH%`RH/[LKR%7MS7\@'_``3F_>?MV_#H*]P#_:`Y:X9QT]":_K^T./R])@RV
M[]TN?RKYO/\``RH5E%R;/:P%>G4I7B87CQF.CP[SE@XR?P-<S(?WOX?TKJ/B
M*<Z8F/[X_D:Y5O\`6G_=_I7CVMH=<=M!:1UW+@]*!TI:"@(+\L>!T%.CO)(V
MVKY8ST'<TVF3/L5<#EG"Y]`:`)WU&:,<^6.<<^M<C\;/VBO"'[-OA276?'GB
MG3O#NG+AC%<3PQ22`D`,HD*Y&3Z]C75&0:=:W,C#SO+MIYE'^TL98?J!7XB>
M.?!\?_!23Q/^T)XF^)'BJ\1?AQJL^DZ3X9,S6\DZ17T:AE"21LPVSMSL;_5G
MGT`/V3^#G[0/A+]HSP;%KG@CQ/I_B/29#C9;3PRR1?[PC+8[=^XKH-7\1V?A
MR!);Z\L].CE.$:YD$88^Q-?E[^QS_P`$W_B%^SO\0OAC\0/A%KM[_P`(3KUN
M@\1:3<.S1PQFX)?:9'?YL0Q]%4X8^^=+_@NMXFUSXM_M5_"'X*^'M=D\+C5K
MZ";5;_[7Y2PP&2T\PG)7&%G)^^.GY`'Z2CXCZ)(H/_"2:`03A0MVG)]*UEOW
MDB1E:*5'&Y67D,#W%?FK\/\`_@A1X3U#5;*73OVAI]9U>TFCF>VM=8>;#!@S
M`JM\?0]NU?HUX*\,-X;\-Z1H/G3WJZ#"MF\WEG?(43;D\D]O4T`:27TSCY0F
M!^E']H3C_GGZU\L_#?\`X*:Z?\6/^"@'B']GV/PQ<P:CX?@-X=2\]P+A!)!'
MG9Y8`YN!_&?NU]1W$+B4[(0(P,*6DQS_`/KH`6:^E\IF9HD106+'H`.IJGH?
MB*#Q$-VF7MGJ'S%#]GD$F".2.*P?CR?[,^!7C.XMIGCF71YR&'6-_*?D?C7Y
MJ_\`!&K]O[PC\$?V:/&I^)_C5[S4I?$ES%;0*0]U$@2UQ\JMN`X;]:`/U2>^
MGC!+;`%;:<]CZ56L_$]O>ZB]K;7EG<7R#=+;QR!I(AC.2O4<8/XUQO[-/[6'
MP_\`VH;<ZKX#\3:?KGD_+<:=OC,\(&TEF7<6'WE'(_B%>`_L=?#OPAX7_;L^
M,&IZ1\1+CQ'XDOK)#<Z,\A*Z7BS0+@><P&1AON+U_&@#ZRT_Q/:ZI=3PV-_8
M7MU;\3P0RAW@Z_>`Y'0_D:;IOB2TUR:6&RO["ZFMG,<T<4H9HF'4$#H17YK_
M`/!)_P`=:[XF_;K_`&FX+_6KJ\@TR69887;Y8,G4QQSVVC\A5W_@@3XVUSQ?
M^T!^TA!KFIW>H6-CXEU&"T\YBWDHLT6",^QH`_1S3/$]IKD\BV-]8WK1';(L
M,H<H>.#CZC\ZM_:9/+W?)MSC/:ODO_@EE\-O"O@JY\:2>%OB#-X_FFNV\^%F
M+&U?9!QGSI,<!?3[_P"?I'QS_P""@OP<_9T\5_V;XA\86J:CQYFG6Q6XDB8A
M6&0&R.&!Y'>@#VU9YF'&RD:[E2/>6C"YQGM7GGP%_:B\`_M1:+/=^!/$=GJ^
MU@)[=9%$]N1GJFXL/NMU`^Z:YWQ;^W_\(OA]XIUW2->\;Z58ZCX:7&IV+2Q>
M:X$AC^1=P.=_H.@-`'L_G3_['/2FF[E60*6C#$@`=R37A?P*_P""CGP9_:-\
M6MX?\->,+9M;E?9#:7!6&1\E1PK-D\L.U>Z()6C5$92XRL@*C(ST(/7I0`->
M2+NRT?R$!O\`9)X&:/M4OF%<Q[EZCTKS#XC?M@_#/X2>.5\*>)?&.F:!X@\E
M[IUNI(U$D2H9``&8#=M!]\D5P_@#_@JG\`OB+XZ@\/67C:WL;V[=O(DNPL27
M!`)X9W`Z*3P:`/H=KN554EHP'^Z?6E-Q,#U2LGQ!XHT[P1X>DUK6M0LM&T_3
MH"\MY=3*L''/!8A>F>_8UX%X=_X*T?`3Q1XY&A6WC:.QOI)1%'=W$8%I,Q(&
M!(S!.I`X/8T`?227<LAPK1GZ4&[E$9;='M7J?2O//BU^U#X`^"MIH-SXE\2V
M%E9^*&5-.NA*GE7C'R\;6W8Y,J="?O"M;XK?&;PU\%/A_/XK\5:M;:=X>@C4
M-/(RHC@L`&!)`Y+"@#KS+<++L^7>#@KCG-'G3X_@[]O2N6\!_$_P[\7?`3>+
M="UB"\\-7<#3Q:@D@,8`.,[@<=CWJA\%?VA/"G[1ND7^I>#[U=0T[3)?LT\L
M;[U!!96Y!]8W_*@#M#=SYZQ_Y_"@7MPASN4>Z@$_RIH(_AY7M]**`);B>2XN
M&+RAUV\<`?RJ)&8P*"%&,XQ]:**`"BBB@!#TK8\`_P#(PG_=K'/2MCP#_P`C
M"?\`=H`[35/^0=+_`+IKS(_=F_WS7INJ?\@Z7_=->9'[LW^^:`'R??-)2R??
M-)0`4AI:*`%:>6V_U$C*AZC`S2+,2.LGXCFBB@`\T^K?E1YI]6_*BB@`\T^K
M?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*
MBB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?
ME1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*B
MB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E2J^[N?;(I**`$_P!2
M^0-S'N:<V[=\Q!/J.E)10`4R;[T-/IDWWH:`/4-._P"/*/Z4Z^_X\IO]QOY4
MW3O^/*/Z4Z^_X\IO]QOY4`>87G_'Y+_OG^=%%Y_Q^2_[Y_G10`4!PAR1GZ44
M4`#-SN629?8**/,/]Z0_4"BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`
M\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI
M]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\
MT^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]6_*BB@`\T^K?E1YI]
M6_*BB@`\T^K?E1YI]6_*BB@`\R42;T<*.ZFED(=MW.[O244`%%%%`%_PI_R%
M6_W3_2BCPI_R%6_W3_2B@#Y3_P"#B5=W_!-[Q-_OL?\`R6N*_EY@B5U&XD]>
M_O7]0_\`P<1_\HWO$W^\W_I-<5_+O""4&/?^=?H_"4XQPCN?#\0N7M=!80L^
MH1V<*,UQ<NL<$>/]:['`&>@Y(Z^M:'C?P5K/PRUG^S?$6FR:5J`B$Q@:192(
MR2H;*$@\J1U[5]*_\$^/VNO@W^SU&T7Q0^%=GXYECO(9+:]>SCE>R)D8[LO(
MN.J=!_#7W!\9/VT/V?OVG?B,NH^'?V;$\=?V9IL2W-Z^GVSA0'?Y!F=3P6!_
MX%75C<QG3^'8SR_+Z-:*<GJ?DI\.OASXA^,#7W_"*Z5<:TNE1&>^*8B^S(I4
M$G>5SC>O3^]63,C03/$X`>-MI'7GO7Z/?$C_`(*G^!?@-\"O$,'PK^!D?@JY
M\<V[Z9?ZR;**,9D7)`,=QN_Y8QGD'[OTK\WXYC=!Y1\OF2/)(3UE9F+9_#)K
MLRW&5*T=CFS+!4:+]QAM^GY4C'![?E3J:_6O3_>'D<OF)N]A2Y"H..]-I63Y
M11%VFN<3274]G_X)R,&_;Q^'/'']HCI]*_L`T8#^R;?_`*YK_*OX_O\`@G)Q
M^WC\.?\`L(#^5?V`:0F=)M_^N2U^>\9-/$:'Z'D*A[`QOB0,:;'_`+X_D:Y1
MO]:?]W^E=7\1_P#D&1_[X_DU<HW^M/\`N_TKY)[GM:=`'2EI!TI:0!2JZJPW
M=,YZ=Z2AIOL\;,5W`_+^=`!+$8F?H4QDDD896^\/RK\Q_P#@K3_P2&T/7/#G
MC7XT_"OQWK/@[6$@CDU6RTV^>&TN9'NLLTD<3(&8F8=<GY5]*_3+4K:*^L;C
M3'D=);^UD1)`?]660[?U(K\7/VD?C#\6/^"9<OQE\"?$'2KSQ=X`^(-V^I:9
MJ@/FM9J]XA6++2(``MNO`0_?Z^@!W7[#W_!1CX[_`+".N?#7X>?'71K)_`?C
MAX[?0]5@ECFF>225E4L8I)F`Q%<<,%Z#VS[9_P`%`O\`@CMXE_;H_;IT3XEC
MQ]>:#X0M[6-2MC<-'=",Q6JN!ME#C/DOSL[C\?F+X1S^-?\`@JWXB^"VBZ/X
M7DT3P)\+[N#4;W5+U0&N_*DF4QJ5=QRMWGE!]P\^OT?^WS<_'#]B;]N72?BW
MX5N=2\3_``K^Q0VNH>'X924CC2"T21E0M&N3Y4QY8\MTH`\9_P""A'_!-'6_
M^"4_PUM?C?\`"/XG^/-1FT"\MI=7L-3URXEBNDEGAC'!D4=)93C#=OQ^J_$'
MQQ_:'_:R_98^%OQ#^!T6EPWWB*P@N]5\WRXE\R2W$C`AYHBW+KSS7S)^V5^V
M_P"-?^"NOA?1?@O\,?AIK>CZ1K-Y#+XAU/45B`M@LL,V$,<[8&891RC=OK7Z
M:_LQ_!FV_93^`7AKP%IDUQ-#X1TZ"UE>)A\\B1K"W\*_W1V%`'X4_!"V_:PG
M_P""R'C4Z#'HC?%`Z6ZWNYH!"B>?9YP#<@8W>5T<_P"'[)?L&GXY0^$=73XZ
M_P!EC4%GC%I]D2/J3)W2:7_8[US?PT_X)I:+\.OV^/$?Q^L_$6IRZMKMJUDU
MJ9DPH,D$G3R@>L`_C/6OIU[KS'VSR2^6@)RYY)ZT`<E\?G_XQ[\>/@.8](GV
M#H/]6_7/6ORU_P"#?C_@G[X"^)/A3X@_$/QAI=MXDO;C6[FW@L[V&.XM(3B!
MRPCD5@#^\89'M7ZF?'6Q?4O@+XO@CB-V;W3)XH8UZEMC`=?J*_'_`/X)C?MC
M_$?_`()BZ+XSLOB-\,]6O/A]?ZQ<36DFGI'YQ8^4H)WSA<81.BT`>F)\+H/^
M"='_``7]\%:)\/7DTOP3\3+*-=0TJ,^5;P-)>Q(2L2;5^[`/X>YJS_P2Y7R?
M^"Y?[3R1.[1C3;8@$\`G28#TK>_8S^&WCO\`X*:?\%.M,_:0\5Z1>^%?"/@^
MPV:)8W!"F0I=02C*AI1_%+T9>E6/^":_PA\4>'?^"Q?[2?B?4M':WTK4]/MX
M[2Y`&RX(TN%,#G/5<4`8O_!(0;_V]/VH$(`5[FZ\PKP3\VJ8YK0_X-[09?V@
M/VHHO,.8_$VI>4S9*@>?#P1WJ_\`\$K/A1XH\$_MT?M%3ZIH4EK9:S+=2VD^
M!^]S_:1&/F_VU[=ZT/\`@A'\*O$_PW^-O[1TWB#1K^QAU;Q'J$UF[%?WJM-$
M1CD]@:`/(_\`@BQ\3IO@K^SW^T_XNL0PN]`CNK]%R0X=+>R(VL.GX5VO_!"S
M]D'P;^TY\$]8^-'Q2TV+QSXO\5ZC/&B:XB:BEE''=75N-OG*^/DABZ$=/:K?
M_!#[]F_4IO`OQW\/>.M&N=.L?%MQ-;H)MI$J/!9K@?>_NMU':N'_`&0OVD_'
M_P#P18U;Q1\)OB'X!U3Q-X1>_P#M>B7M@J,RK(TER5)DF0?>NL<)_#^)`-#X
M]_#J/_@F3_P5S\`:A\.+F71_"GQ,\^'4M&@8Q6F]+?JL,>U1\UTQSM[#TKBO
M@G^Q=X:_:L_X+W?%8>*EN+GP_HTES,U@TBO'=`WETH#J00>2#@KU%>D?!;X?
M_$'_`(*O_P#!1?1/C#XA\-WO@_X;^`TD33;>[VK+,7@DC#$*TJ]8HCP5Z_EV
M/[`OPQ\1^&?^"V'QK\076ARVNAW4MT]KJ+@;;A&O)BHX.>A!Z=Z`/-?^"N?[
M,_@K]DG]K?X#>,_AWI-OX,U?4?%-C97\6E0I9Q3(WVN0Y$*J",PQ]2>@K]8]
M)OI+R+2Y?+2,O##(S$<S':IY/I]:_/7_`(+D_#+Q!\3/BO\``_\`L33FO5T_
MQ)9W5Y*/^685;T$]?]I:_0;0\RZ5H08[#';11'VRJ@_RH`_(3_@HW^S;9_M5
M_P#!<SX?^%=2N)K:QF@EFN4A./.1;7S"I[%3LQ@]B:[3_@X/_8;^%_[/G[$C
M>+/`WAJR\+>(?"5XD5I?:=;0VT[#?''R\2*W1V[]Z[SXK?#?Q->?\%X_!WB&
M'32^A6FGSQ/=]@?L,B>OKCM7;_\`!Q;\.=;^*_\`P3UU_2?#MA>:K?F]25(K
M,J)9&\Z'/+8&,#-`'R?_`,%F?VN/$%M^S7\`/"=Y?:Q_8_BTPS^(19W,JW%S
M"7OXGCRN2<@+U#=!Q65\4?VIOV6_%O[+]UX%TKX'7]EJ<.DSQZ;KD&D^5J$5
MZ\;F.0SBR#\2OG[P^Z.1C->Y_MY_L'>-OBQ^QU\'/B)X-LS%X\^&'EWUUILQ
M^>[BB:\<HVWKEI(OXQTK#\5?\%G+[4_@C-X;T7X!ZI!\4K^U.FVHEMH?)MKE
MD:..;BZWX#&-L@YYZ=J`/#O#_@OQ?^U;_P`$8=;NO&-OJ::S\']9@N?#L]VS
M-=M;?;X=@\QB6'[JV0'!'7IVKK_^"AO[4UQ^VK_P34^!'PJTJ>5/&_C_`$NT
M>]6,N'!%H)F#.<*3NA;DO7W7^Q1\#/B/K?[#VM:-\9[I=1\0^+K&2\6"-F:.
MP21&DCB/F9((W*O!/W>M?GK_`,$E?V/OB1!_P5,NH?'FCB+P-\-9[A-'NGY!
MC`F@0<D_PL.BKU_"@#3_`&3/VN+S]G#_`((C?$SP1-?7/_"3>#)YM&AS,_FH
M6M#,,,,]V'0U]^?\$@_V>8_V;_V#/#,(23^TO%/VC4+]I2&=@;NX<#/NLO<U
M^:'[67[!'CJX_P""N=UX'T&RF;X6>,]4AU.^F##:5_=P-GH/NY_@-?M]H>DI
MH.@6-A;`):Z79QVD"#_<`/ZB@"=0`O`P.P]*6D4$*,]<<TM`!1110`4444`(
M>E;'@'_D83_NUCGI6QX!_P"1A/\`NT`=IJG_`"#I?]TUYD?NS?[YKTW5/^0=
M+_NFO,C]V;_?-`#Y/OFDI9/OFDH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`*9-]Z&GTR;[T-`'J&G?\>4?TIU]_QY3?[C?RING?\>4?TIU]_P`>4W^X
MW\J`/,+S_C\E_P!\_P`Z*+S_`(_)?]\_SHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`O^%/^0JW^Z?Z44>%/^0JW^Z?Z44`?*?_``<2G_C6YXH_WF_]
M)KBOY>+5SY"GOS_.OZA_^#B7_E&WXH_WF_\`2:XK^7>V^6V&>.O7ZFOT3A5)
MT6F?&<1_&:W@#P];^,/B1X?TVY<K!<:A`DQ/`VF1<@'WZ5^TWPB_:EU[X0?M
MN>!_@1X;L;;PY\/%\)6]U+&Z9.J3[+I#(&<,W(MXC\K`?+TZU^)NEQW,VK6)
ML"XO89TDCV+EMX8%,>N2*_3+]FO_`(+8:/\`!W4="T_XT?"8OXK\)V$=K9ZY
M+*UO<RVZH8E/E"W&03YIR6/WCSQ75FV'N[X?5]5T,\IK*UK%C]@KXL7?QVTC
MX_?!?Q+I@O\`P;H5G<ZII^HB/"Z=.J6D2C>,#A9Y#\Q/6OS$O+%;+4;R-!,4
MAN98U95S'@2,!D^O%?HI\8?V]9_VA_A=XLT']G'X-ZIX<T76$>3Q#XBC,T^]
M-@1P2]O\HP83PX^Y7YSG]V[Q`>4T+LLR^9Y@E?)R<GT.?SK;*(N*_?:2\O\`
M@&>:M<UPIK]:=G%(R[NE>])L\&4UT&4_/RBF=\=_2I005'3K6<=:D;F1[%_P
M3D'_`!GE\.O^PB/Y5_8#HY_XE-O_`-<E_E7\@/\`P3G_`.3\?AU_V$1_*OZ_
MM'_Y!5O_`-<E_D*_/>,M,2C]#R!+ZN8OQ(&--C_WQ_(URC?ZT_[O]*ZSXD_\
M@V/_`'Q_)JY-O]:?]W^E?*/<]L!TI:0=*6D`4`XHHH``=JN.TF-WOCI6!\5_
MASIOQC^&U]X2UR&.;2=3QYP;@$!E8#/!'*#H:WZ4@@`+AT/+!N,&@#"^&?@'
M3_A1X`L?#.C1)%IVE_ZHKTQSQGG/6MR%S#;^5P8_[I`-*`2"&`51R@7G)IJG
M*;OX<XSVH`2VACLT988XXP^2VU0,YIR?NS'C_EE]WV[4HB.\`#+-R`.IIH.Y
MB!R1P1Z4`&W#ANX&!2K\@&/X3N'L:3=Q^E#';UX^M`!"OD3&1>';.3ZYZTDU
MO'>0B*6.-XQR%*"E8[!SQ]:6.13SD8]<T`.FC6=%5E7:GW0!C'Y4YOG;.!D\
M$@8S2*X?."#@9..P]:7.:`!SYF<@<XS@8SCI31&J@@*!N<R'`QECU-+O`[C\
MZ-PR.?O=/>@!#'M^XH![X%1W%M'<VCPRPI)'(P9@RYR1TYZU(9MIX(R>,>M&
M6E0'(PQP#ZGIQ0`U<+`L:J$C48"@8Q0_SP1QD#9$<J,=.W6D8['VDC<.HSTH
M#!CP<XZT`#`/$$(!4-N`(Z&AD#KCVP*7/3WZ>](B_:#A2#@Y.#TH`>Q2WM5&
M%+KG:<<C/6FQ+';HIV,[_>"!<CZTBQ^=(<\A>*X5OVG?!5M\<$^',NJVJ^-I
M[<7,-@)E,[1;G`_=YSUCD[=C0!W-ONA??"T2$'.R0XI\=I#!?-=+#"+AU*,X
M0=#UJ,*R!XKF-';.`PDQS^%"2_(#GY3T.>.*`))OWKKNYV<K[4T`!F.%!?[Q
M`ZT[.1[X!-)0`JR;"2`N60QD[1G;UQ3=HX_V2&'L12T4`#-N.?6BBB@`HHHH
M`****`$/2MCP#_R,)_W:QSTK8\`_\C"?]V@#M-4_Y!TO^Z:\R/W9O]\UZ;JG
M_(.E_P!TUYD?NS?[YH`?)]\TE+)]\TE`!2JID^4#[W\7]VDIEP/W#$-@KT']
MZ@"2(K*G[MMVS[Q;H:)4=1\ODY?@[V(V_P"[ZGZ]Z9J,EO9F1[J2.STVSA-Q
M<2LVT*H/.3QC@^M?GY^U=_P<2?#+]G[XFZ/H7AC0-5\81_VC%:ZK=6@ED@A4
MN@S&ZQ2*Y"LV0".5(ZT`?H*(V)&W&SHS/P<BFELG`DM]W]W?7EW[)W[9_P`/
MOVV?`"ZQX*U&*1A*1=V+2_Z7:2$_=:(G>,$,.0/NGTKA_P!I+_@JI\$_V3/B
M!)X7\8ZX(M;BSOCC&77#.O*@YZHU`'T5'P6!(\P+G!X`%+'%M/ERN5=_NGM7
MS#\%?^"O_P`#/VAOB+8^$_#6M7%]J>H$;,QL@VEE3.>_+#BOITDV\-Q')\T<
M*AXY/8C=0`Y@0V",8X^OO24HA:.&-CDAT#@D=01FFA@R;@01G;GMGTH`)$V_
M?\T1M]V6)=V?SXHC;[4-L7'.S=)P<GH?PKB/CW^T+X9_9=^',WBSQA>-::,C
M^7'A<J&V._WOI&];GP^^(&F?%GP#IWB+1"TVFZO$[P/R#D,5'Z@T`;?^L#)B
M0/#\I*KD2'I2%@D0WB6,]"2O>J/B3Q%:>#/"VH:OJDSQV>B6WVF;RTWEN"3T
MYXQ7G7PL_;0\`_%WX&:C\2M+N;F3PWITOD7C21LOER8C).3V_>I0!ZJZ.&!"
MY;LO\)_&D\N0/\JEWWKE<?*!WYZUY%X'_;=^'_Q%_9DU?XLZ=>ROX+T='DN)
M%RQVJA9B#UQ@'FIK#]M7P+?_`+,H^+$%U,W@K;*3(H);]V\B-SUZQ/0!ZQ)L
M5AAGW[FW+@;1^-%<]\)?BQHWQR^'6G>*/#K.='U&)9(6=3E\J#U/U%=!G^6?
MPH`6BC.5SV]:`=TFP??_`+O>@`I4&6Z9]J3'+#NGWO\`9^M(T#7,0"9'F?=8
M=^_%``!^\PQ"GM3F!4\C'H?6N?@^+/A7Q+XPFT"QUK2[W6;`;KJTM[Q))[<<
M<NBG<OWUZC^(>M;[2`SF,')49`[XH`*.?NXY;D-Z4-\G7CZTLDPBLV<X)!VB
M@`90F$!WR>W>D0CS-NV??Z,F%KE/CG\8]!_9O^%VH^+O$SO;Z/IT32W4O(*J
MJLQ`_P!K"GCK4_PE^+>D?'CX=67BOPY=M<Z'=J6C?R^6`9E//7JK4`=(1M<@
MD9]`>E%(HW_O`N$8#&3S^-+F@`HH`)('=N@]:3>,=1UQ0`M%%%`!1110`4R;
M[T-/IDWWH:`/4-._X\H_I3K[_CRF_P!QOY4W3O\`CRC^E.OO^/*;_<;^5`'F
M%Y_Q^2_[Y_G11>?\?DO^^?YT4`%-=L8&=NY@H/H33J#'OC<_W%+G\!0`2@Q2
M^5CE1DN.AI&D,#$R^0H(RH#<8]339+A+:%))'$=KY;2SO(=NU0NXG)_&OSR_
M;N_X.!/"?[.=W>Z+\-?"FJ^.;[2KIH;Z[M5DFM8RK%2GF"&5-P(4XSG##UH`
M_1`*84&\%\'#/&,J/J:)64/\I#;.2$.<]Z\"_8L_X*2_#;]O&&^B\+SSZ'XJ
ML'WWV@WVY+E5&P9"2!6Q^\CYV?Q5-^UE_P`%*OA)^Q;<V]CXMU[[;K\[;6TK
M3(OM5XF=I7,49+C*NI'R\YH`]UED.%9/*^;I&6^;WXIVV-_F65RO\6T`X->$
M?LD_\%*OA5^V1KMUI?AG5!8Z[`@:+3=4'V.[<%78XBDP_P!U&[=J[C]HG]I_
MP-^R'X"_M_QUJMGI5M,^R&UEG6.>Y/I&I(9N_0?PGTH`]`<'H8Y@AY$BKG_Z
MU`Q(<ID(G4R#!-?*?[./_!9CX(_M%?$BW\)V=WJWAC4[_'V7^W+>6R24ED0*
MIF"@DE^WH?2OJMH3;W4D3MYS[=\;`860$9!!Z=Q0`$Y/'3M1NV]03]*:9-J`
MMA<\=>,^E/B,;2XD)"C[V!DC\*`$6/R@P<RYMQEB5X?VI(PS1AV`7?G"^E4K
M[4DTKPY)?7DTAL[2!KJ9ECY8+U''M7FO[*/[9G@S]LW2M;OO!IN'&@W/V2]W
MAB%8-(@QD?\`3)LT`>L42$QQ-(!O"C[HZDTI4@@8.2,@>M>2?#G]LKP;\4/V
MD]:^%UA'J$?B;059I9#$YA<K(T9P2-IY4]Z`/6KJ(HYC)96#8R@R<>XIHDSN
M9U9`"$0*,[R?7\:\@^`G[</@;]HGXQ>,?`GAJ>9_$O@0%M5=P2C1A86)&>/^
M6\?3WH_9X_;?\#_M/>-O%/A[PO)/]J\!G_B9>8K?O,AG.W/7`1NF:`/8=K!S
MO`7MM!_6G$!AQ7DG[+O[9_@W]J_Q#XYTGPW!J,=_X&U*33]0>YBD1'99I8AM
MW``\Q-T]J]9MMVUN"2.V*``C!HIJOGKUQG!IV.!_M=/>@`H`W<=STI2A4\@C
M\*0AMVQ1^];A1WS0`LJA?E##S/3/6D))/S*$/H*Y7QS\;_"'PMU?3=,US6--
MM]8UF18K."2[1);AF)`"*3ECD8X%=25$"IEOO@,-W!.1D?SH`6BE*E3R",\]
M*0')H`:[8&`&+MP@`SD]J=N"M<9#E%3YB@SY1Q_GKZ4H^2UFN,D);(92P7=C
M%>0_LN?MK^"OVNM:\3:?X-FE\WPG<"#5O,!.YB9,`9]HWZ4`>N@`11D%B"@.
M6&">.M%*(R2=N67JOR_=4]!2$;3SQ0`44NTD]#TST[4;23T/Y4`)10>*.U`%
M_P`*?\A5O]T_THH\*?\`(5;_`'3_`$HH`^5/^#B-]G_!-_Q-QGYSCV_T:XK^
M76$&*Q+.=S,3@'ZFOZB?^#B4D?\`!-WQ/C^\W_I-<5_+O;I_HR?\]02V3TZU
M^C<)IN@Y(^-XC_B'5^$_AUXPU2;2]9T3P_J-Q_9TZ3QO`ORW3*RD*2/3'?UK
M]1_@9^R_X&_X+):)X=?QKH%Y\/O'_@BT2TU+R;0@:M'''U9DC`;,DDAY=NGX
MU\?_`+(G_!5SXJ?L\^&=&^'GA;3?",MC>WR0V]SJ-O<N\3RR`,28YU&,M_=K
MZ._;/_X*R?M!_L"_%G1]&OG^'/VG5-,BU".[M;:_#.':5<$F<?\`/,]N]:YE
M.I4DXT5R^?<,JC3Y5KJ<I^UO^V]KGPQ\`Z]\+?@+\,I?`_@ZP)CU35Q;+!/?
M1E#O#%4A9L[HSR#_`*L>G'YXS29#,&B.]R6_=$/N))//US7UY\2?^"\/Q:^,
M_AG4?#FLV'@:6VU.(@/':WGGR$C;U:X(Z$]J^1IY7N"99B?/G9I)P>BMD[0/
MPKT,IA[.'[[5]SAS9^_8@7YJ4_(<"3R^,Y*DTI3"J>@)KZ-_8I_X)I^*?VRM
M'U#6Y=3@\+^#-.F,$VJW;L(?,`3@;4<_\M$_A[UZ->M"FKS=CS\/AG5?+#5G
MSB)A*VV0QQC_`)Z+'S^E$J>4O'YU]MZK_P`$6]3'[2$_PPTGQQIUQJHTYM1M
M)'ED\K45$J1;(\0@[BS\;@!\IYKY`^)?PZU3X1?$75/#'B"!K#4-*D\MUDZ/
ME0PQCU##\ZQP^*I3J+D=S3%8&K32;6AZ/_P3A;=^WC\.O^P@/Y5_8%H__(*M
M_P#KDO\`(5_']_P3D^7]N[X;G'#ZE@?@*_L!T?G28/\`KFO\J^%XR5\0FC[+
M(/\`=S&^)/\`R#8_]\?R:N3;_6G_`'?Z5UGQ)_Y!L?\`OC^1KDV_UI_W?Z5\
MH]SV@'2EI!TI:0!1110`4444`(SE%R.HZ5(%S#N/^KMS\T?]\GD4U"H<;ON]
MZ=I2F35[,2?,OFCS"/NYW#;^E`'SA^WG_P`%.?A_^P=IEC8ZN;_6?&VOLW]E
M:/8QSF:3:8R5WI$ZH-L@^\5!`/O7CG[.7_!>+PMXN^)=IX;^*/@W5/A=?:E*
MZ6)NXI;I+F0*20SPP%!PK?>8<CW%?%/Q2^)OQ:UW_@MUX]U;P-X+LO'6O^$<
MQ6MEJ$32Q6L92Z1'0":,@E4)^]_`..U=A^WLO[7/[>'PE70_%WPAT+2Y+>1)
MX]3CMI5ELWW+D!FN9,=Q]T_>H`^^OV__`/@J%X*_X)M>*_"^F>,[.>^T_P`1
M*F+Z#>_V9V:4`%4CD9^(F/'TKY[U3_@XX\.>&/B!:C7/AKK=GX!OIHH+?Q.P
MD,3E]H.81;F5<$N,D`?)GH17C/\`P5<^'%[XF^+?[*?A_P`:H)KM[VSCOX&Y
MC),U]P0<]C7VU_P5Y^'^A:;_`,$H?&VE1:+IT6GZ;H4[VNV+Y8S]BG8D>^XD
MT`;_`.U+_P`%%-._9\^!?ASX@>%/#EW\0-+\7P13V\<.X>0K>2>`\9(XG]!]
MVOE/X@?\''$'PL\.76L:_P#!G7]-TRV?:9I+L*I.0,;1"2>HZ"OH+_@C+XFB
M\/\`_!*KP=K.M?8CIFC6TLLLUPK,D$4:(0.#G.!CZXKY=\7:UK7_``7J_:FN
M?#>BAM-^`7@2ZE>[N4/EMJ5R&D4XR9$*;6MV&44^_04`>[S_`/!;W0-)_9E\
M#_%/5O!E[IVA>,]2CTJ4AROV572=RQ`BW<"`_P`(ZU]B7OQ%TBP^#USXU:;R
MM$M-,DUI79BV8H8VD=<@9YVGM^%>"?\`!2G]B+P]\;_^";OBCX<^'M)BTNVT
MFVDO-+$2JA5UAE0'[I&<S-T`KX9/_!0V[\9?\$0M&\&L[+XOU/5)?!N.=[_:
M;R^M4.=_W0-F?Y4`?4%G_P`%Q_"DW[-7BCXLS>&9D\.^&];.C!MC[9\7GV4R
M;?*W'J&^Z>M<'\2_^#A_PUHMM8ZQX-^&_B#Q=X9EMH[S4M725[>#3W?(**DL
M`;`S']T'A_8UP_\`P4?_`&>[']G;_@A=X.\+KBTGU.33)[_R\`2RS75@9"?E
M'.YF_.OKS]GSX">&/AA_P2+T?P]9:7$^FZCX6L+N\$RJ6GE9+<$G``Q\BGI0
M!X]\5/\`@X!^&MKX)TC4?A=X<UCXB:S>IYSV-M'<1?95RX+,\MN%."$&,Y^<
M>AKW#_@G/_P4A\(?\%&_!>H3^%X)=,UG0W`U33+E)!)8L6DQ@O'&.B%OESU%
M?+?_``:L?#/0_#/[*VJZO;:9:?VC/>-%)<A/5(3L7H=OR@\]Q61_P2PMH?!G
M_!3']INXTZV2UEBLHYECA&(MXTY6!8=>OH>YH`^COVX?^"N_@;]COQC'X0TO
M2[WQ]X\;YYM)L89E:`?*5+2F%H^07/WOX#5#]C;_`(+#^#OVFOB'_P`(;XPT
M#4?ACX]O69M/T^[$LR7,0&X'='"(_P"&7JX^Y],_FU^P=\8OCY!^WW^T!XO^
M&?@'3?'VL1ZV]O-<7L+RFQ1+B^0`$3QD#:7`Y/W?S]!_:P\`?M7?MD_&WP'X
MR\0_#72?!>HZ!=ND>IV$,D-Q=0^5+A0S3R\YE8G@=30!]_?MY_\`!5/P?^Q;
MXJLO"%I87OC;QQJR"XMM)L(IHGB0ET_UAB:,?.H'WA]\5Q?[*7_!;/PI\=_B
M[:>`O''A+6?A?XLU1E33;2?S;@7;,RJ,O##Y8R7C^\P^_P"QKS+_`(*"?L2?
M&KP?^U]#^T'\`[C3-?\`%MIIWV.\T"[,K1VR^;YQ?:GEG`:*$?ZT_?Z=QQ/P
M]_X*FZ;\1/VE_!&C?M0?!BT\+^/XKN.+3?$-M9JMOYYFB"<R7$LF!^YS@#[I
M]J`/UDQY5]'&_P!]@C1+'\HDSSD]O3K7Q?>?%/X42_\`!:FQ\++X3:;XL-I'
MFG5?D4VT/FWHP&,6?O++TD_BZ>OV3I%_;:Q:6<UO*EQ#(L,\$L7>-\%<9]L5
M^9VJNEM_P=":7-G:6\,*<]W'VC5/TH`]I_:@_P""UWPY_9'_`&E=5^%_B>TN
M[O6M-L6N=/6WMKB62_E#HJJ2D#CG<WWCV%<)\"_^"_\`X6\;_&&P\'_$3P-J
M_P`.UUR9;/2[BX\R5)9)75$_U<!`R74\D=:X"X^%NA?$/_@Y`N[G4[>"[&DZ
M3]HMT=<JI6\L\<8_VC^=;/\`P<\:#9'X6?!K4UM(?[27QQID4,^WYD7[9&,$
M^GRK^`H`_2F`>;96MS$RS6UW`DT4P_Y:1LH*'UZ$=:?7._!Z1KGX'_#]B^2O
MAC30ZCU^RQYKHJ`"BBB@`HHHH`****`"BBB@!#TK8\`_\C"?]VL<]*V/`/\`
MR,)_W:`.TU3_`)!TO^Z:\R/W9O\`?->FZI_R#I?]TUYD?NS?[YH`?)]\TE+)
M]\TE`!0T@CC8LH*#JV/N44"(W'[L@F-^),=A_P#KH`\E_;^T;Q#XA_88^*%E
MX2EF7Q(^C7*6CQR;)'8Q'`#;E/WB._:OQ;^`?Q$^#]_\#O@1X2EL],M?B%:>
M/[:W\5_VAII\RXCEUIR`\CQ!6!A8?QL,'GTK]U_BI\8-"^!'P]G\8^);R&ST
MG3%(O&<'8@`9R6'IA:_+G_@JU^QO\$_VH&^"GC'P9I:Z>OQ+\5VMA<:EI21Q
M2MF^BM3(A9#\RX."0>1T/2@#[D_9,_X)\>`?V2_C/X@^)W@F\\K3_$L+3WFF
MV;JME`P28[UCC`7+&=CP,_**_-#PM\<_@'XK_P""J7QW\6_'32;+7](T)I[/
M18+O2VU)9&6_DY\OR)2#MD;JHKV[_@G1XR\7?L.?\%'_`!%^S?XA\3:EXE\!
M7&D_;+6YOIC--:0BTO)@KD!$R`B#Y8\9%?2/[*7["'[,7B'XP^,?''@_3+?Q
M?KVH:A.=3EU6**6.*9F#/MVQ(V,N,9)/-`&+^P3<_L7?M!>*X]6^"^D>%K3Q
M/IL)E:)/#)TR>!5>/[AEM83]YH_N^OMQ]:>//B!I'AKPIXF>?6-/L]3T_2+E
MX;2>9?G80%DR,X[+^=?EK_P4_P#V?_#W[&?_``4H^"OCCX;VLGAO6?$FJ6FF
MZAI%EMB@F@>65V8JH!^];Q#E_P`.X^E/VQ?^"-OA+]IKQ-XH^(.J^/\`X@:;
MJDNA?;&L[._MDMH3'8H,%6MG;!\L'[W<T`9__!&K]M#6/V@]&^*TOCOQ5;RO
MH7B6ZLM-2XNRZI`EW<(J*&<X`1%`Q@=,5]P6>H0WL,AMY();6<>9!)'@J6/7
MI_LU^&__``1P_P""1_@_]J73OBI)=>._'&DOX;\37-DB6-[;QI<"*\N$#D-;
M/ECY>2>.O05^S?P#^#=I\`OA+IGA2PO;[58K,*(Y[YUDFXC5>2JJ.B>G<T`?
M*W_!PY:K<_\`!-'6;NX/EZ?#=>;+-$VP0`6EWG"#YO?@5\[?LK_\%H_&/A_]
MDSPN/AG\(+[QAX5\(VLC:GJ3SQVS,JR.[%5F5'.-LH^4-G;[C/T-_P`'#UG%
M+_P3-UN.X++#=:D()B/OMFRN^G;&!7O?_!,SP!IOA;]A7X<Z9I^GVW]DWMA,
MMR@3Y95:>3=OZ9^\WYF@#E_V?_\`@H'X'_;,_8Z\3^-]/MP3HMI)_;^BRQ/O
MA?#!XB7C53AED'`8<5XU\'?C+X.^/G_!(7XIZQX)\'P>#-"W+`ME$(P)F#V+
M>=A$0#*LHP5S\E?/W[$J?\(M^UE^V=H.BQ6]OX54W,H@C4A?.:75"P`Z?>`[
M5UO_``304_\`#CGXLY^4+J)0YZ1D#3?E_"@#(_85@BM_^#:OXAC:/^0'>]O^
MF,E>A?L2^/\`P[\(O^"#^GZSXGT./Q'HM@FI27MC<(LL4JB\OV(VLK`_*".A
MZUY_^PNLI_X-L?B(6C./[#O3_P"09*N_#A7G_P"#;2]B227(M]4:/!^;_CXU
M$_-[9_2@#[,_9\_:=\`>$_V!M.^*CV\/A#X?6MG%*EK'"VRVRL8"K''&#R61
M?EC_`$KY=G_X+L?$/XB6^I^(/AK\#KKQ)\/[:0BVUAKF"$SQ9&PB.54EP59#
M]W^+ZUXI^W!J]]:?\$&OA9:O>R6FF7<FFQ:CM;".AN--&".>N3^=?J;^POX'
MTWP)^QW\,-+\,VNWP\WAJR>WA0`+<'R5&7`P#\JKTQT%`'!?L@?\%&/`O[<O
MP"U;QSX2\[[1HT;R7^DLLL#V<J@'81)&F1M93E01\U?)OA__`(.'M1^.4%W;
M?"GX2WGB;Q1H]Q/:ZK'YZ1QVX21T0@RQHO*IGY6-<-^PY;6O@'_@JA^T]X?\
M+QQ6VA0^&KN:>V08BC8-I8^4#'SX/';!->L_\&T_@S3/#GP*\=:KIUM#%J&L
M^(I?M=P%_>L$O;Y`,C_9^O2@#TW_`()Q_P#!7G1/VY?B?K'@#7?#UUX*^)>E
MJ4FTR8LZ2[%F9CE8Q&>(7/WS_C]:>)]?N_"/AZ?4[>S;4KVQB!BT^-Q&COG!
M'/R]"?RK\Q_"VG6FF?\`!T.!!\JW&ARM,/\`:.FWQ)/XFOU1TR'.N+%$KE`[
M$/'QO.#0!^#G_!,[]MCXB>'_`/@J_P#$:[B^'>H^(-1\0PFTNX)]0B9++<]A
M\_SG'&Q>G]ZOTB_;F_X*Y^'?V2/'VE?#O0?#\GC'XK:["I&DV^X&`ND3!3,8
MS"O$\?60?H<?//\`P1SGN$_X+._M`Q!GW?9)%92?D3G2NE9'_!*OPO;>,_\`
M@LC\<M6\4P0W'B'3A"+(S#<P'V1=I'7H%CQS0!ZG\*/^"WMUHGQDTOP/\>/A
MQ??"Z776":9>O=+>QSL5)`+6R2`<^6/F8??^M>[_`/!0;_@I/X*_X)[>";*[
MU93X@\1ZRJSZ-I%K%)F^5B0#N6-T'"2'YB/N_2O#/^#DG0-$U7]AW2M7U:VM
MUU>PURU%A<2KF13_`&A8@A3SQC`KYCO;F7XI?\%(OV8+7QM&'M;?P;9SV4#\
M_:"8]0&><CIGTZ4`6O\`@H]_P5I\:>,OV-?%'A;XM_"^_P#`5IXLL93IETTZ
M7P,[121JF;=7V$CS3EMH&WW%?77[)7[6GA#]B;_@C;X,\>^+&>/3K2WNUAMK
M:*0R7;FYN2JD1HYY*XY7O78?\%U_!ND^+?\`@FYX_76HTDATR"6>)L#?!,MK
M/MQD$8PS&OGC2/V@OAE^S]_P1N^%M]\1/#%MXPN;R]>+2-*G@64W$POIUC&&
M91RVP?>'6@!+W_@N!\:+OPE)XYTC]GV\O/AG'&MS]M.H6B3R6SXV.%;$HX*G
M'EY]A7MUI_P5V\/^//\`@GM<_'3P?X?N=6BL'2WOM()9)K.7;`S`L\:YQYZC
MA>U?/U_\=_VX?CI\%=3_`.$6^&?@[P-\.I-(<V,<]K=(8;`1%H\".[90?*"Y
MXQ[4O_!N/\-XOBM^QU\4_"_B)Q.-:\0W,5T5_P!7)*([%VV[@>/E!Y%`'Z"?
MLP?M":+^UI\"]$^(&D0R66F:J#.P%QDVBJS*1G"G^'/`[UY+^R'_`,%%HOVR
M?VBO'OA/1/#BIX7\#-'`VJ!U!FF>,L."JL?G1QT/3K7Y_P#["'[56I?L%?L$
M?M"_"?6_+3Q!X$^T1Z,C!C\ILXI`.&'.^0]`!7VQ_P`$0OV?4^!/["NEZY/:
MHOB#QU<W-]JDF!M?%Y=>5MX!XCD'4GF@#Z\HHHH`****`"F3?>AI],F^]#0!
MZAIW_'E']*=??\>4W^XW\J;IW_'E']*=??\`'E-_N-_*@#S"\_X_)?\`?/\`
M.BB\_P"/R7_?/\Z*`"E5"P)SA4!=Q_>4=1^(I*0Q^9U)"I\['T`ZY]J`.1_:
M%TW5?$7[/?BVU\/@G4[W39H[1MP5H25/0DC'''45^#OP?^.'@+X*_L:>*/A=
MXQMH=)^,R>+;F2\NKVQ>5KM1!:H6,PC*D&2*7K*>GOD_OM\0OB5IOPC\&7WB
M36IOLNCV$;332#[NQ>A_'(K\SO\`@JIX+^`__!0+]C&U^+GAK0-,NVU"_P#L
M<^JV<"K<?<6;AF!Y_?`_\"H`^O/V?OV#?A/H?[0X^-O@&6WM]=O[%K>[L].V
M16\[>;$_S*BJ#_J4'-?$?_!+OX2^&OVN/^"H/QS\5_%*ULM>\2:/<VL.GZ5J
MD*WB6P%N55D$@=1Q#$>,=:TOV6_!/B'_`()6_P#!77P[\&]`\4Z[X@\#^-M)
M\[['J=P)IK1VO;:+=^[6)`,*W\)^]7=?M#?\$W_^%H_MD>(OB7^S/\5/^$2^
M(]L(_P#A(M*DN'CAE*P1K%\L4&XY2)CS)_&:`//_`/@MIX/\)_L9_M6?!;XA
M?#^PTKP;XK:_>VO(='ACLUU&-_L\.)1`%W;5FE(W$XW'U--_::U%O^"A7_!:
MOX;?#OQ?`+CPCH_AR+61I\F);>61I=0BR8VRF<!>V?E%>!?\%0/V,O'/P\^*
M7PCO/B9XV?Q?\2M?U=&M[2*=WMHU\RV,AQ)&'X1V(^?^$?C[_P"$]*?X(_\`
M!PCX<M-7=XA<>#X;6$SG(RMUJ!XQVX-`'K'_``7X_9*\&^#_`-B&^^*'@CPI
MH7A3Q;X%U!;VUO-+L8+658H[6ZD(W1*K?ZS8>#_".*^H?V-?VF-)\??L:?#7
MQCXIU^UTR;6[(PB6\+%IC%*86Y//5!UKR+_@X5\30^`/^"6'C^.98XKB_F>R
M@C4<3.]C=$#_`,=-<Q\(_P#@F'X-_;A_X)U?!O1/'^I^)]!FT>WDEMET:>"(
M-YMR7P?-AE]%].IH`Q_"'[<\EQ_P6-O?"-QXYM)_AZNG^9!`\TAMA,+>Z9CL
M+;?O+'_#V%?>&B?$/0O'%O<3^&]4L-<=)FBN1;C`BQ@]_J.GK7X@^$/^",OP
MJU#_`(+%ZC\*Y/$_C>'2(=,#I.+NU^U%OLUVQ^;[-LZQC^'N:_5[]AW_`()V
M^#/^">>A:KI'@?6/$NJ)?3-)<2:Q/!*Z$B,$YBAC&/W:]NI-`'K?Q09+KX:^
M*HD8Q0+I\J1JOKM'_P!>OQ/_`."3O[>'C7X(V7Q$^'_P>\`MXT\97FL333R2
MRQ16]N!<73`/YVQ&+"7CY_X37[7?$<B+X>^(QY9W_P!G2E$/4MC@U^>O_!M%
MX<TBS\$_%_5M/79XCFUQSJ+H``-MQ?",=,_<`[F@#U?]A'_@JG=?'WXRZI\*
M?B?X=?P1\5=/53':F4/!<`+*T@0QJ8A\L+?\M.X_&;]E_P#:O\,>._\`@JI\
M0/AWI_@;2M(\3Z+#+YVLQVT0EG"W,B9+J@8Y(/\`&>M>!?\`!4&W@T__`(+(
M_`J[T**W;Q1=179O4*G=)&;+@\8Z`R'K6C^P@KM_P<!?&-"[E19S#]V?NM]O
MFSC/:@"E_P`$=H()O^"K/[3<D"+#&-,FC=<8RQ32SGMVJU_P0_DBTS]J[]I-
MA"CSI+')$&48*K!<%E_'BJW_``1^47W_``55_:<ASN/]GRG]WW^32_7O5C_@
MBC(;O]K#]I>,G:28U3'WD_T>X%`'M?\`P2B_:H\)_M!?$CX^PZ-X3TSP:G@?
M79[?5KBVM4C;49$N[I'D8HBDG=&S9.[[W6N!^*/_``6/\:_%GXXZ[\./V;/A
MS/X]N]$D=+S4[B]BMXXW61E90;D1#H$/#'[]>)_\$F[S4DT;]NW[`TAU-=>U
M".%4/)"ZAJ&2/?;DFO:_^#9?2M*TK]@WQ)JUBQ_X2J?Q)<+JMQQYN?LM@64G
M&?O'WZT`=Y^Q-_P5P_X7S\>)?A#\4?"1\`?$L+OCM]PDBFB+Q)E7B0Q9W3+_
M`,M.QX].)_:#_P""Y5W\#?VQ_%7P9L?!+>(?$%C%!'X?2([/M4LMM')\S%"J
M_O)4&691[]<<+_P63T^/P]_P5+_9ROO#]LL'BZ35+*.9$&#);&ZD+!L<XWB/
MO57]E_PO;^-?^#@CQO?:C;PW-W9:192QJ%XMY%TVU/&?=03SVH`ZGP/_`,%J
MOB/\)/C_`*#X(^/WPO;P5IOC1R=,U.*]@N#&=A?;_H_FD<M$O.W[WUQ^D"R6
MWF6LL=VXBFB$L=P58L5.<-G&>:_-_P#X.7(XI/"'P9NGC@-S_P`)&Z-)*,L@
M^T6``3'0<GK7Z#^!E'_"K-`#2RO&-,AP6/&W'%`'XY_\%E/C+\6]._X*L?#8
MZ9X%@NO^$?:"71+);NVCCO'$^Y207"@[F9><5^@W[0/_``4IL?V.?V7M#\7?
M%30SI_C[78/(TWPW"WG&XG^Y&H>%9(QDF+J0!OY/!KYW_P""L4DS_P#!6?\`
M9]CG;=<0W5HJL>K#[6QXKG?^"VENE_\`\%2_V6XO$3?\2-=3@%E$_*O,;C3.
MW/\`'_.@#=O_`/@L-^T1\+_"]I\2/'7P*\CX67!27S8-0LS=PP2E0CL$9Y>/
M-C)'EYX/`YQ]@6?_``40^&6L_L=2_&VSUN%_"+V\=X1]EGCFB:3RCY7,8?@2
M(?N=Z](_:&TFSU+]GKQ)IVJ00SZ&VA.76==VQ5B+1[>V,A>H[5_/LVIZA=?\
M$6_'=K!,Z^'5^(M[`"Y_Y=A9Z>4"XXQG'44`?H!X3_X+._'GX@^$[WXEZ3\$
MT7X.W(($SW-KY^P#+'82)<823_EEZ>V>1_X-N/B7I&KZ;^T%XWDW6>A2WJ7U
MRQ5C)"$^W,X`"[N,-T7M7Z7_``#T73U_9>T;3K&U@C\//I4R"V5?W;Q&5]V1
MTZDU^8G_``1+\6^#?@EX2_:MU_4?*/@G0+J2>\B908VB":@\R8P.3M<#MZT`
M>J7'_!7+XV_M*^-O$NG?LZ_">/Q+X<\)WDUG?:QJ$]O;?:!%(Z#8MTT+Y_=M
MR`WWA^/H/_!/'_@K!>?M7_%;6_A3XV\+-X+^)VB(9H;.607`NU#+'G=&IC'S
M"7J_\'N*\`_9P_:S_:;_`&IDU.Y_9J^'/A#PC\)6OITM+Z\M;A)KT%FQ+F&Z
MV\@*WW!][I7F_P#P3]\)>/\`PK_P<'RP?$W6=/UGQB^A>9</8F7RX%-U=C8O
MF_,"'#]R,-0!]V_\$V?^"E0_;MU[QOX?U/26T+Q)X&<B[M8R0QC"0L>0H!_U
MR]":L?M*_P#!1>X^#G[</A'X'^'M(76-6UYHYKN=CS;PD6SMDD8^[<?WNW2O
MESXH0?\`#K/_`(+96?BZ.[%CX.^*]DEMJ"RDGS)'N+9<`*%&=EJ>N:W/^"2_
MAZZ_;`_;R^+?[0NL7/V_3M/G@TS1-I.Z,>5)`WW@>-UJO1ATH`_2P[;1_,YE
MN&52\3=(R>HYX[G\J)!MF<#^%L8_N^U#2-+-+(VW?(>HI``%']XC+'U-`%_P
MI_R%6_W3_2BCPI_R%6_W3_2B@#Y3_P"#B7_E&[XG_P!YO_2:XK^7FW^Z/^!?
