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<SEC-DOCUMENT>0001116502-09-001205.txt : 20090810
<SEC-HEADER>0001116502-09-001205.hdr.sgml : 20090810
<ACCEPTANCE-DATETIME>20090810091419
ACCESSION NUMBER:		0001116502-09-001205
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090810
DATE AS OF CHANGE:		20090810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISSUER DIRECT CORP
		CENTRAL INDEX KEY:			0000843006
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				261331503
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10185
		FILM NUMBER:		09997634

	BUSINESS ADDRESS:	
		STREET 1:		201 SHANNON OAKS CIRCLE
		STREET 2:		SUITE 105
		CITY:			CARY
		STATE:			NC
		ZIP:			27511
		BUSINESS PHONE:		9194611600

	MAIL ADDRESS:	
		STREET 1:		201 SHANNON OAKS CIRCLE
		STREET 2:		SUITE 105
		CITY:			CARY
		STATE:			NC
		ZIP:			27511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INC
		DATE OF NAME CHANGE:	20071002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INCORPORATED
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>United States Securities and Exchange Commission Edgar Filing</TITLE>
<META NAME="author" CONTENT="Brian">
<META NAME="date" CONTENT="08/06/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=right><BR></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:4px solid #000000" align=right>&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:1.333px solid #000000" align=right>&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>______________</SUP></B></P>
<P style="line-height:18pt; margin-top:21.333px; margin-bottom:0px; font-size:16pt" align=center><B>FORM 8-K</B></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>______________</SUP></B></P>
<P style="line-height:16pt; margin-top:24.867px; margin-bottom:0px; font-size:14pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>Date of Report (Date of earliest event reported): August 10, 2009</B></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>______________</SUP></B></P>
<P style="line-height:20pt; margin-top:14.2px; margin-bottom:0px; font-family:Times New Roman Bold; font-size:18pt" align=center><B>Issuer Direct Corporation</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>______________</SUP></B></P>
<P style="margin:3.533px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=208.133></TD><TD width=207.933></TD><TD width=207.933></TD></TR>
<TR><TD valign=top width=208.133><P style="margin:0px" align=center><B>Delaware</B></P>
</TD><TD valign=top width=207.933><P style="margin:0px" align=center><B>1-10185</B></P>
</TD><TD valign=top width=207.933><P style="margin:0px" align=center><B>74-2418590</B></P>
</TD></TR>
<TR><TD valign=top width=208.133><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(State or other jurisdiction</I></P>
</TD><TD valign=top width=207.933><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(Commission</I></P>
</TD><TD valign=top width=207.933><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(I.R.S. Employer</I></P>
</TD></TR>
<TR><TD valign=top width=208.133><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>of incorporation)</I></P>
</TD><TD valign=top width=207.933><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>File Number)</I></P>
</TD><TD valign=top width=207.933><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>Identification No.)</I></P>
</TD></TR>
</TABLE>
<P style="margin-top:13.333px; margin-bottom:0px" align=center><B>201 Shannon Oaks Circle Suite 105, Cary North Carolina 27511</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(Address of principal executive offices) (Zip Code)</I></P>
<P style="line-height:normal; margin-top:10.667px; margin-bottom:0px; font-size:8pt" align=center>Registrant&#146;s telephone number, including area code <FONT style="font-size:10pt"><B>(919) 481-4000</B></FONT></P>
<P style="margin-top:17.8px; margin-bottom:0px" align=center><B>N/A</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(Former name or former address, if changed since last report)</I></P>
<P style="margin-top:8.867px; margin-bottom:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:1.333px solid #000000">&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:4px solid #000000">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:normal; margin-top:0px; margin-bottom:8.867px; page-break-before:always"><B>Item</B>&nbsp;<B>2.02</B><FONT style="font-size:12pt"><B> &#151; </FONT>Results of Operations and Financial Condition.</B></P>
<P style="margin:0px; text-indent:48px">On August 10, 2009, Issuer Direct Corporation issued a press release announcing, &nbsp;results for the second quarter ended June 30, 2009. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in Item&nbsp;2.02 of this report, including the press release attached as Exhibit 99.1, is furnished and shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, such information shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Item 9.01 &#151; Financial Statements and Exhibits </B></P>
<P style="margin-top:0px; margin-bottom:8.867px">&nbsp;(d) Exhibits:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=73.333></TD><TD width=13.333></TD><TD width=599.733></TD></TR>
<TR><TD valign=top width=73.333><P style="margin:0px" align=center><A HREF="isdr991.htm"><U>99.1</U></A></P>
</TD><TD valign=top width=13.333><P>&nbsp;</P></TD><TD valign=top width=599.733><P style="margin:0px">Issuer Direct Announces Second Quarter Results.</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="line-height:17pt; margin:0px; padding-right:-48px"><B>&nbsp;</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin-top:8.867px; margin-bottom:0px; text-indent:48px">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>
<P style="margin-top:9.8px; margin-bottom:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=333.733></TD><TD width=29.933></TD><TD width=260.333></TD></TR>
<TR><TD valign=top width=333.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=290.267 colspan=2><P style="margin:0px"><B>Issuer Direct Corporation</B></P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P style="margin:0px">By: </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=260.333><P style="line-height:normal; margin:0px">/s/ B<FONT style="font-size:6pt">RIAN</FONT> R. B<FONT style="font-size:6pt">ALBIRNIE</FONT></P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333 rowspan=2><P style="margin:0px">Brian R. Balbirnie</P>
<P style="margin:0px">Chief Executive Officer </P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:8.867px; margin-bottom:0px">Date: August 10, 2009</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>isdr991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
<META NAME="author" CONTENT="tech 222">
<META NAME="date" CONTENT="08/06/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=right><B>Exhibit 99.1</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=312></TD><TD width=312></TD></TR>
<TR><TD valign=top width=312><P style="margin:0px; padding-right:-48px"><B>For Immediate Release</B></P>
</TD><TD valign=top width=312><P style="margin:0px" align=right><B>Contact: Brian Balbirnie</B></P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0px; padding-right:-48px"><B>August 6, 2009</B></P>
</TD><TD valign=top width=312><P style="margin:0px" align=right><B>(919) 481-4000</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17pt; margin:0px" align=center><B>ISSUER DIRECT ANNOUNCES SECOND QUARTER RESULTS <A NAME="_DV_M7"></A></B></P>
<A NAME="_DV_M10"></A><P style="margin-top:0px; margin-bottom:8.867px">CARY, NC, August 6, 2009 (GLOBE NEWSWIRE) - Issuer Direct Corporation (OTCBB: ISDR), a market innovator of issuer focuses services to public companies today announced financial results for its second fiscal quarter ended June 30, 2009. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px">Net income for the quarter ended June 30, 2009 was $268,852, or $0.02 per share on revenues of $765,808, as compared to a net loss of $332,826, or $(0.02) per share on revenues of $450,799 for the comparable period in 2008.</P>
<P style="line-height:normal; margin-top:0px; margin-bottom:8.867px">Revenue for the six month period ended June 30, 2009 totaled $1,238,341, a 42% increase over the comparable period in 2008. Net income totaled $<FONT style="font-size:9pt">360,194</FONT>, or $0.02 per share, in the six months ended June 30, 2009, as compared to a net loss of $<FONT style="font-size:9pt">721,365</FONT>, or $(0.04) per share, in the comparable period in 2008. </P>