MSK^H;_@XF_Y1M^*/]YO_`$FN*_EXAXMU/?#?SK])X0_W0^,XD_B%SP[?1Z3X
MGTZ^<.T=A=Q7,NT<@(X88^N#7ZE:[_P5[^`GQZ\"^%M/\5_`/QMXMNM"TZ&P
M&IP6$I63RTQP4NE!SDGI_%7YB_#'PY%XV^*/A?1IW2.VU/4H8;B3=]U3(G!&
M1UR1UK]M?A!^U_X;^!'[97A7]G71/AOX5.CZ;X<AG6]NH8))-2N%%Q&S@R0,
MW*VZM@.1U]R;SR7LXQ<-S3)Z:<$SY%^*O[6'[.'C'X9:OI>@_LR>,_#>MK`W
MV._NK2[2.`XP"2UVPZG/W3TK\[D:*:9V$4,*^:Q9`YW#YCC@^@K]AO#7_!1S
M6OVR?`_QJ^%5WX"\)>'/&?AVTGDBN+6RM)WDB$<"X`6W3;\\XYR?N^]?CK=0
MR6=_=0R\RPW+K+\N-AWG-7D=24Z;YSESB"OH-ER8SD@JN\J*_1CPA\(?$7[:
MW_!)/PYX9^%5W!/K_AO4DDU;186,EY=8@M%9A&BN^-W/\/W#Z5^<T@,+;U^?
MT/937Z3?L/\`_!.[Q++^QY;?%SX6_$)_#_Q)FF`32Y'`AOU,4+$A7FV9_>R'
M`C.-@_#ISG^$8Y+95#U3]K;_`()\_%OXL_\`!0_X::_HVEWGA?1_#$,5QJNN
MZC!-!;V$"7#EP7,;(/OJWS8X!YKX+_X*I>/=&^*'[;OBS4=!N(M2TU?L5O\`
M:(V5E9X[*VB<@J2/OH]>GVG[>O[2/Q\_:*\,_"'XJ^)]3T2'Q3J<6EZI:G34
MLIQ!)D-M=4C=NO4$?7BO$O\`@H#\`]*_9B_:U\2^#](NI+BULOLDD3,[.07M
M()B269B?FE/4UY^3WYU<]3-W>G8/^"<3*?V]/AZL>=BZ@O7L<<U_8#HW_((@
M_P"N:U_']_P3H=IOV]?ASC!$>HC>0,<D5_8#HW_((@_ZYK7C\7_QD>AP[_N[
M,;XD_P#(,C_W_P"AKDV_UI_W?Z5UGQ)_Y!D?^_\`T-<FW^M/^[_2OD'N>U'8
M!TI:0=*6D,****`"BBB@!&("\]*('>.%-OW9P9#[%3@4O6@<`#TZ4`?"/[=_
M_!/;XEP_M,:3\>_@)?:?:>+[5&@U33[AG)U)=BQ#:HBE/RJ\QX`Z_EYO\9_V
M=_VPO^"EFL:#X:\?SZ;\.?`6F3F34I526.6[8*W3S+;&-WE_Q#H:_3;)"L`6
M&[&<''2E:1G=268[1@`G(/U%`'PS^WY_P3M\5_&OX]_`G4_!,8?0OA_J-M)>
M;Q(3L1[EFY"-_P`]5ZD5[]_P4(^"&M_M*?L1^+O`OADC^VM9TR6R@5@3B5K:
M6('A6/WF'8U[2LS(V59EYSP<4S;TP2,`J"IP>>M`'Y6?'+_@G;^TE=?\$W/`
M'P@\%:G96,E@\JZ\)PZ^=AK4A?\`CW9@"8Y!T7K^6M\!_`'[</[+/P8T/P3X
M!\*>"=)TC1[:.!W>6\+7DB1K&9"6M6ZA%Z'''2OT^+$D?,W``Z]<4Z0M=PM&
MTTB!@!D9.,<T`>0?L#2?&#Q'X"F'QTMM+;Q.9_+_`-#,GE+%A3_%'&>N?X:_
M*+X5?L77'Q._X+R:UX>T>_BU#P#X,U/3M?FM(6+I;RQQV=S@LJD@EFE/+5^L
M'[<WP:\8_M(?`>\\/^!/%4W@S7)),QZD(0[8\N1>C,@^\ZGK_#7!?\$W/^";
MVE_\$]_">LZA=:T_BWQMXG(&IZK+N\VY/[P+P99-N$95X/\`"*`&_P#!7']E
MOQ#^UW^R[:>"?`_E07UM?V\KK+NP(X[JVDP,*Y^[$W:O5O!_POU/1OV*=-^'
MKD'Q#:>&[.P(YQOCV`]L_P`)_AKT$DVENP_U<DNUAW([]:5BTN4=RN>3+W'X
M_P#UZ`/D3_@B#^Q[XP_89_9JN/"_C!!%?3W1N(E"N.=J*/O(I['M6;^P-^Q/
MXU^`7[>OQ>\>:];H_AWQFUK'&<2#*"U2)^2BCL>C5]F?:_MDX8[\(-@SW[YJ
M1PTW[LLWE#MGK0!^</QI_P"">WQI_9(_;)UGXN_LW7&G7=CXTFDFUK1I#))(
MS+YA4X$,I&3<2G[PZ4S0_P!CW]I3]O#]IGP[XP^-=]8>%/"'A=F:/1X!)')+
ME)0&.^W0_P#+4#[_`/!7Z0I.T3Y4E2!M&WCCI32Q+$EF.5"')[#F@#X._;$_
M8R^.?P[_`&MHOC5\!M:M-0%W$+75-!O-Q=E+B1L*D,A_Y8Q#J/O5YSXZ_8K_
M`&C?^"EOQ]\#:S\9M/TGP=X4^'NH0:G]F59HGN7CFBEX+P*3_JC_`!#[U?IP
MLC(9"I*F3EMIQF@RN<9=VP0?F8G./6@!OAVS_LC3-.L+:6*2TTRTAMTVMG*1
MH%'Z+7Q6O[#/C6;_`(+?:1\=PL<7@.+1OL!WAPXD$E\_]S;C$\?\?_U_M0H#
M_L_-N^7BG[R7W89N<D;C@?ATH`^./#W[%WC'3O\`@KKJOQEN7@3PI=:2UHI^
M;);[3;2==FWI$W\5'_!:C]C+QA^W)\+/AU9>#8UDF\/>)[/5)PRN?W<5R')^
M5'["OL65O+^21COC/F,,9!`]OQIT=UY;^:A*C:54`^O6@#'\`:1/H'PR\(Z9
M<C9>Z-HEG8W0_O21P(C?JI["M:DB*B+`SDL6.3DG-+0`4444`%%%%`!1110`
M4444`(>E;'@'_D83_NUCGI6QX!_Y&$_[M`'::I_R#I?]TUYD?NS?[YKTW5/^
M0=+_`+IKS(_=F_WS0`^3[YI*63[YI*`"D9Q`IE8%DCY91W[4M'?Z4`<Q\=_@
M[H?Q]^#7B'P-XD:,:'XDB>PN,OM(WH5)SD?PD]Z_$_\`:_\`V#?VE_V%=:^'
M7A#P_J.G^(O!+^++23PS)"))&T>9KQ)%,A%OP#-*6Y9^%Z=J_=EY/,7#!6&<
M\J#S5#5?#UEKJP"]MH;S[+,EQ#YZ"3RG4Y5AGH0:`/CC_@G+_P`$Q]<^"'Q&
M\3?%;XOZIIOB3XA^,;**.XDBF<):6[1SJ$P$C&2MPR_=[=:\N\5_\$T?C=^Q
M5^T-XL^(?[-FM:.ND^+W>^O-(NY9',,LLS,P'[B4\+Y8^]V_/])7/F2JYY*\
M#/3'TI48QAL$C<=QP>M`'Y]_LN?\$OOB%\0OVGK;XV?M)ZYHOB'7+&#&E:9#
M.Z?9)UEB=),"*$\!)1SG[_3T_0+42VIVU[:W+PO:ZG!]E>UW?*8RFPKG[W*_
MSI_F$R%CAB3N^89P:1'\M6`Q\_7(S^5`'*_"KX#>#O@7!J%MX-T"'16UF4W-
MTD4LDBR2EF=WR[,>2S'TYKIY!MC>/[L^P,#^/_ZZ</E*GG*Y`/UX-(!@CV7;
MGVH`^>_^"H7[(>L?MR_LBZG\/="N--MI-6NO,,LDS#RLV\\6>%;_`)Z#M7QQ
MX%_82_;6_9+^$4/PD\"^+O#VJ^&M2A>TEU$LSFR68L3R+,C_`);OU_N5^I@^
M7;CC8<C'%/2X>,.`[C>03SZ4`?)'[)/_``3+B_90_9+\9>&[C4[#4_B+\0H)
M&U?45F8I]I?>QS\HP-\LG\`^E9'[)W_!.KQA\!O^";WC7X/:IJNCR^(M=G$\
M=XL[>7M_T08R8QS^X8_=[BOLO.2Y(!+XW$C)..E"-LD#=2#GGF@#XK_9U_X)
MT>)?A#_P2?\`%OP1N;O3SXA\0:;<6<%UYK^6&D1E'.P'J?[M2^$?^"=OBGP]
M_P`$F9_@0;O3#K\UK?IYWFOC,TMVZ_P9_P"6Z_PU]G8Y3_IFX=<]B*5CO/OG
M.1UH`^8_"O\`P3WLO%/_``3:L/@+XYELI)X[""+[3%,V89(Q$RGHO\<0ZBOF
M+P%^R7^VO^R5X`_X5EX`\5>$=7\!*?(L=0FF<SV4:A50?+9LOW8DZL?O&OTY
M4;=W`)?&2PR>/>C<0KKR%D&"`>*`/DG]@[_@EU'^QE\(?&=GJ6I#Q!\3/&%O
M+;W^K*Q,9+K&`.`H_P"64?\`!VK<_P""4'[&GB']A_X/:OHWB"XAOFU;5I+M
M4B+%@INKF0]44])17TV\C2=2<YW9[D_6D;YF!R?E!4<^O6@#X^L_^"?7B?3O
M^"PG_#0?]J6IT!---E]FW'>@-K<0`'Y,9_?#^+M7V+%-$VI.\D+2VBDRJHS\
MV>.U1HQ1&4=&QD'OBB8^>%S_``C`QQ0!^<GCO_@FG\=/@K_P47N_BQ\%M?T&
M#P[XMVG5K.>5VDV;X=W'D28X@3^(=:ZS]M3_`()>^.KW]I6P^.?P)U?2]#^(
M4$4"ZQ8W,K^1J;+#`F?]5*>/((X5?OU]XF9CT)7C;\O'%,A7R$PI8<$9SSSU
MYH`_,S4_^"9_[1G_``4%^*GAV_\`VD_%&A0>"_#-T;F/2+*1@EPZ[6&6-M$W
MWXH3][_Z_O/_``4?_P""8Z_M<>$?"^H_#O5K+P7X]\"PI8>'YY)3Y:6\8<*/
MF63(VRR\E37UWDF-5))53D`G-*6R&X7YQC('(^GI0!^5W[0G[!'[97_!0[X6
M:AX)^)GC#0]&T;2X6DBE7,8U*Y"LJ@DVB\%)I!\O]WI7KGQH_P""0NN_%[_@
MGIX"\!PZS:P>/?AQ<-?Z=<2,1;R3)<O.G.PD_,(_X/6OO5I&<IEF.P8`)X_+
MUIK?.JC+?*<C!H`_.G2?V<?VU?CQ\)A\-/&_B'PAH'A:&T_LR;4()I`\D,:!
M8\[K,*,[%'7^*O3O^",W_!.WQ-_P32\%^*_#&KZKIVK:;>:K->Z9/!*S`AD@
MC#$E%ZK$>F1S7V4[F4X8D^Q;C\N]<G\;/AK)\9/AEJ?AN+5KG0I]0``NX$.4
MPRG@AEQ]WL1UH`_)/_@J+^REI'QY_P""V?PQ\.^!]074;;Q''!<^*([9_-5!
M]J$3;RNXK\AC].HK]BO#OAFV\!^'--T6UP!IUNL"PKT4`#)]?>OE3_@G5_P2
M0\-?\$_?%6L^,M1\3ZAXZ\=ZS;O9I?7:RNUK&S0O@!IY0#N@4Y`!Y_/ZXVXE
M5%/F_*S.[<'/6@`HHHH`****`"F3?>AI],F^]#0!ZAIW_'E']*=??\>4W^XW
M\J;IW_'E']*=??\`'E-_N-_*@#S"\_X_)?\`?/\`.BB\_P"/R7_?/\Z*`"@(
MLLB(X)C=PK@?W3UHI",B@#.\6^%].^(/@[5M`U%4ETZ]22TF@=MN8CE5Z'/3
MGKVK\8/V[_\`@E;\9?V%_`^M1?"+Q+9ZM\*]8U*2_A\/Q9GGM)7(7=Q`S8\N
M.%?]8>A^I_;%@'V\#Y>AQU^OK4-WIUOJ"2+<6]O<)(<LDL8=?R(Q0!\5?\$^
M_P#@EOXB^$WQI?XS_&+Q#%XU^(#IMTZ2W;Y+&$/$^"%2(??ASRI^]UK(_:(_
MX)>_%/PE^UEJOQF_9V\;Z;X6U?Q*J)KEE?2`AMD,42D!H9OX4<]OO5]Y2?O7
M+$GGL#@?E03D-VW#!QQF@#X2_93_`."4?BYOVG;7XR?M!>,;/QGXQTHS'28[
M9@(K<2QRQMPL4/177J#]VN\_X*=?\$T#^WI_8GB/PUJZ>%_B+X158].U*1MJ
MW"CS!@@JX_Y;2'[E?6&W]VB]1'G;GJ*4<&@#\X3_`,$POVB/VO/B'X=F_:.^
M(FB:EX-\/NMY-I%HX5[B5'P#Q;1-_JY)1]\=?Q'Z+Z/H5IX4\/Z=IMD@MM&L
M(5BLX6/S#8`!U]2/7O5AI"Z$-\V>N[DFF,@<C.3@@C)Z$=*`.<_X5!X77QW-
MXM_L/9XFE01+?9?(4!ATW;>C-V[UTS*,+]H^1"H!8?\`+0T[SV\S=GG&/:F1
M_N_?!W#=S@T`4/%.FWGB'P3J=A\OGW]L\$<G]W(^E?F#\"_^"*OQV_8F\0^(
M/%WP:^(NEZ5K/B>ZEN+VQNW&V;YY"A`:VD/`<],?>K]3>BXR<?6@Y)ZMU!Z^
ME`'Q7^P3_P`$NO$OPE_:!O\`XS?&GQ):>-/BGJ*N;1K9_P!UIT;I,KC"QQ?P
M3$<H?NUTG[.W_!/?4_@[_P`%*O%WQLO-6T^[TGQ/')Y"I,2\2O/)(`PV!0<-
M_>/6OJ_;\Q/.3WSS2GYHMF!MW%\8XS0!\D?L/?\`!/#7?V7/VP?BI\3-4UG1
M]0L_']L]K;PPSL6B+"TY/R*/^79NYZT_]@7_`()ZZ]^R/\6/BUK.LZUI%W;?
M$$@6L,4[%XLQ2IR"B_\`/0=S7UFRAVS@?3L*<[;QR`>G)'(Q0!\F?\$U?^"=
M^J_L2>-_C=J6M:IIUYIGQ4U>:ZAM892TJ(]S<R.""B]5G'0GH:\A\1_\$G_C
M#^S/^T5K7C;]F3QMIGAO0_$#O<7VBW[YS,\C%F&8)F^Z(1]X?<_/]$$/EOGJ
M>?O<XS3=F$"@L`IR,,10!\._L1_\$LO%O@_]IH_&SXX^+[7QMXZM8]NG1VS#
M9;;9(9%.%CBZ&(]5/WJ[3X1_\$^M;^'?_!3#QK\<Y=6MKS2?$-I#9K:1L2\9
M^RQPDXV`<%#_`!5]922&2X\PXW[#'P,<9S4?E#RD3D*A)`!QGG//K0!\O?\`
M!4W]A36O^"@.E>!;71]6M=-A\(:@;N:.9]I?]Y;MQA&_YXGTKZ4\*V*Z)X5T
MNSE/G#3K1+2=AT?;Z?B?:KYYD#="!CCC-*7R.V.XQUH`^-/^"K7_``3-\2?M
MRZEX7\2^`/$MMX7\=>&+J.XMKJZ;"JJ"4_\`/.0??=#]WM3_`(V_\$R=<_;$
M_9'\->'/B1XDMKOXM^#=]SH_B6S;*"=9"\60$1,*4@'^K/W#U[_8_P#"1_>Z
MD=:+C_24VG@9!^7Y>GTH`_-K6/\`@G7^V%\6O`EG\,O%WQ9\._\`"$01QP7-
MQ:NK74L";2JL/L:@%O*4<-_$>:^H_#W_``3/^&>@?L0W7P&_LYW\-7,*2W,I
M=]XG`A1FSNSTA3O^%?0+KYF_);]XJHQ#'D+TI3\Q7_97:/<>_K0!^:/A3_@F
MA^U?\*_!+_"WPW\7]&B^&<K^3#+(8_/@C<$-_P`NA'\3GEO2NY_X)_?\$7O^
M&4/@+\7/AQXKUB+7]-^*D#(;E)#AV:.Z1R2%3O<GIZ5]ZCBW:+G8X*D>U-*9
M`ZG:"HR>@/I0!^;/P`_X)L?M6_L>Z#JGP_\`AU\0_"-A\/=2NYOL(OI]LMM"
M6.%7-HV2$VCECVYK7_8__P""*WB_]E/_`(*`:/\`&&Y\9Q^)IC;>7KFTAKEI
M"9F;8@B"D;G7J5ZFOT1C8QQA<D@=-QSCZ4L3F!9`I(\TY8YY/X_A0!^='_!R
MEH_@WQW^QCI%B-:TZ7QU!J\5OH=M!<JUP)C;7A0E,YQN/H>HXKZ<_P""8/[-
MT/[*G[#W@SPVMJT5Y=6QN[R3#?O'>627G/\`UU/:O*M!_P""(/@2/]J__A:O
MB3Q;K7B>2SE2XL])NOM#6T<J&,JV#<LG\##[G\9_'[/E?!A7R3`B($B1!^[5
M5`'T'04`%%%%`%_PI_R%6_W3_2BCPI_R%6_W3_2B@#Y3_P"#B;_E&WXH^K?^
MDUQ7\O$9Q:+]&_G7]0__``<3+O\`^";OB5=^S<[#([_Z-<5_+J^UK.2/;YO<
M9[]:_1^$'_LA\=Q`N:I8Z#PIX*\5SW-GJVA:'?SFSN(KF.YB3(D,;A\#N.F/
MQK[-^+?[<.I>.M<^%OCW3/AAJFF_$WP5;I8WEW#%L^WQK!(A+N(P3EII#RYK
MUG_@E7_P6&^$_P"S[^SU#\-_'GAZ*PO(V?R=;:!<9?=@%O,)^7Y1]SO7O/B'
MXJ?&?XB:9_:GP1UGX8>-M)NCYD%K<P7[SHI^8`[7C7A2OZUCC98GG?/#W?7_
M`(!T9;&E&FFI:GC7Q-_;X^"_P]\,^,_&OPX^%^KZ/\3_`![:26=_Y]B^RR5P
MI)$GV5%X:"+H_?\`+\K7E:XEG>63?<7$LDDY(/)9B1^0-?H#^U3_`,%'_P!I
M/P%X:U3P_P"/?AMX9T:QOH2C306LX<9![FZ8=`W;M7Y^;UN0L[&57O'>;:I&
M`P8X_"O6RR+DO=1YN:W<O(AN2T=MY<1&,\Y.*^\OB'\>9OA;_P`$K?A[<^$/
M%=SHGBS3-2$B+:7,L,K9M+="&*%3MQNX)KY^_8Z\+?!?7[WQ,/C-J=_8&WT]
MI-&^QM&-T_E3$9\R-_XQ#TQUKV7]D;P7^QEXH^%.SXO^,O$]AXB%TTD4,,UL
M(Y83''M)#V[G=NWYYQP*C-92DN1HO*Z<(RYU(^C_`-C[]H/X/?\`!5'XB^#9
M?B`FD^"/CIX.N$O8M1@MMBZCY;X&^18\-EK@=9?^68]./B__`(*VW$4__!0/
MQJ+5XKM$%DAG5PP?%A:@D'\*^D[3X;_\$Y=%UH74'C/QU:W=F/,,J7%B#;@=
MU_T7CM7PQ^TM=^$+GXVZU-X%U&^UOPM-L6VO;QU=S^ZC')55'WMP^[VKER=/
MVEGT.K-]*=UK<ZG_`()Q@)^WK\//*)VG45WCWQ7]@.C?\@B#_KFM?R`?\$Z&
MW?MX?#<#Y/+U`9"]'R.*_K^T;_D$P?\`7-:\+B^7[](]+AQWPYC_`!)_Y!D?
M^_\`T-<FW^M/^[_2NL^)/_(-C_WQ_)JY-O\`6G_=_I7R;W/;6P#I2T@Z4M(8
M4444`%%%%`!03BFR/LC).<`=NM2);--<20QJDNZW=BT@SM8#Y:``0N1]UO7I
M2,A3J"/J*_)'PO\`\%GOVD/VB?CS\4_@[\,/"6CZCXB\)ZY/IMO?R0S[;6&*
MYG1,D70/S)`PX7MT%>@_LI_\%3/CS\)OVT=#^!?[2_AC0[#5/$4!FTN_L(9Q
MYRA9L$F6X<\_9Y/X>]`'Z6#YCQS2R1M$/F4K]1BOB_\`X*+_`/!2/Q7\&_C!
M8?!3X)^&[;Q7\6-<@%P&N(F>'3T+/%GY9HF&)#%Z_?/X>.Z5_P`%$?VH_P!A
MSQYX?_X:;\+:!?>"/$=_!IBZA80W!>TDGD5029;DC"ACT4_=[]P#],A&Q7.T
MX]<4UI3$<@X(/3!.:^'?^"D?_!03XC_L6:K\-/B7H$-CKOP0\1[#JWRRM/9"
M46RQ$?O$0?/<>C?=_.G^WW_P5Z_X0OPGX%T#X%6T7B?Q[\5HH]0L3.C,+..1
M&E/*21D?+$XZMUH`^P?C_P#'/PS^S7\-)/%'C:^-A9V\OE1*L<FUVV.X!V*W
M9&[=JW/!OBFR\<>'M+US2H1_9FL0/-;LPP?E.TG!`/4'L*_*W_@Y&L_CY:_L
M;>$K6\CTJX\/3W<9U>8B8F.X\F]&/OX_U?/(-?8/_!(Y?C`W[)VBK\6K6R^W
M-:XTDQB3]W#OE'\;MV\L\4`?3\96,>8Q,TA8C#=@#VS2S)Y%I>R3*_V5(O/!
MP<@$]*\F_;:_:\T#]AW]GR_\>^(A)*EJ5@L[8`$37#R)$O&1_'(G\0KX2\/_
M`+=/[<_B'P?>?%__`(03PT_PPGMQ=6NEO!=>?<02X,;D?:]G25.X^Z:`/L_]
MA'_@H+X7_;\L/$$_AN+RD\-7!M)LQ2)N8+&^?G1,_P"M'3->],[;!M5CDXR!
M7Y2?\&TWQ&L+?]GSXN>,-35-+TJ*XFO;I@,-8(L5H"%Z@'C/?K72_P##?O[6
MO[<?B?4M2_9N\*^'['X=Z-*8K6^UF&Y\W477Y7P8+D`_OHIARH[?6@#]-V7:
M<'KC.*$4R?=!;Z<U\>_\$[O^"D>O_'_XDZY\*?BUH=KX4^+/@Z(-=+#&R6VH
M(4F+.-TLKGY;=CR1]ZO)?C__`,%3_C)^T-^U!K?P;_9?\.>'[K4/!\DD6L:I
M>03[(IDEDB=08KA3_`G\/\7Y`'Z.,A0X((/N*$C:3[JEOH*^`_V+?^"CGQ<T
M']I%/@I^TAX<M]+\221>=::WI\;K%<YDBC`+2SR-_&Y^X/N?GD_&3_@HY^T)
M^TG\=]?^'?[-GA'3(D\-,@O=;U"&;RR6B1PH,5PK9)+X^3^&@#]$G1H^H(^H
MIOE?:)XXT=M[DC`STQ7YL?L]?\%1OCQ^SI^UOH/PA_:@\+:;#)XR+1Z-JEC%
M+MD=(V9LF6X8]6A_@[UZ+_P44_X*?>,OA3^T5IWP`^`V@V/B?XLZS;BXN9[N
M)W@L8@\P/*31.#FW<="/F%`'OG[;O[<V@_L(>!-*\3>);;SHM4NDL\&)W^\D
MK]%1C_RQ/:O6?#&N1>+_``1HVLP#;#J*+.JX_A8Y''7I[5^&7_!6S]HK]I30
M?AQX+\"?M`^%-#2?5=;@EL=6L89\<Q72!"99W/>0_=[5^E7[6W_!1#3/V!OV
M._AW);6B:SX^\2V\.F:'IC(62XFEPD8(WH?OM$.&'WJ`/K%\W%U(51@B`?PT
MF<U^7MU^V!^WK\#_``Y_PM3QOX,\+W/PX;9>76F10W9N;2UD(V;0UUL&!(N>
M3]VOO[]D_P#:?T#]KWX$Z!X^\.?9TL/$$$9DBVD-8R&))2O4@8#J.IH`]%HI
M(XC#;1C#[=ORLW\0]:6@`HHHH`****`"BBB@!#TK8\`_\C"?]VL<]*V/`/\`
MR,)_W:`.TU3_`)!TO^Z:\R/W9O\`?->FZI_R#I?]TUYD?NS?[YH`?)]\TE+)
M]\TE`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`-9#(0NW@]6SC;3V(9-B3*=O7=&3244`,@:-09C)$
MB#AF\DY/]:=&NV#+<QL<JXX)_K2T4`%%%%`!1110`4R;[T-/IDWWH:`/4-._
MX\H_I3K[_CRF_P!QOY4W3O\`CRC^E.OO^/*;_<;^5`'F%Y_Q^2_[Y_G11>?\
M?DO^^?YT4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`#3$6$'E*1O/SQ[N?SZ4\MEI%C
M$XCC(W"67?R?2DHH`****`+_`(4_Y"K?[I_I11X4_P"0JW^Z?Z44`?*G_!Q&
MX3_@G!XD)7=\[8]O]&N*_ETA+116Y^4;7)<CN-W:OZB_^#B!]O\`P3E\0KV>
M4J?;_1KBOY<(D+:5/'_%"^]?<<FOT7A'_=#X_/?XIZY\`/V)?B?^U'<'_A$/
M".JWMAOYOWLYS;#J3\Z(PXVFOJKP%_P2DT']G5(/$OQ+^//AKP'/`!YFGZ;J
MD#WJ'&"#%<(F#DD=?X3Z5T/_``3X_P""^FD?L/?LU6?P^F\`#6)86DDEO5;R
MFD\SG&X6[GC)_BJ_XE_X+A?`WQC=W%YK'P'DU&^N7+N]QK%Q(I).3\IM\=2:
M,PGC:S<(1T6QTX".&5)-O6Q;_:)_X+3?"3P?\!+_`.%OA+0;_P`?SWL#1C6]
M41(GB+*RY_<3%>,CMWK\R;>=S*[[WQ.[,P5050,2<#\#7Z`_%7_@K;\!OB%\
M+M;T#1/@!IVC7]S&RP:@+EF9"5QWMAW.>O:OS^1_-N)98U*++*9`O]T9/%>G
MDL*E&+53=GCYK67-RHCN/+?3T&,"*1V!'WR001Q^%?;>A_"OX;?L\_\`!+I_
M'?B/0!XC\=?$N[2WTX-(ZI9*5M9R3M=><&0?=;K7Q,J),Q'1CN(SW)K[:_8F
M_P""D7PW\$_!/2OA]\8_!TOB33_#]VUUISI(XVMY,<04A(R<`1]R>O2C,55G
MLB\NG3BO>9]-RZI\(?\`@E]X$^#?PBU?P)9>*M8^(7E#6]0EGF$UN)))XR`H
ME4=(D/*CK7Y]?\%#/V?=-_9H_:W\2>'-+:0Z.B07EO;L/E3S;6"?&>O64]Z]
MTTW_`(*7^"/C7^W1J_QA^)OAF2]M-%LFF\.::LK>5"RRPLH.R,#KYW5#]ZOE
M;]I_]H/4_P!J?XW:WXVU!/)&H%4ABR/E1(DB4<*O\,8[5RY10J0JMU.IU9IB
M*<Z5H'6?\$YV7_AO#X<,GRF74`74?=`QQS7]?VC?\@F#_KFM?R`?\$YE`_;N
M^&I7OJ`!'I\M?U_Z-_R"8/\`KFM?.<7?[PCU.&O]W,?XD_\`(-C_`-\?R:N3
M;_6G_=_I76?$G_D&Q_[X_DU<FW^M/^[_`$KY5[GO`.E+2#I2T@"E"[J2G1T`
M)LHV4^B@!A5E'&,]LT;1):7D)'F+-:R*X'WMQ7"X'IZTYAN7!./>FM(Z;V1<
M80Q;O7<.OX4`?F!_P;\:=!:?MF_M67*6Z13+XIDB=P23)B]U-1G/3'/3UJM_
MP56C6W_X++_`&X\K=+#8$!CG_GCJ(_K7U/\`L"?\$YF_87^,?Q6\6C5O[5/Q
M-U=M5,(7'V?=/<S8_P!8_P#S\^B].GI'^U=_P3/?]J+]M#P%\5?[<%E_PBD&
MP6NS.[Y+D=?,7_GO_=/2@#\TO&7[.GQ#^+/_``7I^)6C^%_'R_"WQ'>6#/IU
M]=K$'OE\ZR4"%9HG#@N1T7K&?>O6_P!N3_@EA\9+?X86<'QM_:ATFU\,)>Q>
M2MT]E;M<2$DC:3;)D\D8#=Z^R?\`@H__`,$L=&_;KUNQ\=:)K-SX(^)7A^(+
M9:G9J^XJID8(^V6-3\[J?F!^X*\5\(_\$+O%WQ,^)VAZI\=OBSJ'C?PYX;N8
M+VUTJ)3#YDL;(Z[S#<YQ\G.01S0![)^T[XU\"?LR_P#!)2QTKQO=V7B33)O#
M5GIVDCSU$FJN(H(XGB`9-YW-$QVGN.N:_,;_`((67MC^QA^V#:7GQA\+W7AT
M?$"Q%QX1O=562U2"%U>1$S(R+]Q'Z;^O6OTL_:J_X)4M^U]\?/`6K>(/$#V/
MP[^'<2PZ=X<C)*SJD<2(6*RHQP8(C\RMT^M=+_P46_X)G>&?V]?A-H^D6++X
M9U[PFRQZ)J4:E/LJK\NWAXQC87')/WJ`/+/^#EBS:+_@G5#%L\Z%M?CDD$66
M64?8KT9!_2OK;]F(O=?LI?#MRXE_XE++N!_VSP/4]OPKRG]H7]@.Z_:]_80@
M^#7C_P`1-+K42EH-8@CR`^R9`2(Y%'_+9NK]JC_X)I?L6>-OV%_AG/X9\8>.
M'\:Q!MNF%D5?LJ;Y6/223^^O4]J`/F[_`(.7M.OA^SC\/+X>=)H=IKUJUXB)
MGRQ]NT_E^.!D'OV-?>?P9\4Z)=?LJ^%M8ANM,?PY_P`(U:(UW+<`6L">6I7+
M@X!^91R>XJ']HCX`^'/VF_A!K/@KQ5;+=Z/JR@"X*DM;2!@P(`(/WU7HPZ5\
M#:3_`,$)OBIH,\O@FT^/FHK\)G&9--^Q#SH(AQ&@;[5YO&R(=1T/O0!X%_P3
MAMKC7/\`@FE^U3_PAK/MGCNY"@7=)/%]DM@54#=U.WIZ4O\`P2E_X)__`!Z^
M-/[)&F7_`,,OCUI^AZ=+=7(DTN+[-)-8.+RY4[P;9R,LKMR>AK[_`/\`@F7_
M`,$M-)_X)U_#_P`3^%/[4D\0Z'XHD8313P,C/&RQ*?O22,?]7Z]Z\3\9_P#!
M#GQ=\,/'6IZO\!?BK?>!]#UV;>^F31EU1B,-CSKGC+F0\`?>H`\[_9__`.">
M>L_#?]OW6->\8?';2O&7Q(LO#UY;MI]K/:F<DZ?=1KF-(D.>2?N_PFNJ_P"#
M<*2'0->^.F@:K-%_PG%MXSU&YNH)"%FE0FV3E>&'SJ_\(Z5]"_\`!/7_`()6
MZ7^Q)XKU?QMXCUN\\9_$KQ'CS]3NWD$46!*'`4RR1X(F8<`=!^'$?M9?\$:K
M[QW\?+KXK?!GQU+\/O%NL!O[6B2/,%[*TDDCOAYU3DR=D_A'X`'T!\7OVL?A
M3\'?CUH?@WQ0+>Y\9WZ*]I$94!@!<J"P\Q6`W?[)ZBOA7X<?M7?M!?\`!37X
MQ>-=+_9]BTOX:^"]#N5M;[4;E#YE[+L*#:6AG7&Y)OXAVX]/H+]B'_@D'%\!
M_BY>_$KXG>*9/B1X_E@:&&2YS'%'%OB?Y0)G3.Z+LN?F/X^9^(O^"'OC7X5_
M%_Q#XE^`WQ8N?!&C>,)`]Y836HD2+Y`KLOG7'4,9",`?>H`^)OVO/V;_`!;^
MS_\`\%0O@#8>/?B99?$/Q!J.HW3W<,#PE]+?RX#RL<<9`+,<;ASY9]Z^LOV5
M[[3?!O\`P<2?$C3/%<Z0ZG?6$IT<3,(S=1_;;PJ1D@D85SP#TK>U'_@WNDU'
MXK>"OB/=_$F_UCQ[X5N_MFI7ES:-Y=WNV8"`W)0?=?[H/4>U>Z_\%#O^"5FB
M_MU^)-$\9Z3K5QX*^*.C0K!%K=I&ZF1!YA(8++&I&99.3GK0!Y!_P<J:OI&G
M_LL>!],U46D6LWGB2VDMK4R8E3_1;]00I()7/?'4U\R?\%E?A]XF\8?M"_LR
MV]EXD7PIIMY]CCMM6N`BV]E<>98JA9W1E'SY/.?NGCM7LWCC_@WN\;?M%PV%
M]\5OC#=^(O$&CS+)IC"#$*(H;!(2Z"9W.W)!ZU]>_M:?\$Z?"'[97[-&D?#O
MQ<XL;SPS`&T_6;69VDM[A03&PV2(?O;3C?\`PT`?)/Q*_P""6_[2T7PAU'4?
M$W[4NF6?A"ZL`\M[*+)+<VY7Y/G-F%P00`<]^M>^_P#!%+X#Z9^SQ^R3-I&A
M^-;/XA:5?W1F>]M9HI8F<PV^=C1@`C"*?HU>#Q?\$,_C;XRT>V\)>*OC_>WO
MPUC80/IWV-$EEM(\>2OF"Z\SHJ]\^N:^^OV9_P!F_P`,?LH_"#1O`/@RVEM-
M$T6%!#<2N[M=%8UCR2[,>5C4_>-`'<Q*'C#1\1MRJ_W13ME%N2\"OC:L@RJ_
MW13Z`(SQ13BF32%,"@!****`"BBB@!#TK8\`_P#(PG_=K'/2MCP#_P`C"?\`
M=H`[35/^0=+_`+IKS(_=F_WS7INJ?\@Z7_=->9'[LW^^:`'R??-)2R??-)0`
M4$XHI&7=WQ0`!AW(7ZTI]OF'JO(-.W><FW:I^IQ2+"8AC;^34`-Y_NM^5.\M
MO[K?E2[3_=/_`'U3?F_N'_OJ@!?+;^ZWY4>6W]UORI/F_N'_`+ZH^;^X?^^J
M`%\MO[K?E1Y;?W6_*D^;^X?^^J/F_N'_`+ZH`7RV_NM^5'EM_=;\J3YO[A_[
MZH^;^X?^^J`%\MO[K?E1Y;?W6_*D^;^X?^^J/F_N'_OJ@!?+;^ZWY4>6W]UO
MRI/F_N'_`+ZH^;^X?^^J`%\MO[K?E1Y;?W6_*D^;^X?^^J/F_N'_`+ZH`7RV
M_NM^5'EM_=;\J3YO[A_[ZH^;^X?^^J`%\MO[K?E1Y;?W6_*D^;^X?^^J/F_N
M'_OJ@!?+;^ZWY4>6W]UORI/F_N'_`+ZH^;^X?^^J`%\MO[K?E1Y;?W6_*D^;
M^X?^^J/F_N'_`+ZH`7RV_NM^5'EM_=;\J3YO[A_[ZH^;^X?^^J`%\MO[K?E1
MY;?W6_*D^;^X?^^J/F_N'_OJ@!?+;^ZWY4>6W]UORI/F_N'_`+ZH^;^X?^^J
M`%\MO[K?E2$;?O?+]:/F_N'_`+ZH)8?\L\_5J``<GCF@C!IID9N"NT>HI0,#
MKGWH`6F3?>AI],F^]#0!ZAIW_'E']*=??\>4W^XW\J;IW_'E']*=??\`'E-_
MN-_*@#S"\_X_)?\`?/\`.BB\_P"/R7_?/\Z*`"@`MT!8^@%%!;;UW?A0`OEL
M.J,/J*-A[`GZ4@^?HLA^I(HVLO\``?\`OJ@!?+;^ZWY4>6W]UORI/F_N'_OJ
MCYO[A_[ZH`7RV_NM^5'EM_=;\J3YO[A_[ZH^;^X?^^J`%\MO[K?E1Y;?W6_*
MD^;^X?\`OJCYO[A_[ZH`7RV_NM^5'EM_=;\J3YO[A_[ZH^;^X?\`OJ@!?+;^
MZWY4>6W]UORI/F_N'_OJCYO[A_[ZH`7RV_NM^5'EM_=;\J3YO[A_[ZH^;^X?
M^^J`%\MO[K?E1Y;?W6_*D^;^X?\`OJCYO[A_[ZH`7RV_NM^5'EM_=;\J3YO[
MA_[ZH^;^X?\`OJ@!?+;^ZWY4>6W]UORI/F_N'_OJCYO[A_[ZH`7RV_NM^5'E
MM_=;\J3YO[A_[ZH^;^X?^^J`%\MO[K?E1Y;?W6_*D^;^X?\`OJCYO[A_[ZH`
M7RV_NM^5'EM_=;\J3YO[A_[ZH^;^X?\`OJ@!?+;^ZWY4>6W]UORI/F_N'_OJ
MCYO[A_[ZH`7RV_NM^5'EM_=;\J3YO[A_[ZH^;^X?^^J`%\MO[K?E1L([$?A2
M?-_</_?5*N<\C:/4F@!I.*7_`#S08F#94Y%*[;C0!>\*?\A5O]T_THH\*?\`
M(5;_`'3_`$HH`^4O^#B0%_\`@FWXHQ]X.VT>I^S7'2OY=+6<-91RX=,L5?*D
MY^8BO[/OC[\`/"O[2?@:X\,^,=,@U71YSO:&5%8!MK+G!!'1V'3O7S@G_!"W
M]F>087P!I3*KJ<?9H>O_`'[KZ7),^AA*7*T>+F.52Q'O)G\JTL^XC#':.BA2
M!^5)+/YOM]$(K^JX?\$*/V:'Y_X5WI(Y[6T/_P`;I?\`AQ-^S1_T3S2O_`:'
M_P"-U[:XSII:+^OO/+AP_5CJF?RFF;Y`!N`'HA&?K2K<;?[^/0*:_JS_`.'$
M_P"S5_T3S2O_``&@_P#C=!_X(4?LTC_FGFE?^`T/_P`;J?\`7"DW=K^OO"7#
MU27Q,_E-DN!(R'!!0Y!"$4-<AY_,();<6^X>IK^K'_AQ3^S3_P!$\TK_`,!H
M?_C='_#BG]FG_HGFE?\`@-#_`/&Z'Q?1>Z_K[Q+AVHMF?RF^<-_\>WILVG;C
MTQZ4CW2HD;KO^4_=VG;U],5_5G_PXI_9I_Z)YI7_`(#0_P#QNG?\.)_V:2G_
M`"3S2?7_`(]H?_B*4>+Z"DO=_#_@EQX?J+1O0_FO_P""=5P#^WI\.'^<#^T0
M6PAP./3%?V`Z-,3IEK@;T>)=K#C/%?,OP^_X(R?L^_"_QG8>(=$\#:=9:IIK
M[X)H[>$%#TZA,U]16RK`L4:_NE0[40>@%?,9UF<<75YDCW,#A'AX\J,'XBMO
MTN,_[8_DU<JW^M/^[_2NI^(>X:5%N&#O'\C7+-_K3_N_TKR6>@`Z4M(.E+0`
M5R_Q*N_$]I:1MX<BMI'P?,\Y5.#VZL*ZBE64)U9U_P!TT`>2?VK\6EC0FVTK
M+?\`3*/_`..4YM1^+N>++2L=OEB_^.UZT[O)A_-EVK[TIF+G.Z/GGYLYH`\C
M.H?%TC_CRTK_`+YB_P#CM*-3^+P8?Z%I6`",;8L'\/-KUOS#ZP_K1YA]8?UH
M`\A%[\703_H>F<GN(N/_`"+1)>_%Z0Y^R:8I]5$0/_HVO7O,/K#^M'F'UA_6
M@#R,ZC\7BRG[%I0VMN(`BPY_VOWO-(M]\7%?<+'2=W<[8LGZ_O:]=\P^L/ZT
M>8?6']:`/(1=_%P;O]#TMF8_>(B++[`^;Q1->?%V>`QFSTS80`0!%CCO_K>O
MO7KWF'UA_6CS#ZP_K0!Y&=0^+OGLXL=)3<NW8JQ!1]!YO6FI=_%R//\`H6E'
MG()6+CZ?O:]>\P^L/ZT>8?6']:`/(C>_%TL?]"TK:>J!8MN?7'F]::UU\6VC
M(^PZ4&8_-(%BWO[$^;DBO7_,/K#^M'F'UA_6@#R.74OC!.D8>UTUC&,*Q\HL
M/Q\VD^V_%QC)NL=)?>,#<L1\OC&5_>\'OGUKUWS#ZP_K1YA]8?UH`\B%Y\7V
MCVM;:9(N``'\IL?^1:#<_%PM'_H6C_N_NC;%@?\`D6O7-P/5HOUHRO\`?B_6
M@#R(7?Q;"1#[#I/[ELJ=L6?I_K>G/2D%S\7"&!L]*93_``L(BJ^N!YO%>O\`
MF'UA_6C?GJT/ZT`>1QWWQ@C/_'MI94#&T^5MQTZ>;V[4BWOQ>C4C[)IARH7/
M[K(`_P"VM>N9']^+]:4/CHT7ZT`>0F[^+AW_`.@Z4`XQ@+$`H]!^]XH2Z^+*
M*1_9NBE6P2#'#@X_[:UZ]YA]8?UH\P^L/ZT`>0"Y^+F\DV6EOG`"L(B%`[`>
M;Q3UU#XO*&'V/2RI.54B+$?LH\W@5ZYYA]8?UH\P^L/ZT`>22:G\7I)6;[#I
M(W'.`L6!]!YM)_:/Q=_Y\M*_[YB_^.UZYYA]8?UH\P^L/ZT`>1_VC\7?^?+2
MO^^8O_CM(^H?%TK_`,>FDK[E(CC_`,BUZ[YA]8?UHW%N-R?\!SF@#R1+_P"*
MT-S'YL.E&(GYML29Q_W\KU'2_M!TFW:[0)<LI\S!&,Y]JL%F3@F4CZTU4VD_
M>Y_O4`+1110`=:U_`WR>(#]/\*R*UO`__(PGZ4]U8K3D.RU)R=/?W!S7FA/$
MW^^:]*U(XL)/H:\U[S_[YI*+DN5;F<IJ$'-_9U9(YRU-)P*<WWJ2M50KI6Y3
MG6/I27,I+7U&;Z<I+(WR@D#BG;#2&+/S&3R]O/UH=&O_`"#^NT_YE^)SGQ)T
M_7-0TM$\/3K;79/)DY'0_P"TO?'>N(/@7XJP?*VN6>>O"_\`VVO6P.?,SD'H
M:#$O\3,34^RK_P`@OKM/^9?B>1_\(5\4_P#H.6G_`'S_`/;:/^$-^*?_`$&K
M7_OG_P"VUZWY2>K4NSZT>RK_`,@_KM/^9?B>1_\`"&_%/_H-6O\`WS_]MH_X
M0WXI_P#0:M?^^?\`[;7KFSZT;/K1[*O_`"!]=I_S+\3R/_A#?BG_`-!JU_[Y
M_P#MM'_"&_%/_H-6O_?/_P!MKUS9]:-GUH]E7_D#Z[3_`)E^)Y'_`,(;\4_^
M@U:_]\__`&VC_A#?BG_T&K7_`+Y_^VUZYL^M&SZT>RK_`,@?7:?\R_$\C_X0
MWXI_]!JU_P"^?_MM'_"&_%/_`*#5K_WS_P#;:]<V?6C9]:/95_Y`^NT_YE^)
MY'_PAOQ3_P"@U:_]\_\`VVC_`(0WXI_]!JU_[Y_^VUZYL^M'E\?Q?G2?MX1?
M[N]_Z[C^MX9I^TJ)>AY'_P`(;\4_^@U:_P#?/_VVC_A#?BG_`-!JU_[Y_P#M
MM>N>7_O4;./XJNCAZ[IN=2-B:&.PM1^SA.[/(CX-^*G_`$&K7_OG_P"VTG_"
M&_%3_H-6O_?/_P!MKUQTP?XJ3;[M645='=*"C'EOJ>2?\(;\5/\`H-6O_?/_
M`-MH'@WXJ9_Y#5K_`-\__;:];V^[4!>?XJK;4PC'S/)O^$-^*?\`T&K7_OG_
M`.VT?\(;\4_^@U:_]\__`&VO7/*_WOSH\K_>_.L95FWHBX)6U9Y'_P`(;\4_
M^@U:_P#?/_VVC_A#?BG_`-!JU_[Y_P#MM>N>5_O?G0(_K^=:13FK&?*[[GD?
M_"&_%/\`Z#5K_P!\_P#VVC_A#?BG_P!!JU_[Y_\`MM>N>7_O4>7SW_.LU>+U
M-(P3TN>1_P#"&_%/_H-6O_?/_P!MH_X0WXI_]!JU_P"^?_MM>N>7_O4>5_O?
MG6K:>J&X\KL>1_\`"&_%/_H-6O\`WS_]MH_X0WXI_P#0:M?^^?\`[;7KGE?[
MWYT>5_O?G2$>1_\`"&_%/_H-6O\`WS_]MH3P5\4C*K-K5F8U.7!3/'_?VO7/
M*_WOSH("(00QW<4`5=)2:TT2,7+^=<DX8]N_UJTR>6<4D2%8"A3;[TU!A>N[
MWH`=3)OO0T^F3?>AH`]0T[_CRC^E.OO^/*;_`'&_E3=._P"/*/Z4Z^_X\IO]
MQOY4`>87G_'Y+_OG^=%%Y_Q^2_[Y_G10`4*3O7W(!^E%(5W=\8YS0!Q_Q,TG
MQ;>7RIX=O8K=3U\P9QT_VU]ZY0>"_BFN?^)Y:DYY^7_[;7K1`:3*$DCK3A%_
MO#/)H`\D_P"$-^*?_0:M?^^?_MM'_"&_%/\`Z#5K_P!\_P#VVO7/*_WOSH\K
M_>_.@#R/_A#?BG_T&K7_`+Y_^VT?\(;\4_\`H-6O_?/_`-MKUSRO][\Z/*_W
MOSH`\C_X0WXI_P#0:M?^^?\`[;1_PAOQ3_Z#5K_WS_\`;:]<\K_>_.CRO][\
MZ`/(_P#A#?BG_P!!JU_[Y_\`MM'_``AOQ3_Z#5K_`-\__;:]<\K_`'OSH\K_
M`'OSH`\C_P"$-^*?_0:M?^^?_MM'_"&_%/\`Z#5K_P!\_P#VVO7/*_WOSH\K
M_>_.@#R/_A#?BG_T&K7_`+Y_^VT?\(;\4_\`H-6O_?/_`-MKUSRO][\Z/*_W
MOSH`\C_X0WXI_P#0:M?^^?\`[;1_PAOQ3_Z#5K_WS_\`;:]<\K_>_.CRO][\
MZ`/(_P#A#?BG_P!!JU_[Y_\`MM'_``AOQ3_Z#5K_`-\__;:]<\K_`'OSH\K_
M`'OSH`\C_P"$-^*?_0:M?^^?_MM'_"&_%/\`Z#5K_P!\_P#VVO7/*_WOSH\K
M_>_.@#R/_A#?BG_T&K7_`+Y_^VT?\(;\4_\`H-6O_?/_`-MKUSRO][\Z/*_W
MOSH`\C_X0WXI_P#0:M?^^?\`[;1_PAOQ3_Z#5K_WS_\`;:]<\K_>_.CRO][\
MZ`/(_P#A#?BG_P!!JU_[Y_\`MM'_``AOQ3_Z#5K_`-\__;:]<\K_`'OSH\K_
M`'OSH`\C_P"$-^*?_0:M?^^?_MM'_"&_%/\`Z#5K_P!\_P#VVO7/*_WOSH\K
M_>_.@#R/_A#?BG_T&K7_`+Y_^VT?\(;\4_\`H-6O_?/_`-MKUSRO][\Z/*_W
MOSH`\C_X0WXI_P#0:M?^^?\`[;5O0O"GQ&MM5A:_U2VN+7<!(@7MGG_EH?Y5
MZCY7^]^=*L>#P2,\=:`(XX#;)"N\M\H\S)[X_P`:4'+-C.,]Z<RI_JU)+]30
MS`\#^'@_6@"]X4_Y"K?[I_I11X4_Y"K?[I_I10!U_B?Q)8^$]--[J-Y;6-K&
M?GEGD$:@8)ZGCM7+)^T!X!1=H\7^&_+8%O\`D(Q__%5\M?\`!P+XDOO"W_!.
MWQ#>:=>7%E<Q2EA+"Y5@/LUQW%?S+6_QY\>O;1Y\9:[P'X^TOU+''\5>[E.1
M_6Z7,MCS,;FBP^DC^Q-/VB?`;+QXO\.8'`SJ$?\`\52_\-#^!/\`H;_#?_@P
MC_\`BJ_CN'Q\\?.N6\8:VO;'VI__`(JE'QY\>'_F<M<_\"9/_BJ]3_5-6^(\
MK_6(_L-_X:(\!_\`0W>&_P#P81__`!5'_#1'@/\`Z&[PW_X,(_\`XJOX\/\`
MA?'CO_H<M=_\"7_^*H'QW\>'_F<=>_\``F3_`.*H_P!4XOJ6^(6MS^P__AHC
MP'_T-WAO_P`&$?\`\51_PT1X#_Z&[PW_`.#"/_XJOX\/^%[>._\`H<M=_P#`
MF3_XJD/QX\=C_F<M=_\``F3_`.*I_P"J*[D_ZQG]B'_#1'@/_H;O#?\`X,(_
M_BJ4?M%>`U&/^$O\-_\`@PB_^*K^.[_A?/CO_H<M=_\``E__`(JE?X\^.]X/
M_"9:[_X$R?\`Q5'^J"<EJ2^(S^Q2R_:"\%:G=I:6WBG09[B<[8XXKZ-G8^PS
M75)"0B;OF>+E<?E7\C__``3P^-OC?4?VY?`%O<>+-8G@FOPKQR3NRL,=P6K^
MMC0A)'I-N2?,/D(,G^(U\_FV6?5*O*SV\%BGB(\QE?$=MVFQ_P"^/Y&N4;_6
MG_=_I75?$5<:>I]9!_(URK?ZT_[O]*\YG<`Z4M(.E+2V`**,8I&.U<_A0U:/
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M+=^G?\J,$=58<9Y&*4?>ERK<UG%P5YZ=`HI%;>F[M2K\[8]LUI[*?84_<=I:
M;?CL%%(S;3W_`"I:SC[SM'4))QCS2V"BBBFTT[,'H[,****0!1110`4444`%
M%%%`"-]VM7P,VW7G_P!VLH]*U/!"[M=?UVT1?[Q7V"3LEZG5Z[<>79#C.0:\
M'_:9FEL/@5XC>"<1-N]1Q\Z5[KK4#S6.1CY,YKP?]J)`WP'\1\;OF]<?QI79
ME24L9%/9NWS/*S:JZ>78Z750DUYVB]C\F=.\6ZTUE'_Q.)!QT!'^%3_\)9K7
M_09E_-?\*RM+!:QCP`..GI4[93T_*OZ:P^1X=TH^YT1_"U7.J\6Y3DU]Q>_X
M2S6O^@S+^:_X4#Q9K7_08E_-?\*HJ=Y`!7+=!Q21R_,_&-A*G*]ZK^QL))\J
MCJ+^U\0FES2UVT6IH?\`"6:U_P!!>7\Q_A2'Q9K6?^0S)^:_X53>7RUR2OZ4
MF2XS_2HCDV$DFXQV)CG5:47*,W9>A<_X2S6O^@S)^:_X4?\`"6:U_P!!F3\U
M_P`*HERO;]*3S.1Z,<`[>/SH62X5[1'_`&S64/:<SMWT+_\`PEFM?]!F3\U_
MPH_X2S6O^@S)^:_X50$FXD#G!P<"E:4+(RY7<HR5XS^5)9/A'+E2U)6=U6[*
M;_`O?\)9K7_09D_-?\*/^$LUK_H,R?FO^%4G)C0,1U[;>122-Y6W/\?W1CK5
M/)<*M'$IYS63LY/\"]_PEFM?]!F3\U_PH_X2S6O^@S)^:_X50\W,.\#/^R!E
MORZTZ0^6T:DINDZ#C(^OI3_L/#6ORDQSNK+2,V_N+O\`PEFM?]!F3\U_PH_X
M2S6O^@S)^:_X52R3)C'K\V/EXZ\T1MYJ;@5VE`^3CH:/[$PUK\IHLVQ#;2E*
MZ\D7?^$LUK_H,R?FO^%+_P`)9K7_`$&9?S7_``J@K[PV"GRC<1QG%)'+YJY'
M\J:RC"P:3A>XI9CC&URS:];&@/%FM\XU>1C@\$C_``K[5_X)&:E?ZCIWB7[5
M<^=P>ISWB]J^'DX&2`1@\=*^V?\`@D$PET[Q-@;>O?WBKYCC;`X:GETJE)6/
MN_#C,,95SFG1G.]S[-\@"WPZND>TE)`./,[+^6?RJ619&N8F>*2*=D,0)7`<
M-@?X5F>)]331/!M]?2.2+.%IE&>C`<''?O7XB?&'_@X)^(ND^,K;P_H/CBUM
MH_[3DM+N:72;60V2>?M!^9.<*2>HZ5_.$Z[I13GH?VQA\GJ8JJU0][TU/W+F
MM98_EV)YF=N^0E<#VI19S3R^5'%=2+'RQ,?RM]"*_!#4O^#BWXU_!GQ%J&EW
MFN:;XNTZXCWVNIQ65I$(\AB,JD+C/*\%J;\,O^"VG[2_Q?\`"]]J%C\2?#UK
M-;2%H+!].TY9"OR]24!'#'J.U1]?ANY:'HRX2QBDH^S=_1G[YQP,ZG$397K)
M"-[+^!XHCM91SY-S*IZN8^?Q[5_/YXZ_X..?C[XHT0S:!J]GHNH::,R_\2NT
MG2YP">-T`'=>F>E9?PC_`."Z?[9'QPUI+72M9M!-<.$VMHUDH8YVC_E@,5J\
MSI1C>YF^%L5[7V48/F[6=S^A=[5V'W9T7O\`)436\B+\RWK_`-SRX@<BOPLN
M_P#@K1^V5X*\0O9:UJEJHBYD9=&LV4=>XAKMO!'_``5Z_:%UNYW2^(;>`(@)
MD_LJU8-[X\H`?2O`Q7%-"#UFE\SKCP?C(WC*FTUY,_9^3=''F2-QZ^:-K#\*
MD@MS<75K"1YD.\,,=CFOB+_@E!^V1\1/VF_%_B"U\;ZG;WPL+=W7%M#"'(:`
M8&Q1_?:OMJ"7[)?(=Y4>:AR!D`9YYKW\%BH8FE[2+NGU/EL1E\Z-3EEH?G%X
M8_X*Y^+M*_X*F>(O@_KEH8_":M?BRG,:JJFUBNI"-Q`Z^4@ZGK6A^P)_P5K\
M0?';]I3XQV?C"PD'@[P+),VF"TC#2E!<)$I.=H^Z_P#>-<?^T3_P2H^(WCWX
ML?$3QOHKP6'B";5_M&AW?RN?(GNG\W(+`<PMCGUI/AS_`,$I/BCX+TCQ])8W
M,%MJ/BG18;?S(XD475R+I)7SAL*-JYS^%=EN70EJSL>_?!/_`(+5_"'XVV7B
MV/3;'7M`N_!FDS:U>6VHPQ0M/#$8U;RQY[$\RKZ=#S7G_P`:_P#@LY;ZMX'\
M)^)O!'AS7?#_`(2U/6X+.]U36[1;>W:'[1Y4S))O=3C;)W'2O%_@W_P3*^*T
M_BOQ;K.H^#].\-6^N>#+O08$BO5N?,FEG@D4,=J]HVY/I7KWQU_X)D^(OC+^
MP3\+?A5>V\$,FDZTT^K&$B'RK=K]Y&)964Y\M\@9YH$>SV?_``5Q^&$OP/U7
MX@7=OK*^&]`DBL(;J:*)(]5NO-$$OV=O.VR#>4/4<.O`SBO!OVB/^#A?PGH/
MPHBU;X=>']<N?$(OVM[G3+FVCWVJA5)E*K*[<D[>>.*YO4_^"2/Q`T_]FG5?
MA7;/;7>A^&M336O#NXJ/M^ZY29XG.XGA((QEF;[W3UQ/BO\`\$S?B'\<?V?K
MS7;#P!I/@;Q=;76\Z8MZMRU]_J\N6*IMR7;Y=I`\OWX`/U-\/ZW'XMT..[M[
M":SAO824BD4AH1G'(R?3U[U=,AEY)R<8S].*SO">L:CXJ\+VUWJ=B-%OY8R;
MFTB_>+!R1@,`N>,'H.M:3=>`!]#F@!*9-]Z&GTR;[T-`'J&G?\>4?TIU]_QY
M3?[C?RING?\`'E']*=??\>4W^XW\J`/,+S_C\E_WS_.BB\_X_)?]\_SHH`**
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ME%'APX\2R_\`7,_THHN@O;<^3_\`@XFX_P"";?B?_>;_`-)KBOY>H/\`CU7\
M?YFOZAO^#B0[O^"</B-/[\I7_P`EKBOY>+<Y@1.X5V8]@`37Z+PC_NA\5Q'[
MU2P](3*XYJ22'R5ZU%9B;4+DQVD$EP\:YDVXYR.,?D<UZY^PS^R1??MS?'D>
M`[+5;/1+[R#*6NBPWL`Y*C:K<_)Z5]%5QM"G!)[G@QP%>;5D>0(/+[U,LNY,
M8YK[SNO^"%^N_`?X/^+/&?QGUZ+PGIVEQO\`V4()"K7L@1753F)P<@2]-OW1
M^/P3'('EF6/$L,<C*DJ]&7)QFE0Q5*HO=-\;@ZE*SD.IK]:=2%<UU'GC*5ON
MBG;*:_"CZT1_B1$SV7_@G)_R??\`#K_L(#^5?V`Z-_R"+?\`ZY+_`"%?Q_\`
M_!./G]O#X=?]A`?RK^P'1^-)M_\`KDO\A7YWQG_O)^B</_P#$^(W_(,C_P!\
M?R-<JW^M/^[_`$KJ_B0,:;'_`+X_D:Y1O]:?]W^E?*/<]D!TI:0=*6HFKQ:0
M6OH%+%']HE\OMM+_`)4E.5"T3GHN-I(^]DT59WC"ET6Y6'?-)S>ZT7Y%+6=4
MCL+'[3=2+!'$VT$G[W(%-L=5@U>,-97"3;N2H/W:^9?^"@'Q:N3-I7AC29KB
M)W8[WC.)-V8R.<XZ@]JX/]DGXEZQ\*?B^VC:[<74Z7@,H\UMQ4G/`Y''RU\9
MCN-H8#.%AE'FAHD_-_)GZ!EGAU4Q&3?7.;EJ)N5K:M6]?T/M_(1\?\M.P/3-
M5)_%FFK<;6OK19(OO*15ZXAQ))D(QDC+`8Y]*_.KQ)9ZUXX_:.OM&M=0N;>2
MZF6-%#X5<A%]#ZUV<8<22RG#P487=9Z?U8\CA#AA9M&M6Y]:>_\`5S]!(O&F
MES2,3?VR8X4+_%5R#48-37,4\4_H`PKXZ'[#7C\1@0ZU=M)][B;H/^^:X/\`
MX2/QG^SG\3H[.YU.ZN&C8ADGD+`_>7C&/2O(AQ9B:.*A1QM!QC*WOW=GHNEK
M:>I]5_Q#[#XVA*.$Q"DX)RY+*ZMKOS7U/T'5V;CRPQ[H<?+_`$JK>ZG:Z2?W
MUU!;%OX2V?Y5Y-^T#^TTOP_^$4.H6_[O5-27,8([8?K@]<J.]?-GPY^'/Q$_
M:=N)-374;Z*`MSB4A`,E3CK_`':[<RXLC"LL/@J+JM]FU;[DSQ<BX)JUJ3JY
MA75&&NK2>WJT?<:>+=*G1E>_M!CI5F'4K>SM4O&N8A9J>7`X/'_UQ7R2/V"O
M&LW*:[/F,@L&F///^Y[5ZC\4?"][\/?V3+G3I)R]_`J!I@?F&/*'7CN#^==6
M!SO%4G.O7H.W+W?^0L;POE\YT*&#QBJ.3M\*7_MS/9(M>L=1?,5Y#.TG**#U
MJY++Y<*MD(I^\#_#7YF_"WXIZ_X"\2:;K2ZE>7-K"P61)GW)UW=!CTK]"="\
M5Q^/?@P^NHW%U9S,=O\``5WKQ_WS7-PIQ;A\QIJ$:7(XJ]VWWVU2+XLX/QF6
M37M5I?D371VN;J:]9RWWDV]]'+,/O(,\?YYJY]F\UOEA#R_WB0!^M?#O[.6J
MZE=_M27T,E_=2PR7+[49\@`>::]6_;D_:>OOA=/%HNCW'DS2`"1USO4[F'!!
M']WTHP/&-*.`K8BOUERK\45C?#FK'%T\OPU3GG)<S?X]WW/H"ZUNPTZ4K->V
M\<X&2A.0!_*H)/&&G21@_;[3DXKXO^'O[,_Q#^*V@MJMWK=W&)S\KR3'D?\`
M?)YKI)?V"/&R''_"07!B5=P(F.?7^Y7)AN(\0H_6H47..UM?\CIQ'"&68=NE
M7Q/O*VOFNGQ'US!=QWBJT<B7$)'&SIGO4>JZY::+%NOIXK&+'!SD_I7E/A2W
MNOV7OV>+Q]6N'N[^W):!W.[<68#GH>,BOE_2+OQM^UWXRFBAOYTA!/[N)RJC
MDGON]:[,RXGE@ZU*$:#;J?9N_P#(YLBX,JXJ5?%5*T51IS?O-1\N[\^Y]PK\
M2O#UU,(4UBV>Y[!58?TK<@N&O+99A+YHZ##9&*^-_$'_``3Y\1>%]%N+K3M4
MN_MUN"VY)1Q@9_N?2L[]D?\`:5\0^`_BC;^&?$=Y->6;O]G;SF+,'9QMQSC^
M+TKCJ\48BEB8.O#DYG_70O$\"87$Y>ZF#K\\D^9KKI_V\S[:8><NQ?QJEK&L
M6FE0@374<+#J"><596Z%O;27AXAV>9]$/(_2OA#]IKXDZQ\7/C/J%OH5U=Q6
MFGJ8`(&V[@LC\GD\\BO6XMSV&54J>(I3O*32MY=7U_(\_ACAFIG..Y?L15V_
M.-K'W9!J*WR)-;.LL/<BK&<U\\_L!?%Y_$_A#4-'OYFDNH%81EN6)^3&3G_:
M-?0HX%>UEN/AB\,JF'^)GA9QDM?`XFOAZ_PWO'SUN+11177",XK]YN>4JBJ1
M4^Z"BBBJ`****`"BBB@`HHHH`*U/`G_(PO\`[O\`A643@5J^!/\`D87_`-W_
M``H?3U(J?"SK[_\`Y!L_^[7@'[3W/P&\1_[W_LZ5]`:@,:;-]*^?_P!IXX^`
MWB/_`'O_`&=*[,G_`-XH?]?(_P#I2/(S_P#W&O\`X)?^DL_(W2/^/&/Z?UJ2
MY?RP3Z#-,TSY=/B/M2WI)A?_`'37]7454C1;1_`]6#;_`'FU_P!3U+X2?LH7
MGQ5\(C5[>Y,2A^/F'<_[PKJ3^P)JS,S?VAD,Q;&X?_%UZ/\`L;2@?!(HK-U+
M''8CFO,OB'^VOXB\*>,=3L+>UTAAI\K1INCERRARH)_>#FOC'C<2L3:+U/UN
MI@,!2P5+$S6JM^1#J_[#.HZ+HMS?27I*VZEL;@>@S_>KQ(H()7_?9*,5[]CB
MOO"WUR3Q-\'+B^FC?-S9/*P7[H()'&3TQ7QG\$_`=I\1_BQ_9-X[01S7!&(R
M`XRX'<$=ZZLCQU2-*HZAY?%>0X?#U:6'PVBJ;G+S7`?[S<=^.U>I?LE_LOW/
M[5OB74M+L;W[*EA")!Z_>`[D>M=S\<_V1]#^'7PRU'6;:ZOGN;-T6-)70HV9
M%7D!`>A]:[;_`((F#^T/C'XK<+'&]O9A'4CKB1>GYU&?9S*&3SQ6&T</U,>&
M>$5_K%0RS%ZTY)O[A[_\$=M>LY!_Q.?+.=WWU!/_`)$KS']I;_@G_P"+_P!G
M/05UXQ1:GI\.6N)@8P8T`R3]\L>`>@[5]K_M;?`SXH_$7XO6.H>$O&$VAZ1"
MJ^?;^>Z"3#'*X52.<C\JC_X*$>-KWX9?LD7VFWL$VK7FIV,EJUPG*0YB92S9
M(/\`%GH>E?G>!XHQGMZ,IR7O/4_6LYX&RJ5#$0PL+3IK3U/SI_9S^"UY^T5\
M1TT'3+F7%XN]I6S^Z^5GQR1TVFO8?VC_`/@FMK?[/GP]N?$KW[ZE'IH&$R/F
M!8+TWD_Q>E>P?\$=/A+_`,(YX(UKQM?P8Q"H@D.,8590WOT8=Z^E?#/C_2/V
MKOAYXBL(5%S':7;VQ4#[^WRSSG/K7?GG&E6&<*C1?[N+LSQ^'?#W#U<A]MBE
M_M,U>/II;K;OT/R@^`WP4U[]HWQRFC>&(2\R<W$VY5"+N4'[S+_?7O7UII'_
M``1SMH;7RM5\3LFISKG`?#*?0?,?4=ZXW_@F=\2M-_9E_:'\3^&-8DBM;J9S
M;6WF`EFW?9R-V/<'I7U+^T1^RQXA^-OCJP\9^$O&][IMS98(MEN"MN_"?>41
MENL?][N:G/N(\=#%VHRM3[E<,\'96\!4C7A>NK\RUV\M?R/AG]I3]A+Q1^SE
MK&G12-)=:'>7!B^TM*C$;F11QO)ZN.U>HZ#_`,$@]<\1^'XKV/7%A@N(%EB3
M`/RGD?QU;_:T\4?&CP6NDZ%XQM--U7P]/>PHM]$LI("RQ8)+/W.W^&OLGQUI
M_B2]_9IM8?!]PMMK(L8?LIRP5ON]<<],UX^)XLQZA&/MU?\`[=/9H<"Y-4G6
MFL/)*R_G[>I\6ZW_`,$AM=TW2YKUM8AC$<9X"KSW[25\DZIIYT77)[(G)MY&
MC)]<'%?7OB[1_P!J+PUX&U*]UO6H#8Z?`TEVIDG(4`9./F]*^/9]2_M;59;F
M0YG+$OCH3GFOT3@;'XO%2D\54YK+3;]#\H\0LGP>`E36$@XW6M[]/4>&RKCT
M%?:__!'K_D'^*/Q_G%7Q0$`1VYR17VO_`,$>O^0?XH_'^<5:<;_\B>?J1X6_
M\E#A?3]&?6/Q.#P_"7Q%(D:2R-I\L<:OC&XC(Z_2OY6=<\+?#;QO%XHT]I;N
MS\=+K$[2DAS'M\Z7&"(\?=V?QU_5-\3SN^$WB%?73Y=O^RV.H]Z_E8_8X^'M
MGXS_`."F.D:9XLE:Z\/WOBI?MD6<F:/[:@96R"""I(Z5_,N.BG'FJ;(_O3A_
M&RHRM2^(^M?V!/\`@D[XZ_;;^'#>%Y_!^F67A=)`\?BB.*UANB,EQG<XF;)C
M4<#^,U]\_L]_\&L'PS^&L:7'B/Q!KUY?*-I:QNOLZR#`^^,-NYSU/I7V5X._
M:M^'GP4\)V'AW0;![/3-+@2VABB15`5%"CN!T`IFK_\`!1SP]!*_DZ9<3'&,
M;5Y_\?KP*G%&50:I75_4]'$8G-\3.\+KY?\``/$_&G_!$;X'_"CPA!-X?\`Q
MZQ>12#?%>+:R^:N&/.Z(`\A17Y>?M2Z]%\+_`-J8Z%X4\.Z;X0-IM4I9VJ6_
ME$I"028PH)Y)X]:_:2T_X*&)KNHQP:?H5U=SO\H"JN5_\B?3\ZK_`!$_X)Z?
M#C]KG3IM6\3^#;72=9O<,+V"&-;IL#;RS!QP%7\A6&)PD\R;EA'9'H\)<0_V
M#CU4S5\Y^)^F^)=4GN[J[U369M8/F`S1R.[@#<?[Q/\`D5[?\&/AO:?$>'[5
M#IRVFBR?*T@A'7`/H#W':OT:^%W_``0T^$/PYUB2\>+4]264Y:*[:!T/7L(1
MZ^M?0WAC]E'P!X)\.II=CX:TZ/3XS\L0A7`&`/3T`KR<1P?4K4G"3U7]=S[3
MBKQ6R_%K_9:5OZ]#XY_X)@?LM:[\"/&.LZS?P1MH.JV[I9R_)G>7AQP&+?\`
M+-^H%?6_CWQ5:?#SP3KFM:F7_LS0;"?4I63.=L4;2'H">BGL:ZO5_#MKX>T:
MVL;.%(K.$;8X0.!U/3\Z\S_:=8']F;XE6JL)98?"NIM(B?=.;24@<^U?>91E
MWU++8QET/Q#,,?\`7*O/$YCX$_MR>!OCE\)F\:KK$.E:-%=/8C[2LG[UE81G
MY2BG@D?P]Z]`U?XS>%_"GAFWUJ\\26]EH,Y"V][(SO%,V,X"@9'!!Y%?@&NG
M>(X?AWX+GU=88?`+:QK",NI[FLX)3Y8RZH<_?*;<=P,U[?\`'&]U#X=?LO?#
MKPWK5M;>(OAUK^H&\74=24RVMLK6@VK;8*E5_=I@,IX<\^GJRDI.Z.-IIV9^
MR<GQ1\/Q>&(]=;Q!8KX;_ANV<F(-R=P7KT#=L]:\&B_X*E>`-7^+_B/P?H=P
MNM7.@26JWMR1(D$QFB$B!0\8&0I(ZGD=NE?E]\`)M0?]AWPN-?.HZW\-O#7C
MNT;789G5]]J+6Y:2/!POEE6Y!'6N:LVT#6?CM\0==^'/AK4-/\"ZAJVA?V>J
MK$J[H[<))M"G'^M$E2(_<27]I+P1IEG:"_\`%FF:;<W"131VKJ[2Q>9@X!`X
MZXK5\9?%_P`+^`VM+S6O$-I90Z@VZVFGE+?:,@G@#)Q@$\U^1EI^SMHWQ,\9
M_&+6O$?AQI;[2_"V@S:+>2HA:*8^?YFP\D-PF?PK)UF?2;.#X5ZO\>M*O/$/
MANY\#V%KH\=P$E\B\!F9F8.<;_+)!(H`_9?P]XNTOQO;2SZ-J2WMEU6]C<LC
MG^[CK_\`JJ^6W>GX#&?PKX;_`.#>9_MW["UQY;3K:1ZL#;)<D'*^7TX]\U]Q
MJ^\9P1ST-`"TR;[T-/IDWWH:`/4-._X\H_I3K[_CRF_W&_E3=._X\H_I3K[_
M`(\IO]QOY4`>87G_`!^2_P"^?YT4MWS?2_[Y_F::AW/B@!:**%958;]V"<<4
M?]?2)1]K5]P**CC=V5S@/A]JA>N,U.;:624A(G4*QSN]*J/++W8Q+JRITJJ;
MDKKHVD,I%;=2RJ45WRH0?=4_>8TD+?:/]6CR-_LXJ:;G6=DMA5<50IMVI:SZ
MW=O\A:*9<-);2`,AS_=[T]?OG<K(&&4SWIRJ2HIRE'?04%R1]G5DGRJ]D[NW
MRU"BF@F-1Y@]FQV-*76-?F8<],=OK3Y'[.,N7X2(5,,HPG&HO9RW5U?\[BT5
M'+.8;8W##="#M(7[Q.<?2GPMF0B3,>$$F#U(/%$:O/5]O3B/]S+#ZS5.-]Y:
M?F+122+)"HRA);HP^[BH;R_CL;9III$A@C^_*_W!^7-*G2E.3HI6E/;Y:AB:
M=*<80J5>6._.MM%?>Z6OJ3=*6O,-5_;#\`Z5XUCT+^UUGNW;ROW73?TQR/6M
M/XG_`+27A7X0^(;#3-9O#%=7\*SQJO\`=)8#_P!`-=$<KQ+?+(^>AQ+E5?"U
M)4:JE+F:O=>7F=Y0*6XAD@#MM_=@[5;UI9(RD@VQRNI&<C'6LITIQTCK)?D?
M1XITY\R;Y9)_+;[AM%*895M]Y0KSR#V':DD1K>%7E&U7Z&L(QJ0Z:=2U6IXF
MBDYI*.]FKO[@HI"VQ]N#(1P2G3-2"W=$RRDGKM7KBK3_`.?<3"I5HTZ:J.>[
MM\AE%"QR,OF>2_EL<+TR#[TBR@N5Y#1G#_\`UJBIS2BURZFCJT(3<8S7+%7O
M=6%I.]+'%)-"`B%I<\@=,5D>-/&]AX!\-76K:FYMK2T4EPWWUP"?IV->A&FY
MXBTEK)6$ZZC&<XUHVBK[HUZ*XWX3?'KPW\:=,FN-"N_/^S-MD![<D?T-=C;D
MWC;8D=F7[WI7)*,\-4>#G%Z?KJ<N#QM#$898Q58N]]FNCMT%HI?*=G&$(3..
M>Y]*8DN])`(Y#(G11BA2Y)\G*=4:E&<?:<Z^\=11G#Q!HY(\C+EL<<<4Z*WD
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M'W?;CV'X^_LC?!S]DWP5_P`-9>//!E[-XJ>VCN-2\,Z<\S+:WLS?O=P,L;KA
MKDC!Q]P<5^2W[-/[>/Q._9,ANK;P;K<EK8W*X,,\"3P@X89`D5E!^<].^/:O
M4OV6_P#@K5XP^%'Q#U6\^($(^(GA'Q3,\VL:=?3KLB9OG^53&^/G"?="]*,?
M@*CJ.29OA,?3<8JVR/K+]FS]N+6_^"Q'PQ^+7A+XFZ<UYX>T"QGU#2)BOE"U
M=%@C7<4V]KF7J3U_+\H9M/&FZE?PAU,4-S)%%M.595=AU]L5]Y_M"?\`!6[P
M18?!G4O`7P"^'47@NT\1*8[Z_ENF,I1E96&Z6$-U$9^\/NU\$JSP-'&47>KG
MS'W[@Y=MQ(_.O1RVDZ<=4<6;5U6V'44L%W'"EQYHXS\ASU(S7N/PT_8+\2>/
MOV4O$GQ?NM5LM"T30"D=HMR4#7TC/"NU0S+GY9P>`>E>K7K0I0YFSQ*&'G5E
MRH\-IDG3\:^^?V<O^"&]K\5?V=]*\2^./B3I/@#Q=XIC)T/1K[RP]Y(=P0#?
M<1GDHX^X?NU\4_%SX1ZS\!/BCJWA+78V6^T>:/EEV[U*+(#CT*NIZ]ZQPV+A
M5FG$WQ&7SI+FDST/_@G%_P`GX?#G_L(#^5?V`Z/_`,@JW_ZY+_(5_'__`,$Y
M<1_MX_#H_P#/;4N?;`_^O7]?^C?\@F#_`*YK7PO&.N(3/LN'9<V',?XD_P#(
M-C_WQ_)JY-O]:?\`=_I76?$G_D&Q_P"^/Y-7)M_K3_N_TKY5[GM@.E+2#I3D
M02-@G`/>B+LTV5%I23>PE4/$NKIX>\-WVI2/LCLH'F.3W52W]*OJYD)X^9>@
M]:\$_;S^,EOX,^%\NEVYS?:DK)@2[?X2O3'^T*\O.L9'`X.K/XI2V\CNR#+:
MN89C&E17N7U?=>AXA\+[F'XW_M07VI:K>QQV$%PS1%F`&!YAZ_\``1WJQ^W%
MI]AX5^*6F^(/#]]!,BQ"23RW#@9:0>_J*J_"?]B/7?BGX(M=6BU>72I+D!\Q
MIUW8/4.O^36IXI_X)X:WX>T.YN)/$<NH-;CS-LD>>I`QS(:_&987'5<LJ570
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M%Y)8-/#`+\BA26_2OE;XY>,-,^*/Q=2^\,Q^0DC$B*-,'[SG^1':HSUU)3PK
M>(]J[J\$I+MW;0N&Z[JSQ*6%^K6A)<S<97NO*S/3_P#@H]!_9GB#0=.B9?L*
MVH<3*<JWSR#K^-8/PM_::\=>`?`UEI6DZ++/:1;I$N%A8@X=FZXQU8_E7?\`
M[9OPEU3Q5\)='U>""5YK"(*Z%26&/-./U':L_P#98_:Q\+>%/`:>'_$=M:Q7
MT#;@98U!'SN><KTPPK"I1KT\Y7[UT$X^;OI_=8Z6*IU>'80]BJ\J<G?97N_-
M&6?VR?B9Y@8Z%*?,8!F$+8Z_[M>R?$_Q7?>,?V0I;_4HU@NIMFY>A!_='I]2
M:?=_M<_#:"T^<Z8Q<@*%1/\`"K_Q]\0V'BC]F2?4M/:,6;A615`P,F,_R(K[
M2C5<,%4]IBN?W;;21\/.M!XS"U88)4>6I_=VMY)'S?\`LD?#&#XO_!7Q#IA0
M->P1O(AR>,!!V_WO2NG_`&-/BQ/X''B?P'K;X\JVECMU;`P75V[X/_+05?\`
M^"7$RO:ZRP=#')&X(X]8JK?MR_!^X\#>*X/&>CIB.=@)S%\N`H0'.#_L'M7Q
MV6498'*5CZ#<G&7O;_#_`%8^\SW$4,=Q)B>'\3/2I[T)7=HRLEM^NAR'[/(%
MM^U;=<_ZNXE/'H1+61^T_,=;_:EN+>X&^)IWV_3?+4W[']\=9^/RS`*?M.&<
ME\D'9(370_MY?##4/"7Q/3Q';P2R6TY,BE$/&6D/OZBN!TUB<@A+#>]:IS2Z
M?:;MJ>KB.3+N)%3:Y7[/E3;O>\5KIL>^?M"_$/5_A'\%-)F\-V?VE_-$3QJI
M;:I64D]#W`_.O"K_`/;K\<Z-8;KC36B#+CF,C^8KT3X2_MN>$-6\!V]KXB:%
MKNV7!63'\L>]<!^VM\;O"7Q+\(65OH/V.%PQ):)5!_3%?0\08^G_`&;[?*J_
M)*T;T[/OJ[Z(^+X:RR?]IO+LRPWM(RE)\SY=.JWN;WQ8^*VI?%G]D=-7OTVR
M^;M(`[>9&*O?\$R(X?\`A'M:N6_=W7VEU0GTQ'_B:A^&W@>7X@_L1RP1L':U
M+$!5SD[E]#_LUYO^Q=\<;;X">+K[2=<#0I.3@R?+Z#/(_P!FLY8[DS'+L;CY
MN/NK>[6S[7[GJXO!4L1E>997A%91FVDK)VO'KIV/NZVM0ES&\4,NRY7#[@?7
M_P"M7P!\>;>WT7]J15M6"A+R!B,_Q8B(KZP\3_M@>#?#6GO=1ZI!/*5(1$E'
M!^G/I7R+\/[*[_:*_:9BO(+:8VCWD,DDA0D!%*!CG`[`UZG&V8X;'XO"83!-
M.<GK96LOP1X'A/EE;!RQF+S2FXT8TW:\D[NZZ:VV?0^M_CY\4(OAM^S=;7,E
MP!=ZC81QH,CKMC'_`+-7B'[!G@_2KO2]2U[7;NW26Y=HMLDFTDX1L]O[U9O[
M;_C@^/O&^C>$-*E#?V3MM0HP0Q&Q3D?\`J_I?_!.?Q)<Z3#<0>(9;,S@.\"L
M4VL0,\>8/Y=J\G,ZWUG.HQA1=2G3CR-WLE*5K.S['K9)1P65\+U(XO$*C5Q$
MVXOE;:BF]/=[_(XOP/KQ^`G[3T:PSJ]G=NO0C'+)_P#$U][VEQ]JM(Y?^>B!
M_P`QFO@7XZ?LF:U\!]-&I3Z@]ZH/,K#<5X8]2S?W:^IOV._BF?BE\(HD>\CD
MO=/Y8;E+$!WQ^@%>QP=BZ^`S5Y?6B[2V=]OD>-XAX".*RK#9OA)*<(+EDUIS
M;:ZZ[WWON>L44TN`RM@[IA@^@Q3J_3W?GDF[ZGX\XQ4(SCLU<****"8>\[!1
M110`4444`%%%%`"'I6KX$_Y&%_\`=_PK*/2M7P)_R,+?[M%MO4B?PL['4O\`
MD&S?2OGW]I__`)(+XC_WO_9TKZ#U+_D&3?2OGS]I_P#Y(+XC_P![_P!G2NO*
M7;$T/^OD?_2D>/GW^X5_\$O_`$EGY'Z;_P`@V+Z4MTN^%AZJ13;#C3H/I_6I
M+@9AQG&>_I7]5TW-T^6Y_!E6[G:7<^OOV+[=W^!+^4,_O2A/_`L53\6_L/:/
MXSUJ\U"YG*7%U(S$`GN<_P!:^<O!_P`:O$?@?1FTS3+\1P.=XX4=\^E:B?M-
M^-2_RZ@,QKMSA.3^5?*U\LJ1JNHIZ^A^DT^(\%5P<,-.GMY_\`^O=3\-1^&?
M@_J&F0B8BUL).=O^?6OB#P+XYG^&OC7^U[*,22V=QR&Z_?ST_"MZ^_:0\5W%
MC+!)?/(+@%),`=#^%<,@_>2J&$C.=Q;IN)Y_K7;EV6SP]*4:GO<QYO$_$5+,
MYTWAH^S</._Z(]9^)?[7>M_$?PM=Z)=6RHMYL8$C'`8-G]*]D_X(HIN^,7BI
M<%O)M<.X_B^=17R+N\J,"2,NW8@UTOPD^-/B+X$:S<WWA60VMQ=Y\\Y!S_WT
M#6&;Y'4J9?+#4?M&?#_%?U3.*.8XQ\WL[JVNM_/6Q^A_[<W[)GQ5^,_Q2M]4
M\%>)K32K(PB,QS'`4Y)SGRG]N]>H>,O#*>&?V9I/"_B:^M+W4;BQELB!(-UQ
M+(K@;1A2>6`X%?F[_P`/`_BDDA6'Q#NB?L8X^&^NWTKE_%W[4/CSQSXCM-4U
M77IC)8.)$C4+M8C:1P`!_".U?G5'@3'1:CSK39V_X)^L_P#$4\IYZE3V;]_S
M_P#M3]3OA[X?\/\`[._[+MO9ZO<QZ=HWDF2<RN$V^8%!!+$="?6N7_9(^(/P
MCMM9N=#\`Z]87MYJ3M>2)%=QRDE@`>!(Q_@':OS?^('[6/COXJ^%3HVJZF[:
M:P`$>%!(!!Z``_PBN.^&'CC4/A/XHBU/P]<-:WML-I(&W/4=\^M==#@&O[*I
M[:=ZDFW>VWX_J>:_%?!0J4HPI-0@DM][=M-#]'/BA^Q/X$\:_M#W-]XO\@MJ
MB9M!+.T,C2Y4+@!ESP&]:YCQ3^QM\4OA!\6='E^&&M*/!QNX#=V=R"1Y6Y"Y
M#>4Y[R?Q#K^7QK\0?VI_'7Q2FTZXU'5Y(;C3Y!(CJ5#<;NX`_O5W&B_\%)?B
MIH^FK:Q7H>&)=B,RQDGWR4-<U3@W,XT(4Y3YWU7_``[.REXD9'[65>E#E;];
M_-\I^@7[5GC72?!_P&MK#Q/-;SZE</;*D".-Q<2PYP,J>I%:?Q7^,-W\&_V4
M(M?L+=7N+*P@9$;MDH,?K7Y0?$GX\>*OBYXGBU3Q#J-Q--;MOB13\BG@]%`'
M8=NU;GB/]K_X@>,/"']@ZEJBR:<`$1-L?W!C`.%SVJJ7AY6E*+E;?71?YEXS
MQ?HJG4CAX:R5EKY>AZ?XN_X*L>,/B?X#O-'O=.CA@U>W:*4E0,`Y7TKYIM(4
M221^[L6_,DTRW"Q+L1RK'NR<"GQ?>K]4R7*J>!:A""3=[VMKIY'X=GN>XS-*
MKJXJ5TEHM=.X\$DG'3!K[:_X(]?\@_Q1^/\`.*OBD#"FOMG_`()#<:/XM^I_
MG%7@\;_\B>?J?4>%O_)0X;T_1GU?\4%W_"/Q",X'V"7^5?RU?L"^%[G5?^"@
MTMY)!)/!9:^[Y"GM=`]OI7]4OBW3DU?PGJMC(A\J^M7M\CL6K\S_``Y_P2JL
MOA]J3:EH8CAU$W4UP6$.&),K.,G>?6OY!XXS:6%PBHQC=S6_8_T&X$P-.KBW
M.H[(ZBYO%N"\B@+@G@]JTO#DEKJ&H6\-]>0VEK*<22LP&P8SWXZXJI!^S%XS
M:P\M[S:1(3_J1TS]:75O@MJ_@N)VU&]1]ZC$;(%W<^N:_FZA"O2QWM*K<E>]
MOT/UZMAJ+3ITFEIO8^Q?@O\`$?X3?#>WBCL=7L!>L,&1KF/)Y'8N?0=J].3]
MI/P,%9G\1V)QZW$0V_\`CU?E]JJ119Y"NO=9:P?M4QG;_3I@I[!RV?UK]6RW
MC2KAX\M.ERK_`!(^#QO!E"M+FJ5>9^C/U8NOVG?`5I$9O^$FTT@<X^U1?_%5
MS^I?MR^!+;,=IJMM=3=PLT9_D]?F.][(KX,]PX].>:M:5*1?"3?)&X&%!CQD
M5Z$^/)237+9OK<Y(\"0<E&]T_(_1SX=_M(V?Q[U2>VM85=+4;SO;"'&T<D$_
MWJZ_4M1BLQ:VEW=Q1S7!)0,0&=0>54'[V<@5\R?\$\Y$:^OW<J=\3"3'4#='
MVKY/_;&OO'OAO_@KMXK\3WGB^>;PQ\.-`_MRTT""01K<&'3K2YVG:V1N:,]5
M;[_0]_T7AS,)8_*Z=5OXF?$YU@H8+%/#16O<_56;>]FN^`?9\E(HYH%4ICJQ
M&._%/C,Z6B,EM:316WR(9%X0@?PX&.AK\R?A[_P4I^+7P;\:^#_''C^\TO5?
MA[\4&O'LM%M'MY+K34BA\R,$QQF4DF>('(7&P]><,\7?\%*_C#:6OB3XT:>=
M+C^'7A+6)M+7PR\UO]KN579M?)B\WI<(/N'_`%9YZX]WT/&UZZGZ8I#'8::Y
M58O[.#[IWFC5(T7'+D@8XIME>6MY)]HMXK(2G"030@,ERO1O;C`'`K\MOVJO
MVV/BU^U?X0^,5_X"UG3O"7A3X=6<T-U97,T$=Q?(($E8J75'4_O<<9Z5[IX7
M_:9U/X'_`/!(WP9XIAU"&UUN^2\L[>:YE6=FFDNKA58%P=Q#`87OP*`/MW8]
MK>.([.$F4*75EP'/UQT]*\!_:Z_8/'[3?B*SO_\`A)M2\+>1&(+N&&UB:.8`
MNV%+J3U<>G`KX:^#/_!67XN67PI^)EIKL0FU_P`,0V5WIFHR1QQ)(EU,X'R>
M5M^ZHZD]>U=I^R[_`,%)/C!X$^)?AJU^(HL-?T[QSX:MO$-ND;P1O"\[2=DB
M)QB(^@YZ4`?='[/?[//AS]D7X1V'A32YK<6L<PD,U_*87E/S=!DC_P#57H7;
M[JKW`4Y'X5^*WQ9_:J^,WQYL_@AXXU_Q'9V7A[QKXDM%CL;6ZA66,DW*;6"!
M6P1&QP0.H]J_:F)]^GV)(P?L=OGW_=+S0`4R;[T-/IDWWH:`/4-._P"/*/Z4
MZ^_X\IO]QOY4W3O^/*/Z4Z^_X\IO]QOY4`>8W7_'_+_OG^9IL7^LIUU_Q_R_
M[Y_F:;%_K*`%H"EF'.!G)/MWHH#M'R`"!]X'^[WJ:U6+K)3T0XJ4Z3>'5W]W
MYGS9^VY^VO+\"-4AT/P]"9M1O$.&`#8/R^Y]3VKQ'PYJ7[27C;1GUS3@]S!.
M?,6-;=B1G!QQ"?4=Z]:_;M_8BO\`XUZY;^(/#UZD=S;IN,6`6R=OJWU[5\_6
MOQC^+_[)JVME=M*+,_,OF1K@\;<<J?[M?L&595@,1EO^R)2JVO9JVBWU=OS/
MY9XMS',L!G3K9Y4E3PMFKQGKS?9TBV_P/M3X0?%K4M+_`&?IO$WQ#LWTG4M'
M#,R2KY6[`+=&V]J^4_'_`.VG\2_VBO%$EGX)L)76-RJFWA\SC@#HK>E=I\4O
MVC+G]I?]B#4-46U\N]C9H[B-6V[AY4I[*/4=JTO^"3Z:-'X'U0P-;+K##8!*
M!N7YI0>OX5Y^#R[#X'!5,PJT^9_RV\^^IZ.(S_%YKC,'E."Q4H4Y?;;EVOW3
M/(O$7[8OQA^#WAR?0?$%FUK=W`4I++`48;2">"@_E7TO^R?^TA=ZQ^S1=^*_
M%TH\RP<!/NKGY8?]W^^:Y'_@JK)I47PML5E:U;7@?D:-5W%=\.>GMFN3^%),
MW_!.O50<Y\X<[/\`8MJ[?[/PF8971Q4:7+SU.7\%Y'%@,US#(N)<PP\,1*M[
M.DG>4G)?%V;?W'(ZA^VA\6?VD_$3Q>!;6XMPPRB+;;]Z<`MPC]V`JQX(_;7^
M)G[/'CN'3?',-VUNS+Y[FV"A`<$]57LU=5_P2""(VNGY-T<3A2T0)7F$\'M6
M9_P5P>.#QOHQ1%R\;[]L87?\L/7%>GA\OPDLWJ9&Z*UB_>TWLNECQ:>+S2GP
M:N*?K+Y^;2.MNOGY'TO\7/VH]&^&OP)M/''VA6?78$>SA+)EF/EGIG_IJ.F:
M^,O^%]_&O]HWQ#=ZCX<M9=L),100$X4'=VC;^^*O?M9F>+]F;X8),DIM_LBM
M`>=@)BMLY[>G6OJ[]@J#3?\`AG2P_L?^S_[2&W[67*;S)Y46[.>W2O!>78?)
M\J==T?:R<FNBMJUYGT>)S+,^*L_CE4JWLJ4:<963Y=>2+;W2W9\_?LO?M^>)
M?"OC&U\+>/T-M'?2"`2.@3:691W"]MU=-_P55^)]]X=T'PSI&BW82PU!))&D
M&"'SY9'//]\UY?\`\%,!H*?&C3VT$0^:LB;O)/\`%\W3'X5:_P""A?GV7P[^
M'4MW!(TK6LGRL3D<Q8KZ++^'\)B<?@\9&"CSJ5XNSL^5GS68<59M@\BS3*:M
M1S5&4(QDF[I.IRO6[W78T?V6?^"?UK\1_#VF^)M7U2W6\\U+N&-)3OD!PW3`
M[5VG[8V@?"K6/C7I7_"6SS6FI6%DBQJT@3*AYAT,@[ENU9'["O[/GQ$MO$?A
M_P`5G577PT\1?[*Y!`5H3M')_P!I>W:O/_\`@IQ<I'^U+`?)SOL$QG_KM<5X
MT<$J^;U\%2DGR7L['5R1RK@:CB%3:JSGK+FWNE\_Q/T2TV2.ZMK%%2;[*T>0
MQ7@MN/\`]>OC7]M_]K+QE\&?C=!I^AS+]C@`=DVJ<C9$W]T^IK[%T$YT72L'
M`:,C'_`C7Y\_\%)KA+/]J.VDN!NBED@60+QM3RX`2<>U>9P!E]+%9M+ZPN?W
M6^7YKN?I7C)G.8X/ARE6P<N5SG%.5[/6,GW3Z!!\=OCU\;K637M'LY5TVUX+
M"W)$F/0B(C]:]._9*_;]U+4_%'_"*>.8#%=!BJ[E"=`!WVGJK=J^D_@K!HY^
M"?AU-%_L_P"QR6$#2%2G#>6A?=[]>M?`7[8<MA_PW#'_`&`$^SF,K/\`9^TG
MF3YQCVVUU9=##X]XS`UL/[.R?++1VM?LCY#-XYMPY3RW,:&*]LJEN>%]>G]Y
MWZ]#ZH_;-_;9A_9XBC\/^'X_M.LW8VE!M8@D-CC)/]WM7SMIGQR_:`T[3#XL
M_LZ9]/+;V3[,V0@)S_RRQT4]ZQ?C9;-_PW-I<'B.4B!+F(R/(ORH=R?ATS7Z
M%&[TBW\&L`+*71%L'4S!4V8*<G'3CGO4XREA,BH8=*C[=U+7Z6VONG<[<MK9
MKQ5C<5&C6]A"FG+5]==+<T>Q\)?"[]N+QM\0OC9I%O)=K!:7LK0SQ%5&UU4[
MA]WUKT[]M3_@H+JOPJ\3_P#"-^&4C>XL$W7<S8()W.A'?GY0>@ZU\[:1%IT/
M[;<+Z2^ZQ&J7#)L3Y3N,F<=J]V_;4_X)_:O\0O'T_B;PS=Q7EKJ,>;Z#C?&Y
M=V./F)[IT`KV\PP654<THPJ1Y8-7>FU[^1\=E&;YWF>2XRG0FYRHNS:E9M)K
M:[_S./CU/]I+4=(.IV]C-.)GWHL=J[$J`1_SQ]17JO[97QB\0:9^RMIEGJVD
MR1W^LQE+I71E9=N4.1@8X:O!(_VG_BU^S'<1V.H>8#!Q#%-"A#IU/+(>XKZ2
M^+GQLTK]HO\`8DO?$*Z>%NA;ONW#=Y;J)%.#M&,E,]*\S&Y=/"8W#8R5%.E*
M2LTUM?MO^!Z>0Y]A<?@L=AY8B<*T82]U\[UMWM;\3YB_8?\`VD;[]GWQ/<6=
MAI9N8M:DC$@P3LY8D_\`CQ_*O=/VIO\`@H'JVC^(4\*>";<RZK(<':H<\%@>
MFX_P^E<U_P`$L_#-GKN@^)9;FR@N+@H3$TL0<QG$IXSTKP3Q#!JR_M%ZPM@4
MMM:BO)?+DF`88W,.`W'K7U>+R?+\SX@JJA!6A&+Z?RKR1\7EV<9ID?#V'52<
MG[:4K7;=O?:[NQZGKGQ;^/?P0:#Q+KENUSI4#@M&L#9##+9.8E[*>_>O>O&G
M[9;?$3]E5_%^@W"0>((XG\R#*DJ5WKTY_N>E>7^.?A#\=?B3H+Z?J>H65W97
M;Y<)!``%P5/W1[FL!OV;/$W[._[+GBP^(?*0R$&TVN.XF)X!]6%>#]0RVM*G
M4GRJ?,ERI>??8^PEFW$M"E*%.#E3Y;\_/'M?:]SVS_@GC\<]>^.WAW5)/$5R
MLC6SID@`=2W'`'H*Y#_@HI^TWXI^#WQ%T_2="N!96T]LK[V5<'YY1W!_NBG_
M`/!(Z:(>'-7C\Q%FN3&Y+X`S\Y/6O./^"LI,GQCL%:XCDQ;*HV8./WD_I7'A
M\HPCXCKX.4;1C?II^1ZF/XFS"KP/1QE.I:JY=]?S/<_VB/VV;KX$_!'0)K*/
M[9X@U-=F0`=I)EP<?\!7M7SOIOQ,_:%\=+#XBTZSFN[.4M(-ELQP0<`<1$=5
M/>F?MN+MTKP,Q5I#'#\P!(Y\R4U]P_LVV\-G\"/#*"*-!)#(Q7:.?WA_QJ,?
M1PF697'$>S4W*=NUEK_D&0XC-.(<\J8=XATTJ;TU>MX^:74Y?]DGQS\1O'_A
MOR_'VD3::(0`KO"T>[`/JJ^@_.O8&;,@&TA5^5<]QZU(K?+M7Y5]!TIDHVR1
M_P"]7YIF.(6(ES4URG]#93@:F$P:PU6?.UU_JYH^'1G6F_ZYG^E%/\.?\C++
M_P!<S_2BL(M)69Z=)N$>4^3_`/@XF8K_`,$W?$^!GYF_])KBOY>K?]XHSQP?
MYU_4-_P<2_\`*-WQ/_O-_P"DUQ7\O%OV^A_G7Z'PI_"9\9Q'\8KL%C%N7D)N
M&_=#)VH0?3WXKLO$_P"SUXX\'V7AN_O_``\+6'Q8JK8*1$WVX;#(&VAB1D<_
M,!TK(^&=E;:E\5/"]G?^>-.O-4MTG9"-N!*F,YSW-?LQI_P&\4_&+_@H_P"`
MAXFTZY7X0_#?P?;2:/<1$"U+8O(5WAMWS;&C^ZJ]J]#,L7*#L<^6X-5(IGYD
M?'K_`()@?&?]FGX8Q^-O%OAL1:#=MM*P7EI,;?Y7;)2.9V'$;?PCJ/49\*><
M,JH##\A`($6&&>>O>OUA_8]^/'Q"_:I^+?[1.O\`BR\-]\)VT>Z$%M,SM;+)
MFRYC4L<'89.OJ:_*"]4/KM^\<AEMC=S-;+GB-%D8$?G6N6XIU8\LC+,<,J+Y
MUT*<L7G6RAAR'D(_VJ_2[X"?!:#_`(*'_P#!./PCX!\-^+K70+_PWJ0?7+%G
M-NLZI;6P^;<T:/\`.O8M]VOS4>18(S*/O'<`/<U]S?L._LP?#;X%_LS_`/"]
MOB]K&N1V-[=?8;+2K*6$"YRD+`[9(CS^_/\`&/N_G.<4X^SM%EY/4;JGMOQ^
ML8O^"BO_``4?\)Z!X)\36>F^!/@U$EQ=:E&39);I%/EF5)&C9B!=C_5JQ_(X
M^+?^"H?Q=T?XW?MQ^+=8T":*YTU$L[2*:.)HUF,5C;0L<,`?OQ-U'^-?7/Q4
M^`OP)\"?M\:7X`U'_A(?#/A7QOIWD65U$]LDBSO<*HW'RV7[J.>%["O@_P#:
MZ_9WD_96_:+\2^#+F>2XMX9H9()W;+,DD$<JY.U1TE':N;)J7)*_<ZLWDY0L
MS:_X)Q9/[>?PZ[@:B!^..:_L"T;_`)!,'_7-:_D!_P""=64_;Q^&\3\>7J.4
M/]X$5_7]HW_()@_ZYK7S?%W^\(];AO\`W<Q_B3_R#8_]\?R:N3;_`%I_W?Z5
MUGQ)_P"0;'_OC^35R;?ZT_[O]*^5>Y[H#I22KO0@<4HZ4M+7H&BUEL.$F+D2
M>@Z5Y=\5_P!E?1/C)XB@O]6GE_T9LI&/N]NV#_=KT^BL\3EN'Q4?WSU_KR.W
M+<SQ6&JN6$?+$S?"OAJW\%:#;:78IBUME"C('8`=/PJYJ=JNH6DD#HKI<?+)
MP/N]1^M3441P_M<.\#!6BOQ.>NW7Q,\2Y?O+:?>>/>%_V,?#_A'QP->LKB>W
MN1(#M0[<KP>P]0*S?%'[!WA;Q9K5]>W4DK37!!!P,GY0/3VKW.BO'Q7#>#JT
MHT*RO;^NQ]!1XFS>;G7IU+3DK=?\_(^>U_X)R^"2PR95.T?,X#8('IMKJ/AO
M^QEX.\`ZLEVUO%=S1_==HEXXQW6O6RNZDV5G6R/+(UJ<Z$+2CUT_R"KQAGDX
M<V)J73T>_33N,U&S@UO29;2ZACEMYSDQ%00O&.AX_P#UUXUXR_8.\$>+-9>\
M^SK;O*,-Y<:KC@#LOM7M(&!2UZ&999EV(JQK8R%^BV.#+<^S7#3<L#/EB]]_
M\SY\;_@G5X.D55S)^[.58@'/Z5Z;)\$M/;X4CPEN/V+@;B/0*.G_``$5VU%9
M83A[+::J4TOR_P`BLTSK.*RC.=2]I<W7_,\V^`W[-NE_`&.[&FN9%G4@+C&<
M[?\`XFNM^('@:P^)'A&XTJ^A)BN05Z@A,@@D<>];E'2JP>#P:R^6&C#1O7T(
MQ.;XC&8MX_F_>='Y]#R#X9?L9>'OA9XLCU2QN93(,G&,8X(QT]S7IGB_PII_
MC32Y+?4K.&_7HBR(K;1_P(&M.BIH9=@(81X7`4[1Z[!//,WK35;&SYJBVW_5
MG@6J?\$\?!=W=/)&OEF7EMJ*`/;I5-O^"=?A;Y0)'PIR,@''Z5]$T5QQX;RG
M$.:I4[2LNW3Y'I0X[SVBU)S]YZ+?_,Y7X5?"RQ^$?@QM$M%^U6<C996``ZYZ
M&N)^*_[&'A/XDZHUX+>.QFQPT<:@YR3V'O7L%'6NZMDF68FA3EC8W]GIT_R.