<P style="margin-top:0px; margin-bottom:8.867px">&#147;We had a very strong second quarter in terms of both financial results and client segment advancement,&#148; said Brian R. Balbirnie, Chairman and Chief Executive Officer of issuer Direct Corporations. &#147;Our second quarter results were exactly what we anticipated due to the success of our print and proxy service offerings as well as the introduction of our transfer agent service.&#148; The Company operates its transfer agent business under the brand Direct Transfer.</P>
<P style="margin-top:0px; margin-bottom:8.867px">About Issuer Direct Corporation:</P>
<P style="margin-top:0px; margin-bottom:8.867px">Issuer Direct Corporation (&quot;IDC&quot;) is a market leader and innovator in public company products and services. As an issuer services focused company, Issuer Direct alleviates the complexity of maintaining compliance through integrated products and services that help companies produce and distribute their financial and business communications both online and in print. As a shareholder compliance company; Issuer Direct is dedicated to assisting corporate issuers in an ever-changing regulatory environment and to comply with the myriad of rules imposed by regulatory bodies.</P>
<P style="margin-top:0px; margin-bottom:8.867px">Forward Looking Statements</P>
<P style="margin-top:0px; margin-bottom:8.867px">This press release contains &quot;forward-looking statements&quot; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words &quot;believe,&quot; &quot;anticipate,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;plan,&quot; &quot;project,&quot; &quot;prospects,&quot; &quot;outlook,&quot; and similar words or expressions, or future or conditional verbs such as &quot;will,&quot; &quot;should,&quot; &quot;would,&quot; &quot;may,&quot; and &quot;could&quot; are generally forward-looking in nature and not historical facts. These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, perfor
mance or achievements to be materially different from any anticipated results, performance or achievements. We disclaim any intention to, and undertake no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact our forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2008, including but not limited to the discussion under &quot;Risk Factors&quot; therein, filed with the SEC, which you may view at www.sec.gov.</P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><B>Unaudited Selected Financial Data</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=323.733></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=56.067></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=56.067></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=56.067></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=56.067></TD><TD width=6.333></TD></TR>
<TR><TD valign=bottom width=323.733><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=137.467 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Three months ended</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=137.467 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Six months ended</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=323.733><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=137.467 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=137.467 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=323.733><P style="margin:0px"><I>Revenue Streams</I></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=62.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2009</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=62.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=62.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2009</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=62.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.733><P style="margin:0px; padding-left:12px">Compliance and reporting services</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>198,160</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-top:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>185,610</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-top:1px solid #000000" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>394,020</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-top:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>367,074</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.733><P style="margin:0px; padding-left:12px">Printing and financial communication</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>189,520</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>169,898</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>294,607</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>239,661</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.733><P style="margin:0px; padding-left:12px">Fulfillment and distribution</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>144,935</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>80,391</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>285,039</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.067><P style="margin:0px" align=right>114,614</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.733><P style="margin:0px; padding-left:12px">Software licensing</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>63,487</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>14,900</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>80,919</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.067><P style="margin:0px" align=right>22,800</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.733><P style="margin:0px; padding-left:12px">Transfer agent services</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.067><P style="margin:0px" align=right>169,706</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.067><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.067><P style="margin:0px" align=right>183,756</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.067><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.733><P style="margin:0px">Total</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.067><P style="margin:0px" align=right>765,808</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.067><P style="margin:0px" align=right>450,799</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.067><P style="margin:0px" align=right>1,238,341</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.067><P style="margin:0px" align=right>744,149</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:9pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=center><B>Issuer Direct Corporation</B></P>
<P style="margin:0px" align=center><B>Unaudited Consolidated Statements of Operations</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=323.667></TD><TD width=6.267></TD><TD width=6.333></TD><TD width=60.133></TD><TD width=6.4></TD><TD width=6.4></TD><TD width=6.4></TD><TD width=60.133></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=60.067></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=60.067></TD><TD width=6.333></TD></TR>
<TR><TD valign=bottom width=323.667><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=145.8 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>For the Three Months<BR>
Ended</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=145.467 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>For the Six Months<BR>
Ended</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=323.667 rowspan=2><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=66.467 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30</B></P>