M*EFF98'%>WHU+SGK+?J?,]G_`,$V_#R20M/J-R^P\HQW`U[-\*O@5X?^$^F3
M1:9;113R1-&MP(E##.>X`/?]*[$KDTO2O/PN39;:%2A3M7CN]/Z[&^9<69YB
M*4Z%2=Z-[6U_SL>/V_['.AV_Q&_X26:X-Y>><9\,O5B2>I'O7K[;993(5D4L
M/N!^%I:*]?`X##8>4ITX_$TWZH\G-LQ>,4*&-;E&FK+RYK=SFOBG\-[+XL^$
MFTG4$8Q,<[B0W9A_[,:YGX'_`+-FG?`NZGDTVZE9)Q@QXP._X=Z]+H#C^^*<
M\MHU,8L7:QK',<;/!_V-1G:A_3_K0:C$C!'<D>U+NYIVX'I(!33<=B-]=?LH
MTV^7KJ<,DHVHIWY5;[A3\M"_-2"`D[Q$=M$LJR#`;RZ"6N747I130^!_K*4/
MD_>S[4`+1110`4444`(>E:O@7_D86_W:RCTK5\"_\C"W^[3Z+U(G\+]#LM2_
MY!DWTKY\_:?_`.2"^(_][_V=*^@]2_Y!DWTKY\_:?_Y(+XC_`-[_`-G2NG*_
M]YH?XX_^E(\?/O\`<*_^"7_I+/R.L!G3H?I4DY_=TS3?^0;%]*=,,C\*_JR.
ML=#^#VW*HU/N=S\,/A%H?Q#\*ZI?7>NC3Y=)\LSJMO(?+$C%5Z#G..WXTSQC
M\`=6\,QVMQI7_$UL+R)9HI0RJ65LX.UFW#C'45B>"/'L7@O0M=MWC,@U,6ZD
M?[C$^H]:ZWP]^TJ?"&NV5TEGYMG:V20.CKD<%O\`:'J*\+%1JPDY(^BPF$PK
MCS-Z_P!>1Q/B7P'K?@Z2T>^M%MX[YQ&I+(W)SZ$_W376WOP(TS3;^UTFZUW[
M+KLX5OLPC<XWX9/F'R\AE[]ZB^-7QM/Q0^R0VL"QNLRSKA<8`##U/]ZK^I?&
M?PSJ^NQZ_<Z4\WB`I&DK!%V@QJJ+C)ST1>]%?%8OV:LOZ^\6'PN$]H[O^ON,
M+Q=\"/$/@S68[41M=^>/DQ*K9!Z'[QQUJO'\"_%<MZUM':&.6-=SEIX^F<==
M^*['1?VH+K0_$/V\:?!+&PV[70G:N"/[_H?TI?$W[3AU*"]@M;8(-0&(Y`O*
M_-N_O>U8SQN.48I+^OO-5ALM4FZNO]>AR3_!#7--DN/M=HD*I$1'LV29DXP/
ME8]LU%>?!OQ%IEU96\EK`[WIPOSQD]0.?FXZ]Z[;PQ^U8_A&*X861NY)[D7D
M0"Y)`7;M^\.]16?QWT6S\0OJ'V#4+B\U$@S*=A%OC`XYR..>IJEF&,CJX_U]
MYBZ>5MV2_+_(Y'7_`(/:KX9\.7-]J3+;7$+JD:\%2&8*O1CZBKUK\)=-CTFP
M&L:[%IFLW\2S);B!VWJ1G.Y<KU#=3VK4^-/[0%G\3O#,>G0:>8F@=`'=1N?8
MRGLQ_N_K6?-\2?#6K)9RZUI#7&HV%NL,015Y`SZGW:JCB\5+WK?U]XY?V;RJ
M#C^1A2_!KQ%+#-BR\P+]T^;'D\>F[-7+OX&>+8].AN6LQ#$`5P)XSN)^C]>*
MZVR_:;M]/GDU>.Q_T^*`V:P%?E*DA]V-WJ`.O?I6?'^T?<&TT:U=04T_4([L
M#!_>#S?,*GYO?%9SQ>*4D[?U]Y=++LHJ*VS^7^1SEW\%_%&FV"326J*)3P#)
M&S'IV#9'7O2CX->(FE"-IWEMY0E+&:,C!.`?O5Z9XX_:0T/2?$T5_;6WVF75
M(U%Q!M&("!V&1_>/<]*S/&?[3]IK/AB73-,L_*ED1;=9"N#\I!SPWM5_VGC>
MD?Z^\J648&G\,OZ^X\ZU3X<:]HFH_9I[)'D]%V']0Q%9`A:*4AA@@X(]*]@T
M'XYQ0^"-<O)%C>^V-;0[@3ABH8'K[5XW]I>ZG:1NKMN/U->CE6*Q%:M:NMD[
M'CYE3I0A^[+`/!K[9_X)#_\`(&\6_4_SBKXE7[E?;7_!(?\`Y`WBWZG^<5?/
M\<?\B>?J?7^%O_)0X;T_1GV3J#,+1L-P#G9C[U<,\$,MU,YA$;=`!CGBN[O7
M*VS@#/%</+;227$IK^-^.XJ:HQ/[XX8J24Y*)1ND3!9(T;"C@CJ:\$_:T\/>
M(?&FA1QZ%;!;M,#=N5=O)]6'\Z^AGT_>GR]>]0SZ`D\)$B+]:_,<7EG-4DH[
MV_0^ZRW,)4JS=79'YCR^!/B_H4LJ2^'X;P=F,T'/YR&JMOH?Q,W_`+SPLJ'/
M.V:`8_\`'Z_3B7PE9H!B-7/TJQ#X`LI(=[P*6[<"O.I9#BFO?F>Y+B7"I^Y`
M_-G0_AW\2M>F`BT/83V,T0_]GKO/!W['GQ)\4:Q#<:E=16-L!CRU9"1UX^67
MW]*^YY?#MAHZ;Y85C4=P*Y'QI\:-`\$1'=(OF*?E&.M)Y12P[YJU2]_Z[&T<
M\K8F48X>GJOZ[DG[(7P4'P>O;QGNVN9VC;(93M'*'ISGI5KQ3^Q!X0\9?M'^
M(_B)JP.H3^)M-.F7=BT8.Z(VT=N<,RD#*IW]:I_LH?'.7XR^-=1A6#"P0LR!
M!@L=T?JQ_O5ZSX\\=Z3\+?!.K^(]6NKNTTG28FDGE9A^](5FV#C_`&2*_<N!
MO9QR6C[-_:_S/QWBQU)YJ_:[GS1\*/\`@D3X)^&_Q>C\0ZKK.I>+-)TV:YN=
M&T#4)#/;::+A75T59`8P$4IMV@8\L8[4[6_^"0G@KQ'\6YM=_P"$AU>+P;J%
MU)J%WX965Q;7$K[L_)CR\#]WU0_<'M7:_"G_`(*._#OXJ>'_`!%>VIET^V\.
MQ"YNC,H#F([RK)@D?-L/6L;]GS_@K#\)/VAOB#:Z#HUYJ$,UW#]IM3+L_P!)
M!!^[@GL">?2OK8-M79\W9+1'._M#_P#!(7P7\<_'^LZMI&OZGX*T?Q):M;ZW
MI-@[0PWQ;:"=L053E%4<@]*[GQO_`,$\?!OQ!_9/T/X-W=Q?C2_#3O=:?=J^
M)(9C*\RLQQSAWS@8/%<?-_P6%^&MI\0)O".I:?J-CXAMK5M0V,L?R1JRIO/S
MGH7%>B^*_P!O[X=^&?!6A:Y-J4]S8^+6=K8+C+M!)Y3=<<!N#5`>1^'/^",O
M@[PWX.\06=_XKUO5I_$4=I;R2M-(5C6W<LHVD$XYQ7?Z-_P39\$Z?\0_!.OW
M$L]U+X)T.#0H+/@)<11>;@DD;?\`EJ>OI7%)_P`%LO@E!JEQ:M=ZK:,LTULL
MB^6%N98B0Z#DG@\=NM=]HO\`P4B^%OB+X!7GCEM3E%AI]P;*XM9,;TE58V*>
MF1YB]Z`/(_#_`/P0]\$:/KV@S'Q;K%WI7AO4HM3TK3)7D>&S>/=@*I&U?O.>
M`/O'U-?;$?RP1(.1#&D0^BJ%'\J\T_9L_:O\+_M5>&;C4_#DGE7,$FR]LR,&
M&/`R<`GU3N>M>FR/O?/\J`$IDWWH:?3)OO0T`>H:=_QY1_2G7W_'E-_N-_*F
MZ=_QY1_2G7W_`!Y3?[C?RH`\QNN+Z7_?/\S34&'I;S_C\E_WS_.B@!"<4W>K
M,.I&02!W%.(S2<V_S`[>V14/EC+FJ*Y-:'.^2_+Z'RM^V!X8^,:_$J+5?`-[
M<QZ6J8>W6Z\M"<8^Z94]3VKP;Q9\(?CQ\?+I+?6;(73Q-E$^T1+CKW:;'<U^
MD+P\;_/W-UPQJM<ZA=GF."#CC<`<_P`Z^LRSC2AAU[.C22E9Z]3\=XF\+\)F
M>)YL97E4@]>5M6OWUB>-?`S]C2P^'GP$N?!NK$W%QK`8SSAE_P!%)!3WSQSP
M>]?,_B+]C;XM_LW>.[J?P;/<2:=<$JC17:)P0#G`E!XR>U?=5WXL2W.)+5Y9
M/8#_`!I+KXNZ-:(`\D^FXZDX'\LU&6\4YDU4I0BI1D]4]OS1V9OP+D4\)0PU
M"\)T^JLG_P"DGP#XD_9'^.'Q=LVU77/M%_);_+%%-?1MP>,_-,?;\J]X^'G[
M._B[1?V,]0\+75N(M<FE#1VP=&W#;"/O!RG\#=^U?0D/QC\,S_>UV-GZ9F)*
MCZX%;FDZM!K\6[3]26X![0$_U%>OC>,,=.G2P[IJ/)JE%.W_`*4S#*/"7*J-
M2OBJ%=R]M'EDVU?>_2"_4^7_`/@FQ\`O%GP.&M_\)+8+9_:E98V,D<F2?+X^
M1V_NFJG_``4;_9G\8?''Q-I5SX;M5O8;9&$K"2.+:2(^SNI/W3T]*^MVTR\B
M?$D-UD]#(03^&*);:XA3YEN_HI%>30XGS#^U7F"6K]?\SV'X;9:N'89$ZONQ
M=UY[_P!WS['A>I?LKQ_%O]DG1_"&M".VUO3;&!8'(5FBD58MP#9(&?+QPU?(
M<O[/WQU_9_U.>TT>ZU6WMY&,:)#J`VL!TD^2;'.W'//%?I:;&0Q;I+9O]EAC
M=^-%M+<1C;Z]`_:NG`\2XK#J=.$%4A)MM2U5_O1RYUX68+,L3"=*3HUHI+FC
M97227\K9\%?L\?\`!/[QC\1OB5_;GCYIXK"U'FQ237*3^<ZLF!M$C-TW]1VK
MT;_@HS^SCXI^-^K^&8?"-DUU9Z1`\4F)HX@AQ$!P[+UVMTKZI!>:7][YX_W"
M,?K3Q,ZG;NE([9/2HJ<8XU8R.,J+EE&ZBEM9JSZ]O,K#>%F64\JK9:M7-Q<Y
MNUVU*^_+W\CB_P!G'PY=>`?@IHFCZD)DU&TMH8Y4W[@K!%!Y&0>AZ&OF']N7
M]DSQM\9?C[#K/A[3VU#38[-86?[3#%M<2S,1AW4]'7MCFOM/SV!Y><?B*'1W
M&1O^I/6N+#9[6P6,GCZ6LI_KJ>QF?A_A<QP>'R:I4M%6?X>C_(CT2-8--T^)
MERT"8;V.XFOSU_X*+6)UW]JJ/3T^::_5(`I'W"T4"@@].]?H:K^1('+284Y.
M"*^=_CI^PW=_&?XYVGC:'5IX8[&2.4QF3&=@C[;#_P`\_6O4X0S=Y;C_`*]U
MY7^+1\SXJ\'XO-<EHX'!>^X5(OY*,E^J/G;1_@%\>_AKH$>C:7?:I_9NI1K-
M;NNIJ/)0@,`!Y_&1@=!7J_[(_P"P+J6C^+3XP^():YU3<3]GGE2XWY`.[.YQ
MU9ORKZRT:`Q:39P`-(;6WC@9F]54#/Z5-*#'_P`]#[`BHQ7%M;$RKJ,5%RO=
MK_AV:9'X383ZW2Q]><I5:<?=@VN6]ETY;_\`DQ\X_MP_L3/^T$T/B'PW,MMK
M4)$DL:!8WD(#?QDK_L]Z^>;7X._M$W&WP[]NU"+2I<VIB^WC&UN#_P`M\=SV
MK]%8]VT-''(A[GBG'4"@_=SRJ_<9ZU&6<4YA'#0HXJFI<CO&_P"'4O-O"K!X
MK,)8W$5)4.96:@TD^_V9?F?GQ\(/V&/B)X%^,VC7U]8`VUA/))-,UQ"Q?<I&
M3B0D\_SKN_VB_#7QQ\)?%O4M3\*W=_/H5X3)#`E]Y<>\NQV[#,.-NWM7V8SM
M<0_>F$GKD4)&QCP990XYY/6M,=QGC*V+^N8RC&5-+5:_YL64^$N`P&$G@\!4
ME34]Y)J_X1_0_.'Q!^SG\;?VAO$-O+KMLCJ"%W^=$&C7/JTQ]3TKZBUG]F&X
M\!_LD7'@S2`+G4IHGW)N5<L_F,?F)"]7]:^@(GN'CV^46'K_`)-1BV9.?*=G
M/;M6.8<;8]PI<L+TH--1_IAP]X5Y?"GB)1G+GFFG)M7_`/23YC_X)X?`;Q-\
M"K76!X@M3:M<L/*0S))O7Y\_<9@.&'6L7]L?]@34O'OB]/$_@.=[;4)!ON(X
MW6$ABSD\EDS]X5];&RFG(R/*]O6I+?3KUI&,0D0>A-*/%>,>+EFN%7+=6:[Z
M6[_J>M4\/,LQ.1+)I5')IM\TK-QNV_=?+I]S/SS@\/\`[36F6[64-S>^8H^0
M'4%R?Q^T8KZ#^$/P!\5^,_@!K7A[XGZC>ZAJ.KQGR9)KG[0+9\2@8R[_`-Y.
MA'2OH*_G:UL\W%Q;1;6SODW8Z>U8%W\4_#-I+LN-=19D[1D_U%8RS?Z[2YZ<
M%":=_P"M_P`SSLIX"RS+%+#XC%2G%JUFTTNG\B/A"7]DWXT?LZZU=_\`"+W5
MP]DSD0F*Y6+<F2%.!,.Q]*M^!OV&/BA\>O&]MJ_CVXF2V08+2W*3<<GIYK'J
MQ[5]Q?\`"YM"/']JSSC^%=W'\J?_`,+%-QS#$SQ=O\YKVI<89M2@\1[&/-:W
M-9W?G?F/FH^%V2.:H1KSY%*]KJW_`*0?+G[=?[*GB?XG^(-(3PA9&:SLE`;$
MT40'+'HS+ZU],_!G0;CPM\*M#TR_3;?64++)D@[26)ZC(_(UKQZM=S1?NXT?
MZ@_XU:M9IIK?]Z`K>@KY[,LYK8G`4J-?>Z?YGW^0\'X;*\^KXJA\,J;2^^+[
M+L2,_ETHD\PQG_:_I2(F:<R[6C_WOZ5X)]P:OAO_`)&:7_KF?Z44>&_^1FE_
MZYG^E%`'RA_P<2_\HV_%'^\W_I-<5_+S`,0AOK_.OZAO^#B;_E&SXH_WV_\`
M2:XK^7F#_CU7\?YFOT7A3^$SXSB/XR_X0T2#Q%XXT73;EQ;P:I>PPR7!.!!E
MU`.>G>ONK_@H5\4_C=^Q_P##W0?@YH'BO5-1^''B/2+>Y-U%8PO&PR=J>;Y6
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M:,Y-??\`^R5XD^%G[<_['6E?!/QMXCLO!?B_0;_[5I=_=W4<$,BK%`FU][^D
M4G1#R1^'P++))!O,9`P`_..]?<W[)GP@^%7[)O[+]E\<OB=IMSXBUC7K[[/H
MVG033095HX7W%HV88VROU3M^5YM3@Z5XHO))-5+(^Q?VSOV,OA++^T=X2^,7
MCSXQ^![WPUX5C1UT^RUJ%KJ^D61Y!A?D&"N\<..<5^57[<W[0%M^U3^U!XD\
M5Z='MTN\DMX+$$C:5BMXH`<@GO%ZFOOG]HZ?X,>#/^"C^G^&O&OAV^/@?XCZ
M8+".,ZM<%-'DDN%`D5<_,0L4G=/OGGU^!_VW_P!G9/V6/VG-?\&6<HN-,M7@
MN-.91@F.2WBG'=C_`,M1U)KSLCE/GY9,]#.&^6Y>_P""="Y_;S^')/SL-1"^
MR8%?U_:-_P`@F#_KFM?Q_P#_``3C;;^W?\.NP?4^0>N0.:_L`T;_`)!,'_7-
M:\3C#2NCTN&_]W,?XD_\@V/_`'Q_)JY-O]:?]W^E=9\2?^0;'_OC^35R;?ZT
M_P"[_2ODWN>Z`Z4M(.E+0KWT!.VH4;2W3`QR2W``^M%,NI8[>QFEN'"6EO&T
M\W/)51D_IFL:T:2?M*BNQU)JUY#O,&TOR(^@?'RD_6A#OP,?-W],^U?/WB3]
MHC4_'OC?[-I$9@T&RD,*GC]ZP..NT'JH[GK7M?A'Q!]K\-"74"+5XE"OOX(/
M'T]:X_[5IRER-7L<-/$*55-;HUI`83\WZ4F_#<YQ69I/C/2-:E6.WOXI9=V`
M`P.3^=:DZ1V=G)/<S*B#IG%=%*O3OS1T.NHZ4I>UFO>'-&R<D?*?NGUI,^U,
MM;R.^LT>*594R<8/2GUUNK>'NNXH-2CILPHHHJ8WE'EEL:7?L_9?9"BBBB'N
M2<H[LFFE37+#8****J$G!6B%DHJ'1:A11150K3@[Q8XOEES1W"BBBB-6<6Y1
M>K'S.Z?;7[PHHHK*,5&+A'9[D1BHUWB8_&^H@&!2YP/Y?6BGV\)N9/+'WI/D
M4^A/`-:NM-UKW'%2HII==64Y]7L[>Z%G)>V=OJ#`%()Y0C3#K\HZG`Z_A5D9
M!"GKCYOK7RK:ZI/^T5_P4TMC%+=+H'PILY([T0LWEW<UQ;2Q*&VX'RR0=]W7
MM7U9(_F7+..`YW!?[H/:M*E.,JG,]TOO\OF*A-1G)0T<]'^2+&A:>-6NO+9B
MGN!]*UW\!PJ<;GW=>G!JCX+YU(_Y[BN(_;'_`&O-`_91^%M[JVIS1MJ=Q%(E
MI9^:%D+[#M/0GKM[=Z\[$XRG3HRE5?+%?U;]#JHY77QE6."PT+SD[65]?/OY
MFU\3O&OA#X,>'[C4?$6L6UE';KN\MYD5VZ=`S#U%?(7C[_@M)X)T?49+7P]I
M%YJ80D"3:I4C)&<K*?2OE+2_^%B_\%*/B;?7,M[=6>BI*[*I?Y%4[B`?N#^`
M#FO5/V-/V5?#.B_%;7O#GB*S$]]I\KQP*R'$BJVT'.?9O6OYQXQ\<*&7-O"O
MX-UIZ=S]]P/AEDG#]&/]O3=2LE=PCT[7^&1T$G_!:.>:X$D7A]Y+=N55%RQ'
MO\U=W\/O^"RG@?4=6MK3Q!I-Y8^>0"X51MYQSF4>M<Q??`?PQI_[9>FZ1_8]
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M99A@G[7#R=E-7=NFME9?>=]XCT0:)(@5F??ZCZUGG[U;_CY\SQ`_YZU@$8<U
M]]2FJD7+:Q^=1Y:D;IV<?_)K_P"04444Q`>:U/!0\O7F/^S676MX+7=KS?[M
M.&L[/8F?V?7\#J-9O&BT\@+GS`1]*\$_:@^3X#^(PQ4'<._^VE>]:U$6L\#T
M/X5X+^TU'N^!7B-(X7N9]WW5S_?2NS*G&.,@Y;)I_-.YYN;4?:Y?C8]?9R4?
M*\6?D=IG.G1=.E3%<<\<<TNG:-JR648?2=45L<A;*1@/QQS4W]D:FW']EZM_
MX`2?X5_3U#&1=.+NMEU/X2J8/%N33HR?R94A;RI0W!P2<?6E$[G>&DW([%BI
M`Q]*M?\`"/ZE_P!`S5__```D_P`*5/#^HY_Y!>K_`/@!)_A5_6(-WO'[S-8#
M$W_@R7R934^6OR?(W9AVIK2XZ'![GUK0_P"$?U'_`*!>K_\`@!)_A3'\/ZCN
M_P"07J__`(`2?X5J\==6<H_>-9;53NH2^XH$([@L`?7FGABL#1AL`N6'^S[5
M;_X1_4?^@7J__@!)_A2_\(_J7_0,U?\`\`)/\*?]H/\`F7W@L!B(?!2D[^13
M`#3.Q/5MR#_GG]/_`*]"1>2K>7+L,GWR,?-5P:!J0_YA>K_^`$G^%+_8.H_]
M`O5O_`"3_"B68.2LY+[P6#Q2=U0E]S*3(O3:I&!CGH?6G).T/E-'M26+HXY)
M_I5HZ%J6?^05JW_@!)_A1_86I_\`0*U;_P``)/\`"H6,2T3C]YH\!B9+WHR7
MR*0G;+L6S(XQO[@>GI2+L*`;1E<[6SRI]:N_\(_J/_0*U;_P`D_PIR>']1S_
M`,@K5O\`P`D_PH^MQ;O>/WF?]E5NL9?<4846W)9>)6^])W/]*'7>C#=@D<'T
MK0_X1_4?^@7J_P#X`2?X4?\`"/ZC_P!`O5__```D_P`*KZ]_>C]XEEE5;0E]
MQ0D2.2;=M`&X.5SP32J3GHH_&KW_``C^H_\`0+U?_P``)/\`"A]$U+_H%:M_
MX`2?X5/U^G[2+J32^8/`5[J*A*S\BNJY0]3QG"\DU]J?\$A;G&G>*49)%WDY
M)7IS%7Q=+HFJ;3_Q*=8;M@64@)_'%?:W_!(G2I],C\2"ZLKRVW`X\^-E[Q^H
MKX_CW&X:6`=*D]&?>^'."JT<YIUI*2Y?(^QM2N5BL&<RQ(,98LV,"O$[O]HG
MPHUQ<>7KMB_EN5(6>,].#_%ZBO7O%YFM?!VK/OC?%L^V-$#L>.W>OP2U'Q[X
MOLO$>J0'2_$Q_P!,NL/':3$$>:V.BU_&7'/UN5.#H0NUUU/]$^`\IPF(KRJ5
M*O*I;7L?L'??M1>#+"#+ZW:!_03Q_P#Q58&M?MW^!]!@+KJ:W#(.45XB3_X_
M7X_:O\7?$NFKYMQI'B<JIVY:SGY[?W:DB\1^)->LA<0Z/XA_>CC_`$*8^_\`
M=K\XKT<XE%5%!WZZ?\`_4J?">6NHY3Q"MZH_4+Q)_P`%0=`L`1:Q[SVR4_\`
MBZ\ZU[_@IGJ.J3G[&(X4]3M_^O7P[::;KMY`OF:1KP;WTZ7_`.)KIM`T'6'A
MYT?6CC')T^0?TKSZV'S.2UO]W_`.^GDV0P^&:^__`()])Z_^VCXB\80-'_:'
MEJW]U4_P]JY`^*+S7+[S[Z[-QSD<#G\@/6N$T30]20#=I.KC_MQD_P`*Z/3H
M[[3X3G2M78]LV,G^%>!C<IQGL9S<'S=-^YZ%!Y=AYQ]E53^:/L3_`()C7F/%
MOB$I(RLD+HC,``O,)S7J?_!2_P#9MU']JK]C3QEX"\/-Y.LM%]KMXP6(G=89
M&`3`9F)9AQCJ<5X[_P`$H[RY?QUXA^UV][`2&VB6S95)S!U)`K[7EO8XR(_-
MMOM#-AX))A#.!GJ!]XC'\Q7]#<`8>5'AZE%JTDS^=/$"M&IG$G2=T?E)^R3_
M`,$X?'VB_";Q:-=\*:M#XB@T.TTJU^V6L\*7!CCDB)'RC(YST[BNL\!?L1_%
M'P+XE_9OUN/PI!Y_@BQB@U9XDN#M*V<\9#?N\#YI!UQUK]+YKY-,E2.6>%#U
MC5K@;KC=_"!_L\>O6D>:*W1HYKRVT[S#NGCFG4%/IN([BOOIJS/C(6MH?FU^
MR'X.^+&L?M">/->^,OPLD6?QZQLTUS[-=1VNDV;K;AE+E(T`#1%\D'Z]J\J_
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MOXXYBK7-DD'FF-HYKE5E4`?W#R30!\A?\$HOV6M<_9_@\4Z]XAT;4=-O]:+6
M[07$$D<A5A"<[6`_YYU]@,`IX!4>AZBHUNO+4NTR721-ACO",IZ\J*DQ@??C
MD[[HW#K^8H`*9-]Z&GTR;[T-`'J&G?\`'E']*=??\>4W^XW\J;IW_'E']*=?
M?\>4W^XW\J`/,+S_`(_)?]\_SHHO/^/R7_?/\Z*`!?EI6D)7"G;[TE%.#</A
M!ZOF>XF/7D^M(REN].HK7ZQ4[@W=W8SR]OW3M/KBF26,-RA6>-9E/4'C/Y5-
M14<\KW(5.*FZB6K.>UCX2>%-<S]LT2&52<M^]D&>_9A7/:M^SEX;N3_H'VG2
MQZ1$OC_OIC7H).!2;O\`=K;#8AT4^1VN<-7*<'4OSPO??<\J;]EP,N;?Q5J4
M;=M\<?\`A5<_LZ>*[,_Z%XVN`O8-'%_\0:]<VEN?E_,"E7`'*D_1Z[(YK6BN
M6,OR/)J<+X&3@U3^';5Z?B>.CX-?$.Q!^S^,[$M_MLF?Q_=55G^&GQ=7IXFT
MJX'H&&3^4->U@KGICZC-.)+K@-U]L5,LT<E:6I%7@_"S7P?BSPJZ\,?&RSCQ
M!JFG,/?_`/<U1E3X[61X;2Y,]P6Y_P#(-?00B9>Y_P"^J20@XW!_P)-..8QV
MDM#F?!L'HO=7S/GQ]>^.T*[?LNG2>X#_`/QJH?\`A.?CC:G!T&";'&0DN#_Y
M#KZ*3@<.5_WA2A>?NL3Z[R`:=/&X>'PQ_K[RJ_"E><XU%7UBK+;3\#YR;XK_
M`!O@Z>$XR1T(BF_^-TQOC%\<6*_\4HF%ZCRIOF_\AU])!'Q_#]"]-P?[H_[[
MIQS##QES<NO]>9SQX2Q:5EB/R_R/F_\`X6_\<G8_\4JFSLOE387_`,ATV7XK
M?'"1<#PHB>XBF_\`C=?2BAO[H_[[I=K_`-U?^^Z?]HX;;E_K[PJ\(8FHDIU[
M_=_D?-L'Q&^.<R@CPXBGN3%+_P#&ZL#Q=\=IR#_9<,7/.8I/_C5?0S(Q?^@>
MCRQ_=ESZ[S7-4QF'F_>C_7WFU/A2JDHNO^7^1X$-3^.5^N!%IT9]2'_^-5+!
MHGQSN.#>Z9#_`+63_6&O=2=W4O\`@*6-$8D@R_B2*J.84HQY8(WGPC=<\JE[
M?UV/$&\$_&6?Y9M=L<>V/_C-6+;X/_%&=`7\5V<`/8;<C\XJ]I0+(OW7/_`S
M0LRKQ^\7VVEOUJH9O*/PF7^J&'G#DJQNO5GD2?`7QK>8^U^-_J$2+\?^6=3K
M^RW=M*6F\6:@P/4"./\`PKU@R;E_UA'_`&SI@CC`X\S\<U$\SJS:E%VL=$>%
M,%32Y*>WF_\`,\ULOV7-$3`OM2O[]<YVN`HS^!%=%I7P.\(Z,H\C0X))!_&T
M\N3_`./5U6-H['VH/MQ6%7%5:LN:H[L]BCE>'@N5Q*=EX>LM/B"Q6<4`!X4$
MG'YFKL?[L8[>F*0`@<G-+7.]8N#V9VJC3C'EBM!HB$<F8_W?L*4KNDW=Z6BG
M)N22ETV*<(M\SW`C(IKKMVGT;-.ILGW1]:11H^'9<:\[]V0_THIGA[_D,'_<
M/]**`/E;_@XE_P"4;GB?_>;_`-)KBOY>+<_*!VP?YU_4/_P<2_\`*-WQ/_O-
M_P"DUQ7\O%OV^A_G7Z+PI_"9\9Q'\9M?#FSM;WXG^&(=0=4T^XU2!)MPW`CS
M4XQS_*OV;\+?$SXA>&O^"COP_P#!]A<:IHGPKB\'6[6=O92R?8;Q]MXH=XHF
MV;BB1<LH/RKZ"OQ-NE6*&WD_U;&7Y6;^)@1MV>X/K[5^K7_!-K]K_P#:Z\!_
M"JPN-.^%EIX\\-:1"D&EW=[#)-<F(1HJ!2+J-<;"#T'WC79G=-)>;'D4G?4Q
MO^"=^N>+/$6I?M':'XHCN+OX36FGW4T?]IAFM(KH+9*/*@D/RMY32\JG=AGD
MBOS"U..*+5KV&/<@^TS*J@_*%\QMN!T`(Q7Z@_M_^,OVN?CI\)]0TZZ^&=I\
M//`8!N=7@TZ*2"2Y8(ZG.;B13E&]/X17Y=1;K-'\SE]S9#?>C*DCFC)J?-%H
MQSU^_H-NHVN(90W#;510.^.*^\_V+_CM\&/VG_V48/@5\8=5E\*ZMHERMWH^
MLK#-,(U"0($_=Q.1Q"_\0^]^?P==/]GMY&R&R@8,/X<\U]A:3^SM\*OA%_P2
MVO\`X@>,[&35_'7C*:*#P\S+&\5OG[+*6.5##*-*.&[UU9O:%$Y\E_B'V_\`
MM6^!?V7;'XT:)\8_&/Q(A\3V?A*Q$EII-MI5VR7<R2M(H/[AU7*[QEAWZU^4
M?[6?[1S?M5?M%ZWXV16M[:_DBALHP2/*CCABA4`$#'^J'85^AUW\,?@1_P`$
MV?`'PK^&?C/P7#XH\0_$\QG6=0E@BE:P61YXR8F.PKCR5/S*_P!X_A\%_M[_
M`+/EA^RO^U3KWA33I?.TBW%O=VCY!PDMM#<8X5>AEQT[5Y>1R;J:G?G'PV)?
M^"<S;_V\?AQO'S?VF<8[G')K^P#1O^03!_US6OX__P#@G$A3]NWX;NWS++J1
M,;>O&3_2O[`=%4G2;?\`ZYK7B\8_QT>IP[I0:,;XD_\`(-C_`-\?R:N3;_6G
M_=_I76?$G_D&Q_[X_DU<FW^M/^[_`$KY-[GN@.E+2#I2TM@85C^/M*GU[PE>
M6-ON5[F-D+*<'!4@CZ'-;%.1I(_FC(R#R#Z5GB*?M(F4DY1/'/A3\%!X8N'C
MN85;]YYBJP4@-DG(]\]Z]3FT^VDLVMYX5?S>7W*#D^_'M7+_`!@\:WO@C5]/
MN54?9YFPS\XS\OO[UU>E:O\`VYIT=V-K+*H<D=LUX^!PL:=:3EKH<6&H)5'<
MY"#X%6>DZY#=VD\D!#A@L9V#\A1\8+NYM-)S'*QBM_G8%N&`&2".]=N\G[K>
MH\Q1R<5Q?BB:S^(=E-9V3^8#F"0K_"S#`'\Z68TU*-J3U+Q6WNG)?LH>-KS4
MM5\0:9?LTOV>1)X2[%MJRM(0!UP``.*]F+".8CUZ>U><?"+X7OX%\6:O/(&4
MS0VZ`$]D#CT]Z]%C'F7"[N#*2J#^\>M;Y3"I"A&%3?7\S7!7]BKB`8%+2JC&
M1$Q\\B[U'J,XS3$D$C8!R<XKVVDCJ'44#G/^SU]J?';O*RA5)+C*^]9`,HHM
MA]K@\V/YX\9W"D+@.J]W!*CU`ZT`+11T91W<X'O2.X0MDXV,4;V(ZB@!:*%7
M<5Q_'T]Z5D*H6/1>I]*`$HI2A4J/[PR/>@(3<&+'[Q>2OI0`*OGRD?=V\\5C
M?$+QK'\/?AQK_B*<B.'1M/N+K=[QQL_;G^&M:XE\I$/1Y#C%?//_``5!^)#^
M%/@#I_A.W_X_/B!JUMX?A0?>=;IC`Q'/8R#U^AJ\-%RJ<W0C%U-;%;_@F?X6
MGL_!7BSQQ<@OJ'CW5[BYC9SN8P+-+)'SUQMEX!Z>E?2$!+LI[]7/O7.?![P-
M%\*?A-X4\.Q_++I>CVD4I/\``_D(K9X'<&NAES$'C0_,$`'_`$TYZUGC6Y55
MR.UBJ%"Z4^S3^XT_"\\=O>S2NWEI;@LQ'H,5^1G[7WQ9U#]O']MY/#&G232Z
M5IM[!:JAE."KB`.V'P,@AL<5^GOQK\8GP!\%/%&I#"M':R;6/KMS_2OR`_8[
M^&?BGQ_\0]:\9>&;IHM;\/7#W\F&(^U*CM)LX&3D1@=1]:_'?&G.I4<LY*3Y
M$^KTO+Y]+G[[X)83#PIYAGV*LYP7+3OLF[ZM[+INCZW^!O@2?]BOXX6GARY(
M/AWQ#"FR9L$K,L;%@<$_Q.HY%==\5(6^'W[8.@ZO$GV?3]1A\AY8_E$K#SV)
M8#DDY'45/+JEA^U_\%68_P"A^,-!*F:/HT4L;*7/\7WC&W>I-7M[GXE?"/1K
MBXW-JFB2@3YZQML53GKW8U_`6,K.6+6*QKLZG[N2?EKS>CVOLWU*K8^K6K?6
M,8^:;5I>;[KR?2Q8U[33;_MJ6;+G$>G'#>I\].:BATN3XG_MASMA9K7P\L3K
MOP5C)CA?(!Z'*GI737RI>_'_`$O4N#$;+;YG8CS0<_I7/>"I/^$4T+QGXE\S
M9>WZO%;?]-)`DB(H^I4=Z^8PE:->C&$'RR5-I/S;_P`KB]NXP5.IJW3:32VU
M7XG)?M,Z%=?M5_&B/P3IQ7^Q]*C<WDB\;7*Y'4C^*+MFOGW]FCQWJW[!7[:\
MNE7DTEOHU]-+;R*LA"21CS-K%4)Y)0=1GBOJ?PC=VG[,7PDO/%.HQFX\1^(7
M:9`<%F9VX4=#\OF^M?$'[97@WQ5'XBTWQMXG\R";6G^TV\;'F-'W,%[],MWK
M]S\,,ZJ9=CZ5.,[15E9M7;W?F_\`(^SX/KSQN$JY-4:^K3B[*6C<NK5]7KV9
M^T_B;5(-:TVVN("2+KYD/YCC\JS)#NN';^$@8'T%<A^SSXG/C#X#^&=0E!S+
MA%8_Q<O77[2D8!Z\_P`Z_P!#Z$UB:,,3'W5V?6Y_+6;X18;,*F$EHZ3:]=;?
MA8****U.0*U_!'_(P'Z5D5K>!_F\0''I2>FJ&_A.PU)=UC(<=`:\RN[6*^M[
MJ*>..:*1SN1U#*W(Z@UZ?J*D:=)QV->:$?Z__?-*,W3_`'BW)=-3IRIO[6C,
M=?AGX8A&T>&]``';^SXO_B:/^%<>&?\`H7-!_P#!?%_\36ZQPU)N]A74J^*D
MN959(XXY70BN548NWI_D8?\`PKCPS_T+F@_^"^+_`.)I1\./#/\`T+F@_P#@
MOB_^)K;W>PH!SV%+V^)_Y_/^OF+ZAA=I486^7^1B?\*Y\,_]"[H7_@OB_P#B
M:</AKX8(_P"1=T+_`,%\7_Q-;6#Z"D,>?2CV^)_Y_/\`KYB_L[+O^?$3&_X5
MIX8_Z%W0_P#P`B_^)IG_``KCPS_T+F@_^"^+_P")K<\OZ4;O84?6,1_S_?\`
M7S&LOP?_`"[H1_#_`",/_A7'AG_H7-!_\%\7_P`31_PKCPS_`-"YH/\`X+XO
M_B:W-W(&!R<"C/R,V!A/O'TI?6,1>WMW_7S'_9]#_GS#\/\`(Q!\./#7_0N:
M#_X+XO\`XFC_`(5QX:_Z%S0O_!?%_P#$UL-<*J!B1@]#3\_-C`SC.*?M\3_S
M^?\`7S,WE6">KH1,3_A7'AK_`*%S0O\`P7Q?_$T?\*X\-?\`0N:%_P""^+_X
MFMII0HR<?<W_`/`>F:5FVA,@?O/N^]'M\3_S^?\`7S!93@4[NA$Q/^%<^&?^
MA=T+_P`%\7_Q-'_"N?#/_0NZ%_X+XO\`XFMH2`R;.-PZBE)V]A1[?$_\_G_7
MS-/[-R__`*!XF)_PKGPS_P!"[H7_`(+XO_B:/^%<^&?^A=T+_P`%\7_Q-;>[
MV%&[V%'M,8]85GIW#ZAET?\`F'7]?(Q8_ASX9W_\B[H/_@OB_P#B:T-*\-:;
MX>\S^SM.L;#S?O\`V:!8M_UV@9JT3FDJ:F+Q4UR597*HY?A:;]K2HQ3&"%5!
M#(K!A@@KG(]*P8_@_P""5<D^#O"Q9B2Q.DP9)/))^2N@+GTHZ]JY98>5:/([
M67H>E#&U*:52%TWV.9N_@=X!ODVS>!?!TJDYVOHMLP_5*DMO@SX&M8UCB\%>
M$HD7HJ:1;J!]`$KI`!BC@4J.`NFI)61I+,,4_>55_>80^$O@Y>GA+PS_`."N
M#_XFG#X7>$T'R^%_#J_3381_[+6WOILGSUG]3PG\@_[2K_SLQ_\`A6/A8?\`
M,M>'_P#P71?_`!-(WPW\+_\`0MZ"?^X?%_\`$UK[*<(@!G//>H>!P+7+*&X1
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M:=M2(I&FT[,!0=P)P,#&#6M)^S-X(?7=0O\`_A'=-^V:M;K:7$HB&/(#^8J>
MO#9/XUI9K1G-!W5[6/RE^$WQJ^)OPE^(GA.2\^(7BC5&\=^![G4+P7=[=S16
M\XU!(0R@N0&"1]>O)]:I_"GXS^*O"/PX^''Q&@^+?B?7?'&H>)I++4?#OVF^
M:(V@U-XB`2QCYA1.Y^]T[5^HOCC]B_P3XE\$7&GZ?HXM=2ATN6PTR<*@6S1F
MW;/NY'SG=Q7G7[#W_!,3P?\`LL_#O3$UJPM]:\8V-W<7!U!U5UQ)=2S+@[%;
M(5D'_`:"S\T_'G[6?Q0\8?M-1?$#P[X]US3='LO$;Z3=^'WN;H,["Y\AOXU4
M@%R?ND<=:]&_:-UOXBW.J_'+QY#\1O%MA!X*U2=K2VCU&[,2L;F./8$5^@67
ML,5^D%[^P+\(+WQG-XAD\*VYU:2Z:\\U8H]HF=BSL?ESG)/>NHN_V8?`L^E:
MW9OH4<UAXEE,^IQ.B'[9*S*S'I@C*J>>>*`/S#^*_P"VE\1_V>K4V=]X@UG5
M/^%N:++%X;NQ<3J8M0>3RHE4%BR<0RG)V#W&>?T\_9-\%:WX%_9X\-:?XGU&
M;4]<%NT]S<3.7=S*[2*"2S$X5P.O:O#?B+_P3BO?C/\`MB>"/$FO7UO;_#KX
M9F.[T32K9BN;B.;S%)5D9<8DF'!4\_6OJ^9OM,NX?*H`51Z!1@?H*`"7Y3Q3
M)OO0T\<4R;[T-`'J&G?\>4?TIU]_QY3?[C?RING?\>4?TIU]_P`>4W^XW\J`
M/,+S_C\E_P!\_P`Z*+S_`(_)?]\_SI`<B@!:***`"BBD8X%`"T4WS*/,H`=2
M8I/,H\RBR>X"E`>P_*@#%)YE'F4<J'SM=!<K1D=NM`F_V109LCH*N\>PKR[B
M<GM3D8J*9O/M^5&XFB\>P7<O=EL//S=0#^%&X@>WI4>ZG!ZGW>P*G30I7)Z4
M8I/,H\RCW7T*M3[#L8HIOF4>92M$5J?87;STIP<CN?SIGF9H\RG[O87L:5[C
MMU!.13?,H\RCW>P<L%\(Y3L'''TI=Y'<TSS*/,HYEV%J^HXG-&<TWS*/,HO?
MH-7CYCAQ1UIOF4>92"]QW2BF^91YE`#J*0'(HH`6@\T44`7_``J-VJMGGY3_
M`$HH\*?\A5O]T_THH`^4_P#@XE_Y1N^)_P#>;_TFN*_EXM^WT/\`.OZA_P#@
MXE_Y1N>*/]YO_2:XK^7B#Y80WLW\Z_1>%/X3/C.(_C-KX:G3H/B?X=;5%=M.
MEU2V^U;>NT2KC'(_G7Z*_P#!6']HOX^^`/%G@:P\`V^OZ9\,G\/6O]D266EK
M,&YFVEF:-AGRA'T<_P!:_/#X>_#[Q+XK\3Z7<:%X?U?5'2]A,<EM9R7$0;>,
M;MJD+R._OZ5^B?Q:_P""J?[3?P%&D^!=8^%46LV^FZ7`--_XD<%VNP%D&7^Q
MMM.U#P3_`#KLS=QGB81Y7HOYD7E5.:@I>1\9:W^UI^T#K6D7=AJE_P"+9]*N
M8BLZ3Z1$B8Z<L(P>GO7CMKS;IE\3.[;U/NQS7Z4>`OVQ/V@_VU?AWXSTA?A+
MI&A:+IMA+-<W5SH=M9F(#RU.'-HA)Q+GANWM7YJS*1<R`89UN)!-VVL'(X]J
MWR>*A5J+E>W\R\CBS6,W*[&!!.WRY5]S*2>G%?=G[$?[?'PDU3X&Z9\-OC5X
M.O?%%KX5O6O;![+<7"^3'"HPLT7'[LGOUKX3N"?LZY.%R^0HS^M?I3^SSX_\
M#?\`!/C_`()K:5\4(O!&E^,O%'B>[$3SW(61;%#!;/@[DE4\LPY`^]6F;14J
M>I&4_P`4Y71_VZ/!?Q]_;RG^*_Q4\)>(3I?A>P/_``CNGBUV899HG7/[U,_>
MF[MU_+Y._:V_:"U/]I7]HSQ%XTU-)]-FN=D<-K/$(V6-((XE&/\`=C7\Z^F(
M_P#@O/K+RQ&7X9>"Y/M@VQJ-/LCMR>A_T3V-?)?QS^+D_P`;OB7J/B.XLK33
M8[O;FTMT3;%B-5ZJJ_W<].]<N4TE%W1U9K*UCM/^"<<8/[>GPY=OG9M1#`CH
MN17]@VB?\@BW_P"N2U_'Y_P3H@$/[>'PU;'EB34/D`.[?Q^E?V!Z)_R"+?\`
MZY+7S'%_^\(]S(OX)A_$G_D&Q_[X_DU<FW^M/^[_`$KK/B3_`,@V/_?'\FKD
MV_UI_P!W^E?*O<]H!TI:0=*6D]A/8*1T65"K9&>X["EIT#8D;(W`H1C^M"TC
M8J&D;&7XA\.VWB[26M;N,_9+?D2G@9^OX"JVA2:?I^D);VI6#[.!'YA;_68P
M,\DU/XK6_O\`PO/:V)7>"25X!;G./T-?./B>_P#&?A?7I631-0\G>1B%GG#<
MGG`7BOF<QQ%3#-2A]IV/(Q#E3ES1ZGNGQ1M-0\6V5M!HL2S/O`>4DX0?-R<`
M^HJ3X;>`[7X8>'?MU]<Z<+R..6>^FFG*16RH6(8GC&$YY':L#X!:KJVH/YU[
M9WD:/P1.K0[>5]0*\C_X*\>-]9\.?LY:5864]Q8:7X@URTT[6;^&/;]DM)6:
M.5MPQD"-F)^9>G4=:[<%AG->TEN=%"+J:R.B\9?\%6?@MX1\5-I-QXE_M5[:
M25+BYL9;:6WM6'&&?S1@9!'([5ZU\*?C/X0^.?A:WU_PCXGTS7+.Y`C)L[J*
M=;9PH<^84)VG##OW%<5^S]^R)\*?"OP7\/0Z%X:T75H=0TN&>XOIBMTUX7A5
MGD+-NP3ECC/&:X;XP_#SPA^R[^S=\1KKX0S6L&L7SB6ZM+&Z^VFTD:>$/B/<
MVS`&,`#%>Q'8[N7E]U'0?&/_`(*1?!_X(:^^CWNNP:YJ87;>6NA3PWBVK'^^
M3*K+P!U'\0]:[?\`9_\`VK?A]^U!"J>#?%&DWM]#&Q?3ENXFOX1D_>B5F('&
M?H1ZUXS_`,$W_P!F+X76?[*VEZW9:?IOB?4-:B,NIZA=R_:)FGSC!#LY7Y57
MC(_6N`_;7^&OAG]G3]L/X5^)_AW&NA>.]<\0:=I^I:9IY+I/9//;1R%H@=JC
MRPGS;.-Y.><E@>\_&;_@H?\`"?X`>-9_#/B3Q&\6M6^UI;4/;ADSZAI%;U[=
MJW?@I^U[\,_VD]0FT[P?XKTJ^UM!O735O(7N73_<5V;U_(U\X_!SX>>'OB5_
MP5.\??\`"3:)9ZA,FFVCK%=1"0;C#=%NHXY`[5C_`/!4OX2>$_V==<\!>,OA
MK!;^'?B)-J#1V]IIT_-SF-]RO&#C`5G/*'[OY`'TO\;_`-NSX3?L]_$!O#OB
MSQ#!:Z\P\TVBSP!K5.GS*TBL.?4=Q6)X2_X*=_!SX@^([;0-)\1/)>:E,B(K
M/;[%)(7`(E)YW#M7RA^T_H7B76/^"QNJQ>$?!.C>,Y+OP^\UY;:A=QPK%_I4
M"EAOC?\`V1@`?>/X_3G['7PCO_$=A>ZA\1/AGX9\+:I8N9+,V[PL9=K.005B
M3IM3USF@#V3Q3\:/"W@OQKIFA:MK.F:1J6MQ!M-\^Y2/[2-H;`W'DD,O0'[P
MJS\4?C-X<^"":9)XFU6'0YKYOL=I#<21QR3.H+$HKD;AC/Y&OEO_`(+$6WA^
MX^$WA^%%F;XIM<QCPPMIN\R,"6VSE4.-H3;RP(P#[U\Y?"M/B1#^U_\`#P?M
M>2//!%!M\,R0XBM8I!%/Q(80B.VS?]_)Y7VH`_2OQ3\7?#7@[Q?I>BZK?P6N
MM:VHDLK*:14:X!8J"`6#9R".`:Y+X^_MI?#;]E6Y^Q^)M9CEU.X`)TNQEBEG
M`*AAE&=6Y#*?^!5XE^W%$\'_``4M^#K3;5N$AA<QE\+-BZD^Z.GY"L_]K#]B
MWQVG[64GQ*\`_P!B>+9[U((Y]*OQ`1:A88$R!)YG7RR?N#K0![7\"OV]?A/^
MT!JDFG>']?@L-5A4RRZ9J,\,,H4JS`[1(S<A&_*O3O"OC.R\;:;=_8&WI'*8
MVCB(?<1@\<D]Q7Q#X,^+NH_`']H?P[I_Q@^%&A>'9?%TD]M8ZIIMW&S3,B<A
MDB@7`!EC'WOXC7W-HGA6R\)6)2UB"P/,TNY#\X4@`<=3TH`O)Q,(U&[S/W"G
MT8\U\F^+;*']H_\`X*=:3I\S^?X?^&MD;B4`_*+MDM+B$Y'<%6ZD?0U]5ZIK
M-MX6T>^U&YD2&VTU#.SN<#>`.">W&>:^8?\`@F/H+^+]'\7_`!)OHF$_BR_:
M.$-DG;!)-;9#<9'[L=J[,/[M$PK+F9]3RD(TV>LI"I[*IX_2HYX_.G5<?=8@
MM2H,2!F^;'3VI=F]6&?O#K[UQ*,9)N>QO[*4Z7+%VZZ=5V^9R/QY\*77CGX&
M^+]'L$,T\MM)Y:@$DG9CL#ZU^4'["?[28_9#^+5[H?B^PGTVTN+PQ[)T\OR0
M9"2WSE3_`![N?6OVE\&[9=0<!``Z%7!YW\BOGW]N[_@F[X/_`&G?"L^J164>
ME:UI\<DL,\$)W2,%XR`RYY4=<U^:>)/`4N)\N>'4K6Z?Y:[GZSX:\8X'`4JV
M39G#]UB>576G*UWLGW.'U?PW9>)9[3XB^!+NWO8S^\FA@D$C7`?`.0NX#`9C
MP:U=`C2XO9BD973]?'GW?_3O,3N93Z8PO?O7Q=_P3W\5>)/@I^UIJ7@.[U*2
M735FF@>*5LA@BSA<*<[>@Z'^5?H[8^#+>UO]JQ!+>0>8\6.K'J<]N@_*O\UO
M$+#U^'L=_9F+E[244K-ZNUW97UV/J^*<BJY/BEAZLN:,HJ4&NL'>W5]O^`<5
M/X3N+E4<J4FEL6MCQ_JR7SG]*R/$.A1W26`V[-/T$F=?^GF4'S`/?Y@1UKV$
MVD;@9QDMDG'WAZ5G7/A"WNIMK!/)!W)!G^+USWY_G7YQ@^*G3E\*^X^7CB;/
M_@GBUOX?M;K7&^(/CZX6QL]-RMC;2,(UV`%5SG;ZIW-?%G_!1#]J*V_:;^(5
MEI7AF%]3^S818K8"7(#2=-A)Z5V'_!3+XI:]XG^/^E_#S3+YXM.NRD+6\8'5
MMF>1SQC/6OL/]@__`():>%/@!H-IK>L"#6-9E43QO-&08RR*",%VS_%V[U_9
MG@_X;U\ZG2S.OTLUY??^A^D8/$Y?PMEM/.\PGS5JBE[*F[V\WU2UL^AZE^S7
MX7N_!G[-_A33[J(VL\>"R2`@CF3L1FNS$9A=D;J._KGFMSQW;QDPKM4*/N*G
MRA.OI6(78G#'=COBO[KPU.<:*A+[.A_-&9XJKB\;5Q\XI^UDV]O==[Z==;VT
M"BBBM3B$/2MCP#_R,)_W:QSTK8\`_P#(PG_=H`[35/\`D'2_[IKS(_=F_P!\
MUZ9JS;=-E^AKS4)N:5?]HF@!9/OFDJ*_N/LEK/<%6*Q(6.!7BVH_MJZ9IUS/
M$=-<M"^P_O3_`/$5Y&9YW@\`K5JUK_W9?HCEQ.84L)I4ZGMW2DSBO$$_;:TM
MTS_9S?03$_\`LM,F_;9TY%S_`&5)CU\T_P#Q%>92XTR6W*ZVK_NS7X\IR_V_
MEZ]U[O\`KL>Y;J-U>+)^V5HYM1(;.0>V\_\`Q-0R?MKZ+&R_Z(W/_30\?^.U
MO_K9DW_/Q_\`DW^17]MX+^O^&/;\TM>(-^VWH,;8:W(_[:'_`.)K0\/_`+7V
MC^(]9M[."W&9^_G=.">FWVK2AQ3E<ZJA3E>_>_ZH(YOA9R2A_7X'KDQVQ$X)
M*\C`Z&H]<U`:1HE_JDA#VNE6DMY.B]2(T+G]%/>I_-$>#N^5AR<9K,^(-OO^
M$_C)(%83RZ1<QQJ/G,I,#@#'UX_&O<GRSFITCUN>C*-SY8_9]_X+&>!?VBM$
M^*=U%9SVB_"R>:*<#9OF\J2=#@>8?^>!].M=/^QO_P`%.?AU^UU\`9_B;/=Z
M?X.T*"X,4EYK%TEJ,[(FZF1D_P"6R]Z_++PE^SS\2_A-9:UIVC>$->@;XG^)
M]7CU">/397C$"W!9"QV$`$3/CD=:[K4?A3XQ^`?["NM^!-%\&:]_9&F^)[BS
MU&2/299I!&D5LHECBV$R`LBCY3ZG/%:.]]3/3H?J/\2/VRO!OASX<V/BCP_X
MAT'Q/I>LWZ:>;S3[Z.XMEE9)&"!U;&<1YQUKJ?%/[27PX\$^*+'1]>\<^$M%
M\1ZU'$8]-O\`5(H)\NB;-J,VXY#H>G\0]:_$;X.^'M3^&GP3\0:;);>*M*TR
M;QA"=)75K&XMDE?[$V#&LO']_IZ&O5?B%\+]0\+:OXVT/QQX(\;:_P#$_P`5
M#33X/UZVM;R>TLV^QA0[.BF)`KR6^0Q`/EG/0T@/UB\9?M1?#KP#K]OH^M_$
M3PGIFL7$<;6>G7.IP127JN!@HI(9A@@\=B*[2T>.>TBFA1%AN$$J%&++(#T8
M'WK\T_V7_P!EW4=6_;U\!77Q)\-ZIJUUH7AFUC:]DBE^S&;^SW4YP-@(=1^-
M?IC+&+>7RA@+%\BJHP%`["@!**)/D'K0*`"BBB@`HJ*\G:UMGEV@JBY/.*YI
M?BC`W_+!LYQ][_ZU=>$PZJ-\NYA5Q#IZRV.I(?/W?TH`?/*USL?Q"\U1MB5?
M9Y-I_#(YIQ\?JTI41,=HY)R!^>*NGEN*4GR[?UYG/_:V%VEO_7D=#16`OCN)
M?]9'L^AS_2D;Q[&.D)(['=_]:I>6UV']IT#H**Y\>/8S_P`L3_WU_P#6JQI?
MBP:G<^6(=OON_P#K5G_9U2&LQPS"E*24#8#!#DG`'4^E-PX)MF9[G/S9C&<#
MK_6I$!67[NX#J/6O!/\`@HG^TKK?[)/P$T_Q'HP22ZN-:M=/;>JC<)I"/XE;
MI].:YF^70[JZYFF>[H5?[A8!?E\MAAE(ZYITA95KDC\7;'PM^SWH_CSQ/-]B
MM9M#M=2OIS'M5&EA1@HZ`Y9L?CTKQ/\`9T_X*P?#7]H7Q5JFDVTDUA/9VPO+
M7S%8F_B+[04!5>3R<#/2F5+<^EXD:X4Q)#YK/]XG/'Y4D21V8:%!<*^"7\M-
MW'XU\O\`P7_X*T_#7XQ_$FZ\'78N/#NL)9MJ$,=V[0O)`KQQEF#*I7YI!U]*
M\D_:!_X+:_V3XL\+Z3\.=!U3[%J6MPZ<^JW5DQMKI3.L4GEO)"5?:2P.UNHQ
MQ02??Y)78SRO'"!\HD4+DTK)\WF,N)6_]!['\\U\-?#;_@L3H_AOP-XDU;QZ
M+G4Q#K,VFVEO9VF9%DCN#$1B-,]63MVKU'P!_P`%4_AMXX^%_BOQ3J+7_A__
M`(0P^1?6ES`XF(#QKD*RJ?O2@=.QH`^D0`#Q)D^E*3D^E?+/[.G_``5>\$_M
M`_&W3/`/]A:[X?\`$.K61O8(K^UFA8*)DA^97C7:-SCDU]3NK(Q#`@@]QB@!
M*9-]Z&GTR;[T-`'J&G?\>4?TIU]_QY3?[C?RING?\>4?TIU]_P`>4W^XW\J`
M/,+S_C\E_P!\_P`Z1/NTMY_Q^2_[Y_G2)]V@!:**0\B@#&\>^.(/A[I`O+FU
MU"[C."%LX?-?\LBN#C_:[T5H]Q\.>-E!XYTK_P"SKU.:VAF15D"3QCLP!IDN
MFVCS;A8VJ18P,0*_/TQ0!YA_PUYH7_0O^-/_``5__9T?\->:%_T+_C3_`,%?
M_P!G7IW]F67_`#ZVW_@&O^%']F67_/K;?^`:_P"%`'F/_#7FA?\`0O\`C3_P
M5_\`V='_``UYH7_0O^-/_!7_`/9UZ=_9EE_SZVW_`(!K_A1_9EE_SZVW_@&O
M^%`'F/\`PUYH7_0O^-/_``5__9T?\->:%_T+_C3_`,%?_P!G7IW]F67_`#ZV
MW_@&O^%']F67_/K;?^`:_P"%`'F/_#7FA?\`0O\`C3_P5_\`V='_``UYH7_0
MO^-/_!7_`/9UZ=_9EE_SZVW_`(!K_A1_9EE_SZVW_@&O^%`'F/\`PUYH7_0O
M^-/_``5__9T?\->:%_T+_C3_`,%?_P!G7IW]F67_`#ZVW_@&O^%']F67_/K;
M?^`:_P"%`'F/_#7FA?\`0O\`C3_P5_\`V='_``UYH7_0O^-/_!7_`/9UZ=_9
MEE_SZVW_`(!K_A1_9EE_SZVW_@&O^%`'F/\`PUYH7_0O^-/_``5__9T?\->:
M%_T+_C3_`,%?_P!G7IW]F67_`#ZVW_@&O^%']F67_/K;?^`:_P"%`'F/_#7F
MA?\`0O\`C3_P5_\`V='_``UYH7_0O^-/_!7_`/9UZ=_9EE_SZVW_`(!K_A1_
M9EE_SZVW_@&O^%`'F/\`PUYH7_0O^-/_``5__9T?\->:%_T+_C3_`,%?_P!G
M7IW]F67_`#ZVW_@&O^%']F67_/K;?^`:_P"%`'F/_#7FA?\`0O\`C3_P5_\`
MV='_``UYH7_0O^-/_!7_`/9UZ=_9EE_SZVW_`(!K_A1_9EE_SZVW_@&O^%`'
MF/\`PUYH7_0O^-/_``5__9T?\->:%_T+_C3_`,%?_P!G7IW]F67_`#ZVW_@&
MO^%']F67_/K;?^`:_P"%`'F/_#7FA?\`0O\`C3_P5_\`V='_``UYH7_0O^-/
M_!7_`/9UZ=_9EE_SZVW_`(!K_A1_9EE_SZVW_@&O^%`'F/\`PUYH7_0O^-/_
M``5__9T?\->:%_T+_C3_`,%?_P!G7IW]F67_`#ZVW_@&O^%']F67_/K;?^`:
M_P"%`'F/_#7FA?\`0O\`C3_P5_\`V='_``UYH7_0O^-/_!7_`/9UZ=_9EE_S
MZVW_`(!K_A1_9EE_SZVW_@&O^%`'F:_M?Z`%_P"0#XQ'L=,_^SH3]L#0)9`H
MT+QAECCG3?\`[.O3!IEKGBUL<>]FF?Y4Y=+M#UM;#_P$0?TH`@\.ZTGB71(K
MZ**>&*;&%F38XR`>1^-7*:B^4=B((X1]U0.E.H`O^%/^0JW^Z?Z44>%/^0JW
M^Z?Z44`?*?\`P<3?\HV_%'U;_P!)KBOY>(O^/5?HW\Z_J'_X.)O^4;?BCZM_
MZ37%?R[VQS:K_P`"_G7Z-PFKX=S/C>)/C/I;]@G_`(*!^*OV4O$&G:%HWA_P
MWK%MK-_"@.H6<<SAC(>A8\<O^E?8W_!1S_@K7\3/@'\<M&TW4/AWX)CDU+1X
M9[=IM/MI=REYNA#$#A3WK\M?"TR:9XJTB](NQ':7D5Q-)$5_=JCJV1GZ&OU#
M^-/_``4._8O_`&J/!?A&R\>Z)XBU#Q)X9T6VLIKU$M"&9%(;EPQ^\S'MUKIS
M*C"G76)G3N@RJ52I%0B[:'SI\2_^"W_Q*\??#N\\,V6BZ+X0L];C,-Y/I,:V
MSR*P(()B8$]CSG[HKXYA'SEC]\2Y8_\`/7>2Q)]^:^YOB=XK_8;N/AIJZ>%=
M"\>-K;Q,L#YT_P`N&7;QT0''2OAFXFWN4CSF-VV@]0"<I^.,5VY7&G4G*M&G
MRKY'!FL*M.?+-A(I,$HBQY8)W;NHSZ5^A'[`G[>'PP\/_LH2?"#Q;\+M0^)S
M7<_G(ORNMFPC@'`E@=1_J3T/>OSTGD7RP6ZGY6'OZU^BOPI^+DG_``3I_P""
M:.A?$+P1I%A/XQ\4:DL%UK-W&S?9X3#:N$4HR,&W,V<Y'SU.;^_#EB[#R=7J
M&SKOC[]FOPKX@U*QU+X`:I:7MI;M+Y$8MV>V0$#?\MH>A/;GFO@7XZ^(?"OB
MWXPZK?\`@NR?3O#TB@):R)MVD1H#QL3^(/\`P]Z_2G]K;]KC6_@7_P`%3_`-
MQ%9PZXWQ!TQ-/U?3I59_/BDNR6*C>H_Y8H/F)Z]/3XG_`."HOPETSX/?MK^+
M-#T=8[>P*VEU#%&,+`9;*WF<`8&/GD;\:X<FD_:<K9W9I3TYC`_X)Q.3^W;\
M-EZJNI'&?X>.U?V"Z)_R"+?_`*Y+7\?O_!.J7/[>?PW&/^8@!GU^6OZ_]&;_
M`(E-O_US6OG^,%:NF>OD&M"YC?$G_D&Q_P"^/Y-7)M_K3_N_TKK/B3_R#(_]
M_P#H:Y-O]:?]W^E?*/<]M:@.E+2#I2T@"E4M&=X_A'3UI*0KDTF!&"A9F^:-
MCZ=ZF6+9&"4QD9W,P;/X=:"Y/>F[><]ZSEAZ4_XB!QA+XD.3=+(`$9E/!(<*
M!^%<]\4OAKHOQO\`A;J'A7Q%9P:GH-R&AF\V-6>$N&'F+N!Y4,V"!FM]ANZT
M8_EBJ5H:16@))?"?&J_\$XOB3\/Y)=(\'_&OQ+9>'Y&86T!O+O\`T&W.=L:X
MF4`!/EPH`&.E>R_LK?L9Z/\`LW^$M4M=3U&\\67VO3NVIWFH.;CSB0A/#[C]
M]<\D]:]G1RBX!P!T%-"!5<`<2'+?[1JN8#Y`U'_@F'XE^'/B:X7X5?$G7_#.
MF:DWG-HC7DWV.#HN8T22.-/NKT'<^M=M^S3_`,$^K;X/_$K_`(3SQGXGUOXC
M>-XRHCGU>[>[BL\$8\H3%RAPD?*MP5_+Z*=O,!!Y!ZT@7:V>^,47`^3_`(Z?
M\$XO$GCG]HS4/B5X0^(&M^%-0U9%BEAMKN6,?*&7'R2+T#M^=:GP0_X)Q#PM
M\5+;QKX^\3ZK\1=5TX%;6UU2X>YAM9"&#.HF+@$AV&1S7TX$`4#'`)(]B:4<
M'\2WXTI2L!\N?M'_`/!.[6_BE^T[+\3_``SX[U3P9K%[;?8)38SRQ?NRZR'F
M)U/5%[]A6?X:_88^+-IXPTN\N_C;XDU*'3KN.XFM)KR\*2Q(X9T^:8J=P&._
M7I7UDBB-"!P#U'K3YI6N%4.2P3[N>U7%7`\>\9?LDV/CO]H/P_\`$+5]0:_?
M0+7[-:V<ZF2,2>2(F8!L@$D*<^P]*N?MB_LM:=^USX)TW3=3;[!>Z+-]KM;U
M`&GMW(VE4<?,!C/0_P`1KU/<0V>_2B(>2P*_*0<@CL:6E[7`\B^(W[*\/Q*^
M,G@?QOJ.I_:-0\$P*L4DR&1IPLS28.23G+=?:N,^/?[$/B_QO\5IO%O@CXJ^
M+_#=Q>!/-LX]4N4M4V1HG$:R(/X,_B?6OH\+M/ZTZ1C*/FY^M#T=@/E3X:?\
M$[]9O_BEIWBCXJ_$/4/'4VBNSZ5:79FFCM7((8@2O(`21'DC&=@]!CZMEN-[
M;I$$$L/&U>0X^@J-LL>>F`/RZ4JIND##[PX!II7`^>?^"HGQ$N_"?[+DOAO1
MI7B\1>/;X:+8^6Q1]\L$Y5@1C',?<CZUZU\!/AK;?!OX'>&?#5M$D?V"U+RA
M5`_>2.96)QQ]YVKY]^-LP^/7_!0SP7X7_P!99>!;=-:E4](IXKC8#WYVW'IW
MZU]7DL6;?PW`7_:`&*Z)RY:?(<]&:D)2J:2FR?-&XW%.,AA7/%>ZEYHV?Q0=
MWNMO7;T[FQX'R=1..O\`^JNFUBV%S$5)8*8V#*IZURV@ZE'HZW%Y.4AM;>(L
MS]^H->'1?\%6OAOKGB+4-,THWVJ7E@2LAMPGRX'/5A_D5R8_%T:4M79,]3*\
MEQ^83J1P-+F:;?NZ==-W]Y^:W[3MSXE^`'[>WB/Q+HNCW,X%U*\;'!4Y:0'C
MK_%76?\`#UGXH;2[>'W!8!5_=M]?6OMWP!^W=\$/CQ\49O#TNG6X\0XD9Q?1
M*?N*[OG:3V1JZ'X+?'#X(_M`_%/5O!F@:/ITVKZ+(\<A,(\LE25..<]C7X'G
MW@SDF<8IXG&<LY2V;72^BV/WJKQO3P^"H8?/<L<JM"E"-Y<K;BKV?Q/=W_R/
MA.W_`."S>OIHG]FG0!)K*'&#"W^'N.]5&_X*Q_$E9HY?^$7.0<X\L\_K7Z9)
M^P[\+=3\=?\`"0Q^%M/^W*=D@6%-HY!],]AWKJ9?V>_`,5[Y3>'=)W@953"*
M\6'T9\AA[SHP?HO^`>52\2>&(R:>6-Z]5#_/8_%_X2:UXB_:C_;Q\.ZSJ>D7
MD0DF:5MY^53L9B!GTQ7[D:5IK06%C&(B\:0J&?</DX].M>6?%S6?AC^ROX6D
M\6ZEHUA96]B=HGBB`*%B$/ZL*YOQ#_P4R^&7@SX7:-XIN;RX33-="_9V`7G*
M!QW]"*_9N$LGH\/T'AZ<HV\K[?@?,<?Y_6XL^KSPV&<*=#2*T\M-WV\CV;QZ
M%2XB5>Q_QK!/WS5J[\56GC[0[/5;!O\`1+D95SU/7_"JBGY=O=>I]:^TI3G/
MWE\)^95\/[.26L6KW7=_\`6BBBMB!#TK8\`_\C"?]VL<]*V/`/\`R,)_W:`.
MRUC_`)!DOTKS=/\`7R?6O2-8_P"09+]*\W3_`%\GUH`IZX0OAZ_VSMGRFRN#
MQ7PW)9+JFO:DB[9"T^#E?KZU]T:FQBT+4`#_`*R%OZ5\3>-O,^'_`(:\3ZW!
M;_:)=/@FN]@&3)Y:.^WJ.N/6OS[CFA6Q/)RM)+N?/9METLSQ]#!85WG-J*7=
M]BG#X>&A;Y+A8$C7IN`-/EMQJ6E^=%Y#1%L+L4=>#7QKX5^(/Q*_;<\5ZOIV
MD^)]/\*6-E(-J7+3*[,S-\GR;QP8\?C7UC^R/\,_%WPP\%:AI?Q#TV2">VN&
M%KJL?_'O?1!8U4C<2V20QZ#@BOE9Y!_LCQ,K6CN?8<=^#D^&\+&KBZT'623=
M-7YHI]7[MM]-&77TEOL@SC&?[M9][X;66Z5L\$CHM>J:-HMOJ%LZ"02`\AWZ
M#Z<5!J=K8Z1)"@S,_(VMSDD\>E>>LJ<JJI12=W8_)WEL545-O5GEMYX+2YG7
M#'/TKI_A=X"ET_X@:?(0NT>F/[K>]=A_9.F2V#SM=QH92JJO]Q@?F`X]\5I^
M$]`73O$EJ<28DD(C;(X&#6U+*I4<3&I..D9):>9M@\(EB7270^GV98X/D&?D
M.<]AFG7,!$CN)(UB9.1)]UN.XHN5C7-NS^6=N&<]$']X^U?)'_!7/]HJX^#'
MP\\/:)8WFM6NN^)[D6ME%HTBQW,A9E0,"_&,NN?J*_<;*C%0BM=#]!IQA&*@
MSZUV6ZK!&UOI@4@M$BVZ[-^,D@]`2<9]:I>)=9TSPKIC7NMC2H=.5S]MW0+)
M"LG<LHSN.=HSSVK\9[3]NCXP6/[(7B3P_>^+I;?6;7Q);6,%\LLHNH(I-1CB
M$<C9QO5>&P,9SCBNM\2_%'QY\,O#/Q&^&_BWQC<^)K=M(AUF![R9Y=ADNTBX
MX7M$>W?K6KO?4JUM$?HI^T%^QGX5_;!OO!NMWMU]DTCPY>1ZI;V-A(MM:WDD
M?FJ-\6,'B1AR.E>QS6=K<M"J6]C<-:K';R>="LCVPVA5*$]/E`.1TP*_&'P?
M\:_B7\4M*^(,ECX_U'0+'X;>&+K5;.VL[AXXYWB>$@,"&SGSFZ%>G6NF^$O[
M<WQ!_9X^,?VCQ=X[O];T;6O"E_?W9N)WDDC\F"/'E?=`?:QQNR,@4@/UWN[B
MVLO,N@MK$MJA!E&W>`H(8EA[54\)^)=,\<:*+_2+P7]KNV&96+!FP"<$^Q'Y
MU^-WP7_;;\?^(?C7K4(UG7[SP#XXTO4I8;?59MYP+2>0$!"%Q\Z$<'H*^\O^
M"),<=O\`\$^+)(BV;?5GB5FZ[1:6N/PH`^KP>QIM#.I9./K0:`"BBB@"GKV1
MI,QR<;3QZUYW#"ILBV(XSN/)`]37H^L!8M+FEE$AA52&VXX[_G7XN?\`!>3]
MJW]HK]D'XK:/J_A:\2Q\!R-O586F'G;5@+"0"0`_,9.G8FO<P<U0P[K\MSQ\
M;"52?)?0_3_4_B5H>CVM](;J/5+BP3<\,0/F)C.0.#Z'IZ5RWPG_`&R_!7QC
M@GAMI+O3KJPD,<Z7$4R]`/[T:CJ?>OCG_@A9^T-I7_!07Q%_PD#V3:'XG\/Q
M'^U!`H1+]I(IEWOEG)&4=AR/O5QO_!=+_@H3X-^!`U'P;X!^U2?$F7'GW,87
M[/:L)G#9P5?K&P[]17GU,XQ4>6M&+Y6UZ[^I<<BI*FY2>K_KL?J/;_Z=9B>'
M;/`>C?\`ZZEA!*<JN.W%?BE^S9_P7Z^*'QR^-/@'P3\-?#$-]8LJ0ZPM_$Y:
M13/AI!LN`,@.@Y'<\5^S-SXXTJU98S?6J/';Q33"3=F-S&KLAQ[DCZ#K7T>&
MQT*OD>!B,OG1WU-4PLW15_(5H>%HP-2'KWK)34H+RU$T$HD,J(_[O[@!YR,\
M]*T/"%Y!-KWV<2>=G)'D_P"M'USQGBM,94@Z=KF6"YO:[6.X:4B0]<=]IP:^
M9?\`@KC\!_&G[0O['$FC^`]'_MCQ)I^K6VIP0RW<";C"7<<RN@ZX[U]-^:9(
MSMVE5/\`VT_'M3%D\F99XV6&7[K,W4@_2OC:]-\]TS[N/O13/S2\"^%?VN_V
MK_@1?_"3XI^!H/"?A/\`LBWL[34K/5;)I=UNFY01%<NW+11#H/O'WKD_V(O^
M"5GQ1\*QW*Z[X=_X1NX\,6:Z;I.M27]I<3:DT949/E2F1059C\V.<\YK]0O%
M'Q7T?P'J,,>JZ]IUN\F?*ADW_O<]<8'49%,UWXG^'_#&G1WE[K*6\-RHD@-T
M26F4]-NT=.O7WI!)W9^0WP*_X)9_';5?C=X;UOQUX672EBTXZ-JNK'4;*XNY
MP]PLI;?'.TA4*OW>>5'M77K^P_\`M'/H7@KX9GP'H_\`PC7@GQ#_`&E:ZV;F
MP-S>127QNF&[[1O3&\KR.<#BOTF^(_[4GA[X9ZOX8@FDGOO^$ON8[&SFML>4
MKN7P3N(/_+,UM+\</"D;>0_BK3TDVLT\8+_NP.Y^7J!02?EUIG_!*WXU:1IE
MW]H\-(#)XRFU>;?J-G*IMGOEE7@3G^$'W]JW_P!JS]@?Q#%:?'?7_$P?PGX4
MUX&XTJXM9$DCFW7L;*K0P,S_`'>?F4=O2OTVT_XDZ%JGA:[UBWUNV;1K<B)I
MX-P&0<9.1W.*\W_:4_:=^&_PU^!A\2>)\:_X5G<6\ENBAHC)\K?,&QZKW]*`
M/SB_8D\6>.OVEO\`@KKX-\2:[H6CZ>]AX?+W?]G0Q1Q+"-0MBP<HQ#=1QG/M
MQ7Z]&;SW=O,>7YV&YLYX..]<!\$/@7\._@QI5S=>!_#MIH9U=2"T,2H6!P.<
M>Z#\J[_YOXB"<<D4`%,F^]#3Z9-]Z&@#U#3O^/*/Z4Z^_P"/*;_<;^5-T[_C
MRC^E.OO^/*;_`'&_E0!YA>?\?DO^^?YTB?=I;S_C\E_WS_.D3[M`"T444`(J
M!>U"93HS?G2T4`+YC?WW_.CS&_OO^=)10`OF-_??\Z/,;^^_YTE%`"^8W]]_
MSH\QO[[_`)TE%`"^8W]]_P`Z/,;^^_YTE%`"^8W]]_SH\QO[[_G244`+YC?W
MW_.CS&_OO^=)10`OF-_??\Z/,;^^_P"=)10`OF-_??\`.CS&_OO^=)10`OF-
M_??\Z/,;^^_YTE%`"^8W]]_SH\QO[[_G244`+YC?WW_.CS&_OO\`G244`+YC
M?WW_`#H\QO[[_G244`+YC?WW_.CS&_OO^=)10`OF-_??\Z/,;^^_YTE%`"[S
MCU]S32,^M+10`I8E0/2DHHH`O^%/^0JW^Z?Z44>%/^0JW^Z?Z44`?*?_``<3
M?\HV_%'U;_TFN*_EXM0?LJ_\"_G7]0__``<3?\HV_%'U;_TFN*_EYA?;:+_P
M+^=?I/"'^Z'QG$GQFO\`#[PF/'7Q`T70_E1-7OH(+@LQ&Y/,7('X$U^T?P%^
M)7P:^"7[37A7]G*R^&]A?K+X<@N;K4)YYAYTRK.K8(E];8'H.M?BAX<FOH_%
M>EW&FVM_=W]E<QW4"6L+NQ,;!\':#@';CGWK[D^-W_!0OP1>?$'X6?%BS\&Z
MQX9^*OABPBTK7HKAY]EZJPRAG4/&J9,D\GW4/W>OH\S5.J^3V;;-LJ7LZ:F^
MQ]+Z+^V3X4_:I^&GQ9\"Z/\`#+0O#/Q)\.6DTL"0W$[J\*I",@,[,3YDR_P=
MNM?CV&DCU"YCN6S=Q73;E0952'.0?0^E?J5XG_:K_9H^`K_$'XN^!;N2]\=_
M$JPEL1IN^3%B'\ML\LR_>M4_Y9K]_P#/\M9;AM0GDN@ACDFFEGD!_B+.6'Z&
MNO*,'&'V&CBS>O&HP9=REBC,&9M^!]STS7V[_P`$QOVK/%FB?#O5O!&J_#.^
M^)WPPLI/MEY%#;SN+-\1H&WP[3UCBZOWKXA;,]LL8?:9"S.?IS7Z*G7?%/PQ
M_P""+>EW?PHM5N'U74`/$DUE:K-=Q_N+,D$A6<#?MZ$#DUUX^C"VYRY0G[0]
MZU#_`(*3?#_]H&?5OB-\"/@5XGU_QKX.L'>2[GLYY%L%1E<@".>5>&>(_,O\
M7Y_D;\6_B1KGQE^+&L>(->WC6K^Y0W,+KM>#"A<%<#&%4=J]L_X)E?$7XL_#
M/]ISPM8>`=(UV.+6M1CM=4MI-*9H)+9F0N9=Z%0,I&"2/3FF?\%7/#VB^&?V
MX/%MMX=%JEDOV-I/LI!7S'L;9I!Q_MEZ\S*H1C7?*>GF*:@[G/\`_!.G_D_+
MX;C'"ZD0&[-Q7]?^C?\`()@_ZYK7\@'_``3HDW_MY?#>-/\`5Q:@&.>N2M?U
M_P"C?\@F#_KFM>!QC_'1ZW#O^[F/\2?^09'_`+_]#7)M_K3_`+O]*ZSXD_\`
M(,C_`-_^AKDV_P!:?]W^E?)/<]J.P#I2T@Z4M(84444`%(3@TM26^GW%^C-'
M&2$.,@4`1,VWKQ]:7.#]:F&CW4JY,+^_RTKZ9=DJ?LTQ5?\`8/\`A1[2,=P(
M",49J?\`LJ>8DK;7&1URC"F?V3>,W$#K]12]K!Z@1`Y/TZT!P3C(S4KZ/>*/
M]5(3WVI2IIM^PPENP'<,F"P_*GSQ`BQQ2;JF;1KI6_X]Y4_,TX:+>$?ZF0_]
MLZFI-7`K[J-PJQ_8UZH_U,@_[9TB:9>!_P#4O_W[K6,HN.H$&[%+CBK$FCW4
MG!MY<=\(:;'I%T08DMI4B7HS@_UK#EI\VX$!.UL'@^E*?EJ==-N!$$\F56W?
MZSRRV?:DFT>[MF&^*63W\LBMW5A'W0*\["&(%CM#'`SWIYNH["PN)Y76..U4
MM(S'`0=.3VYJPFE7`)_T9V,N-JL#\F*Y_P"*OPQOOB?\.]<\/--+ILM\`!<Q
M@]`ZGL5_NGOWIWOJ@/F;_@F%;2?%CQ/X[^-%[$[1>.;EDTW*XW0E+?E<<$;H
M6Y!-?5UN#.6R?-9#P5YP#7,_`CX`6?P#^%>A^"="MIH++0(_ED;=AOF8]R?[
MWJ>E=7_9MS+"K-;SJRDY58R-W/M3Q&)@]B*-.Q'G@^W7VIX.$3/SK(<!1U/&
M:?<VMQ!L4P&**7N__P!>H)F!943.;=LY_2L$E-68W'FG&-^J*>O+;-X0U];E
M));987W!!]W@>XK\LO@!\/O"&E_$/Q'/\._BI/I&K":262#5DLXE8@L2H^^<
M9]NE?J[;W#6OG+Y4<]I>C;*IQW__`%5YK=?LF?#274WOXO!-K%>SMEV@N73=
M[G;BOG^(,GG52E`^[X4XCP>!E6ACE.*_Z=I-/UYFOP/@']GG]I76O^&LKGPM
M<Z1IGB&>X2Y2;6+-VDV[8IB3\H"\X/:N>_9*^!=U\;_VX?B+IT&OZAX?AM;^
MZE$MO"C>8/-8<;@<U^F7@W]G[P5\,];^VZ/X4L;>ZF5M\IEW2#((/4$\[C^=
M:7@_X9^&_`7B*\UG1_#UK:ZIJA/G2*,%LG)[?6O#PW#-:4+R>O\`7D?5X[Q%
MR]86NL#2E&+IQ6B3NU+=WD]?0_-O]D/]HGXEZ+J_Q(T6XUF\U>VT6SE:U,\$
M:3!Q]GP,*@_O-^=</^S]\6?&'Q`^'_BK4=3U6X_M)Q<)')M4+;D>:JY^48^Z
MIZ=J_5/0_@CX.\(7]U=V?ABS:ZOE,5SF;R_,)P>>#G[JUSB?L>_#>*><KX4-
MF9CODABNY0DO?L0._IWJ<3PCG=56H54E_7]UGJ87Q,X?I8NM.O1GJNRWT_O(
M_/C4==\6:U_P3L\52>+-077+,7JPPO#@A0+I0`2JK_L_E7$?M`6/D?\`!/;X
M61R6V8=T/ECG('V:/%?JY#\"?!MGX&G\.OX5MO["N6W-;FY;!;.[)XS][%5I
M_P!G7P/J_A&ST&^\+VCZ=I[!K5#,7$("A1Q]!BIEPKB5]J[_`*\C&AXF8&A3
M:HT].>+^6M^OF:7P0MXY?@/X;D96\O9T7L=SUU,CNS\\)QL%1VDBIIMOI]M;
MI:6%K]Q!T[^WN:>QRYQT[5]QEZG1H>QGN?CF;XY9ABI8I*WOS?R;T"BBBNHX
M!#TK8\`_\C"?]VL<]*V/`/\`R,)_W:`.RUC_`)!DOTKS=/\`7R?6O2-8_P"0
M9+]*\W3_`%\GUH`KZHHCT6^.<_N&;'I7Q6WQ#MX;W7;&Z9?*GWQGD=""#_.O
MM35V$6AZCNZ&U?'Z5^?/BC08[;Q!J%S++E"[$J.I'YU^8^(V+JTZM*$%ND?/
MYWBE2IT9XC93UMO:ZM;8^:?V4_@!>?M-?MW:[X>L[AX_!.FW4MQ?R*,98^>Z
MC(!_CC_O"OUN?3_">@_"NT\+*B3Z+IL*6?F"3,@*`#)^;I@+WKQ_]A?]G?P[
M\!OA/KOB>11'J7B6X-PTIRK!&=V7JQ[2GTJ;5/'=KX:U>3;(+VSN',NU3GKT
M]?05^@<,8#ZQEJI5%K(_0N.>*YYHJ-&B_P#9HQ2C?XKVZVNMO,X/X^_#S4?@
MOX@M9HO.F\,2X$3QJ6VMR<$XQT5N]>=^'/BM=RWFNZC=)FW\/:9<:@7Q\NV*
M,R$YZ<!>:^M=1>Q^*G@631[_`&&PV'9<L<B.7D`=NS,>M>"?#O0[31/&_B?2
M=0T[`32KF*6-E)6^B:'E5&.ZD#C/6OSWB?A"IA.(*-2,FE[2.G](_(\?1DL?
M!QV/S5\:_'[Q!XW\8ZO&-4:STJ>XGO8;G"B,>8S.JAL8)X4#W(KW+_@CW^VY
M'\7/B[<_##7+J_;7[&:06:W$4<;W*JH7*`$%A\CG@=C7C'[6%KH7A3]HR*;0
M1`FB6)GENK(/D^:%)2,J<D8<8Z?A7K7[&?PK\(_M0?$'PSXWT''@3XOZ)<-=
MI:PYE%_$\)4J!NC7K)*?N'[OY?N7&F4PADV&K\EFI+YZG3A7%XUI>1^S$L1F
M@*2$,`N&=#G)_NFN!_:-_9:\%_M-Z+;:9X\TK^T3:R(^GRK)(CVYXR?E9>^T
M\YZ5WFN3O>:3J5ZENL<Z6;LMQYN%5LC!V8Q7YI_L<_\`!93Q++J-[I'Q(TC4
M-6T^?Q)%I%GJ<5H8XHE>YECY=(<<<=6_A-?,U:\YIM+L?7KXD?6FE_\`!,'X
M/Z!X8?1HM&F>S>>*Z;,DN?,CD$@)_>=V`KH?$'[%'PX\2ZU?ZG<Z3YKWUHNG
MR9DDRJ)(9`#\_J:\$^-G_!;[X??"+XVQ^%AI]S>6-DT`N[V"1Y1;^>=J!@(S
M_%QRU6OVHO\`@M1X/_9C\9:5')HT^I:'J,:W_P!L@=F#JY=1N`C;9]P'KW%:
M7;U9<MSVKPU^P'\,O#5MK4%CH$BP>)K"2QU$EY?WT;E-P7Y_]A>F.E+/^P%\
M,;C4XM1ET"1OL%A/8+EI,)#*H$@;Y^"0O%?%WQ>_X*V?$3X1_&SXLZEI4`\1
M^%-+TJ:YTS2H88Q+"5$!#;A$[_WQR/XZP/%7_!8KXI?#O]K;0(;W1[R]\,W6
M@3:K?:/#:!IE5(;>0DE8"^,.^3CC=0(^S?!__!+7X-^`_%)UFPT2;[?<QRGS
M?-E)6.5&4JH\S!^5R.E>O?!WX*:)^S]X"70/#=A<66C-*;E4E#9#%57G)/.$
M7O7G^C_M<V7Q0_8JU7XJ^&G@L&6QDD6"XD7=;3!1\F'`Y#-C&T=.E?&O_!%;
M_@H#\5/VL?C5K=GXTUVTU'P]*75OM,<%C+:RC:QA1`H9PN1\X(SD\<4`?I>T
M6W>!]^(;F']T>IH!R*<^R)7CP\2?<B9LEF_WL\^O6D`P*`"BBB@#G?B_XA;P
M=\+-:U:)=\]E;/(@[+A2=Q]J_)KXK?\`!0KQ!XLN-2M=>DLI].?S(F2Y"(CK
M@J1&<`DXX^M?JC^TO:37W[/'B^*W_P!?)ILRK_WP:_!_6/V;/'OBOQ"4\O=;
M+/(PW*.F_-?*<09EB\,U",K1D16PD)6D]SWO]E'X7>/_``-\&OC5\4_!NGPZ
M3=:S8P167FB11<1!IU/EY1@QV3'./45^+GC?5;V_\8:I<ZS+<'7;R9GU(2C:
M5D+$LI'&/F]A7ZY_%#Q-\:/"WC/P.NF6UP_P\T&PCL]1T^V4#[9(8$B8G:N[
MAP#WKY'_`&K?V(/[>_:-U?QEOBT3PK>;M0>TD7Y@TDLGR$EE/`*]NW2O0RC/
M?:16&J31T5L+RP4D]CYI^&WQ&UOX+:O!>^&[Z>QU?3I`Z3F)/EC&&(Y!'W@I
MZ=J_0GX1?\%@M3^-?BW0?!GBG1-/&A:]:MI\VIR3-'/;ROMB$A`(7`+,>O0#
MBOS874574[R12)8IG\M3[$#_``K<T[49?#>OZ??6\GS6T\<B`>S`G^5?0O#.
MH[TF>=.JV_>1]4ZK^U7\1O@9\9/$6BZ=XM_M72['4I'L8YQ$L1@$K[%WJF3\
M@'<]N:_1#_@C;_P4[MOVHOVG(_"'BC3[O3O$$,)2U-H@>%E4'DEF![/_``^E
M?C#XX^(<NNZG<7DGRSSA?FSZ'Z>]?:O_``;J:9<7'_!3#0KMG5]^G;B<^JRT
MFIP5NIJXTY)61_15>PF&26-]OVB-\F5#D.N/R].W:GA$%^%(25'9`"QP">/2
MIKB5CJ+/A>.W'-5MRQNPNI(/LL2-*TKR")8B.>6_^OVKFC=RU-_L\J/R;_X+
M(P7GQ-_:,O\`PQK%MJ&C:396?G:==0QG-S*%+$1[L!B"B9'^U7GOPD^"&H?'
MGXH_L^Z7XRTW6M7TRPT"VAD,T3P[=MO<??V;<')]>]?LAXA^'_AWQG#%?:II
MFD:FJ8,5S+#'-\K8QM8@YSQWI]M\/M'M+^VN(-&LK>YM4"VI2!5\E.0.@]"1
M6TMQ)-*S/Q3\*^"O$NC?"3P?H]OIFLKI^D^.+..WC6W=Y(8/L\[,3D9QN8\D
M]Q4/A/\`8ZL/$GP6^&>MW6E^(%U77?%[6^IKY4GF>1_:KQ'>N[Y5,8'/''-?
MMA+\.-`6R0#1+.**&<.A6T4K$X!P['';)Z^M.M?`_AZ[TJU6WLM$NM/LY3)%
MY(B`67>6X*]]V?QJ1GXT:E9>(?@A\'?B_P"$=-\/:V_AF?6[>/S!!(QMX3J)
M&[)[;>^>@KR_2?AUJ>E?LO?&/P]H3ZMJ6@S7[W&GL(?,!)FM@-I&<C8@[FOW
MA_X07P[J^DZA"NE:)>PW$H^U01>7,S,'SA\`G@YZ^AJJOPG\%P64UI-X;T#3
MM.8>3<R,T<,(4$$,3@+DG`Z^G-`&IX0F_P"**T..3_61P$NK#!4[VZU?087M
M^%1VLRWT.^VO-.O3-&1YEK,DL:<^JDBI$D$BY'/;\10`M,F^]#3Z9-]Z&@#U
M#3O^/*/Z4Z^_X\IO]QOY4W3O^/*/Z4Z^_P"/*;_<;^5`'F-T,WLO^^?YTG&S
M;@;?2G7/_'[+_OG^=-H`5B&DWX&[UI%.V4O_`!'C-%%`"A"1T_44PEA.5(55
M";BQ;WI<#_GG&?<CFOG+_@J'^WY_P[E_9TLO&\?A]=>FU#64TB.V6Y\G<S6\
M\W7RY/\`GC_=[T`?1F_+??@(/0B7K^E+&_ERML97<CE0<\5\`I_P5B^/%SX4
MM];L?V:M2N;6ZB\Z%H]79MR@<G`L3W%>R_L`?\%-=$_;AU76/#VH:1)X.\=>
M']@OM)NG/F(6\WINCBSQ"W1:`/II55`<+C/)YI`J[<$;L_>Y^]3WBV0LY9!@
MX`+#<_T'?\*"F`IWQ[7&X-N&![$]C[4`,4?WOF(^X>FP=Q2X.1[T_P`C(R'B
M9>[*X(7ZGM31&1"SY50>%9V"K^9XH`8\RQS;/OG'''0T,8X[?>-N/3)+`^H]
M:R?B'XD;P%\.-3USRUF_LR(32%#N#*651M(!W<GM7S-^R7_P4QU#]KC]BSQ)
M\6]$\&RS:OH+O'::3'.6-V5C5Q@^2.I;'W#0!]92(8BN2IWC(VG./KZ4UEWC
MFN3_`&??'^H_&+X.Z1XFUC1W\/:OJ:RM<V%Q)AX"DSQJ`"J$Y5`W"C[PZ]:[
M$6WW07B1G!(5G`8X]J`()&$;@LNXGA0#R3]*&,L=V"CCRWX$G&W/IT_K7E_[
M7_QV\2_LX?"5O$GA3PE=>,-7698A80L0X4L@W8$<AZ,?X>U>A>#M1?Q+X7TV
M_GLY;>;4+3[0]H6.Z&7>5"G@$<#T'7I0!HC[C`\LW5J=NC:/$L8DP.,DC'Y4
M"$M+L3;(V,D1MOV_7%)#&9]V.`AY+':..O6@!JR8A)<Y`^X"/N4BRKL^<[&/
M0'N*F5!>7WRF*6$('+1.'`SZXZ5\W?$#]O[_`(5U^WSH?P-ET>.ZGUW3!J"W
M(F'[LFX$&T?NSGUSO'T[T`?1I^60`]_XNU$P\B/)P6SPJG)ITD8C9<-^[FX4
M-P0>G\Z2>U2`S$[0([=YHB9L/(R(6(V]<9`Y]Z`&YRJG@YZ@'E?K2U\Y?L7_
M`/!0+_AL+XQ_$;PA_8?]E3?#J^FL9'\[>9S'-Y1)7RTP/?+5])&T*%-SQ+Y@
MRFZ0#?\`3U-`$5%*$ROIP20>",>HHC3S(BP*\=L\GZ"@!**54RN251?5SM'Z
MTXVY$0;*D-R`&R2/7'I0`RBDW@&E(Q0`4444`%%%%`!1110!?\*?\A5O]T_T
MHH\*?\A5O]T_THH`^4_^#B4X_P"";GB?W9A_Y+7%?RZ7!-O:9'S!$=CSCIS7
M]1G_``<0,$_X)R>(L]/-.?\`P&N*_EPN;=YM*O(PV#L<CZ8-?HO"/,\(['R6
M=<DJUIGZ:?L9R>"/^">__!->7XZZQX,T+QQXQ\3W7V33(-6L8;J"U"3"(D"1
M&P=MR#U&=@]*Z'Q+XM\!_P#!7'_@GKXO\40>`O"W@WXD_#F10\^CZ5!9B;Y[
M9&W%(U+<S2?QGM6GX!_9"U+]NC_@C#X#\+^&M;L++5+*^E:Y6=G!C`GMF4C:
MC=?*:O3?^"<__!*CQ9^S7^S5\6_"GB3Q)I$>K>+P&TV6-Y?WB^?;OEB8\](V
MZ"N:M54:\G)/?S.BA!>S23T/Q)T4PZE$IC@@W2#=_JL;!TXXK1+FX';."H(X
M"_6OLOQG_P`$'OB9\(_AQJ.LW_BS1WL=+A9V6.2;<P`SWB`]:^+;:#SM\6)-
MMF[1RE,;F^8\\_2OHL'BX<G+;\6?.8_#N,^9,Z+X>?!+Q3\9%O8/"FDS:Q<Z
M1$UQ>A)8X?)BVLV<R,H/RH_`)/%?3_\`P3R^*?[1?P`\/S_\(CX(M_&W@/4F
MQ<:1J<MO<6ADVH<>5+*$R`(CG9V'I7*_\$W_`(>_&_XK^)O$NB?!/48[2ZN[
M98=2:Z>0>9$4G`4>61_#YHY]:^L?@_\`L#_MU?`;PI)H_A37DTK36N&N##'/
M<*&D954M@8ZA5_*O+S'$+FLDO_`CULJHQC'G;U+?Q$_;6_:/NM`N$\"_LU>"
M/`6M7B&.;4]-LM,MIT4YSY;PR(R'(0YS_#7YE?%'2_%6E?$?63XO6Z'B1Y4G
MOA<W`G8?(&^]N;/R%>YK]5/^&??^"BCG!\7G'_7S<_XU^:/[6FA^+O#WQ\UV
MV^(EXEWXIAV?:98BQ64^3&0/FY^Z4%&2P3J^XK?.Y.9U--=3H/\`@G.5'[>/
MPWD5MPEU'.0,`\=,5_8%HJYTBW]XE_E7\?O_``3L3ROV[_AFS`*LNH#RU'\.
M%YK^P/1#_P`2BV_ZY+_*O"XRTKH]K(;*C9&)\2VQIL?^_P#T-<H>9?\`@/\`
M2NJ^)G_(.C_WQ_(URI_UW_`?Z5\EN>UL*.!1110`4444`(QVBNH^'ER1:S(Z
M@DL2@]1Q7+R_</TJE\0OBA'\%O@;KOB*<\6)WJW]W+(N.H_O5%:M&E2E4ET0
MCDOVP/\`@HUX!_8[T?RM:O8VUJ08ALDBE=BQ#D99(V7^`]3WKX%\=?\`!P1X
MMU#4))M$T."UL=X">8^XL/IP1R#VKY$U&?Q5^W7^TBIYU'4]<N%CMY922+0'
M"[^I(P3[_>K].?@#_P`$(_`'AWP7;_\`"8R76KZO<)N8H\3(A);&-T.>A7\J
M_*?[7S?,ZK_L^=HK^ZG^@KOH>0_#C_@X/U1)!'XB\/JZ`*1)#+MXYSD88GM7
MU+^RM_P6$^&_[4/C^P\*V7G1:U>@_NS;SD)A"QY,(7^$]Z\M^)/_``;_`'@C
M7II)-"U*ZTZ8YVAY(PJYZ?=@S4_[`W_!'W4?V0/VFAXKO]:M-2LX+<I$%=F;
M/SCO$O9O6O6RNGGT*O\`M=2\;K[*7KT'J=C_`,%1_P#@I!K'[#ESI=MI6E1W
MSZ@JR!MP7:#YHP?7[@KTS_@G1^UWJ/[9_P`$(O$^HV<=@S[U\M>60B66/.?^
MV>?QKXC_`.#C#!\1>#W'.Y(U/YW-=_\`\$M/B_'\!O\`@F-KGB5V"RV%O>2P
M9_YZ+)>LO<=U'>M%G6(CFU3#3E[D4NB^8)ZGTO\`MG_\%'O`?[&6GBTU6_\`
MM'B"X4FWLA'+*SXV]66-E'#9Y(KX+\8_\'`WC75=5+:3H5O;V"RLJEG^9ASC
MC@],=17R/!%XN_;C_:=N<7'VOQ!K^I2^7/,S%;.W+LPQU(_=Y'?H*_3_`."W
M_!!;X<^&_""KXDN=0U/5I,-/<0R0E2^U<X+09ZY_.O'CG6;9CBJWU"=J<7I[
MJ?Z"N^AY+\-?^#A66WDB7Q'X?_=,<-(LA.WIV"L?6O1/%/\`P<!>"8-+)TG3
MY+F^\MF\LQRIR!QRT0'ZUY[^VY_P15\&_!_X/ZYXJT#4-30Z:C2^3++%C`1C
MT6$>@[U\4_L7?L]6G[7'Q[L?"D]W/IT>[RW>-@I8%U7NK=CZ5QXC,>(:56%"
MI6UD_P"6/^1,G);'U-XM_P"#@?Q;J%]G3='BMHMQP&8MP#[8KT/X!?\`!P+I
M]]J=K:>/=)>QM9'*/=1L\@&%ZE41VZ_SKUGP)_P0?^%?AW3?)U&YU>_N=IRW
MF0$9(/K`*^5?^"B__!']?V;_``5>>-/!UP;G2;''VNTG8$J"^T$!8U'5E[]J
M]"JL_P`-5YZU2\/\*_R+U4;GT]_P48_X*@ZM^SQX?\/ZUX$&GZWHVKA9!,1L
M"K^^!&UBK9_=CMWKA/V:O^"^FG>)?$5CI?CS34TU+IU1KM`\BQ98#)"(QZ$'
M\*^0_P#@FIX>\+_M-?$Z/X<^/+B\U;1IK1KC3_F5O);S8HP!N4CI))V[UZ!_
MP4J_X)(R?LN:0_BWPM*]]X;F^2>WD<%[9=@R<"-!V<]37)'-,XQ%-X[#5/W<
M7JK)[?(R4I-W/V-\`?$+1OB9X9M-:T2[AOM-O$#Q2JA&X$`]"`1U[BM661&=
ME(7RU&7W+DY]*_(S_@AM^W1-X'\57'PT\071;3;TK_93R9)B8+,S+][':,<+
M7ZG_`!<^)&G?!GX=WWB'59ECL]-022G_`)Z$L%_FPK[O(L^I9A@G6@[..YLK
M'G_[7?[<W@;]C;PM+=^*]0$5[./]#M$CED>X.UR!F-'"YV-][%?GE\3_`/@X
M0\3WMR6T'0;>VL6G6.-W;+X/'L>>>U?(OQZ^,_BS]NO]I:YOA)]IOM8NEATF
MPD+>7;H0`&`W''S9Z-_%7Z-_LU_\$(O!NE^%+>[\92W-_JTR+-)&CQF-'Y*\
M-#GICO7QDLXS/&XM3R^5J7HG^-KF:G+H?6/P$^*%_P#';]G3PUXCU!5BN]0M
M4N&VMTW(C8Z^];J@J`?EQ(-QXY_.I]+^%NG_``G^&^F:%I-NR6FG1+"@..@"
MKV`';TJM&"D:J4\O:,8K]1H0<J*E+Y^I5.<HRYA1$J(54N$/0;NE*K'KG:?]
MCY:**WE-R5F."Y92DOM;B`8]V_O'D_G3YY?-((RI`P"*;11SO87*K<O0)$6X
M_P!8">^0<'=ZYI9&-P%\QGRO0JV#^=)16;C?J_O-%-IW\[A+B9$#<[3GGG-&
MQ/M,CX^5Q@#^[S116E.3I_"122I)J'4#R_?;Z9I/XCZ=AZ4M%*3YG=CZW"BB
MBD`AZ5L>`?\`D83_`+M8YZ5L>`?^1A/^[0!V6L?\@R7Z5YNG^OD^M>D:Q_R#
M)?I7FZ?Z^3ZT`5-<8'PQJV[^&U?;^E?GOJL4Y\3M+,#);+=@LI;AEW<U^@^O
MC_B0:AQD?96R/RKX+\4:=%XFUV2WCNOLW^D8;!Q@9^AK\[XZDJ>(I8C$N]-6
M/D^*HP<X1>QH_L\?MM^'O''B+7_AMKVKQ:=?64A%A&Z28EC!D(4';M&%C4=1
MUK$^)WCE_A]XQ6)%)@<<;I-Z@9;`R..U?D?_`,%._'=]X*^/6H3Z:LNF:QHD
M[B"_C.TRKNV@YSGH#V'WJI?LS_\`!1#QIXQTB31?&WB@76G7L0"S%Y"\&-I!
M!)(_AQT/6ON\DS2G4P<91^![6_S/?HX:-;#0C'9'[*_`G]J&VL;34?"WB4R6
MWF1M<Q/YA8EQM0$8![,U>G?$-+SQ/\)=8UWP5'::GXYT'3;ADMV*#[7F-FC3
M>Y5<D(@^]QGFOYT_'_\`P4#^)DWC;[5>7R1W&GQ>5#@R?/%D,6/S_P!ZON3_
M`(),?\%7)['X@Z5X+UF]6Y_M2^MXK?4Y0S&(R2_-N._H&D[+T7O7T7U^EBJD
M9U8IM.Z]49U\L=_:=4:NC_L!>,E;7_B#XHNH[CQIJEU<7\OA2YNHL*C.SG:[
M2&+@.Q`!_@&.U6/V--/U'X]_&;3-;^'=MJWA3QSX`N7@O;);GRHKE5C,90D>
M6AP96/WB/EK[]_;._8\T;]M/X#ZKXM\/WJIX\\/.&M-6L3L60)*F58LC/RJ,
M.,?>->0?L9?"+Q#X=T#3=:DU>QT[Q+JI$6K20%U=I_+5W))!ZM[FN_B',ZF)
MP<<.W[JUMYK8\:EA51Q'M'O(_2G6(I+S0=2M(\XEMG@.&V\G'-?GMH7_``2C
M\:Z9^S=_PC$MZL.IOXM@UF":-T5I(5O)YF7(DXXD4<G\*_0VXN;>'3_,F\F"
M%3GSI@=H]SCGUK.TOX@:#XDN;B#3_$>EWEQQYF-^8HP,.1P.W\J^4PU2?*[G
MU<.645+J?G5J/_!''Q3X8^.\NKVNBZ7X@T7Q%%:"\>^^RS".6+<S%E>3+8=^
M#CJ,@UG?M#_\$</BAXT\9>*=-T--)UK1];A$</VP6[1Z.1.7V0I),-@"J`-@
M`PQK]*O^$OT>VLQ<?VU9QVT3O$MQ\VUV7@CIG.<9^M<E\/?VH/`GQ)\2Z]HN
ME^)+<7GAZ=QJ;9.%D#!&[>I%7>^HCXML?^"2/CJXN/&\GVB**XUGP_<6,#&:
M'S%F9XBNX^;D\*?\:G\)?\$S?B7K7QYE\::]':)')X0U#PZA\Z`L&FMXX%;_
M`%I/_++/3\:^L/'O[87@?X<^+]#TN6]AOTU4J3J:C(3+%=V3@\8_NFLG2_V_
M?AUXIOO#O]D7*Z_%XEOC90,`"JLL_D,.2.K9_*@#R?PC_P`$Z?%.F_\`!/GQ
M%\)QK,MAK]WJ;:E:S),,S(;I)S&763&"J8P6Z-C':OFGP?\`\$;_`(Z:7\;/
M"GC?0[W_`(0E/#<(M;O2](OH+2#5P$D'GRI#<!7D8R#+,"3Y:YZ"OU)G\8:*
M?$"Z4=:TS^TB!)!IN'\Q`?FV],<`>O:F:K\0O#^B:D_VWQ!H]G>02$SP3"3?
M;]O+X&,`^]`&Y?W'[[?(H5Y!ME4XD">ZXZ?_`*ZAID-L(EC6)EV>49&>'@-@
MX[T^@`HHHH`Y+]H&9[;X$^*98S\T5A*^/7"GBOR='Q`U.*`SIOC$KRH`'Y7Y
MR,]:_67X]VWVCX&>*!GEK"5<?\!-?D\GAV:>1K?'$;R-_P"/$U^5^(-6$:M+
MF_,X\4JEKQ9>TOXW:G)!Y+@2FU7"K@[')X.X=">.OK7RW_P5B\8+X?\`@=]L
M#7%I>:JJF15W,$);<<%1@#CUKZETK1OLDRQ+"IB/,C8YS_\`KH^*WP7TOXW_
M``;\1Z=J6CQ7T$<*K"SH"P(D0\9XZ>U?%Y=BL/2S"$E?==65AZF(DDIL_![P
M#JAGMTMVR0GS;R<[C_DUUVG3LD7G7"_ZA'+!G'R#KGWX&<"N#TS2KGPSK\D1
MA>(1S`30-C=T!X[5]"_LS?#'3AXETO7_`(OZ->P^`[B[B@+1"/<Q:3:`=^X8
M(4]J_HV6,ITL/%X=^\]^IK5I5&SS75?"GBFZ\+?\)+_8=^WA</L74>D9.0H&
MT_-U*]N]?=G_``;3:O<W?_!2[2HW<LHL3Y2>9U7$F.^*Z_\`X+(?MC6?P6_9
M1\!_"+X<Z5IUMX-\26,<UN6B82%-MK(I)5PN<8_AK`_X-K/@/XM^%_\`P4!\
M,:]K6A2'1[^P_<70`X4QR$=_\YJ95E&5YO=#A!)6/Z.M15([W9E@Q&2H/]>E
M?.G_``5>UG5/"'_!._XBZAIE_>:-J5I8S&"[LKAH)%)MYR/F0ANH'?M7T1)%
MY5U/'$W!D`W-W&*\^_:1^!.E_M5?!'5_`NL74MM::Y%(LCJP'170=5;LWI40
M[LT6FQ^?_P"Q)_P4"^(WP5T_X?\`AOX@RP:[HFM^$1JEE/<,9IG>/3#<?.2[
MECGR^H%-_9'_`."U?CSXG_M#:8-8T07'AC7+J6WC"(R"V41M(I.<@]AT'6OJ
M&/\`X)6>"Y?$W@&\N]2NKR'P'I$FCQ6@="9XWLQ:Y`,6.``>HZ=.U0?`O_@E
MIH'P2^(&H7R^+=5U/PV)'DM=#FN$9;4G@`*(5487`^]VH]1MW=V?*OA3_@KY
M\0=2_:2T[PJ'74?`GBL+:OJ,;.GV=WD1?E!;<?E#'(6O)/!7QR^,*Z%\,K?1
M/'>MQ6VL>*;I+V.349\S1+JS(#N\T#"H2-ISG/`K[&\"?\$*?"_PX\2>'KBV
M\<>(?[*\-W22VFE)=1>4JJ2WW?LP[D]".M=9J'_!(CP@_P`-O#VB6_B&]TR?
M0-4?4[:Y,J"1F:Z:X*Y$)X+,!T'U[T"/AWX6_M=_&W]F.7XG^-K?6KC5_#FF
M^*Q8W46H7K7)(DU%[<^6#+E?]9TVGH/2OI__`(+4_M&7.I_L!^$1X-U76M+\
M2>/(8;NUL-,O);.[NBZ"0KYZ[5``1C\Q'W3ZUZ%+_P`$?/!TGPB\2^"9M<U!
MAXMU&+5YKMI8\&1+D71Y\G^\/[IZ]>]=M^T3_P`$Z_#GQ^^%'@O1H=9U/2-5
M^'MG%9:=K%I+&A#QHR'<QB8XVNW11UH`\"_X(,_'#3O%WPIUSP]J'BW5M1\4
M12-,^DZG<SW=WIB@1+M,K#8_+*?E/\8]#7Z!20F!MK(J$=E(Q^E?)_[)G_!(
M#P9^QG^T9/\`$71_$6J7GC"_MS'?RW4T;0W8\R%N=L".3^YC'+=C[5]7G[Q_
M=B+))*@<9H`*9-]Z&GTR;[T-`'J&G?\`'E']*=??\>4W^XW\J;IW_'E']*=?
M?\>4W^XW\J`/,KG_`(_9?]\_SIM.N?\`C]E_WS_.FT`%%%%`!7YR?\'0FH)H
MW_!/3PM>SX6VM/'EO+(X'S@#3K_ICG]*_1NOSI_X.<;%=6_8'\(VPMDNI&\=
MVY*$9^7^S[\<^V30!L?";_@XD^`'@_X3^'=.N[GQ%!=:;:QJ84L+]D=ASLRM
MJ5PWUQSS7CG[!MKXE_:>_;<^.'[1FF>&U\'>%;317?3"(EB.H8M;]5F*J5?=
M]QOF4'+^N:_0CX#?L_\`P^E^!?A9SX/\/7)_L]"^86*R-ZGGJ.E=G\4=FB_L
M]^,K*SB2QM5T&[6.*`8$:K;R85<]L<4`?D__`,$_KS]JK_@IK-KNK0?$Z^\+
MZ'X/\1WEM;SQ7ETK7,"*@53BY!Z2`]/PKU'X]?MG>+OVK/VM;WX*>"?B%:?#
MK0/`]H9]<UL"YBN9YED5"`T;HQ^2Y0]&^Y^7J7_!NLNW]C[Q9YT"QR#QA?LO
MG#F1#!:A3Q7QEXM_9M^&/P`_X*E>/Q^T3IM]%X:\?*UWH>LL(C#YK/!&J.7&
M<;8IVX4].O:@#W+X1?M8^,OV"_VO=`\!>+/B=%\5O`/CHI!%J$S74]S;LSPQ
MMS*[L,&:0?='W!6EIGQ7^,7_``5M_:A\;:#\,O&]U\._AE\.I5L+JZM)[B":
MX=C-&I.R6,GY[4_P'[YKA_`5K^RM<_MG>&/`_P`&O!MSXZU+Y5?6HXH'ATYY
M)("K(P9&&TR9Y4\QG\='_@GA\;M#_P""6?[6_P`:/A[\8#)X;@\::J-5TS4'
MP(YXO.O;C823G*K-&.%_BZ]Z`/3_`(4Z7^T)^SKJ_P`1/AO\0M8F\9>`$TQ9
M=*\27,[SRHOG%%!#S/)]V)3]T?ZP^]>'_P#!+7XEZQ\&?^"%'Q,\1Z%?-9:M
MIUQ,VGW2EPT.+6,C)4ANH[$5[Z/^"HFJ_M>_&/Q[X+\!:7'J/PHT33=MSJ\D
M9W23K,ZX0K)MVX6$C*9^8U\R_P#!/N&2'_@WP^,#&WG1I)KA3`X'F,/L<?W>
MU`'NW[3?[8OQ%\$_\$6/`/Q-T;5S+XWOK^:,WS/+NN'6\O$C0G>'P?+0'+8X
M[5QFO?`W]JCQ-^QY9?'BX^+^IZ?K\&FPZM_8"7UT+66+8CD%1<[.4SW_``JE
M^TO9NG_!!;X.QRQ'S$UY\1_QJAU*^+9[9]*^U?B<2?\`@D425=T/@RT2)1]Y
M2+5`?;TH`^5_VE?^"BGQ"U3_`((R>%?BSI>I'0O&%V;2VOKNW,L9#E+1G.4<
M.03,P^\>M>B_\%(/V^_%_P`"O@3\,O"O@#_2/BC\2I(H+6Y9F3RS(+I0Y;<O
M\4*]9!7R=\?$N8_^#=WPO@RK.U[:Q,J_W1'IY"'V!KUO_@J[X(UOP-X:_9U^
M.-E8R:GH/@2YMCJ21#.Z!&OI6R#CU7^(4`;7C?\`9"_:U_9@L?"GCKPQ\5M?
M\<:M#J%LVO\`AVZU:X-M-;/()),+)<B,XC7;C+?>/':O1/VQM>_:&^._B7P/
MX<\,7\'PN\,7>GK<Z]KXNQ%+%,889'1?*G20_.LB<!A\_IU3]I+_`(+F>`/#
MGPQ\/?\`"I[R'Q5\1O&%W:Z7IVD[=XMWD_<XD`=#CS"F=K'@U\K_`+:WQC\5
M_'+]M7X?^"OV@];U;P'\/+K2$O9AISB)&N'M(I9$_>^8,>:L8Z9PW7O0!=^+
MWQ;^)O\`P39_:3^'TVF_':\^)WAKQ7>RVNH:9/=WSJI$,K=))=N,A/X3TKUW
M]I)/^.AGX=2^6L:S>&E:,#'R_P#$R''Z5\5?M_:+^SO\,OC5\,;+X01:IKOV
M+49&U#5'\AEC'DR)D%0IR2!V_BK[/^/T[77_``7U^%MU$&GMAX<1VF'W&/\`
M:/?O0!]]?M/?&73_`-FWX`^.OB)J*?:K7PMHEY?+'@D;HK:27I@G_EF>@K\Z
MOV9_A3^TS^WU\*=<^-$7Q7U#PQ8W?VJX\.:/!>W2Q36_[PJI5;@*/W?E]0O7
MIVK[K_X*$_!W4?VA?V(/BEX+T*,MJ6K^'[^.W5>CNUE.BJ>#P6<=J^)_^"8O
M_!4GX9?LZ_L6W7P\\?7C:+XP^&2W6FS63A0T[C?$"F6]8L\XZB@#S+_@B3XK
M\4^%[C]J/4/%5Y';>/[&[FBNKB-7^9UO8MSE@S$DL7YWFK/_``3`\/?M4_\`
M!2'2](\=ZA\4K[0M`T#5%0V:WMUBZ55#$$?:<'/F'JO:JW_!)7XL)\?H_P!J
M_P`76]I+:6NL7,US:Y``GA>_B=">3\V&]<5]4_\`!NW/Y7[!5A+-%<%Y-6'^
MLQYBMY2_AC%`'-_\$NOVG_'WQN_X*$?&_P`*>+M=DU30O"J6:VD1DE*Q?Z#$
MSX#NP&6R>!3_`-HC]JCQKX1_X+->`O`%AJTUIX(N=-N[N[MA-($<)8^:,J'"
MGD?W37@?[+'[1OA__@G%_P`%<?C;:?%EY/#]CXN6TFTV[DP%G5;"W#<D^L@'
M3M6+-^U%H/[=/_!=GPSJ'A6UN!HUAI=W8+>S!1#.LEA)%N7:S'/R>@Y(XH`]
M4U/XJ?&C_@J7^VCX[\+^`?'%W\.OAA\/;^XTZ?4-/GN+>6>:*>1.1'*C'(,/
M\!Z]?3%^&?Q=_:'_`&=_^"K_`()^#_C[QA-K/A2YL4$-PUQ.\E_F[5?GS.^>
M-_WE["G_`++7[0&D?\$D/V[_`(O^!OBRL^B>%?&6JW>MZ'JK@>7<K+<N%5B2
M/X8,\)U(Y].-B_;LT#]N7_@O!\/KSPG;S_V'IEE'##?.J@W9%ZIQD.V?]9Z#
M[M`'Z_WL.R2FH<K4URN&8'[RU$#E10`4444`%%%%`!1110!?\*?\A5O]T_TH
MH\*?\A5O]T_THH`^5O\`@X@&?^";OB7(S^\/X?Z-<5_+I;Q_:(XT?K.60N/[
MI.,5_65_P6*_9M\2?M6_L6ZUX1\+H'U*\D+8(!^3R)DXSCG+K7X30_\`!N3^
MT/!$4CM8SY+;EW1)R/O?WJ^YX7QL:6%:;/E\\PKE-2B?$-MXSUK2[<VMGK-S
M!:I\@C7;CCCTJ:/Q]XB55']O7F$&%Y7C]*^VG_X-S/VAG?=]AC&>3^Z7_P"*
MI1_P;D_M#C_ERC_[]+_\57MRQ.#:YI6NSRXPKQBDKGQ'<^/M>N;:2*;6KN:*
M48=25PP_*LE)Q*Z[PQ\M2`<=CR:^]#_P;F?M"JO%E'_WZ7_XJD7_`(-T/VBL
M\647/'^J3_XJNBCF&#@NASU,+7GO<^)_!WQ'U_X?W$TOA[5KC27F`$C1HC;L
M9Q]X'U/YUO-^U%\3"^?^$TU`G_KE#_\`$5]=?\0Y?[1$'_+G$<^D2?\`Q5-/
M_!N5^T.G_+G&<\_ZI?\`XJIGC\%/5\G_`(";T</7A&R/DH?M3_$PCGQIJ'_?
MJ'_XBN/UO7+_`,3ZNVH:C=O=7LA!:5P`20`!T&.PK[E'_!N;^T.#_P`>2?\`
M?I?_`(JD/_!N5^T,P'^BH>>T2_\`Q532QV&C47LN7Y*Q%3"UI_$?.?\`P3J#
M/^WK\/'+%BVH#/'7BO[`-`DSI-K\Q)$"$C'M7\ZW[''_``0"^.OPE_:I\&^)
M=5A5-/TJ[$TS")?E`'^]7]%&CQ2PZ9;*VWS40)(1C!(':OB>*<0JN)5F?5Y)
M2<*.IC?$%O/TB)C_`!,#CTX:N7;_`%O_``'^E=1\0L#3$"YX<#]#7+M_K3_N
M_P!*^>9ZS`=*6D'2EI""BBC-``>:X+]KCX8W'Q6_9*\6Z/;%M\RJR*@)8D2Q
M'ICT%=[FNA\((DFCW.8_.;<0T3#(=>/\_A6.*P_M\/4I=T)GX(?L`_M"#]D;
M]IS3=5UN!GLXP+*Y^4;H`98Y"Q!P!PGKWK]Y_AG\;/#/Q6\+VNKZ+JUE<V]W
M'DA9T9DY(Y`)]#WK\W_^"D__``1QU'5O&5]XX^&4)G6_3?>::(STPV0F7//R
MI]U1U-?$.G6OQQ^`2R6-A:^,;':^UHA!.R*.3QD8[U^297BY\/U9TY0;OY/_
M`((MM#^B*#5;+R-GVF-T)+9+CD]:9;ZU9VY(^TPC<Q/WQ7\]S_M`?'8-L6Y\
M:;E7+#[%-A2?^`U7O/CY\>8K>/\`TCQIECQ_H<W_`,37J5..75<::@]UT?\`
MD-,^QO\`@XJECG\3^$'4AX]B9P>-V;FN0^$\K0?\$8[\Y)\R6X5L>AFOA7`_
MMU6GC+XA_LF?"N_U#3==U/5S$@N3]CD>4'==\L`N1VZ^HKTGX5>%M9MO^"/.
MJV+Z1J?VT33$6QM7\T9DO3]S&>X[=Q7D8ISECJU=)ZQ7ZDF9_P`$"-(M[_\`
M:3U2:1%:6.W0*Q_A_<W(K]F$M]S<G<!T%?CW_P`$#_"NL:%^T%JTNHZ+JNG1
M-"@$ES:21*?W5SW8`=Q^=?L.V(AD']>U?5<#TX4,M=5K5OMJ5$\#_P""FUM'
M+^QQXN^7[UK(>O\`TR>OR5_X(YIYG[;.DJ_($F0/^VT=?K=_P4ILI]0_8_\`
M%<5I%+<S-:R!8XD+LW[M^@'-?E%_P1\\#^(-)_;8TJ:]T36+2`/S)-921J/W
MT?<J!7D\5X3$5<VP\J.VGYDO5G[I]=J]B"#7GW[46DP7WP&\202QAXFMD4J>
MF!*E>@Q_/*.^"<UQ'[2<;S?!;Q#'&C22-;KM51EF_>+T%?H69)/#.+5]#;H?
M@?\`L%ZF^A_MK>$Y$.TQWL4,>/X1YB-_.OZ`?B!\.M/^*'PRU+1KZ)9H=:T]
M[>5')`??$4[<CANU?@/^Q1X`\2VG[9GA.6;P[KD=O_:L.Z5["4(HW+R25Q7]
M"4(\K3[+<3E50?RKX?@;"S]E7H55[DF]R(QT/YZ_VLO@1K/[&O[5=Q:)YEI]
MBU%K_2I0IVLADWE%+#G"[1WZUZ[^W)_P5#O_`-IW]G_PUX.A26W-O!%_;;;5
M_>L%&0<$X^<*>U?=G_!9/]B&/]HOX,_\)'H\!'B/PT&GB,41=YU9X<C`89^5
M#V/6ORA_9X_98\7?M'?&'2?#']A:OIJW\C-J$TUC(BC",Q&2%_B4=#7QV983
M%9?6J9?@[VD^GF9RO$^W/^"%G[&,FIZTWQ/UNV'D6T;0:<DH93$?,A<,.`#]
MU^I/6OU8B&&<<_NQUQUXXKE?@[\)=)^#'P^L_#VDQ);VMB-IPNW?U.>2?7UK
MJT7+,.Z*0>/O9K]7X=R6&6X?V#U9IH8/Q#'_`!+HO<\_^.UR:KMKK?B*?^)=
M#_G^[7)U[T)<J]F`44450!1110`4444`%%%%`!1110`4444`(>E;'@'_`)&$
M_P"[6.>E;'@'_D83_NT`=GJW.GR?0UYGO(:8_P"T17IFK?\`'A)]#7F1ZS?[
MYH`K^(B;3P]J\J-PMA(S+[Y%?E[XQUC[5XFGN[9O*N$N6((/4AN/Y5^G_BB(
MWOA_5K:/Y6FT^1<GH3D<#WK\P-6^&>NZ=XMO[>;2M5=7E?:ZVDA')SGI[U^.
M>*]#$3HPHPN^NA\-Q=*:2E%7L?"?_!<#P9::EX#\/>,H;P/J%R9;6XM^.6C-
MNO..>2QKX2\!V4GQ&\""PN?.L+JP?-LA3"L`%'!/)XS^5?L9^T-^Q%?_`+1W
MPZO_``OJVE:DAGD1]/G^RR$QMYBLQ(!7KM7J:^/]._X)O?$KX3_M`V_P\E\,
M7NH:/);>?'JJ63"-&S(N&8`CI$.K_P`0_'V/#/-?;99]3K)\T.Z?EU:/5X3Q
MU2MAN66C/A[QKXG3Q7=V.HZD(H!&OV>^C#8-RI)8@],<8Z8Z5[5^P!\;H/'?
MC"P^&^I:4+^SN[M$TV9<C[.SRGJ5(.W=(,GG&*POVE?V"?B;\(_B]JUC9^"O
M$FKZ;$/EDATR=XV.!T(5AZ]ZG_9%B\>?LLV/BR^;X8^*+[Q#J=G)8Z7,VDS@
M6/F1NIE!\EAN5BA'0\<$5^F4)QA*]CZ6M&;CN?NC_P`$K_@QJO['/B&7PW>Z
MDE]H_C=KN=`7S'9MY<L@0,0"23(J\D]!7JW[+7['D$7Q7\?MK&B7EI+-JMQ<
M6MY,)4#(77&,D+V/;O7S]_P1C\<^+?VE_P!G?3M,\;Z)K.BZQH%R'BO+RWDB
MDDYST*)Q^['<_>K].=$@NX;:6>\NHY4/R8CA56?H<\<UVXRM&I#W3S*.$=1M
MSZ'B_P#P4L:YNOV$/B`+/SWD;3)U'V==\A'DOR!7YK?!G]F>7X.Z9\(K_P`/
M6>KP:OXJTS6+>_?9(YF+781-P8D+\K8X`K]D+G2[76=(DLKJS2\M,%9(7&Y9
M5[JP].:I6OPWT*(6P;2+1'TT-)9A8@3#SO(7CN<5R4H)4CT(KD5C\<(?BI;Z
MA\)_#OPR-KK0\4V7C_5S=PO#@>6U]"0WWMV"(W(^45S?[1'P=T?P+X4_:%T[
M2--U&#QEJOB2Z:W$0=FDB-U`>%+$X^5^BU^T3_!'P:VN'55\)Z5'K&\3).+9
M6<2,<EF&W@G/.:L:C\(/#>LZY<ZC=^'-.N=5N!MFE^QJ5E;)8MTP<DFLUL4?
MEE^U1^S5:?"V^^#7A[POH^I)8ZQX?(U"&%))N3>3*=Q8EAP%[BO)O@5X3U#X
M<?"OX::3\/\`2]5LM<M]5U#,;0-)^_;4Y&B)W;SU;T[]#7[9?\(7I=[<V5Y-
MH]I>75BGD6LC1!EC3=NP#@CKS5+2/@QX7T6[C.G^';!;BTE\T,D8W02,V\-C
M'8\TP/Q8M?#RRZI(T%CXF?\`:6/BN9Y/]&/EM;F\4GY-V<>3Y_/D_CW&S\<_
MV79?B,O[0_BWQ-I^M3>,M"9GM?+20"&Y-_$LFU05!.V1^"OX5^R"?"GPPGBR
M76H_#>F)K@^]J0MU,H8Y'3'?)[]ZGD^'6BWZ:A'<Z/:[M4/_`!,SY`;[6=P8
MR-QW8#\J`.9_90UR^U?]F3P//J)F.HW6GN;E[A!&Q_?2#!`Z<`=J[WI5>PT_
M['806D<*PV47$`4;0J\\#\2:L$;:`"BBB@#F?C8JM\&_$N0<BQE(]OEK\T8;
M(B!I0H,KM("3W^8BOTJ^/-S/#\$O$BV\7G2O92JJ*,NQVG@#&37YC:;=:U_:
M$4-SH>LQCS7S_H<@QE_]VOR/Q#PU2K7I\B;..I6M+E+FFVVZ\WX9@G5<=377
M>#_'37?B:RBDCCCMK=B#YAVJ/E(Y-<G>ZKK-I,RP^']59>0"MI(<_P#CE9X\
M':YXNMYU?3=;LDDX++9RAAR#QP#7P$<LK1Q'M+/3R)CB'%Z'QO\`\%%/V&]*
M;]H?PKK'ABRD7Q#K/B"V61@'9/**2`^HQN5.U?;7Q&^"UI^U%\#M8\`01V-K
MJLVFH;(JYV6]S';E4R>3\SD'H?I6%\1/A!KOBR:TN+ZRU/[78C-E(E@Y*R`D
M@DCIU/6NO_9(^'OQ%M/B-!J][HL\.EVO$X<$/<`,.?NY!`4X'?-?H.%SK$RG
M2A).R]3W\/*-6%V>4?M?_P#!/"'XM?\`!.+P]HGB<6L?Q!^'H6"WN5D<+)&'
MMH^F!_#"?X.]>B_\$-=!7X7^(='\/ZQXIM=6U.2T66&T+1`V7[L+Y?`#<;&Z
MC/->B?'[5-2U#2M3MFT757M;JY<QHL$C,2)`0"=N<=*/^">GPR72OC[:ZU=^
M%+S3[CR=K2L9`@.&/=0.]?08W-:LL;"FKV^9YK5IL_1'R'A00W)PL<P*[>A.
M/7\Z\X_:+_:I\$?LE^%K/4/'U]+I]AJ$XM[0QF,%W9L`#>Z9Y([UZ5<1"21X
MY&;;O#YQUXQUKY'_`."K?P#U[X^:-\)[;2])_MBTTCQ39W-[$5S^Y6\C9MW!
MP-H/7M7V]=M*-AG;^&/^"GGP7\9^!M:\3VWB.2#3O#KP6VH&X>V1HO.D\F'_
M`):D?,_')'MFK7Q'_P""AOPV^&ND-%_:0U&[&E0ZY:VD4D3--;RR&)3@2`GE
M6Z<<=:^*/C1_P3]\;Z]<?&>PT'PLMGIVL6NA7%C;1\1W$EM=23R`'`R<`?F*
MR_@]^S]\4/VA?COI-[X@\!W7AO3-(\%V?A\M<1D;Y(9II"<-&F?]8/7IUK6:
ML[`?4GP1_P""T_P<^)?PJ\,^(M:?5]*N_%%RMO9V+QP+/,Y+@84S9/W".,US
M'Q(_X+7>'?A!XA\97-]!=7^C:#/9VMG:HD9G@:X@W_.N\8!89Y)XZ5X%^S-^
MR7XWUCX@?L]Q^(O`"V=A\/M1MVU:5[7RTEVW$LA8KL`QMDQWZ59_:D_8%\;^
M-/VD?CKK.E^&0="NKO1;ZPC6'S!=_9]/`9$3'=@02,\GI4@?6GP*_P""EVA_
M%GQK<7%U?)IWA>#1;;59OM+11FW,L$DF`=W<J!RWI77_``,_X*/?!O\`:&N-
M5L_#6ONEYIV;EXK^2WB61257*[96)'/Z5\%3_L.?$C]H&V\2B#1;WPI,WAS2
M+?3[9(619I+1&:96X3J%`P0?O=ZV_@E^R_X\_:`\6^$-1N?`+_#R#X9>&[;2
M=4**8O[?NHO,5W)V19SYRG^/[G7T`/KGX+_\%</@'^T-XMTKP]X8\07[S^)9
M%BL)+O[*EK=2,P0()%F8DD_W03P?2OI-X6@;:^,@=NF.WZ5^2_PS_8'\:^%O
M@'^SS#'X-&E:UX<\06MUJ[00[9+>%7NRQ9@H/\4?7VK]:Y7\U+?;S_H\2^N2
M$4']10!'3)OO0T_/S8[CJ/2F3?>AH`]0T[_CRC^E.OO^/*;_`'&_E3=._P"/
M*/Z4Z^_X\IO]QOY4`>97/_'[+_OG^=-IUS_Q^R_[Y_G3:`"BBB@`K*\6^"="
M^(UA%IGB+28-6L8I1=(DKNNV0`KGY2.S'\ZU`^UC0LACD^\`,=-N30`RRMH[
M&V2&*%((8AM2-"2%'L3S3KJWBO+>2&:/S()E*2H?XU/!'Y9KG_BG\4M%^"GP
M_O/$_B74%LM'TU6DD=X\#"JSG+?135GP!X\TSXE^"++7M)Q<Z9JR+/;S"7AE
M(#<?@10!8\/^"]'\$:6]GH6F1Z=;2.7CMHF9C(3C)Y)/0#\JSOB5\&?"7QJT
M>.P\3Z':>(+:W'EVZW$CQ&/KC!C8'/S-W[UT*%?M85VDB4\QL4./P:E0^3(#
M(1'Y;?<`R"/7=0!R?PE^!?@+X`6<L7@KPM9^'OM&5>:&66=P3G_GJS=R:;\5
M_P!GWP)\;X[<^,_#=MXCEM<^1++++"Z;MN[/ELO]U?RKK%B*I-&&`=/WB#&=
MW&:(@LA#8+9&/F.T(W?Z\]J`.?\`!OP<\(_"_P`+RZ%X<T&TT?1;U%62-)'?
MSF&/XG8MT5>_:GZ9\+?"_ASPO-HFG>'X(="*%[BR#2$3=CU)/3`ZUOJK%PK8
MD8'*NO.S_@-</X=_:0\(^+/C'JG@'3M22?Q7IL9FGMNA"!D7I]77\Z`.AU3X
M:^&]1T&'1+C1K670XW#QVCR.!`>2>^<Y9CR>]66T'3[G0FTW[$9;%5%O]DYV
M"(?*.<Y^[_*KLDF8R`WEY(5@$\Q@W;CKBD#<?+B27[N[=Y?MTH`P[CX2^%9]
M!BT&XT&TF\/1`,MIYC^6N,`'=G.?E7OVK2_X1VPO?#<.ERVMK<:9.NR:RE8^
M6B'.>?O?_KJT9E(\IB8BHPQ";LGZ4A9OOMA,#`;'7_@-`'GW@;]D3X5?#/Q6
M=;T#P/IFGZUO#Q7IN[B0>8""I0.Y4D$#MU%:WQ;^!W@CXZZ7:P>,O#:>(I+>
M21DE=Y(C'RI(_=LO]T#\*ZMI>4*1?(S!MH^9DQWQU]Z=$@=7V3!]GSY8;&4G
MMM[^E`'#>&?V7_AAX?T`:18^!]/M--N2/,WW$Y<$8/5G)_A7O70Q_#SP^-<M
M]6;2K9M=LX_+CG,C[HEW;MN,XZ\\BM5;A3&)2&CE)QY3+U]Q_P#J[4Z81Q)N
MF;&]L!T^9D;W4<D4`+#*(8U8,_F$%)=BYX)_PKSSQ?\`LC_"KQWXN7Q#J7@;
M3[K7$(W7)N;A%FSQE@KA<X]N]>AKP_E;_.E7EG\ORP1UZ?2E6-9&`C79'AC@
MMDL0.>*`,/P]\*_"G@]KFWT7PY::;;2Q*9!"\C1W!S]TDD],`\5;\.>#=)\#
MZ0;#0+*/2K.5_,$$9+;#C&?F)/:KZS1LJY5YH1&&+<Q&-CU&WOVK(3Q]HZ>,
MH/#9U6TNO$,*;IK&)E\V--V"2`2>I7MWH`P?B_\`LW_#KX^O$_C'PC%XCE@=
M2D[231.<8''ENN0,`?A6IX:^!7@?P;!:QZ-X6T[3I+*,):2QS2L\``Q\VYCV
MQUSWKHH6\M`B9$29$9[\G)_7-*#@T`?G5^U3\6/BE\`?VAO$*?$3X/:M\:?A
MMK$\DNCW&BZ;<W#Z<#*Y0,T$<?\`"J=7/WJR_P!@W]G;X@_M+_M]Q_'?Q1X&
MN?AIX.\,:>=/T?0=0LY[2Y:07$,ZS[9$#$8,J_?(_I^E)VS1>7-%!<1YR$E1
M6`_`YI\C-(@"^7&@_@0!1^0H`2XN/.NY).W_`-:F+]WZT8I:`"BBB@`HHHH`
M****`+_A3_D*M_NG^E%'A3_D*M_NG^E%`%7]KG]H6Q_9=^!6M>,M0@EN;72X
M6=D0D'A&;L"?X?2ORXB_X.[_`(;&>53X5OP(2R;CYW)!Q_S[^U?>G_!8;*_L
M`^._G=<V$OW3U_=25_)7%<22[XF<[/.D(QU^^U?59!D]'%T]3R<SS'ZLC]Y$
M_P"#O'X<J.?"FHGT(,W_`,CTI_X.]/AP/^93U/\`[ZF_^1Z_"%9;DG"S2!5!
MR0>%`Z5$M_-*ZJ+F1F89"YKZ"7"F&@KO^OP/'IY^Y['[R?\`$7C\.O\`H3]1
M_P"_LG_QBD;_`(.[_AUM_P"1.U(_2:0?^T*_!<78>X\M?*=MVTX!XJ2&5GZ%
M!Z[0>*<.%,+)77]?@3//YPW_`*_$_>'_`(B\?AS_`-";JO\`W_D_^,4H_P"#
MO'X<_P#0H:FOL9)3_P"V]?A#F3^_3DFF0<3.OL#3_P!5:']?\,9KB0_=W_B+
MQ^'/_0IZE_WU-_\`(]1K_P`'>'PWCBR/">I9_P!Z;_Y'K\)_M,__`#\2_G3$
MNIL?Z^7\ZG_5.@Y)_P!?D:+B569^]O@S_@[.^'_CKQOI&@P>&+Z"75KJ.V5W
M\X@;V`_YX#U]:_63PGXD3Q/X6TO5H08X;^VCN!'TP&7(_GZ5_&E\%IY)OC]X
M(^<R+_;=GE9#D']^E?V1?"BW5OAOH1`P/[/A4#T^05\IG^64<-421]#EF-6(
MI\P?$6/R]-7G.9`?IP:Y5O\`6G_=_I75?$5MVF1GU<?R-<JW^M/^[_2O`TZ'
M?:V@#I2T@Z4M`!36ZBG4FS<:`!_NUTGP_GA73;@N["82$=_NC&/ZUS<@VK73
M^"=[:%,3$FX2,,XY*X&*B=1Q6@#=#^*>C>)=$34+2[Q;._DJ<,HW$9[@=A67
MXNT[P5]CBU+4=)T:[AN)E@$LMK&^YV.T=5)ZC]*XL?LYWB_!3_A&8;A()9I_
M,,\9(V_(R\''7GTJEXP_9GO8_AAI>A1WTUQ]COX;QFD?.X([,1PO^UZ5YVLY
M:@>F6WPC\%/:>:WA7PT(W3?O_LV`Y7&1_#6/8:%\,M7ANO)T+PQ/_9KE'_XE
M4?R$$#NGO7567AYY_`<-B5V?Z((&V_>.$`%>(?"W]E[6_!UYXK'VL-#K%P\L
M&YCF,%U(!^7T':LYX>?-I3OY@>GZ_;?#^/2+(7NEZ'):,X6VC;3E**/FZ#80
M._YT^\A\%^'[F+P]_9^CPQWX#0VJV*B.8G&`0%V\E^_K7$>.O@#J?BCPEH-C
M%=^7_9ZC<P8C=R_M_M5LZ]^SS-JOCGP]K7VMW_LDH2CMG+*R$?P]/D]:KV$[
M:TE_7S`ZGPUHOA?0=6NX='TW1K&\@16N!;VL<1C!#=U4?[57+SQ_I%OHTL\E
MXJV\3>3+-SA",<=,]Q^=<5X7^",FG_$KQ-J3.536XT3Y3]P@29/3_;]ZP?%G
M[*MR/A)J>@VE]+(^H7S7)=GSA3Y>`/EZ_)Z5I0O&-@/2M5\:>&M>;^S[E[>Z
M:=/W=I-&2LXZ=&7;[<U7T'PUX0\/>(]ECH>B:?JD49</#:1)(!@-RRJ/4=Z\
ML^*'[+NJ>(-5\+ZYIMP;34]&VQ,-V%=0SOV7/4CO75V'P6GTOXEZIK+S33M?
M6J0J&8$HWDHA/3U%8M/GN!W=KX[TS5)&,%SG[(S+<>42,'ISQZ@U=M-7T[Q,
MC^2T=^I78T;#*\<]QBO,OA!^S=-\-[_7KC[?<3#7&D9T+@A-_F=/E']_WZ5U
M?P8^$P^&6AW%IYTEQYLI=))""0I"@`\#T_6N[G?+8"I-X6\"^$/$VGP#0M%M
M=4EE4P^181JV[G'*I[>M=$GC?3SJ_P#9?VF*74E(9H=AQ&O!!SC'0CO7&Z]\
M--7?XPV^M0)8R6I`B;S`QD4;@<C'':J6E?!C4+#XU7>J@0?9)XMK,<[S\B#C
MMV-<D(R3N!WEKXOT;Q4;BUAN8KW[.[12HZ%DR,AU((Q@8-<WX3N/`5KX@U+^
MP].T:VO=.8M<W5OIHB:%]VU@&"`_D3UKC/AC^SCJ_@+QWKU_#>W'V/6IYV-O
MO^2/)D((&T<DOSR>E:7PL^$FL^&M%\1Z9<P6@:^N'>.XC#9D4E,;B>_RYX%7
M/FD!Z38?$#2+_P`-2:O]J1M-8_+(58CI],]CVJEX@^+.B^'?#UMJ=S>.+.XG
M2VCD17)+.Q`'"D]1Z5YU\-_@)?P?L_P>%;B7:4;+2$]1AAZ?[7I7:3_!NTB\
M&:;I4<*7"6=PDV)AG+*Y;/`'K6D:TI:`;7BV^AN_#D%S%^]AG4.K,.<'!'7G
MO7,.@54P<@J#73>-+/9H=M;OL1(D"A4]MM<NIR@'91@5UP74!:***L`HHHH`
M****`"BBD)P*`%HH`)[&D!S0`M%%%`"'I6QX!_Y&$_[M8YZ5L>`?^1A/^[0!
MV>K?\>$GT->9'K-_OFO3=5&=/D^AKS(CB;_?-`#IUD'41.C?PLH-5KCPS82K
MEM+L'D?@,88\@_E5PJFX[D4^AQ4?E]?T]C6>(P]*:U,_8)ZE0>'=/C*L=+L#
M)%_TQ3_"AM`TB_O1<R:3I2R_=)>T1\]_3WJUY."",;OXO>G$?/G"U5&A2A#W
M=QJBD[F?<>"O#U[<O]I\.^'IU(Q\VF1'^:UG)\&_!DD9_P"*,\'R!LX#:-;[
MOS*UT9E9EQG'TJ-XU+KVP>6'4U191TOPGH_AF+98:3I.E#^[:V21`_\`?`%7
MY8BY*Q'9\@<`>I-`<I-E99"OHQI'0O:S<XF9OW;#HHXZ_K0!\L?M^_M?^.OA
MK\4O#'PO^%EII[>./$927S;U1Y*Q%I(R3N:-3\_E\;\]>.XXSXQ?MQ_&;X7>
M`_!7@6_T;1(/C5XYGDLHYXI8'L[,&?RDD&R4IG;+"V/-!SGOG'M/[9O["6G?
MM>7>F:Q9>(-4\'^,]'D62SUBQF2%XMN_`W&*0_><-T_A%<1?_P#!)7P_??!3
M0?#A\<>);KQGX=O#J%MXHN;J)KY9O/:<?O!;]`S(/N9Q&O/&2`?.OQ*_X*W?
M%WX<Z"_@)],T63XLZ/?Q6%U-Y:FWN=\ZQ!R=^PY"R'!E)&>??G_$/_!4;]IS
MP4?&!U;2_#T3_#J\=-8B@$2^9&)%A&W;.1CS''3=T_&OII/^"//A)]`LQJ7B
M/6=5\2IJ(U&^U6:>)GO7$J2@,WD`D!E;'`^]UK3\:_\`!)+PQX^NOB!-/XEU
M>)_B`3]J,<\8,0\]9\+F$X^9>^:`/#/'G_!1CX[_`!7^/7B+0/A;8Z!;:1H/
MAV;Q$QN5C0.D4T41"(\T9!S,.V>#Q6/\=O\`@LIX[U+]G'0]:\!6%A!XM$=U
M-JUH?DDG%M*R,0Y9!MPG(R<[A4EM_P`$P?%OQ$_;[\6I#K^N>%_"%IHDNF6^
ML6MPL<E[&TULY1F\M@0<L?NC_5C\?7OBC_P0Y\#>.-*T5/#WB;7/#]YIEC=V
M4UR+B%#=K<$&0L1;G.<'TZT`>8ZS_P`%8?BKX[^%GPE3P+HVE)XM\>)=0ZL;
MQ5:*&2VA@D.-SH.KR]&/0?B[1_\`@J=\3?"=G:GQ=8V2)X;\4W>@^(;FVZ!(
M;=3N(5V)!E8?WNOXU[5X$_X)&>'?`1\#*?%&K7O_``A;7#Q+)/&4E::-$8G]
MP/[N>U>>_MO_`+$`^#?[-7Q4M?!UAJ?B[7_BQJ\M]Y6Z-UT^22:"5B/EC(7$
M1`Y8\T`>Q?L&?M?:[^V1\5/B#J*0PQ^`M'E,>ASK]RX8);L`%)!'+R]5'2OI
M,]:\-_X)Q?LKP_L9?L7>#O`A3_3D!ENBV"WF[I`"2`O&W';->Y^61Z4`)12L
MNT4W<*`$EM/M41WQQ21]U=0<_G6:W@O1+I^=!TQG[DV\7^%:18>Q/O2?>/.T
M?[M9NA2D[RW%8S_^$1T*(X_L;2`1_P!.*?X4X^'=**XCT;2B>P%F@_7%:&[`
M_P!9)^=.6X8'EV(]#WI?5J(K%$^%=)ECYT/3-W_7O'_A4EKH=I!&RQZ=8VZ]
MU6)!N_*IT"B3)H8(['(SZ>U'U:B45+CPOID_^MT?3I_=H(S_`#%.L_#VGV#9
MM-+MK5O6.-%_D*L84>U21R';AF;:.F*/J\%\`#9I"R%78@XP".U20*SA0OEJ
MLXP@GN$4DCC@,0>M/LK=;F^BCQE78`YZU^57Q_\`B!<?M(_M]>.M,\=?%V\^
M%MK\.I["32;%+IH4G+6L4WSCRYLJ613P5.'_`"T2L!^J$[2)#NEE2V9'"#?<
M*H.#@8YYS[5.[7/VYX[A[6&4_O&,DZ#"'H0=WK7Y0_%[XGZA^T1\:-0\-^)?
MBI=^%/#W@CP]:W>@7EK<O&?$,_D2,68M'(&4M!"1\J']Z<^WD.A?%7XF_MD_
M&GP5X7U[QOKGAZUC\,6SW$MK<F.:\`:?#@L)!R0.H'2F!^W4\$]K;2!T3+QE
M'C-W&[(#_%P?\YI&MI+18T,]O*=A),=RBR-Z9^;)Q7XO_LM?%#XB:!KWP>\<
M:C\2-=URZ\:RQ:??V4UV7B9'N')P-H.?W*CECU/X<OX8^*?B`Z'J/Q&_X7%J
M7_"=:%XJ@2U\-QW;[)X!=2Y1E,>2"L4><2#[Y_``_<87$EO$&,]I;7))%NK2
MJ)9/[W?/(_G27QE>V\[S((U@0*]NURB!W[E@2-PY'XBOPT_;/_;#\7_$3XF:
M=XXT/QEJ&DZUX;324N-(DF8+++/)'%,55<\?>/+@X'>O4?%0\;?M9_'SQQ->
M?$/Q#X?L_#7@ZUU1X;"[\N.>9[]XVR&1\C##T/`YH`_7Z[2:'42))(=[GRUB
M#JRMGN0#@#ZU'()%3=;K&3;_`'U#JV,\]0<5^--M_P`%&?'/[-7P^\*_$SQ1
MK$VIZ)\7-$ET.,LSLEI>2W#%'C!888):/R2WWCQZ?I-_P3R\'>(O"?[*^C7?
MBO4KW4=;UG[1<F2>3<XC>XF:+<<#_EFR8]A0![9(WFD-_JI'Y..])-]Z&G8W
MM#OYV*0<=^*;-]Z&@#U#3O\`CRC^E.OO^/*;_<;^5-T[_CRC^E.OO^/*;_<;
M^5`'F5S_`,?LO^^?YTVG7/\`Q^R_[Y_G3:`"BBB@`0!G/J!FO(/VV?VT/#W[
M#GP;_P"$KUR..:2ZNA8V4)1I#/,8Y)%0!58CB-N3@<=:]?'+<>E?F/\`\%Y;
M672OCY\`]9UD&+P1'XDM+>]G;_51R[+UCN_X`#0!YW_P4D_X*;_$OQC^P5XI
MC^('PGF\-^'/%%I<6]A=B:"9HI'@GCC.(V=ESDMD@8[U]??LX_M7^$OV./\`
M@DK\-_&/B2=WWZ-;+86C!W:ZE:.!5C`"MU:1!D@#FM?_`(+/>*=%'_!+?Q1-
MJ=Y!_9L^EM]A$1^29Q93A=N??CZU^=7_``4CT/7-:_X)_P#[(CZ=<_V;#)<*
MJWTA(C@9GTH0,Q`)X;'04`?56H?\%EOBMX!\/V_C;QK\'9=-^&NHA)EN3<02
MO9128\L[49G_`(XQPG?M7LWCS_@J1HO@[]I?X8^%X;".X\&_$I(OL6KN"<N\
MTB!?N[AQ$QY`Z5\[?'+]C?\`:FOOV=-6?QQ\>M+7X9364$E],][<^483)'Y>
MW-OC[_E]1WKE/C#^QG;:K_P1_P#">K^#?$LGB#4OACJ::YHVH)*&#K%;W*@Y
M\M3C=,>@%`'W5^W]^VI;?L*?#SP[J36@U;5?%.LVVE6,1!W2-.Y10...2HY(
M%<+^UM_P5`L_V:].\$Z#I'AV?Q3\2/'=BEY;:(C@);,T<,AW%AY?28G[X^Y7
MR9\+OC_:?\%A_P#@HU\(=,T^Y_M#PQ\+((=9U!A]R2[M9K.15/+9Y20=!TZB
MN'_:<^&WQ)\9_P#!=O4=+\%>*XO`FL'3T32+FYE>-)5%K+N5"B.>$`'3^(4`
M?7_P4_X*V:]X7^-VF>!OCIX"/@"[UXM]AU&WDC>+A';:?(\SG]VW4CJ*X;]F
M.U^S?\%[_B1`QQ+_`&++B1>%W?:K*O+OVQ?V(_C%JOB3PBGQ^^-%E?65G>LU
ME;B[F,MRVPC(WP8QW[=#7=_`JWU&Z_X+/_%6TMT$EY:^#;CR4CSY;2?;K+!]
M>]`'IWQ]_P""NFK/^T5J?PX^!_@K_A/M?\-E)-:N=RPQ6RM''+LS-Y88E9."
MK-C::ZS]B7_@J)8?M(?$/6?AMX\\.R>!?B/IJFXCLB=WVD!99#AXU9/NQ?W_
M`.*O$_\`@W(U*U5_C)I_G6X\:?VNLE]$N?,P#<;/PV%*YS]O?5K#Q!_P7G^$
M<>C>;>ZK::5?+J*0XVQ$:?'C?GGL_P"1H`[[4/\`@MEKGB3]HCQ?\*O!GP__
M`+>\8^&]2N+-1N11(L4C)RS[5!_=N>6KU']A;_@I@_[0GQNU#X5?$7P[_P`(
M7\2;*V:[%A*PF4Q"2&/<'C#1GYI<8#YXZ5XS_P`$=+[PW!_P42_:8M598O&E
MUXGU%T\O'^K-X3QW[253_:OO+'7?^#@/X96.@RVMYJ^FZ/&FIK#GSU_T\D[N
MW\2?F*`-K6O^"W.MZ[\;/%?PU\!_#^;7O''AV>,';*B1E#&KC)?:O\:?QUB^
M!_\`@O=J?BF[U'P+??"^=/C=I]PR1:-#)&$G3<V6:3!BXC1F&9?UJ?\`X(HZ
M)#:?\%!/VC[V.)Q?)=V*,S8_=YL5Z?D*=^QKX:T_5/\`@O7\5;^2`O?:=96K
M^<V,1%[>^_'YL4`>E?L1_P#!5?5_CG^TI<_![XI>#AX'\;W<;3Z7$SI.TL0W
MD'?%O4?ZF7JPZ>XSU7[:W_!2>+]F7XB:;\./!7AQO''Q0O8@9+`$*D*%G7S&
M:0"/(<1C[^?GKP;]I%"__!R1\*)52US<>&5:15!RQ*:J:\$\1?"[XO?$#_@O
MC\8-,\`^-+'P%KKV4AT^YO9I8S-;>=9#9&8T?K(0>1CY#0!]E_L[_P#!5;5K
M_P"/^C?"CXQ>#O\`A!/$?B*1$TFZ!69;V1WC54W0^8%YFC7YF`_IR_QE_P""
MTMWX'_::\3_!KPCX'G\4>/-$D7[$$D5%D5BY8EG`4?)&3]\=*\:^.W[%/Q;N
M/VB_A7J/QR^,2WU]::_9R:)9K=R&8R+=0D$AX,8+!.AZ$5V?_!-WP_#%_P`%
ME?BS,5:76+"PT^(2-CYE\B^4MZ\@$T`>L?L4_P#!5G6OC9^U))\&OBAX';P3
MXZ>%[G3X$ECD2Z4"3DM%O3_EC+U<=/IGXZ^"W[37Q;M_^"\7BR5/#&HW>^U,
M3VCZC&8X8OM%H2X4R8Z@#CGYJ^DOVIX(X/\`@X)^"]T8S"SZ,Q\WM(YAU/(-
M9/[.'VN+_@X3\=Q20RP?\2*0G/W,?;++IWH`_133GDETZ%Y!M=QN9?[I)R14
MU'F^9G!RH9MI]>3FB@!J((V)P3FALNPX(_&G44`%%%%`!1110`4444`%%%%`
M%_PI_P`A5O\`=/\`2BCPI_R%6_W3_2B@#R'_`(+#_P#)@'CO_KQE_P#14E?R
M56QQ.W_7:3_T,U_6K_P6'8+^P!X[S_SXR_\`HJ2OY*(<M.__`%VD_P#0S7WW
M!J2@?)\1M/W7N3^6]]=PQ)P6F6/']\NP`'YU]G_%[_@GYX+\`_L^_#OP_'=2
MR_&;XH"*^M+2-MWD6[PK+EEW;A_JIQGRSTZ^GQ=%=#3KF"<N@ECN8IHAD?,4
M<-@_D*_5GX*_MJ_LXZVGP]^*7Q1?5=*^(?P[T.#3[73'MIS#?!87CWI("JCF
M>4\1MPG7GCTLZKU%/V<3S\GI4M.=%GQM^PY^S-8^(=1^`,-O=)\3=(TE[S^U
M%F)B:42+&`?W_P#TU4_ZOM7Y7^+M&N/"?BV_TB\V2W&G3-$)4.05SQG@=L=J
M^\OV2_VI_AK??%WXF_'[QM>WFH?$35[:6'1-"MXGD:,_Z,ZG*'!&Z)AS%_$*
M^#O&WB2;QCX\UK6)X1!+JER97B)YBQP!C`QP!V%&4U:CDZ<GJBLVI4E\)G[Z
M-])FFLV#7O:GSO+`?OIGF?NQ]:3?36/`^M5!/FL'+$ZGX&G_`(OYX)_[#=G_
M`.CTK^RKX2G_`(M?H'_7A#_Z`*_C4^!W'Q_\$?\`8;L__1T=?V5?"7CX8Z!_
MUX0_^@"OSOBZ%JUF?=\.I*EH0_$+_D$1?[P_DU<LW^M/^[_2NI^(7_((B_WO
MZ-7+-_K3_N_TKY)1Y58^A`=*6D'2EI@%,DD"D9!_"GUR_P`3KSQ=:Z:O_"*6
MUK--@[VF=!M/;`93F@#I6*%>C_E1'-Y+`132*I^\,#@UY(->^-/V-/\`0M+W
M_P`7SP?_`!%21^(?C2L9`L-)PW/WX/\`XBFN7[0'KDEU.GW;EMHZ<"FIJ4V?
MFN';\!7D9UOXT$#_`$#2^.G[R#_XBB/6OC1&^X:?I6?]^#_XBHY(WT`]=2ZN
M/.W?:7]A@<4)J5_!,V;AC&?0#_"O(SKWQI)/^@:5S_MP?_$4)KWQI0<6&E_C
M)!_\11*FG*_,T!Z[]MFAC^6=\$<#`XIJ7MU"?^/ESN]AQ7DI\0_&H_\`+AI7
M_?<'_P`10-?^-(_Y<-*_[[@_^(JE!+[3_`#UN.]G<.IN'&[O@4D-Q<6ZC_2W
M_=G=T'/:O(VUSXTM_P`N&E?]]P?_`!%*NO?&E1_QX:5_WW!_\11RQZ`>NR:E
M.LGG?:W.[C&!Q3'U"XW_`/'RY]\"O)?[=^-'_0/TK_ON#_XBD&N_&D#']GZ5
M_P!]P?\`Q%'+`#UT7TY7'VE^?84R*6Z/R?:GQZX%>2G6_C0?^8?I7_?R#_XB
MG?\`"0?&K;C[!I7_`'W!_P#$4<L0/6QJ=S&QA^TOC^]@4OV^<IL^V/QSNP*\
MB_M[XT[<?V?I7_?<'_Q%(=<^-!3;_9^E8_WX/_B*JT.6P'K<MY,QYGF+=%(4
M<XI&O99E`\V==G#G8*\EDUOXT2M&38:7^ZSMQ)!W_P"`4-KGQI>.1?L&EXE.
M6_>0<_\`CE*G&"W`]>.H7,K;/M#*H]A4?VV82?+<OZ9P*\F.O?&DG/V#2N?]
MN#_XBB+7OC3".-/TKGGEX#_[)4\D%L!ZR`\_,LKR>V!0"O=7'X5Y.WB#XTN?
M^/#2OP>#_P"(H/B#XU'_`)<-+_[[@_\`B*8'K/R>C_E1\GH_Y5Y+_;_QJ_Y\
M-+_[^0?_`!%']O\`QJ_Y\-+_`._D'_Q%`'K7R>C_`)4?)Z/^5>2_V_\`&K_G
MPTO_`+^0?_$4?V_\:O\`GPTO_OY!_P#$4`>M?)Z/^5'R>C_E7DO]O_&K_GPT
MO_OY!_\`$4?V_P#&K_GPTO\`[^0?_$4`>M?)Z/\`E1E>P?/TKR7^W_C5_P`^
M&E_]_(/_`(BD?Q!\:@O%AI7_`'\@_P#B*`/754%?FW#\*8JJI.TY]:\ICU?X
MQM<1_:;+38X,_,5>%N/^^*]1TJ6672H#<A!=8/F[2#SGV]J`)Z***`$/2MCP
M#_R,)_W:QSTK8\`_\C"?]V@#M-4_Y!TO^Z:\R/W9O]\UZ;JG_(.E_P!TUYD?
MNS?[YH`DE^^:;2R??-)1RPZBU"BBD=#(O#["/;.:.6/0-1::4+&N=^)>G>(M
M2TM$\,ZC'876?F=[=)AC![-QUQ^5<.?!WQ@CX_X2^Q/O_95O_C0,]:\HU)LK
MR'_A$?C!_P!#=8_^"JW_`,:3_A#OC#_T-VF_^"ZV_P`:`/79(\[>^#FD$"B8
MOMY->1GP;\82/^1NTW_P76W^-)_PA?Q@Q_R-VF_^"^V_QH`]=5B@(V=R<TIC
M+_PUY$/!OQA'_,W:;_X+K;_&C_A#?C#_`-#?IO\`X+K;_&@#V"6ZF4",D%H/
M^6./O?U[U`UN(!N.3YQR5_N8KR>3PA\8I8U4^+M,^3H?[.ML_B<YI/\`A#?C
M#G_D;M-_\%UM_C0!ZX&#)@1GZTMNT]DQ,12-CU=N@'XUY&W@_P",3#'_``EV
MF?\`@NMO\:0>#/C"$Q_PEVFXSGG3K;_&@#UX?,<!_.S]Z3T_*DVXKR)_!WQA
M<?\`(W:8/IIUL/ZT?\(;\8?^AOTW_P`%UM_C0!ZZRDBF^4:\D_X0[XP_]#=I
MO_@NMO\`&E_X0_XQ?]#=IG_@MMO\:`/6?*-'E-_D5Y-_PA_QA_Z&[3/_``76
MW^-'_"'_`!A_Z&[3/_!=;?XT^6'4JYZSY3?Y%'E-7DW_``A_QA_Z&[3/_!=;
M?XT?\(?\8?\`H;M,_P#!=;?XT<L`N>M>4:/*->2_\(?\8O\`H;M,_P#!;;?X
MT?\`"'_&+_H;M,_\%MM_C1RP)/6O*-2+'\M>0_\`"'_&+_H;M,_\%MM_C2?\
M(=\8?^ANTW_P76W^-5'DCL![`(!*=I#'/&!U->2_&G]A[X8_M)>.--\2^+/#
M9U/6M+?>+J*24"X*E`H;8ZCY1&J].U0GP;\82/\`D;]-_#3K;_&A_!OQA?R?
M^*OTU?(!"A=.MAU.3G!YI-KH!/\`%O\`8E^%/Q\ET3^W/"H/_"/1K!92+-,H
M"QJH"9$@S@(HYR:UF_92\!R^*K#74\*P0:AINGQZ9:XEF^6!"[+QO_VVK"'@
M[XPJA4>+M,P3G']G6W7\Z5/"'QB27?\`\)AIVX+M&=/MNGYU($Z_L:?#JQ\*
M6EGI.A&V7P\ADTMP\A%O*"2O)<Y^^QYS7B?['7_!(CPG\"KUM9\9VD/B;Q$F
MI-J=I-#-+L@<7#RQ[]I0`#,>?E/W3U[^RIX0^,22(P\7:8-AW`#3;;!/N,\T
MD?@WXPQ+(!XOT[$K!F_XEUN>1T[_`*4`0^.?^">7P;^)?CV7Q#K/A&*ZU&]P
MTS07$Y0.F67I(!]X^E;VB_LD^`O!EUJ5_8^'MDNI626=W&LDK-+"LF\+@O\`
MWN>/2L8^#OC`;1X?^$OL@DC;CC2K<'.<]<YI/^$,^,#;0WBZS:(?ZP?V9`"P
M^N<]:`/'?VH_^"7I^/?C'X=>&]+N=/TOX5?#Z^AU8Z;/(RR&2-I1@':S<I._
M5Z^O[>&.UL+:TA79!90QPQKZ*JA1_*JNG+<V^BQB\?SKMGW/(!MW'GL.*NGY
M">>HYH`5V#1Y';BHIOO0TX+M7':FS?>AH`]0T[_CRC^E.OO^/*;_`'&_E3=.
M_P"/*/Z4Z^_X\IO]QOY4`>97/_'[+_OG^=-IUS_Q^R_[Y_G3:`"BBB@`7Y&)
M]1BO/_VG_P!F#PK^V-\';_P+XNMA=:?<M]HA^=D:";8T8D!5E.0KN,9QS7H%
M-\M6?=R''0B@#\[[S_@WSTSQ]X8G\/\`C3XE:[KNA6J.EC;3PI#]F#9/&PJ6
MQN_B)KZHU7]A7P)XI_8YT[X,ZY`E[H.E6L=I97#2NLD+)L"N,.#G,:'KVKVA
MH]^0V6/KNQFA6/D[&ACVCN6%`'YX1?\`!O\`PZHUMH.M_%'7=4\#6,F?[-:-
M%26,#"(74A\*50YW9XK[FT_X,^'-"^"\G@+1[6&#PR;-K!+=)&?RXR<D9)+'
MZDYKK+=-@)C1GS_!NIBQ?)PBPG/*ALT`?.?[`/\`P3/\#_\`!.Z'Q%_PAHFE
MN/$-R+AIIMVZ#ER57+-D$O\`I5C]N[_@G+X4_;P&D:AJ-[-H'B[P[O;3M5A)
M#(7\K=QN"GB)1RIZU]">4W]Z@PB488;BG(YVY_&@#XD^!O\`P11T/PC\6=*\
M:_$KQA?_`!`U'0<BPM)&\I$RCID^4R9^^W4'I7MW@3]B+1O`?[9FM?&6WNIF
MU_6[5K26(@^7&ADBDXYQUB';O7M@C_Y:/&$<<`+)OS2H-T&#G=0!\>?M2?\`
M!';0OC!\:KGQ[X"\2W7PZ\2ZGL6\:U_?176(XXP3YI8`XC'`4=376?L0?\$M
M_"?['7B?6?%5W?W?BCQUJMM*+G5KO*>7B.8':H;9R)6'W1T%?2J0A4'!=MP/
M+[<>]/FMMZ[1*26!W`]"#U&:`/QP_9%_X)\0?M=?MN?M#ZW8^(KWPSXATSQ-
MJ$%K=VXW>:HO#V8[3P[=J^^?V"O^"8WAG]BCQ5=^+[W5)?%GCG42;>XU*\)C
M=5)C?A5;9UB7^'O7M_@GX.>%OAGK&K:GX?T6'3-4UR9I;R6-O]<[-N9SQU)K
MJIE%O)\JK-YK9)+]*`/#/V5OV&M"_92^+'C+Q;I=W/=7GC6:.:\CD!"@HFQ<
M')_A^E2?";]B/1/A'^U]XC^,-A?7']L>)HXXKF$K\BA$F1<9)_Y[-VKVK(M3
MT:2CJ?,^;_=/>@#POXB?L&>'?B+^W%H'QTN+JXCU_P`/V7V*&V4'RW7_`$CD
MG=U_TANW85@_M\?\$Q/"G[<WB+3_`!/#J,_A;QYI17[/JUJS&0JOF$`H6V$;
MG!Y4_=%?2HBW#=OQ[4V,AY,E,8&-P;!H`^-_V;_^".N@?#/XVV?Q,^('BJ_\
M?>,=$V-I\ET?(6V:,H4(2)E4_P"JCZJ>GN<^M?!']A_0?@G^TYXK^*=I<S-K
M'BX()XV!V(JB8`#GTG;MVKV^`KO*)%RW\<C\?K2,HB;YLR8/;I0!XU\0/V,M
M%\??MA>$_C)+=3QZKX0MS;VT"+N0Y2="QY]+ANW:O,?VL?\`@D7H'[1O[5&F
M?&'2?$=_X7\3V@5+DV@\T7J!RY5@S$#)V=!_"*^LT^]E<K_LGH:5HXXFW#S"
MWH"<4`0Z3`;#1K2TRV+6,1A2.GJ<]3GK^-3T%BW6B@`HHHH`****`"BBB@`H
MHS0!F@`HH5?,;@].M('#DX&`#B@#0\*?\A5O]T_THH\*?\A5O]T_THH`\B_X
M+"D#]@'QWG_GQE_]%25_)2Z_,Y7_`)[2?^AFOZU_^"P?_)@7CO\`Z\9?_14E
M?R40_P#'P_\`UVD_]&&OO^$/X9\AQ'\9[Q^P79?`C6/&TUK\<+C4;:Q:6(V4
MMFLF48%RV_9#*2"1'Z=_P_07]L/P=^P5XHM/!4U]J6IP6^DZ7!$MQ8V-RD4P
M"N!Y@6S.YN<\^U?D-:V*ZMJUK:X`6>ZA@D)Z,'<*,_3)K[G_`."C#^$/V2_V
M/OA_\)=`T"PEO_&6F6NL:EK-[%ND1I(QE8F0K@;K?^)#]X\^GJ9K'_:8>@LH
M<>5'I_P]^(7[#7[)*:OXUT"WU?Q7J5W8/::5:ZKIUQ<P"8LDBG=)9;`?W1&<
MCACS7YM>,=;_`.$E\7ZEJ8LXK$ZA.TK0H%Q&N?D`QQ]W%?:G_!*GXP^&_P!H
M/PC>_L[>+?!^AZGI::7)?V6MPVY-];2"2*`9=W*<"9SQ%Z>XKXQ\?^&5\&_$
M#7=+MG^TVEC=F-)G.7QV&<`>W3M2RN/^T3?E_D8YQ8R*:_6G4U^M>\?,C:1N
MWUI:1NWUJJ?\1`=3\#O^3@/!'_8;L_\`T='7]E7PF_Y)EH'_`%X0_P#H`K^-
M7X'?\G`>"/\`L-V?_HZ.O[*OA-_R3+0/^O"'_P!`%?GO&7^\'W?#O\(A^(7_
M`""(O]X?R:N6;_6G_=_I74_$+_D$1?[P_DU<LW^M/^[_`$KY"6Y]"`Z4M(.E
M+2`*0R-`P<$[1P0#UI:*`)/MV/[WS^_2F[B/^6DG_?1IM%`#MY_YZ2?]]&C>
M?^>DG_?1IM%`#MY_YZ2?]]&C>?\`GI)_WT:;10`[>?\`GI)_WT:-Y_YZ2?\`
M?1IM%`#MY_YZ2?\`?1HWG_GI)_WT:;10`[>?^>DG_?1HWG_GI)_WT:;10`[>
M?^>DG_?1HWG_`)Z2?]]&FT4`.WG_`)Z2?]]&C>?^>DG_`'T:;10`[>?^>DG_
M`'T:-Y_YZ2?]]&FT4`.WG_GI)_WT:-Y_YZ2?]]&FT4`.WG_GI)_WT:-Y_P">
MDG_?1IM%`#MY_P">DG_?1HWG_GI)_P!]&FT4`.WG_GI)_P!]&C>?^>DG_?1I
MM%`#MY_YZ2?]]&C>?^>DG_?1IM%`#MY_YZ2?]]&C>?[\C>V[K3:*`'&XV?>N
M9!_L-N84S.3]V,>Z+MS]:6B@`HHHH`0]*V/`/_(PG_=K'/2MCP#_`,C"?]V@
M#M-4_P"0=+_NFO,C]V;_`'S7INJ?\@Z7_=->9'[LW^^:`'R??-)2R??-)0`4
MC#OC.*6B@!JS&$9(VAN.*>(#&,>8Y]\TE%`"^6?[[?B:,_[<'_?JDHH`7/\`
MMP?]^J,_[<'_`'ZI**`%S_MP?]^J,_[<'_?JDHH`7/\`MP?]^J,_[<'_`'ZI
M**`%S_MP?]^J,_[<'_?JDHH`7/\`MP?]^J,_[<'_`'ZI**`%S_MP?]^J,_[<
M'_?JDHH`7/\`MP?]^J,_[<'_`'ZI**`%S_MP?]^J,_[<'_?JDHH`7/\`MP?]
M^J,_[<'_`'ZI**`%S_MP?]^J,_[<'_?JDHH`7/\`MP?]^J,_[<'_`'ZI**`%
MS_MP?]^J,_[<'_?JDHH`7/\`MP?]^J,_[</X1TE%`"Y/]]OSI)#N&/-<9]S1
M10`TPM"FT_,/6E7I2T4`%,F^]#3Z9-]Z&@#U#3O^/*/Z4Z^_X\IO]QOY4W3O
M^/*/Z4Z^_P"/*;_<;^5`'F5S_P`?LO\`OG^=-I;S_C\EY'WSW]Z;O'J*`%HI
M-X]11O'J*`%I"<4;QZBC>/44`&X4AEV=@WL:7>/44AE5?XA^=`"I<%&RN4SU
MP:555>CIR<G>FXYIOFJ?XA^=.?\`=@9XW=/>@!<_[<'_`'ZHS_MP?]^Z1_DQ
MWSZ=J56V_P`3K_NCK0`9']^W_P"_=&1_?M_^_=+YO_36?\A1YO\`TUG_`"%`
M"9']^W_[]TC/M_B@/TCIWF_]-9_R%'F_]-9_R%`#/,_ZX_\`?L?XT>9_UQ_[
M]C_&G^;_`--9_P`A1YO_`$UG_(4`,,N!UA_[]C_&D$X/\4'_`'P/\:D\S/\`
MRUF_$"C<5_B-`#4)=21Y1"]?W8X_6D5RZY'E8_ZYC_&G&0S?*V<&HS$"^U>%
M'?UH`<&)'_++_OW1YG_7+_OW0#Q21_=H`7S/^N7_`'[H#_\`7+_OW2T4`-$A
M(_Y9C_MF/\:<K9'WH1[&*BB@!<_[<'_?JC/^W!_WZI**`%S_`+<'_?JC/^W!
M_P!^J2B@!<_[<'_?JC/^W!_WZI**`$\D*/NQ_P#?-*)`.`%4GC(&***`(VB\
MEMBDY;DFGJ,#'IQ2T4`7_"G_`"%6_P!T_P!**/"G_(5;_=/]**`/(_\`@L'_
M`,F!>._^O&7_`-%25_)1#_Q\/_UVD_\`1AK^M?\`X+!_\F!>._\`KQE_]%25
M_)1#_P`?#_\`7:3_`-&&OO\`A#^&?(<1_&B21=WE/O16MY!(JD_>(((S]".*
M_0;X"?MU?#SX]_`+1OA_^T#\.?$NO1^'E2'1M:T^T<O#`D2*BC$T2M]U^N?O
MU^?:3-%(A+?*DBNJB(-R#GFOL3X;?\%KO$_PH^'VD>%Q\-_"=]9Z3"D*W,EC
M:>;-M0)DDVI;^$'[QZU[69).7M.J.#)KN=F>H^(?VV?@O^R'X8UM/@)\,O%0
M\7^(K9[9M:U*T=?+A;!/`GE3[\41^[V/X_G5>ZE<:UJ]W>W.3<W<K2S-C^(D
M]?2OUG_X)]?\%4[;]M35O&'PZU[X6>%+#5+K1YI=.O8K*V_<'S((Q]VV3O(Q
MY:ORS^)FF7?AWXBZ[IUU)&\MO>.'\J)53DY7!''0BN?)I.4I3>YKG#ML85-?
MK3J:_6O?/G!M(W;ZTM(W;ZU5/^(@.I^!W_)P'@C_`+#=G_Z.CK^RKX3?\DRT
M#_KPA_\`0!7\:OP._P"3@/!'_8;L_P#T='7]E7PF_P"29:!_UX0_^@"OSWC+
M_>#[OAW^$0_$+G28O]X?R:N7=<2_\!_I74_$'_D%0_[X_DU<Q)_K?P_I7R$M
MSZ$:1M<+]YL9P.:;(S1KDQ2_0+S3]H2/SAPZ''UKDOB[\??!O[/5I%J'C3Q+
M8:'%?`>2US(B#G_>84@.N$6Z4J"IVC)8'Y?SJ-'WH3M;C/:HM*U&UUO1[*\T
M^>._@O#NMYX&#1R]1U&1V-<]I?QU\(^*OB'>>&;/7+2Y\4:=L^U:=$ZE[?<J
MLNX`YY5E/([T`=.6PISP<`X/4YI2"!R"/J*K+J5I<:I+;Q7MK=WEL`9H8I59
MX=V<;@#D=#U]#5C<"?G8D'I@=*`%Y(X!/TI-WL:-ZJ<JQ"CJ".M)E'Y^;\J`
M%#4;LG[K?E1OB?NV1[4`;SC)4>XH`#D#H?RIR(9/;ZTW8%;`<L?85'<(_P#>
M*MVR.]`$F<%MWR(OWG;A1^-*OS]""O9AT/TKC?C7^T;X%_9W\-+JWC7Q+I_A
MNP<H@CNG0/<,"H)4,P)Y9>GK6C\,/BSH/QL\)Q>(_#5_'J>BWIWV\\:@*5*J
MPZ$]F'YT`="OS?\`UZ`">Q^M-5A(V5!QWIQ8;MQ)V=E`Z4`#@H.F?I33*!L[
MAQG(Z#ZTX,)&'E$@YZ$=:Y6W^-G@^\^*<O@I]<M(_%NSSQ8!UWA=S#IGU1^W
M:@#JWVQOM\R/.,@;OO'T'O32=LFP\-UVGK3SQ&CW'E`A?-`!&6P<8'O7*_$S
MXV^$O@1HK:GXS\2Z7X4MI02GVR:/S9`!SA793_\`K%`'3+*I&2RJ,XR3C)I5
M?>^!S[]C7D'PR_X*$?!+XS^(3IN@?$C0[J^!V);RM%%YC<YP2_?;7;?&'XW>
M$OV?/#8USQQKMEH6G.`8YWD7RW!X!#9`[T`=0'SNX(*]`>K_`$]:57!'4!AU
M4_>'X5B_#WQ_X<^*WA33_$7A758-9T;5$S;W$+APG)')!/H>M4_BW\9_"?P&
M\'IXA\9ZY8>']*CN%@:YNI402RL3L4;B.N".*`.F=E7'S*2?X0>106V]?E^M
M9W@WQMI7Q)\-6NN>';RWU73]64-;S0E2I7`.1C/8US&L?M.?#OPK\4(_`5[X
MQT>W\6S1"7^S)9XQ-MRXW8+;NL;CI_":`.\,)1E#80MTW<9J/>I*[7612<%T
M.54^YJMXBU"V\):3<75ZTGV2R!:2<Y^4`9KG?A/\<O"'Q[\.76K^"_$>F:U9
MV[,EZD$D9:`H63!4,2#\C>G2@#J]X#,&(0CD!N-X]O6D:3:,X8C:'R!Q@URW
MQ5^-WA#X&>'[75/%NNV7A^TO76*'[3(OFS$LBJ$1B"<EUZ?WJ?XL^.?@WP!X
M-M_$WB+Q-H_A?0-10"VN-2NH[<7"D!@5$C+U!'2@#J)!Y8/?#;>.](3M;H?7
M..*\GT']O7X'^+M8@L;'XF^$KZ]NODBAAU:W+2$G`P!)FO5-^V"'RA^Z<;Q,
MK>:&7KG]:`)0<T4`Y'7/OC&:*`"BBB@`HHHH`0]*V/`/_(PG_=K'/2MCP#_R
M,)_W:`.TU3_D'2_[IKS(_=F_WS7INJ?\@Z7_`'37F1^[-_OF@"1U));!VAL9
MQQ3-REB-Z''7!I9\F9HQNC1TW/(WW5_/BO%/$7_!27X">$M9NM)U+XE:):ZC
MIS>3=PAXBR%AD9^?(X-`'M9(68(2%R,@G@-]*%!\S:59.<#<,9^E>&VO_!3K
M]GW4I;>S3XFZ'/=7#B.VC$T6XG(`'^LSZ5[7IFI66L6%O>0/Y]M<1+-%<))N
M613TQCCWH`G4%I"H[=Z0MCL:?\IY!(![XIKE(&VY+8[@4`)N]C2J">V/K2><
MOHWY4<.?F<C\*`'*A8]*&7;3?-$8ZDCUQ2EU8]6_*@`ZKT)]J`">QI&Q'\RL
M2W]W%&0WS;B&],4`#-LZ@CZT`Y'0X]:`B_\`+1BWT%`7!X;Y?2@!:**0J&ZY
M_`4`)N_V6_*E&=N=C_E05`_Y:8^HH#B3E9&8=_EH`5!OSCJ.W>D=PB*2<;E#
M<]OK69XT\9:1\._#5SK?B"^CTO1K%0UQ=2$!8\D!<DD=20.O>D\#>.=*^)/A
M&QUW0;VWU'1=719H+A2"I5E##!R>Q'YT`:I7YV'7:<9'0TA/L3]*69V4["WW
M>,J*2'9'_'DT`."DTULK_"Q^@H)5V.2R^Y%(\Q@3*-N]L=:`%9L#A6<>JC(I
M6XQWSZ57U'5K#1KF.U?4K:&[;B"V>11)-]`3D\\=*F$(B?:6/R\@?7F@!<D=
MF_*E7#1NV0%09+$\?3ZT/\RX)('TH27RU1%*R3;B2.-HCQQGMG.>M`"RQM!&
MC2`Q^8,J&XS36=1GYU('\0/!]JYOXE?&'PE\#M#DU7Q5XEL/"]@9!Y4^HRH/
M..TG:JR,/[K'C^Z:S_@[^TC\/_C]!)+X)\5:5XCBMC_I,$4L:RJ23@A0Q/\`
M"U`';%"K*"#EQD#UH5&=RNTY'M7*?%;X[>"O@59Q'QIXIT?PY#>$M!)?W<<#
M$#!PH=AG&Y<_6N3T#]NCX'^.;V#3M,^)OAK4;Z7B&.'48=TO&?X9,]C0!ZJS
M[=O<MV'4?6@MA\=Z?<0R6DF/)1)5/S`2;POX]Z2>4(BM@.SG'!Z4`)1110`4
M444`%,F^]#3Z9-]Z&@#U#3O^/*/Z4Z^_X\IO]QOY4W3O^/*/Z4Z^_P"/*;_<
M;^5`'FUU)BZD_>3#YSP`..:C\W_IK/\`D*==_P#'U)_OG^=1T`.\W_IK/^0H
M\W_IK/\`D*;10`[S?^FL_P"0H\W_`*:S_D*;10`[S?\`IK/^0HW;O^6DA_W@
M*;10`OFLG<FFLJS#<V21T%+10`R-2/F]>,4^BB@`HHHH`****`"BBB@`HHHH
M`*4(2/N2GW!&*2D*YH`?Y9_YYS_FM'EG_GG/^:TS8*-@H`?Y9_YYS_FM'EG_
M`)YS_FM,V"C8*`'^6?\`GG/^:T>6?^><_P":TS8*-@H`5XCC[LR^Y(H"`=3)
M^G^%"C:>*#\U`!*IDC"Q]NI/6F,^_P"0\J.M/7Y>G>D5=BX'2@!)/N&G4V3[
MAIU`!1110`4444`7_"G_`"%6_P!T_P!**/"G_(5;_=/]**`/(O\`@L.2/^"?
MWCTCM82G_P`A25_)4@VW,O\`LR2,/KN)K^M7_@L.VW_@GYX^_P"O"7_T4]?R
M5`;KJ?\`WI?_`$(U]_PA_#/D.(_C18M-*OK_`/>VUK>301R1F0PPL^X;N1D#
MC/(K[Y^$?[5O[-'A/X7Z'IGB7X(:AJGB"VM8DGG-DC-)*$4.S$V;$Y(;OWKP
M7]D#_@HOXC_9&T!]!T?PIX3UV+5+J&-YM3MII9(F=R$P4F0=7]#TK[W_`&T_
M^"F<7['WP3\"6LGPP\%W'Q&\8:?!JEQ<-8RF.&*6/(Q_I"O]^.3UZUZ&-J-S
ME'S,<JIVBI'E,/\`P4V^#WP"TS6K[X2?`8V?B?5K)[0WUS8Q*=.1BK$J?LT;
M9#1QGY6[FOSDUG5;S7M8N]0O?,\_4)GF9F?<6)8]><\=.?2OU,_8"_X*GVG[
M8NO^(/AKXQ^&WA.'7KK299-/U:RLI%2-O,AC7>SSNW61CPO85^8GQ+TBY\/?
M$_Q'87JVJW-M>D$Q`X<'D;<]@",YHR?231EFJ;NS$IK]:=37ZU]"?.C:1NWU
MI:1NWUJJ?\1`=3\#O^3@/!'_`&&[/_T='7]E7PF_Y)EH'_7A#_Z`*_C5^!W_
M`"<!X(_[#=G_`.CHZ_LJ^$W_`"3+0/\`KPA_]`%?GO&7^\'W?#O\(A^(1QI,
M7^\/Y-7+NV9?^`_TKJ/B%_R"(O\`>'\FKEF_UI_W?Z5\A+<^A%MX3<ZBMN#F
M63:P4_=*CD^W2OR>_P""G'P\N_\`@K1_P4#E^#>C7NHVFE_#>R+W45E.T/VB
M>.:ZB8.Y*H0-J''/3K7Z;_M!?%JS^!?P!\4>+;]Q;1Z%I\SJ?XF=T*KC_@6/
M2OQ^_P""8=M^U8P\?_&GX<Z!H^IVWQ.URZN(I=32=V>WE,5P@'ERKQA\]3U-
M(#[?_P""!W[25Y\;OV3U\(>(+LCQA\/+_P"SW\;EF<@(K\$Y&/WZ]&->*_LM
M^(9_"/\`P6D_:!UR*S>^ETK04NDL]X"W+II5LZ@`\;B5P#VS7D7[#?B+XC_L
M!_\`!85[7XH:9H^B6/Q1B$`@LHY57[3)<6RJ<,Y_@MW]:]S_`&(U1_\`@NU\
M9!NF>9;"TDCW$;<G3;1E'TY%`'@?_!+_`/X*.?$#Q-_P5D^*6G:AX9\3WUCK
MFH&V-I=ZMYT&DHC7V&",2H!R.!C[@]J^Y_VR?^"L.D?LU?$A?`G@7PM=_%'Q
MVF9+JPLV-NEL`SJ5,DL?E9!C;^/T]J\!_P""8>I7#_\`!4']JJ6-HGFBP&?G
MY'_XFN`/QXKP/_@GKX6_:-\:_M4_'W5OA'<^#;6]3Q3J%M?RZTMV;E"MPI(0
MPL!C+#KGJ:`/T2_8@_X*@^&?VR/&MWX+UK2)_A]\1;*(W,FB7L;S?N@T:;A*
MD8A;YI5&`Y/Y&OGW7?\`@XWT*7QEJ7A/PG\+M7\4^)=)OOLEW;07`C$2;B#(
M6>$)TP<!B>:Y2S_94^.GB/\`X*+>"/B!\8/$7@;1->L8HX(K+1/MD<VHP_:`
M^'\X.#E@1PP^ZM;?_!O!\--(L/B5\</$IL8I-1O-61$DG4&12OGH!D=CM'Z4
M`>G_`!B_X+H^#O@+XVT3PYK7A#49?$WB/2(+^QTR+>9'FD@65HBRPLHV%P"6
M(![5!^RS_P`%O+#XM_'RV^&OQ*\":A\,=:UC<VE7-T_VB*Y4!V'^IC(!Q&_W
MF%>:>*/"-CXR_P"#A719]2B@NIM/TQI(H@,KG[#,?E![C:,\]JTO^#AFU&I?
M&_X#W6R2"^.K2D2K@.B?9;C`S^?YT`?0W[=7_!3SPY^Q%XKTKPA::'?>+/'V
MNH)K#28(Y!YL9+H,RF,Q+\Z`?,X^]Z<UYI^SW_P6O_X3'X]:?X#^*WPUU'X9
M:IKKI;Z2T]REXES/(R+&F8$91DR)]Y@!GDCFN3_;%_;FU#Q=^WZ_@+X!_#K2
M?$_Q:TO3#-?ZWJ%JSG3P)D4X:.9&&&D@/W3UKYE_;VT#]H&/]J?]GS4OC;K'
MA;S[KQ=IWDV.C_:EGC(O[8?/YQ9<8"]#WH`Y_P#X*]_M?:G\6_\`@I]X(\+>
M(/ASJ>K>&-$EG@BTF6ZBDM-6_=QCS#$RE#S&KC<OZU^B'P._;N\)?#OXL?#W
MX+Z-X$A\(OK^EQ7*Z?!''$ELWE2Y`$<:H,"#'X?2O$?VY;B1_P#@L1^SK"WE
MG.ERD,0>/^)?#UJ_^TK>Q6W_``<.?#::X!.-+:,HO?`U/G]:`/J/]OO]NO3O
M^"?@\(QZQIC:C_PEFI1:=')&V`K2+.PX"M_SQ-1_MG?\%#_"/[%7@/0[G4;6
M76/%WBV-6T;0(4<R7#L%VJ7$;(N6>,98J/G]C7S9_P`'%XM[%/@MI4\C^:WB
MNRECW?\`7&_']:^<_P!OM/B/XM_X+1^`+#P7=Z-%K=EI-B=*36!,T"3?9=+*
M%1$0WW]IH`^MOV??^"W6E^+OBMI'ACXK>`]5^%$^N3F+3KBY)O([@@$@9MXF
M"Y)C'S$??]C7GOA=3=_\'$MV(B94DT,S0L[;H74W-_@A?I7"_MW_`+*/[5GQ
MR\/^'(OC%XL^'^DZ+H^L6\\%S8?;TG_X^;=BH,F]>3'&.G>NA^"-F-*_X+>^
M&K`WAG-GX.MXGF)Y<B6_!YQ_2@#].[W4+71+:YNY5\RUTU2PWC<VT<]<5^4_
M[(7P:O/^"Q?[6WCWXA_$_4]8O_A]X*O(H-'T*2]::PG*H$<-`Y92"]LV?D'W
MSZU^J?B#2Y?$7AG5=/B*QM>V;VF3WW$'CWK\X/\`@WS\>6OA'QG\6OA'>_Z/
MXC\/ZI]ICBDZSB1KBX'3VF3L.M`'HW[97_!$KX?>/_AJM]\(-'M_`/C?2F6X
ML+C18X-.,S[XR1(T2QDC"L,%A]YO6O"_^"R?@#QI9?\`!(3P9X8^)UYYWC&%
MX+*YNHY-TC[(H,G>'?G>'_B[U^D?[3'QLTG]DSX.:SXZ\1K):VFCIYHCP,W+
MLP4JO/JPZD=:_-C_`(*]?M9V7[:/_!*OP_X_TS2I]*M=4U5)8+>95$DJLEO(
M",,PZ2>O8T`=Y_P;V^*]4^$UCXY_9]\2W=Q=ZQX)$DL#32LY$`^R@E3EE!W3
M]F]>*\5_X./?$FN_M3>/F^%WAN^N;+2O`&ES^(M5,<K+"S0VT-RF]<JK-M=\
M'DCFO7/CAJ8_8._X*6?##XE1#R_#OQ(TU-'U23_GI-+>>9VV_P`%IWSTKRLZ
M=-\9/V*_VH_C=>2"<^*;2XL=.D/\$<5E>6K@=>\`[]J`/NG_`()@^)K7X>_\
M$M_"&N7$B+_PC^@_:)9MA^?%LG7C)Z?K7Y3?$GX8>,?VB;'XA_MH:0=2DG\,
M>(KG3])47.P2V9DC:,$,P<KB^8@8`]J^EOC;^U7>?`3_`((2_#KPWH4\7_"2
M^/[*VTRT3YOFP;)'Z,/X9CZUF_`'X"_MB>!_V+])^%MCX,\+7'AG4;"%Y%N8
M;DSS,(XOFRLH7!$2?P]C0!^GGP'^+>C_`+1/P'\.^*-L-_H_BJQ:26-U\V+/
MF,NTH1UPIZCI7YI?%FVOO^"$O[=%W\0XTGG_`&>_B9-#%=V<9/V7290D,;L+
M>/<1EVN7.(>3DYYR>B_X-JOC/JWASPOXX_9U\7DV_B?P+>M=VN,X1%2V4+DD
M_P`5SG[HJM_P5,^*FJ_\%1OVCO\`ADOX<?9A:Z3+#-XIU68,(X1)%#(H5E).
M?+N'ZQGE?S`)OA'X9U+_`(+>?M@6_P`3-7>\M/@=X`E*Z3:.Y:SU9W5T1C;N
M0?E>&!OFBX)SQC(XS_@X,\0>&O$?[7/P5^&/B+66T[P'8V,<E_I]O%)Y;X2\
M4`1JI7K&G\)^[7<_\$>_C]K/[!OQKU/]D#XE2V8O-.N7F\,7R!RDT7[^0DDD
M'F.*+&(QU_+W_P"-GP+_`&:/VE_^"A>G:5XUM)==^)^CV>8("L+0E0]R#]Y"
MW4R]Z`/#/V3O@'^P-\6_C5!!X$B^Q^)='F66V2?3'MO.PR852]G&.6=>_8U^
ME5K:MIT5O:D+&T<+!84&$6-<8X'&2N/SK\Q/^"^/[,7@7]FKX8?#GXC^#=&L
MO"GQ`T_Q';6ED-/C$23IY%[*%?C<27C7HP^Z*_2#X6ZM=ZW\(_"NJ:A\VIWV
MFQF]?^X=H`]_NX]:`-T'/;'MZ44@QC@Y'8^M+0`4444`%%%%`"'I6QX!_P"1
MA/\`NUCGI6QX!_Y&$_[M`'::J<:;+_NFO,@=R3?[YKTS5O\`D&S?[IKS)/\`
M5S_[Y_I0!+,2+>[\W+0&W9@"<\Y';\Z_%3_@EU^SM\#/C9^U+\=)OBU%HMU<
MIJ<"P+?VL<NT>7(.-\;XX"U^U,98+>JI\MOL[."_0\@=J_%C_@EQ_P`$U?A_
M^W5^U#\=K[QB^M;K/4H2HT^2%=Y$4@Q^\C?^X*`/N71/V`?V+XM>TR&RTGP8
MVL/,QLS%I=MO#+@CYA!].XJU^VW_`,%8/`O_``3*^*WA+X=^(/#\]U!J.EQ2
MVD=HK889F4;0D3@?ZDTOPY_X(#?!SX6^--.\0Z3%XP%]ITQGA^TRVA`/_`8`
M?UKYN_X*M>#++Q9_P6@^`>G7\$4D5GH$2PI<C(8@:F.<>WI0!Z7\,O\`@O%!
M<_'#2O"?Q,^&NI>`M!U^X2VTW79IA-%([,`%,<4;.#@2GG'^K]Q7IO[97_!2
M7Q5^RUXYM='\._"?4?'UA<1++'J%K>0P*P=(W7AQG_EH1_P&O)?^#H6WMXOV
M0O"UXT$"2Z=XKMI8KA1\L>+/4.!W[YKV_P#:(_;QMOV'?V'O!UYM34?''B/2
M4M?#NG%2WVRY>/;%QN3_`):-$/O#[U`'SGH__!POJ3_&C2/`6I_!G4M/\3ZP
M'>*Q^W0RNB*A<L61"H^4$X)!XKZK_8C_`&^=&_;5\0^,M$M]*DTG7_`U_-87
M]FY)9C&44N#L"XW.1P3]VO,O^"7O[`?B&P\4W7[0OQ;BDO/B-XT!NH()FW)H
M]O,DN(U!7<N8[@K_`*QONC\?$_B=XO3_`()5?\%A)O%\_P#H7@?XO6DGVV23
MGRIFENY\\;1_RSC'.Z@#ZL\8?\%%=,\.?M::G\)--T7^V]3T'19-7U"XB;8E
MOLFBC*'<N,XF0\,>M?-__$1%I7C[P-=3_#KX8:KXRUC2IKA=2BAF%NEHD,DB
ML298E5N$)^4GI6=_P2E\`W7Q-^&?Q]_:,U>&>+6/']M<6UBQ(P8#%:DE>I^_
M;?WC]*V?^#;OP+I/AK]B7X@ZM::=%+J6H:CJ`OG"CS-HO-17D\=5H`LZ9_P<
M(>%/'?PQ%]X(\$:IXE\?6?[K5O#R!XCI[J0&!DDA6)L8E^ZQ_P!7[C/NW_!.
MW_@I1H7[?^C:M#%HMQX:\8^'9VBU+2+A6<QA1&#AMBIP[D<$_=KYD_X(+^#]
M*L_VROVE+^.QA%Y+X@N-DL2X*@W6HY7GN`<5U'_!._.G_P#!7;X_0Z?YL8/V
MEYCQG=]M?/\`(4`>A_M;_P#!831_@-\3G^'WPW\'WOQ5\;62>;J-I:M]E6Q3
MH=SS1B,G+0_=<_ZSV..E_83_`."GWAG]LOQ-J'A#5M*N_`GQ)TM-\^B7BO)O
M#992KK&(ON>6>'/W_K7YE_\`!+K0OVC_`!5^TU\;=9^$FI^$8=7FO3#JTNK"
M[-S;YALR5!B8#M$><U[QX4_9)^-FH_\`!4+PE\1?BOXK\.V7BN`1QRV>DM<J
M+R(?95Y$JL3^[CC_`(A]X_@`?JI?ZC#HFG7UW?G[+:Z9"\L\Q^8$*I)P!D]O
MUKX`\=?\%UM3D\4ZM'\-?A#JOCWPKHET]G=ZS%>Q0AIT.&18Y463[IC;(!'S
M]>#7WA\0UL=0\%>((]8D:#3WTYH9I&Z*KHRNW?L<U^7/PS_9._:D_8STG6->
M_9:USPIX_P#AUK=_+?VVFWYNY7W2!.T7D)_JEB[]J`/NWX#?\%`?A]^T)^S7
MJGQ1AGFTG1/#]O)<:K#+:SF2U"#<1_J@S?+@_*IZU\L^)_\`@O?K6L:5-KGP
M_P#@EK'B?P)I\C_:=<^T1V@FB0D2.L4T:2C9LD'W3G;D=1FA^S+_`,%-/A5X
MI_8'^*^J:YX"L/#TGA99K37M'M;5434Y_LZR[-IE;.8RHY8=*PO!'Q(_:W_:
M"_9EU34/`_A?P7\./A'-HNH26L-_!=QRPVZK*)6_=3NF2PD;I_$/>@#UC]J+
M]M3PI^W1_P`$;?'_`(Z\*">*!1!9WMG()%EL;F.ZB61271,X?(RHQ\O7%=S_
M`,$X?BMX>^`__!'+X9>*/%M]%::-9^'-/N9[MP2XW6\"A>`SL<D=`>M?`/[&
M$>H6G_!&C]HR#4+JVN]537Y/M4EGN\LG^TWRZ[N?FYZU6_X*#ZCJ=I_P;N_L
M\06)A^Q36-@)7GW%$/V&'Y9,=N!T[F@#ZG;_`(+Z7TFH0:[<?!C7+;X8R3JG
M]O"="73&6<Q"/SA@*_5/X?<5]&?'C_@I;\-O@/\`LUZ=\34N/[<M?$A^SZ)I
M\$4JRW=R2T:Q[O*.W]ZNWY@HYZXYKY?U_P"$'[;^J_!+4M$?4_A'%X-N-,EM
MIH/*U3RH86)W,HW\'KUSU/%>:>!/^">%OXF_8D\,?#ZZ^).GV?CS3->-_P"&
M;N.:01/=F^GF"@F$M@3/&.`#QU[T`>Y?#?\`X+J7C?$[2-(^*?P@UCP)X>\2
M;4TO6/M*7:2%ERNY+>-W'+1#Y@/O^QQ]]:'Y&J/"T$HG@EB$JOL*;P>A&>E?
MDK\9/VBOVD_V!QX>3]I3P7X;^('PHTZ>*QM]1LH+B6XC</'#'*3-.J9,C6[9
M"=CQTK]3OASXSL/B3\,O#'B.P-W'HVM:9!=VBR%<HKKN"<<<`B@#\EO^"I__
M``4$\>?!W_@K9X"T[2?#>O7]EH?DF*PM=1\F'5?W^[)7.TYR5^8=J^]/VHO^
M"G/A#]D[X*^'O$?B;3KJ3QCXQBVZ3X<A$C333#"!=R1NB_,T8RV!\WUKY_\`
MVZK2XE_X+7_`>-%C@N@UL8R^?D3[:>#CWK%_:D2TU[_@XG^'5MXI3=I5I:*^
MBQO@H+GR],.X`Y_Y:\T`=W\&/^"Z-A<_$?2]!^,/P^U+X76GB1A'I%[<L;R.
MX8J2`?L\;[<EHA\^W[_L:^[H8X[RV3RV3[).HF2XCX:0'MGKCC.*^,?^#B+1
M?#VI?\$^KJ7Q)^\U"SUVW;2K@X,ENXU*SPJ$C@'"#Z5[S^P/=ZEKO[%?PUFU
M)I6U&?2+4N9CEB_V="0?UH`\0_:=_P"";][^UI^V!;>/?B9XQN+GX/Z%;"6/
MPXS.UDLJR*=S0,S(?D,P_P!5T?KS@_+,FF^#_A__`,%D?`VF_LT7]P=,F,:^
M*M,TN1M/TR.)?L0!^S[8D8[#*3@-DEC_`!<_H;J'[0_P]^/OQ@\3_`NXO5D\
M51V3RZE8Q`!C;YBC;;G(SF>/KQS7Y\?MQ_LG:+_P2,_;"^$OC_X,7,VEW_CG
M7[72]9L;IE_TB.2YMHB`(DCZJS=6/WJ`'?\`!:CQM\/_`(H?\%//A=X,^(]]
M/'X%T6RN[G58(HY)/,=[-6`VK&_22)?X3_6O2?V,/@+^PM\7/BNC_#=1%XCT
M>5A';SZ:]MYRA<97S+2,9^8]^U>N3?!?]F_]I?\`;;L;WQ!8?;_BM;:3!=W%
MA,D309FMY">-A?D*_P#'VKY;_P"#@+X%^'/V/=:^$GQ#^&.AVGA;QT=7>U^S
M:?&(H[F#[/.06`^8\LW\8^Z/Q`/T]^+WQ.TKP!X%\07%YKVG6>J65C)/#`S8
M9G`X.,]/:OGO_@EQ^VY!^T_\"KS7O&6OZ3I^K)J%Q;)&,[=B75Q$IVY/)6-#
M^-87[;W_``2:\#?M1:9KWQ%UGQ3XPL-<32)2;2SNK=(&P<\!H&;L/XJ^._\`
M@CM_P1F\#_&[]GZ?Q!K'BGQII5W8ZS,\<0NK98V,-[=*FX?9V."(U)P>YZ4`
M?L7;RQW11XI!+;L@=)!TF4C(8?S_`!HYC;:W)8;U(Z!3T'UJEX4\/1^%/#6B
MZ'%(98=#L8[*WD)YF5(PFX\#LH/0=>E75X`5/FC0;6;T?N/Y4`+1110`4R;[
MT-/IDWWH:`/4-._X\H_I2W9W6<W^X?Y4FG?\>4?THN?^/.;_`'#_`"H`\VO.
M+N7_`'S_`#J.I+S_`(_)?]\_SJ.@`HHHH`****`"BBB@`HHHH`***3=M84`+
M103DT4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`-D^X:
M=39/N&G4`%%%%`!1110!?\*?\A5O]T_THH\*?\A5O]T_THH`\B_X+"?\H_\`
MQW_UX2_^BI*_DFC_`./A_P#KO)_Z&:_K9_X+!_\`*/\`\=_]>$O_`**DK^2:
M/_CX?_KO)_Z&:^_X1^!GR7$VZ+%N7C+2Q,D?V:2.1]Q^^V[*?D17Z'_L[_M7
M_"G]O/X/Z+\._C=X0\17VK^$(8[&RU;2+<R+Y$4:JH)\Z,=0_P##_$*_/&"#
M[=>V<&S*S74<,GS8#!W5<D]L9)K]-_C/^T[I?_!)7]G3X>>%OAYX,T/4/$_C
M+2+76;O6]06*54:6(!D!FBE4\P$\,/O]/7V,YJ7CRHX<F[L;X_\`VBO@A_P2
M[\$:POPE\!>+9/%7B.W:QAU75K1HXH0XW=?/=?O0H?N^M?FCK.K77B+6+O4+
MTJ][=RM+<.>"2QR,#I@#`K],OV,O^"CG_#QK6/$7PF^+O@#0M66\TR6[TW4]
M/MH8'LG\R&%2WD0(1CS9#RXZCVK\VOB%X:C\%?$36](27[:EC=,D,X^78IYV
MD9.>N,D]JQR=Z6-<YIK<R::_6G4U^M>^?,C:1NWUI:1NWUJJ?\1`=3\#O^3@
M/!'_`&&[/_T='7]E7PF_Y)EH'_7A#_Z`*_C5^!W_`"<!X(_[#=G_`.CHZ_LJ
M^$W_`"3+0/\`KPA_]`%?GO&7^\'W?#O\(A^(7_((B_WA_)JY9O\`6G_=_I74
M_$+_`)!$7^\/Y-7+-_K3_N_TKY"6Y]">)_M__LBS_MR?`1?AZNM#0[*6Y2YN
MILC$BI-%-MR0?^>9';[U>@?`+X4V7[/?P(\+^#-(=O[.\+6,-C%<,/\`7-'$
ML98=CD**ZQ5\UC;J?*6(>:&(R7)Y(]NGZU)&C"".61P8IP"!*HA2'W!/#>E(
M#YK_`."BW_!.[1_V]K/PGYVH'2M7\&:E%J-K<LVS<8TG4#/.>9SV[4W]G/\`
MX)^CX!_M<:Y\57UM;S6=:L[:UN$!&)DAMH8/0?PQ*.*^E)HV:V\OS+>]\LY=
MX'5L?BN:CCC>>Y"%3MR`<#(/_`J`/BC6/^"2-]H'[=EW\:O`?BM-`&MW/G:O
MIKL#]K)WY`W*YZRR=".M6_VI_P#@DM<>,?CV_P`4_A+XM'@+QY>QXU)68-:W
MFYY'9V\Q9,,6E/11]T5]FB<""*/;G][(,`^A'>E:4H&^4.W4-Z#^Z?IZT`?'
M_P"QM_P2HD^"WQQN/BI\3?%[>._B"UL8+5HW`M[*/S(I`R>6(PQ#1G[R'[YK
MO_V!OV%8/V%[_P`6BVU<75KXFO?M[Q*0Q5MTC]QG_EH>]?0>XVX^0`28WEL;
MAC^[Z4T0^7-D<LXR21]W\*`/G1/V";>]_;RB^-[ZL!(L#VXMLC=CR9(QQC_;
M]:=^W[^P3;?MS^)?`NLS:K]D_P"$-NFE\ECM+`Q2)V'_`$T_2OHA&5?G)4$$
M@`\<].E`8SED_=F9T"L4(VJ<Y.<<4`?$O[6W_!([5?&G[347Q@^#/CF;P3XZ
MNHA;7TC1QR)<)NWG(D24#YDAZ*/N_GR/B'_@A#>?%CX@^%?B!XX^(5QXA\?>
M$M3M]1&0B0GRI4D&-BKVBC_AK]"(902WRF*/_5.2<%R><^W%-!W*(BDA:$Y7
M:3R#SDL.OTH`^=/B]_P3TM/BY^UC\-?BA-JT(OOA_8/;*GF?>)M4A/&,?P=Z
MRO\`@HQ_P3&L/V\M6\.^+-*UB;PMX\\.?O;745Z#<'!!#;EZ2O\`P]Z^HFMH
MD528B,YSM<EOQ6GQQ&6,[IHE);8D8<;BHZ>]`'YN:K_P06USXLZGH?BKXK?%
M.[\3^*=!NDGMRJ1(AV[B.$1!U8_P]Z^A?V__`/@F9H'[;-AX/O/[2E\,_$#P
M:D<FCZLIP(Y(_+,>\'*_>CB/*'@?G]-LWE*-VRYM]XBV!\.K8SGUQC/YTH3:
MC(I^6?\`UA;YV..!@GE>/2@#\^?#'_!&'Q;\5_BCI&L_'7XG2>,-*\+O$]GI
M<'EQB8QXV-F..)CAHXFZ_P`/Y^\:!_P3PTOPU^WG;?&JTO$@MDTM;&.T+G<N
M'N&Z'VF'?M7T@6D@A4QS"01\"/R@S#MUZT1*D;C*-.TCERH)'EY'3%`!&\T(
M7<H\_.44U\=_MT_\$A/#W[3_`,4;/XC^"O$[_#GXBV!5_MB,#',RK&$R)-Z_
M\L4_@]:^PHG,HC<YEEZ-M['T]J%3R&,B>64?AHF4.P_$\T`?G':_\$.?&OQK
M\5:;)\>_C!_PF?A_2IUN+/38/)CWE2&R?*BB8Y*1'J?N_G]&?MQ?\$\-'_:[
M_9NTCX6:3./#NA:.L3V^[(RJ;0.3N/1!WKZ/0E)E/R>8^0`RCY!1LD$SHS$F
M)`A8KMX![>M`'SE_P4+_`."=.C?\%`_V9--^'-]=?8)=#G%^M^SE%9UCGC"@
MCVN">G:KM[_P3^T2#_@GG<_`2QN1;V!LI[=[O<<2^:)RW)SWG;\J]_8YPAVA
M&;<J,^SVP6J25Q*D6%VA`RE/J?6@#X;A_P""+=AK7C#X/SZQXC2ZTCX3Q.]K
M`'^\6AA7L!GF!>IK[IDU66ZO_.LS]GR28F<8W)V`'(J,E+>_0A<,4P06^4\4
MQH?/E!8Y,`WQ\;%!Z8]#Q0!\??'C_@ES-XW_`&KM4^+7@/Q*/#.LZSHLFGWD
M#;<R;IHY#PRO_P`\D].E=]_P3P_X)^^'O^"?_@?5+2RO&U7Q5KDKRZMJ).X%
MGDE=.<X&$D`^Z/NU]!/(S2I(#\\G!(7[H^G>C=Y%PXR&CNU(<;?08SGM0!\S
M?\%%/^":>A?MV7GAG6_M*^'/'OA.=9[76E=E!3="=N#E#N2(KRO\?%<A^V#_
M`,$E[7]J?2?"'B"/Q.WA?XJ>$[:.UM=6#`+.JJX)(8%3GS9?X._Y?8WV;9%Y
M3`R^4<AP<\'H/PI\TW3)6?\`N_+\R_AUH`^$OA-_P1T\2^+/C]I7CG]H+XBQ
M>.KG0'5M.LK8QK&75U=6;RXX>>91W^]^7W8H21I$`\J6)%C\M?NK$%`_]!`I
MOE[8I8Q^Z#H=RM^\)?L03RO':GX^4ICRA&-CM][SBPX!/8=LT`"@*H`Z=J6D
M`\MU1AY>1\N[A3CT/>A&WCHP^;:,C&3[4`+10"-[AB(U1=Q=SM3Z9/&:5EVR
M;<@\9X.10`E%)(WE*">`>,^E*"OE[O,BSNVA-XW'Z#K0`AZ5L>`?^1A/^[6-
M(VUB.>NW..,UL^`>/$)_W:`.TU3_`)!TO^Z:\R/W9O\`?->FZI_R#Y?]TUYD
M?NS?[YH`=<H))&B:/]W)&=SG("\U^:%Y_P`$#O%OAWXO>+?%'@[XR?\`")CQ
M?<QSR0QB%\!4V?\`+2)O?\Z_2^<#R9/,W.A;#8&-@QZT[ROLPV1E&0H<842?
M+WY[&@#\Y-+_`."-'QKL]6M9;G]I&]:WAF1_L_V:R'VD*0<#_1\]NQ[U[=\3
M/^"9Q^*/[2GPR^)>I^(6DU3X>:5%I;R284W11+A3@`8ZW!/:OJE)C`@RT=P0
MP\H%0NSGGGZ?RI61(1<DJTDC2F4-N..<#&.F:`/`_P#@I-^PY;?\%%OA39^%
M[C4/[.L;/4$OR7.W<5BGC[9[3'\J^<_VKO\`@AGJ7[1?QX\+>.=.\?R:+=^$
MK2&+28R$*QO%';KG#(0?G@!YSUK]"IH3]J2,R[H]GF-M7!'..U,D?)\UHG:5
M&"HFXJ%![_RH`^#O#G_!+KX\^'?$-E?ZA\?7FMH)A++`EO:8\I#G;_Q[C''%
M>6?\'`'BOX9?M-_!/P-\)-/U^T\2_$R&Z"6%MI]S'-=02HC;]\<;[A\J2?P'
M_#]1S;);LZ!683+F3?GC(Z#/7K7COA_]@CX.^$?C7-\2K+P8)O&CSR7(O[J[
MEG6*1]VXK$Y*#[[=!WH`U/@I^SG9_"?]D72OAG:K]EM1ILEH[Y/[LL[G)SSG
M!KE?^"?G[$D'["GP%U7P9#JG]J#7[Z69G)_U(DGN)#V'_/?]*]ZE0R,4W-(9
MD+9"_*K]`<_3M3&WE@7_`'C)QR/+V_XT`?.W[#W[`-I^Q;\7/B/XG@UC[>?'
M>HRWC1J03'OEN'QC`Z>?^E6?V>/V)(?@/^USXW^+`U43/XH5U^S`@M\TS2=,
M?[7KVKW^+,:S29+2QX/W.,&DCA5XHYO,A9SRRAP2G^\.WXT`?$_[1/\`P2&O
MM?\`CY??$SX,>-T\!>,M9E5==61D:*YCP"VT2)*,YC@Z*OW3^.A^Q1_P2@_X
M4?\`'B[^,'Q(\52_$#XDW85;:5V$<=FL8"#"Q"-3E8X>J'[OUS]CRH6MYTVD
M12\(J#=)$<=21RP_Q%27(-XH:1Q-Y:Y_=J$VX'J/IS0!3\1Z3;>+="U?2]0'
MVC2]2A:.\3.-GF@@X(P>"?4=*^`8_P#@CG\3/@KXFU>W^"WQ=B\->#==N'NI
M[.X,3F/>>QDAE/1(Q][M^?Z$@;MLA`88`"`X\SUS]*;L"32`_O%=BI4':(1U
MQQUH`^1OA+_P1X^'GPY_9)\4_#&]N)-7N?&\<G]IZV78%9'C\K@*P3[H!Z#I
M7F/@S_@CO\5=*\)+X#UOXR3R_"W;);I80PV^]8Y&8D%O)#?QO_'WK]"L>6_W
MA(V?,#;-H1NF-O0TP+YFYLF(E&RI.\%NWTH`^'_@9_P15TGX"_LR?$CX567B
M>6^TKQS<K=1W$A`\G%PTV"0.^0.]>T>$OV!/":?L):!\!?%JK?:!I&G6]DMT
MCM^[:)(U'.5_YY#\Z]Y0H0K-;_O<`,PE.#CVZ4@C01W1V\S'<JLV1DD4`?F\
MG_!%?XL1^`1\.U^-,;_"N9_)FL\P^<L+`AUW>3NZ,W_+3OUKW'XQ?\$?/AW\
M0/V6O#_PRT.^GT2Y\&LUWH^MF9LFZ,C3AOF9E.)F[@].G:OK/*^:YV`=E],?
M2DE0.$((W`\?+PGOCO0!^>4?_!&;XC?%9?#^E?%[XNQ^(?`_AF=7MM+B6$//
ML*%<E88V^]%$?O=OS_0+2?#^G>#/#>EZ/I\;VNDZ;:QVMK`.2%08&<DGICOV
MJXA)<C<`!\P8KNW'OQVIHW%6?</-EX?*Y"CKQ0!\I?\`!1W_`()FG]MCQ1X=
M\3:)XL'A3QQX;N8[BUO,KC">;@$,K#[SJ?N_PT[]J+_@F%9_M9?"KPD=?UV6
MP^*O@M#-8^*+?!621&#(","/_EG"/]7_``_G]6+C=OV`.>"3SQ3'MT_A##:P
M<$L3DCG&*`/SVTO_`((O>+OC1XPT34?C[\3;SQKX?\-S(^F:7;11*Q,>"K-Y
M<<3?>2$_>/W3^/Z#Z?;VNBZ)';P(]OI]I"MK;Q@?<*]CGVQWJ3+F4S1GR)7X
M?=^\!`]`>!WZ4[S?*;<B`QXR8&.=S=SN_P`]*`/DC]N__@E9:?M0_%O2/BAX
M3UYO!OQ2TH*BW"MF*Z`9G"L&##!81]$_@_/EOV?/^"/NH6GQUTSXG_&WQU'X
M_P#%/AV6.?2[>)E5+=T9&7B-(L_ZJ+J#T_/[?4L@^5]JMRRE=Q/L&/(^M"!1
MGY/PSR?QH`^1OV\O^"3^G_M:_$K2/B7X/U__`(0KXEZ('6WNV?$/ED*I#;@Z
M\1AQ]S^+\:Y/]GW_`()$:S_PO&S^(_QK\>#XA>(-,!BT5K788(1AL9\M(ATD
ME['[P_#[B=/EX')X`S_JQW^N:>J8A\K/R#E"!M\LT`)J<BWT4@FBCECGX,41
M+*/H>O\`^NJVD^&;'P[:D6$(L]YRR8QGK_C5A\K*IC^7U[TYUW29+E_3C&*`
M"BBB@`HHHH`*9-]Z&GTR;[T-`'J&G?\`'E']*=??\>4W^XW\J;IW_'E']*6^
M/^A3?[A_E0!YK<OFYF_WS_.HZ?<IF[F/HY_G3*`"BBB@`HHHH`****`"BBB@
M`I"NXCG%+2$=_0T`*1M-%!.310`4444`%%%%`!1110`4`9S[44W!WT`.HHHH
M`****`"BBB@`HHHH`****`&R?<-.ILGW#3J`"BBB@`HHHH`O^%/^0JW^Z?Z4
M4>%/^0JW^Z?Z44`>1?\`!8/_`)1_^._^O"7_`-%25_)-'_Q\/_UWD_\`0S7]
M;'_!84X_X)_^._\`KQE_]%25_)5%&/.<_P#3:3_T,U]_PC\#/D>)GJD.4LC!
ME9@RRIL5#@N^X;.?][%?H[HO[3?PP\6_LT^#_!7[6/@F30;O3;*'^P-=MH5G
MN;BU$2K'\\4,[C.V0X)'WCQSS^<`O/L=[!)'(JR0W4+CV(D!!;V^E?LIX[_9
MY^"O_!1C]C[X7OXX^-&E^%/%/AK1[2S>*&=XU14@7KNMY3NW.XZXX%>KFU10
M?O1?W,Y\IH3G%<A\]67[<_[+_P"QUX(UJ3X':7=:SXXUB%K);R]M9%>!&`;A
MI+6,CYXH_P"+O7Y]:E>W.HZ]J-U=?/<WTWGROG.">0/R/Z5^C^N?\$5_@-H>
M@ZM?VW[2-C?36\#3*B7C$R,,<#_0A7YS>(([>R\1:C96=S#/;6,WE)(N<W`_
MO=!T^@JLJK0FO=B_FF8YM3JPTDU]Y3IK]:=37ZU[1\^-I&[?6EI&[?6JI_Q$
M!U/P._Y.`\$?]ANS_P#1T=?V5?";_DF6@?\`7A#_`.@"OXU?@=_R<!X(_P"P
MW9_^CHZ_LJ^$W_),M`_Z\(?_`$`5^>\9?[P?=\._PB'XA?\`((B_WA_)JY9O
M]:?]W^E=3\0O^01%_O#^35RS?ZT_[O\`2OD);GT)F^.O'.G?#/P'K'B?5)%C
MT[1;8SW,I!.`H)`X!/;'`-?F-X"\4_M)?\%C?B+KWB7P)XOU#X>?"'2]2GTW
M3Y;2^D@:\6,[T8*L\;#,<L76/M^7V%_P5AM]1E_X)T?$;^S<N[VT9>*+^ZLJ
MEBWX9KBO^"$UWIVK?\$NO`+:2RI'$L4,R-]W[0+*UW]/8BD!\W?M#_#[]IS_
M`()16<7Q'T7Q]J_Q5^'5A*!K=KJ&H32RQQX:1V`FN"W"Q`<1M]^OT&^#?[6W
M@KXQ_LS>'_B>FM?V1X<U9&,KNLO^CR)(\3JPVAOO1.?N]OQI?VP_[,L?V3?B
M5)?0QVUA)H=P(GN!\C/@8Z=\`U^2W@*PU/4/^#;3Q'#+.Z/?:W>16TK'Y@#>
M:LHR?Q&/;%`'ZPZM^W#\$]`UBSTZ^^(FFP7=]\UGLLKD^<6`/++&0.HZD=:]
M'TW4H+W2X+RSFBO["]Y2>,\,,9!'?T_.OS9^$'_!(/X0:O\`\$I]-\0:YI,N
MH>,AX8BU./5G$+3VLOV=)?D8QY`SQSDX'6F_\$W?^"B.E_LC?\$N[7Q/\0YM
M4UZRTC6GTB!+,JT_EQVUH%+>8RC.7.<<>U`'Z9PPL\7EH_S1R@-N/48[FO+/
M%O[<?P?\!:^^EZ[\0;&PU>*18KF$6ES(%W8*C<D97[I'>O$?@3_P5>\%?\%&
MK/Q;X&^&VG:_HGBVYTB::UGO_*54DWQ1C!C=CUE7MV-?FC\'->^&O[,>@>+/
MA[^U9\(=8U#Q+?7<PD\8I!;/)`LCRM'*LDDF1LBFB_Y9G_5#@XY`/V4_:HOX
M/B)^R]J][X4\;Q>'Q>Q026FOPB51$I="/N%7&0<=1UKYV_:[_;*N/V`O^"6^
MC:K/XVMM>\=S6MJMKJ4D%P[:O(1`'<OECROF-\[_`*UYEXU\+>!?#G_!$_QG
M;_#?QQ?>,?#-W-!<6YNYEDDL4:[1EA.V*-1M!V\`_=ZUYA^V!\&?#_CC_@W9
M\&:YK-BE]J/A_2]-%G*5!:W!2S3Y<CCAV'XT`?I9^R1^T/H7[2/P$TKQ)8ZW
M#JTZH9-1F2.2&&!@3G<)`,\%>_>IC^V]\'[3Q?)HDWQ#TY=6,J1+%'9W.PL<
M84,(]N>1SFOS]_;OUJS_`."=O_!&'0;/X86$OA[_`(6#J*VVJS6H".ZR6UX&
MY4KS^XCZ@]*\%TWQ-^SK'^RK'H,7P@^(,GCB73I[JVUQ(]/^U&[(D>.0/N_A
M=UQ\N<**`/W)LG6ZCBFMI4N/[0"26TRG*RH>3]/E/?UKX5^*OQY\9:#_`,%Q
M_`'@2SU>X7P=>Z>S7FFB9Q'),!J&3LW;#_JX_P"$_=ZUTW_!$#XN>,/B)^R/
M)IGCG3-3TS4/#=\L>G/?8,\]H966'D,PW&.-=W0<\5Y7\:XX[C_@XE^&F5%O
M-+ICN<_?0E=3R?3VH`^C_AAX?UBP_P""A?BFYD\?S:KH\-DTD7A=IIBD#"6W
M^;:S^6.-PX7^/ZUZK\6?VE?AS\!75/&7C"QT.61ODB-O-,W/.#Y2MZBOA#X#
M:DFA_P#!?KXFW^#_`*-X;FE./NL1=Z?U[UQ__!+_`/9J\*_\%*_C;\8/BA\6
M+:/Q7'INIQV5GI5T!)96JJLD)8(RE@W^CJ>'ZD\=@`?IO\._BCX:^,6GIJW@
M_7+75K$*-[P*T38(ZD.%;U[=JY;XC?M?_"?X1Z^^F>)_'MGHU\&)"I;7$KYR
M00S1(WH>IKY1\5?L/M_P2_\`"GQ0^+OPY\0WW_".75A)]B\/&8>1:2,LT9PB
MQIA5,X*_.3\@SGO\"_L*?'/X+>+?A#KGB;XQ_#3QEXZ\9^+;U[JXOIX[.:&W
M+K%(5@WN'`#E\;L\-US0!^ZS^/="7P9)XDAUBUET$PF=[^U!5(\?WE'S=`3T
MKAO$7[;7P6\("#[=\1-/@^U?*DHM+E\MTP2L9[GO7Y:?L;?$GQ1HOP&_:;\&
MV6C>*-,^%TWAB^N=!EU5HC+#+MLT4?NVV9P93PM>G_\`!,?_`(),?"CXJ_\`
M!,W4_$7C;39/$6L7]KJ<J7-R(G>S9)[U4:,F/@@*IYSRHH`_3OP_XHTOQAX:
MBU?2M5L]0T6[B\XZDHPL:J-P.&PPS7G&H?MZ?!2S\31:/<_$>R35-YMW4V=V
M4RN<_-Y>WJ#WK\_/^";?@_QQX[_X)\?M!_#/P;=7EP^@:O/;Z29'^=(4O;@>
M6",#_5Q!>@%?-7PQ\??L_?#[X('X7?M$?"CQ!X6\<(R[O$\4%HMS(RB-2XD=
MW."\4G\'\1H`_6W_`(*.:;J?C#X`:/+X6^(#^")1J4=Q_:T,TL?VM!%<`QYC
M=6Y)!Y/_`"S^E>KW/Q2\)?"OPYX>L_%GBJ"QO[VUCV7$R2,+Q@%^;@'^\.I[
MU^;7_!7_`$70?"?_``1=^'6C^'/%EQXRTG3/$$,*:^\N]I?]%U%L%MB>O]P=
M*R?^"YG@$?$_4OV2?#;W4VGQZK=Z=;S/`P5I(GN+-7P2",X;N*`/T=T7]M/X
M0>(_&/\`PCEMX\TV[UXR>7':_9+A-W7HS1A.@/>NZ\5^)](\$:5+J&MZBEAI
M<+E6GE8E!TZ`9/<=!7Y??\%:?^":7PM_9B_8@T'QWX*M#HGCK0IM.D36(_+6
MYNGDN+1'\QEC!/#/TQ]\USW[:'Q8\2_M;:'^S%\(;[6KZQL/%.@6=[K,]I)L
MFNW-I.YP6W+]Z%3ROK0!^D?AK]MKX/>,+6[O-.^(FF-9Z>"9':SN4*XP?XD!
M[]J](T'6K?Q-HMM?Z3-!J&EZADPS[?O`$J2-V#USVK\O?^"W_P#P26^%?PG_
M`&$=6\3?#G3W\*WWADEKE+811B\C6"X<F3$>2V=@X(&%%?<'_!,WRXOV"/A.
MTH9V-M<8*_QXO)>M`'?>)_V@/`O@34KG3]8\46NF:C9KYDL#))NV<Y/"D'`!
M-9/PT_:V^%7QBGU!O"WCK2]432F*W)^S3VKQ$$`\RHI;J.F>M?FI^TC^R]I_
M[6/_``7PTS0]:N;V'0TL'EO+&U=52<"TF==P96!&4Y_&N4_X*2_\$[O!GP0_
MX*D_";PG\/Q=^%]`\:68DU.SL6CBCG;;?/DC9US$G7/W10!^J?PT_:Z^%7QL
M\23Z)X4\<V&L:Z#Y;6IM+B%@3M_BD15)RR\@]_K7:>+?%^E>`-$N-3U[4H-)
MT>!2US-/EMNT'D`9)X!Z`U^6'_!43]C3P/\`\$__`-I?X*>)/A9IC:#J=YKM
MII]T;8(C708W,A9MJKGF&,=>PXKJ?^"F7B75OVM?^"E'PF^!6H7E]IGA&2VM
M[[5EMW"&\!33W9&SO4@K/(#\O?K0!]Y_#[]KSX4?%O4ETWPWX\L=8NX78+!-
M:W$;$\\*944?PGIZ5UGCCQQH_P`,/#<^M^*=8AT73(VS)--N<6ZD@`J%R>2<
M?**_.[_@J_\`\$ROAQ^S;^R@/B3\+;=O#'BCX:75E*TUIY<9OEDNK>(^9B/)
M.T2="OWS7B_[17QLU;_@I+\;/V7O`/B"]N;3PMXS\/VM[K-K"VU[XFTNY?FW
M%U(WQH>1_#0!]!_\%E?^"A^BP?L9Z9J/P3^(IDU]O$L-M<+$MW:O)`;2[9AE
MA'D;Q%W/Z<?:_P`,/'MCH_[/OAS7O$FJ1:8ZZ6MS?7ET6=6(7=T&6)P#ZU^9
M/_!?/_@ES\,O@=^RAX5\5^`=,E\-WNE>);>&6VC$217$7V6]D)8*F2^Y4'W@
M,"L[_@LM^T+-877[-/PZO3J=]X0U.R2\\066FE1-<)'):?(=YV'='+(.1WZT
M`?IU\.OVO/A1\7]?_L?PSX\T_4K_`,TK-;RVMQ'N89.$,B*O\+=">U?*G[2G
MQX\9^'O^"Y7PE^'VGZK<:?X4U?2?M%UIPG?RYVVZCR55@A_U2=5/W17PE^U?
MXV^$^H_#OP_>_`_X3^-_#/C_`,-75L;2>&.RC6Y*RP!C*4?<241^A'+&O<[#
MQWKWQ1_X*W?LL>(O&%FUKXHU7PE;'4%<?O+:<VVHNZGYFY#,1U-`'ZU-FY:2
M4CRUW?ZKT.*UO`7_`",;?3^@K,OCF[G7<#.'W$^J8Y_'.*TO`)SXB;_=H`[7
M5?\`D'R_[IKS$_=F_P!\UZ;JK?\`$OD_W37F)/\`KO\`?-`$LKLENTD7[R03
M"(V[=)LC.>>/:N`^*O[5/PP^"&I_9/%OC2R\.W65`M4MYYBC$`C/E(P_B!_&
MND^)?C)_`7PV\2>(Q&9I-`TZ6YBC0?.67!!'('ZBOS0_X)-_L5^"_P!NW1?'
MGQ:^,=FWC+5->OWMK:QN@DL5DB27%MN`920=L,9^^?Z4`?I?X%^(7A_XI^'$
MUGPEJECKNDS#Y;A%,>UA]XD.`P_$5QWB[]M3X0?#_P`2?V)K?C_3;/5HF,4\
M"V=Q)Y4HR&^9$*]B.#7QE\=?V3+W_@DA^RG\:?'/@3Q3>OH.NFTATS1I9MT.
MDF>Z:)]JI''MP+E<?,?]6.N.;O\`P30_X)%_"/XH_L<^%_$OQ!TR7Q9XN^(-
MK%J]YK-\(I9H7FMXI&$3&,$#<&/S!OOGF@#[T?QWH%MX&'B"75XSX>0&5]60
ML5"#.<@`OC@GIVJ7PKXTTSQ]X<CU31M1CU/2KC<1>(&`PK%2?F`/!!_*OR(^
M"7BGQ/\`!']G']JOX#ZOJ=[X@T3P=X?OKBRFF??);*(;4=?E7.9WZ)WK[,_X
M(HC[)_P2>T?SI7Q+:ZL!O/[QS]MO0NWM^?M0!]+:%\;?!OB>UU"ZL/$L=Z/#
MLLD&HKLEQ;E24.<KS@JW3/2N8\1?MP_!GP5:6MSJOQ$TR*UU``Q.MG<R;L\_
MPQDCIWK\U_V"[=S^S[^V0#*6NFUB]%NP/[R(?;K[<">G3T]ZZ+_@BU_P2:^%
M/QL_8)A\1?$"P_X2C4]:5?)-X(Y%L1Y%M(/+S'D')8<D\&@#]$/C#^T7X6\!
M?LU^(O'=CXBAFTRSM9#:W"I(5>4(6`P!D'"MV[5\\_\`!(K_`(*$6O[7/[.6
MJ:]XBU^"ZUVQO9S=1/',1!:QW-RN[+`C_51H>#GV[5\H_P#!,GP59^*OV-/V
MC?ACXBN+GQ%X8\)&XFL8[IA)<0$6MOAQP$X\Z0?=_BK=_P""17[/7A+P3_P2
M'^*OBVQTJ"VUV^TS7;?S0@#`+)J4:<@>BKWH`_1"^_;-^$%GJUCI[_$73DO=
M5DD@LX5M;EC*ZXRA(3`VY'7`]*X+]E_0]9TO]IKXFSW?CK_A*K.\,C6VD^9*
M5TY3<9&T.Y48''`%?$7_``1'_P""4OPV^-7PBU+XF^.+6XU76K#6KU].\SRF
MCMF,D@)7,989^7/S=A7HW_!.34(/A_\`MV?M+W]O"D;:*DRQ\<$?;PO/YT`?
M<OQ1_:?^'?P%N$MO&?C.RT*YE_U2K;S32E>>&,2L>H/7'05T'@/XC^'/BIX:
M&K>&=9M=6TN4'RIK=6BR,E6WA@#]Y6Z@=*_"?]C7]J+X:_%GQOXV\;_'/P'X
MI^(&L7]R4A+):RVMK'LAX02.'!RK=S]XUZU^Q%K_`(QG_::^)?@SX*>&O%F@
M?#OQQX=NH]-_M-H1_9MV;3RT,?DMM7]_+*WW6/`]Z`/U%\4_MT?!CP+XDN=#
MU/QY96NM`K;R0_8[EQ;,I(/S+&5]1P>U>B^'O$&G>*-&M[[2;R'4=/N$#P7,
M72=2,AN><D$'GFOPT\!>.?A%^SE+XO\`A_\`M0?!_5V\1R7]Q%)XS2WMFDES
M)(%D$DDA;[VT\Q_Q]*_53_@F%X-\$^"?V1=%@^'OBRY\6^%3MN+26ZE$EQ:Q
M&"$+"2L:+\JA3@#^(\T`?0E%*`#(%[L-P]A[TAX-`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4R;[T-/IDWWH:`/4-._X\H_I1
M?_\`'I-_N'^5&G?\>4?TI;Y?]#F_W#_*@#S6Z^6[F]V/\ZCJ2X^6YGSSESCV
MYJ.@`HHHH`****`"BBB@`HHHH`*0C+#T[TM%`"L<L?K2444`%%%%`!1110`4
M444`%"'#'/0CBBA/G<CT%`!1110`4444`%%%%`!1110`4444`-D^X:=39/N&
MG4`%%%%`!1110!?\*?\`(5;_`'3_`$HH\*?\A5O]T_THH`\C_P""PPQ^P'XZ
M_P"O&7_T5)7\E$Y\M7(_Y[2?^AFOZU?^"Q;?\:_O'G_7A+_Z*DK^2B52\5U_
MOR_^A-7W_"'\,^3S^W.KGVY_P2R_9#^'/BWX6>+_`(Q_&**ZO_!W@[RVL[*+
M*"XE8S(06#Q_QK%_%_\`7]?7X'?LO?\`!6#X$^++_P"%7ANY\!?$[PYCR(YK
MN;RYH0\?S8:XE/(>3^#M4?[#'P3\4_M!?\$9/'7AOP;ILNHZP;^%Q#&G^L_T
MPMUQSPK5L?\`!$3_`()P?&OX%?&WQ+>^*O"%WHL&H:6(UWQG8YR3T*@5T5\1
M*6)E"I4LDS2G24</&5)ZV/RGAT"T@W0W%M+&\+;5\N1SCZY-:+^8?D=BX@P%
M(48`//)KZ3\:?\$E?VA++5M;OY/`&H06B@W,CM&P"J`HXRM?-^I6UQIFK7%M
M+!]F>-MD\;/E@Z\#@\U[^$E!1M"9X&-C5=W-D5-?K3J:_6NH\H;2-V^M+2-V
M^M53_B(#J?@=_P`G`>"/^PW9_P#HZ.O[*OA-_P`DRT#_`*\(?_0!7\:OP-_Y
M.`\$?]ANS_\`1R5_95\)O^29:!_UX0_^@"OSWC+_`'@^[X=_A$/Q"_Y!$7^\
M/Y-7+-_K3_N_TKJOB'_R"8O]X?R:N5;_`%I_W?Z5\@]SZ$S_`!5X7L?'OA35
M]#U:$RVVL6IM957.&1E*^HZ9K\R?"OP;_:3_`."/?Q)\0K\,?#D?Q,^#VMZE
M/=P:)##/--9N[;0,QP%N$2'K(>GY_J,#W[T[S&QC`D`.=C#()^E(#\MOCI8?
MM5?\%=VL_A_=^"!\)_A1-(L^L27L%S!.Z@-&R+YD##E)L_?'W*^A_P!OC]BY
MX_\`@E$/@Y\-M/GN;G3R3!$$=W=S]H8G`W-R\I/3O7V*MY(D9556)3U"`*#^
M5,1%.>_>@#P[X5?#S6]"_P""9FE>#+RQEB\46GA%--FM61@YE^R)&/E(W=0>
MU>4_\$=_V7M8^"7[&>K^%OB3H#"Y;5Y+FWM;F*2/*F*V4'Y@K?P-^5?91Y/Z
M5$S[CM[9H`Y'QK\%=*UGX=:[I?ABRL_#7B+4]/DM8+_)"HS$8SNW#J`>G:OS
MMTG]H#]J+X)>`-2^%7Q,^#'_``M2_7[1#9:W;V-V;>2.9I'7<\4,8X6:->`?
MN'\?U`9"YSFI/M.[EX(Y6Z;V4$C\<4`?E3\&O^"6_P`0?AU_P3J^,%M<:78Z
M?XM^*6I1:K:^'HI;AFLHQ>O<;=KQ^9]R7T/W:]:^)/[%7COXH_\`!#C2OA7;
MZ3!!XYM-'T^,V#>=O<QBTW?+L+_\LW_A_AK[Z+LTIE8*Q`P,]AZ4]+J0G>H"
ME1@$>GI0!^<\G[-_Q#_X*4_\$PKCP+XR\+GP;\1/`ET9='^V1SP17A2"4*_S
M)DC=<D<(1\IKG]%_;2_:[\%_!JV^%I^!T5SXYM[672X?$4.GW;V:"3<(GW^1
MMX5XOX/X#U[_`*9R9V*8?+B)'.T`&IC<>4G^KA,AZOL7=^>,T`>._L%?"_QU
M\*?V>=/L?B-J=GJ/C/4Y3J-_-&`B61<B0Q8$:<KEEY7/%>`?%/\`9H\8>(O^
M"T?@'XF6FD74O@W2-.,4]Z89,/(1?\Y"[,?O4_B[U]N$[B2>IZGUI4."/]D8
M'M0!\.?!']E_QEIG_!9'Q[X]U3398/`FNZ!+;0W+12*I8W-DWWBH7I&_\7:O
M+=`\`?'C_@D;^T5XXO\`P3X&/Q'^%OCN5+JSL].@N;FXLI4B&[S`D7RYEDF(
M_>'C\A^F^`?3IC\*4S[EVNJR(.@8`B@#\]/@!^R]\:?VW?&7Q`\:_&V"'PKX
M2\7Z<MCH_AO$L5S;;([A5=D>)&ZO`?OM]T_CY_\`LR^,_P!H_P#X)1:!J/PS
MF^$4OQ)\+6=]+)X<O;/3[F>3R-J0QAMD*C[D.>K?>ZU^I%S+)<A0N%"?=`Z+
M3C<.2OF+%,4X4NH8K],T`?`'PJ^#/[1GQ+_9#^..N_%@6-OKOQ`T.[@TCP];
M0,LMD[I"%)7R$?K&_P#>^^/P]N_X)S?"/7_@U_P3SMO!VNV,UCK:Z;JB^3)&
MZ-(TEQ=.HPP!Z2+V[U](R2M,Q,I5E(V[:/-7`'&`,`>E`'YQ_L3?L6_%SP%\
M"OCCIMHO_"*^)?$^NSZAHUU=1O&LJB\N)D`WQ$'<K`<*?O"N"\3?'G]I;Q?\
M$Y/A+XZ^`,GC#Q;#$EE_PD)T^]2W\N/:-^Z.)!RT;G[G\8_#]5V+;@590!T'
MI3EN&CF\S9"TAX+[!N/XXH`_);XR?\$FOB5\-/\`@D%X6^&NE+_;/BZ#6DO;
MVR@666.&,6UVA/$>_J\?51][Z5['_P`%(/V1/'WQB^)/[+NH>'M+FO+?P1J&
MG7>LMY4A%LL-S:.V=J''RQO]['2OT%D;;][YL\'/-&3C.,\8P>U`'R]_P6%^
M"?B3]HK]A-?"WA;3_P"T]9E>RD\N)7<H8[BVD;A%8]$;MVKY\_:I_8B\3^+O
MV3?@7=>'=8TCP]\;_`>EVD6G66H3&(:@5MC&\:J49F8*\QP(\_+^7Z1H#"V[
M@C^[BOGC_@H9^P;_`,-U>$M)?3O%&H^#/%/AB;S],O;4/C)!0@A98U^ZS]<]
M:`/SX_X+%_'S]JCX^_L/ZC:^,?`MG\/?#,-SY.KN8[E9;L_9[@D*)8`.4;LR
M_<K]+_\`@G'8/HO["OPBAE_=&*VFX;C.;N0CK7RKJ7_!(SXQ_M,>*M(LOCI\
M8CXD\":#(MW%I]GIT5H;J920!)Y%P&8%)9A\V[J..!7W_P"'=!M?"OAZQTNS
MC2*STZ)88(U7:$"C'`[>OUH`^*-/_9C\:VW_``6N'Q/?39T\)364EI+>&*3R
MTQ:W$:_-MV<EP/O=Z;_P49_9D\9?%[_@IK\&_&'AO2[B[\.>&+7R+NZ2*1U5
MA'?#[RJ5_P"6J=2.M?<CX8'H:9CD>W3VH`^+?^"U7[-_C']H[XA?">_\&:7_
M`&G#X<URUN;Z15D;RHT6[W?<5A_RT3KCK6%_P5"_8>\?^)?B=\,_C?\`""WM
M+GQEX`^SW%_ILK2M)?1Q?9G*!5CD/(M@O0?>K[R#D1D;0V3GD4D%U(KDXZC!
M]Q0!^6W[2WCK]I[_`(*M^#M*^%%Q\*[CX?>'5O+>?Q)JMY:7<,<_ES1385GA
M88W0.!]W[X_#LOV[O^"8'B7X?1_"+XA_!*SL-2\4?!JRBLOL,DLS?VC$L,L'
MRA4D)_UY;H/NU^C7VUH%8)$D8?[VQ0N[ZX%,BE$1W+PWIVH`_(C_`(*$^-_V
MM?\`@JE\&=)\,6WPCF\%Z1H^KQ:K?>=9WBO<%(9XBJ[H&SE;@=Q]VOH#_@H'
M^P_\1?B!X6^"_P`4_AS;07?C[X/6R/\`V1(CLUZBO#-(A18W;)-LH'R_Q=J^
M^(YW"%4$<:GJ%4`&EC:6V?<K@'H<=Z`/S5^(?[5O[7G[9NFZ%X#\.?"/_A75
MTT\(UW6[W3;B.)!$\;L59[=UY\N0<A?OC\.F\=?L<_$F#_@JM\$/&'D-K&A>
M#]#CM=7U**%S'+<B*_1W#+&$&3*AZKUZ5^@HNG!.Q8HF;JRJ`32(-F#_`!#N
M*`&7,D<O,:G(.TMZBM?P#_R,)_W:RG&V,XK5\`_\C"?]V@#L]6_X\)/H:\R/
M6;_?->G:I_R#I?\`=->9'[LW^^:`*^N:!!X@T;4].OEMFM=8LWM)%\P^88VQ
MDXX]*_,CX,VO[0__``1^\=^,O#_AKX<O\1?`.MWJ7&E-96]U.T$CAI3O*1#"
M^;.^3N/"_A7ZA7$09LX^;&,U(KL\1\Q(Y0.0'`;^=`'YQ_`7]A'XN_M=^"OB
MYKGQNG30(?B6$?0]"B5U^P&.2:5`^^)'',D/=ONG\>:^`7[17[6/_!/;X90?
M!N3X02>,X?#Y^P:%K-C:7DR>1$BQ(6*PJOW8F.<'[PK]/GE>X"_PA/N@=%^E
M/%^X?)ACD<='902/Q(H`_/#]AG_@E%XTM?V7_BQ-\4KJRA^)'QBLY[:>$22*
M8%DCACP5,:$<P*?N]Z\I_9&^)'[6G[$GP2U;]GR#X3SZS-(E[9Z/XD6RNS:6
MQN99Y$8R"$+\IN5SE3_JSU[_`*PR7$L\XDD)W#H<\BGF\)8%5C.WD.5!;/UZ
MT`?E]^P#^Q%\8_A1^RM\>-%\=Z98OXP\<7$MY&\'G?O9))[B4J`8D[R=E[U]
M6_\`!([X,>)?V?\`]AO1?"_B>U&G:K!&BWD4JNAAD%O`K##*"/F0CD5](,'D
MD+$IDG)X'-/%PP4C8,,<D8ZF@#\^_P#@F?\`L:^._`4/QXTSQ1IR:9_PF`F@
MT^>=98DG#PVBC!9!GE&Z9Z&N$_X)\?#WXX?!']F/XM?`7Q3\/)DBU#3=772]
M5-O=+'(UQ]LD3#&-0>;E1P#TK]/Q,R]%5><YP*1IG>4N=A<C!8J,G\:`/ES_
M`((\?`?Q%^SQ^QY+X:\76)L=7_M6^F6+:XWJSDJ?G53S]*XC]@K]F+Q5X(_;
MA^/>L^+=.EMO#'C1IUMY7C=%8&\$@Y*J.@'0FOMC/.>`?88I-H^;@?-][CK]
M:`/RW^"/AK]H#_@CAXV\3Z'HOPUD^*OPY\23^?I:V=C<7$]LY2-1NV1#C]U)
M_&?OC\/4/V<?AI^TU^U1X@\<^,O'K:?X`M-=TZ2TT#2O),3V$Y@:&-W\RW5A
M\Z*_);[W3M7WY]HD5`K^7,%^[O4-CZ9ILC22CJ`H.=J\#\J`/R_/[1?[2_P\
M\$ZS\)?'_P`$3\3M0ADN['3]:AL;LPRV[$I%(7BB0?=56S@U[C_P12_8,\2?
ML0_`G7)_%@AL=:\8ZI+JRZ1&\A%BDL5OB/$BJXVF-AR.U?:'VG?+EH(FD`P)
M"@+?GC-$K%W!8Y('!]*`&Q1['([/$8V/]TDYH`VC%&:*`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`IDWWH:?3)OO0T`>H:=_QY
M1_2G7W_'E-_N-_*FZ=_QY1_2G7W_`!Y3?[C?RH`\TN_^/J3_`'S_`#J.I+O_
M`(^I/]\_SJ.@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@!LGW#3J;)]PTZ@`HHHH`****`+_A
M3_D*M_NG^E%'A3_D*M_NG^E%`'D/_!8=3)^P!XZ4?>:RE`'_`&RDK^2^&+S4
MO`.TD@Z_[35_7!_P5C\*ZKXQ_89\:Z=HVFW6JZA<6<BQ06^W=DQ.,\D<9Q^=
M?RWG]@7XX1A]WPM\1EC-(P8+%AOG)'\=?:<,8RG17+,^:SW"RJ>]$D^!O[=/
MQ>_9?\+W&D^`/&>MZ!87Q5I8+34+BW4,I)SB.11R6;M7>3_\%A/VG'>/R?BO
MXIA*QA&D.L7Q)Q])\UP+_L&?'EF^?X6^(<XXPL73M_'3E_8*^.V/^26>(ORB
M_P#BZ^@Q,,NJR<IK5GD4*>.@ERI6_KS.VU#_`(*]_M*:K926EU\3O$EW;741
MAG6?5KV3<IZYS/S7SU?:A-JU[/=7;^?=W#[Y)CU<GW/->F_\,'?'7_HEGB+\
MHO\`XNC_`(8.^.O_`$2SQ%^47_Q=7AZF!H*U-$5\-C*WQ)'EE-=<FO5?^&#O
MCK_T2SQ%^47_`,71_P`,'?'7_HEGB+\HO_BZZ_[1H=SD_LG$]CRG8:)(RB@G
MUKU;_A@[XZ_]$L\1?E%_\722?L)?'1HA_P`6L\1=?[L7_P`<K2GF&'OS7U1,
MLLQ$6KHY'X&'/Q^\$GL-:M#_`.1DK^R?X33K_P`*M\/MGY?L$)SC_8%?R6_!
M']A;XVZ9\;?!US<_#76K.W@U>UDDFG5-B*)4)SA\U_6C\*;.:W^'NA)(ODS)
MI\*O$?X2%&:^"XEKPQ%7G1]=DM*=*/*QOQ&8)ID:GJ&&?R-<J[8D!_O#`]ZZ
MSXA(+G25(7YFY/ZUR<4^RT&4.5KY8]X<%P*,'L<>],\P-SCKS1O'I0!)@]SF
ME3Y146\>E&\>E`$VZF%/FSFF;QZ4;QZ4`.()XZ?C3T8HN.#46\>E&\>E`#PI
MW'GANOM004.`<CZTS>/2C>/2@!WE!6/?\:%Y/*_3FF[QZ4;QZ4`/Q1BF;QZ4
M;QZ4`/Q2[<CK4>\>E&\>E`#\%>AXH`V?PY_&F;QZ4;QZ4`/$8//2E\L>U1[Q
MZ4;QZ4`/,8S_`/7I5PO\/ZU'O'I1O'I0!*`'^]Q2-GH/SS4>\>E&\>E`#Q'M
MYWY]J.6W<D';A.?E4YZXIF\>E&\>E`#R@,C.<@[,*L9V@-ZT`?YS3-X]*-X]
M*`'XHQ3-X]*-X]*`'C/K2D8Z&H]X]*-X]*`)&)('>CC;]T9^M1[QZ4;QZ4`/
M"Y[8_&@QCZ_C3-X]*-X]*`'GYOX<?B*>N%&*AWCTHWCTH`ED/R&M7P#QX@/^
M[6,'4'D<=ZU_`##_`(21L9QMX_2@#MM4_P"0=+_NFO,L;DF_WS7I>IR,MG*,
M9RIQ7F%QF`S;P?OF@"P[DR$=O6F%#GB0_3UI69">](67T-`"["W\>/;-&#_>
MQ[YZTS>/2C>/2@"0Y/4YHP`N-OZU'O'I1O'I0`XQ@_\`ZZ?C_:J+>/2C>/2@
M"1ER.N?QI-@_R:9O'I1O'I0`_;C_`/71BF;QZ4;QZ4`/`$?09_&E6,$YSM_&
MH]X]*-X]*`)')[?G350@=<TW>/2C>/2@!^*,4S>/2C>/2@!^*,4S>/2C>/2@
M!^*,4S>/2C>/2@!^*,4S>/2C>/2@!^*,4S>/2C>/2@!^*,4S>/2C>/2@!^*,
M4S>/2C>/2@!^*,4S>/2C>/2@!^*,4S>/2C>/2@!^*,4S>/2C>/2@!^*,4S>/
M2C>/2@!^*9<':T-!8$=*;$1'-&N"<4`>HZ>X%G']*=?G%C+_`+A_E3-+D\RR
MC-.N1LM)B?[IQ^5`'FUW_P`?4G^^?YU'4EZ<WDO^^?YU'0`4444`%%%%`!11
M10`4444`%%%%`!11D>HHR/44`%%&1ZBC(]10`449'J*,CU%`!11D>HHR/44`
M%%&1ZBB@`HHHH`****`"BBB@`HHHH`****`&R?<-.Q39/N&DWCTH`?BC%,WC
MTHWCTH`?BAOE&:9O'I2I/Y;9VY6@#1\*?\A1C_LG^E%)X8N//U=OE*C8?Z44
M`>AW%NEU"T<BAD88(/>J#6$"R2IY,6U5X&P<<444X;DS^$>NG6Y0?N(NG]P5
M(NFV^/\`41?]\"BBKNRZ?PH3^R[;_GA%_P!\BC^R[;_GA%_WR***=V6']EVW
M_/"+_OD4?V7;?\\(O^^1111=@']EVW_/"+_OD4Q=*MO+'[B'K_<%%%--F<Q9
M-,MVD7]Q%QDCY!VJRD2G#X^;&,T45#W$B&"W2\MT,B[N.])_8EJ2?W(_,T45
M`P_L&T_YXC\S1_8-I_SQ'YFBB@`_L&T_YXC\S1_8-I_SQ'YFBB@`_L&T_P">
M(_,T?V#:?\\1^9HHH`/[!M/^>(_,T?V#:?\`/$?F:**`#^P;3_GB/S-']@VG
M_/$?F:**`#^P;3_GB/S-']@VG_/$?F:**`#^P;3_`)XC\S1_8-I_SQ'YFBB@
M`_L&T_YXC\S1_8-I_P`\1^9HHH`/[!M/^>(_,T?V#:?\\1^9HHH`/[!M/^>(
M_,T?V#:?\\1^9HHH`/[!M/\`GB/S-']@VG_/$?F:**`#^P;3_GB/S-']@VG_
M`#Q'YFBB@`_L&T_YXC\S1_8-I_SQ'YFBB@`_L&T_YXC\S1_8-I_SQ'YFBB@`
M_L&T_P">(_,T?V#:?\\1^9HHH`/[!M/^>(_,T?V#:?\`/$?F:**`#^P;3_GB
M/S-']@VG_/$?F:**`#^P;3_GB/S-']@VG_/$?F:**`#^P;3_`)XC\S1_8-I_
MSQ'YFBB@`.@6A'^I'YFEBTR"TN`T<85L=<T44`3PCS(SGGDU3.B6LT;[H0?F
M/<T44`2?V#:?\\1^9H_L&T_YXC\S110`?V#:?\\1^9H_L&T_YXC\S110`?V#
M:?\`/$?F:/[!M/\`GB/S-%%`!_8-I_SQ'YFC^P;3_GB/S-%%`!_8-I_SQ'YF
MC^P;3_GB/S-%%`!_8-I_SQ'YFC^P;3_GB/S-%%`!_8-I_P`\1^9H_L&T_P">
M(_,T44`']@VG_/$?F:/[!M/^>(_,T44`']@VG_/$?F:/[!M/^>(_,T44`']@
MVG_/$?F:/[!M/^>(_,T44`']@VG_`#Q'YFC^P;3_`)XC\S110`?V#:?\\1^9
MH_L&T_YXC\S110`?V#:?\\1^9H_L&T_YXC\S110`?V#:?\\1^9H_L&T_YXC\
MS110`?V#:?\`/$?F:/[!M/\`GB/S-%%`!_8-I_SQ'YFC^P;3_GB/S-%%`!_8
M-I_SQ'YFC^P;3_GB/S-%%`!_8-I_SQ'YFC^P;3_GB/S-%%`!_8-I_P`\1^9H
M_L&T_P">(_,T44`']@VG_/$?F:5="M%;/DC/U-%%`$[((P@'`W4\C=QZBBB@
M#S;6QMUJ[`Z"=Q_X\:JT44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`-D^X:]*_L&T_YXC\S
M110`?V#:?\\1^9H_L&T_YXC\S110`?V#:?\`/$?F:271+41_ZD=?4T44`.32
-+>W?*1`?B:***`/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>image6.jpg
<TEXT>
begin 644 image6.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`$E`24#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#J#"I"G/51
M_*CR%]::9",#_9'\J3S30`_R%]:/(7UIGFFCS30`_P`A?6CR%]:9YIH\TT`/
M\A?6CR%]:9YIH\TT`/\`(7UH\A?6F>::/--`#_(7UH\A?6F>::/--`#_`"%]
M:/(7UIGFFCS30`_R%]:/(7UIGFFCS30`_P`A?6CR%]:9YIH\TT`/\A?6CR%]
M:9YIH\TT`/\`(7UH\A?6F>::/--`#_(7UH\A?6F>::/--`#_`"%]:/(7UIGF
MFCS30`_R%]:/(7UIGFFCS30`_P`A?6CR%]:9YIH\TT`/\A?6CR%]:9YIH\TT
M`/\`(7UH\A?6F>::/--`#_(7UH\A?6F>::/--`%FW@7YN?2BF6\I^;\**`*S
M=?P'\J;3FZ_@/Y4V@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`)K?^+\**+?\`
MB_"B@"-NOX#^5-IS=?P'\J;0`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$UO\`
MQ?A11;_Q?A10!&W7\!_*FTYNOX#^5-H`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@":W_B_"BBW_B_"B@"-NOX#^5-IS=?P'\J;0`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`$UO_`!?A11;_`,7X44`1MU_`?RIM.;K^`_E3:`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`FM_XOPHHM_XOPHH`C;K^`_E3:<W7\!_*FT`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110!-;_Q?A11;_P`7X44`1MU_`?RIM.;K^`_E3:`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`FM_P"+\**+?^+\**`(VZ_@/Y4VG-U_
M`?RIM`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`36_\7X446_\7X44`1MU_`?R
MIM.;K^`_E3:`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`FM_XOPHHM_P"+\**`
M(VZ_@/Y4VG-U_`?RIM`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`36_P#%^%%%
MO_%^%%`$;=?P'\J;3FZ_@/Y4V@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`)K?
M^+\**+?^+\**`(VZ_@/Y4VG-U_`?RIM`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`36_\`%^%%%O\`Q?A10!&W7\!_*FTYNOX#^5-H`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@":W_B_"BBW_B_"B@"-NOX#^5-IS=?P'\J;0`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`$UO_%^%%%O_`!?A10!&W7\!_*FTYNOX#^5-H`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@":W_`(OPHHM_XOPHH`C;K^`_E3:>RG(^@_E3
M=IH`2BEVFC::`$HI=IHVF@!**7::-IH`2BEVFC::`$HI=IHVF@!**7::-IH`
M2BEVFC::`$HI=IHVF@!**7::-IH`2BEVFC::`$HI=IHVF@!**7::-IH`2BEV
MFC::`$HI=IHVF@!**7::-IH`2BEVFC::`$HI=IHVF@"6W_B_"BG6ZGYOPHH`
M?\N%_P!T?RI,)5=NO?H/Y4WGWH`M82C"55Y]Z.?>@"UA*,)57GWHY]Z`+6$H
MPE5>?>CGWH`M82C"55Y]Z.?>@"UA*,)57GWHY]Z`+6$HPE5>?>CGWH`M82C"
M55Y]Z.?>@"UA*,)57GWHY]Z`+6$HPE5>?>CGWH`M82C"55Y]Z.?>@"UA*,)5
M7GWHY]Z`+6$HPE5>?>CGWH`M82C"55Y]Z.?>@"UA*,)57GWHY]Z`+6$HPE5>
M?>CGWH`M82C"55Y]Z.?>@"UA*,)57GWHY]Z`-*W"?-^%%4[?/S=>U%`$;#)Z
M]A_*F[?>BB@`V^]&WWHHH`-OO1M]Z**`#;[T;?>BB@`V^]&WWHHH`-OO1M]Z
M**`#;[T;?>BB@`V^]&WWHHH`-OO1M]Z**`#;[T;?>BB@`V^]&WWHHH`-OO1M
M]Z**`#;[T;?>BB@`V^]&WWHHH`-OO1M]Z**`#;[T;?>BB@`V^]&WWHHH`-OO
01M]Z**`)H?EW=Z***`/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