</TD><TD valign=bottom width=6.4><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.4><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=66.533 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=66.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=66.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.467 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2009</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.4><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.533 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2009</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Revenues</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=66.467 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=66.533 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=66.4 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=66.4 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Compliance and reporting services</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>198,160</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">$</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>185,610</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>394,020</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>367,074</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Printing and financial communication</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>189,520</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>169,898</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>294,607</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>239,661</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Fulfillment and distribution</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>144,935</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>80,391</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>285,039</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>114,614</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Software licensing</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>63,487</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>14,900</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>80,919</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>22,800</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Transfer agent services</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>169,706</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>183,756</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px; padding-left:32px">Total</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>765,808</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>450,799</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>1,238,341</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>744,149</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Cost of services</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>271,041</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>284,195</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>485,041</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>421,917</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px">Gross profit</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>494,767</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>166,604</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>753,300</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>322,232</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Operating costs and expenses</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:16px">General and administrative</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>138,527</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.133><P style="margin:0px" align=right>403,881</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>240,125</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=60.067><P style="margin:0px" align=right>864,756</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Sales and marketing expenses</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>77,391</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>112,768</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>132,381</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>163,543</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Depreciation and amortization</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>9,932</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>4,831</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>19,264</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>9,674</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Total operating costs and expenses</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>225,850</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>521,480</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>391,770</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>1,037,973</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px">Net operating income (loss)</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>268,917</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>(354,876</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>361,530</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(715,741</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Other income (expense):</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=60.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:16px">Interest income (expense), net</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>(65</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>22,051</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(1,336</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(5,624</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Total other income (expense)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>(65</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.4><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.133><P style="margin:0px" align=right>22,051</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(1,336</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(5,624</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px">Net income (loss)</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>268,852</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.4><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>(332,826</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>360,194</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(721,365</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px">Income (loss) per share - basic</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>0.02</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.4><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>(0.02</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>0.02</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(0.04</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px">Income (loss) per share - fully diluted</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>0.02</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.4><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>(0.02</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>0.02</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>(0.04</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=323.667><P style="margin:0px; padding-left:8px; text-indent:-8px">Weighted average number of common shares outstanding - basic</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>6,748,783</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>17,243,658</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>16,187,857</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>17,028,250</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=323.667><P style="margin:0px; padding-left:8px; text-indent:-8px">Weighted average number of common shares outstanding - fully diluted</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>16,751,905</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.4><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.133><P style="margin:0px" align=right>17,243,658</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>16,191,362</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60.067><P style="margin:0px" align=right>17,028,250</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>Issuer Direct Corporation</B></P>
<P style="margin:0px" align=center><B>Unaudited Consolidated Balance Sheets</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=468.867></TD><TD width=6.333></TD><TD width=6.267></TD><TD width=58.267></TD><TD width=6.267></TD><TD width=6.267></TD><TD width=6.267></TD><TD width=69.133></TD><TD width=3.667></TD></TR>
<TR><TD valign=bottom width=468.867><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=64.533 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30,</B></P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=75.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD valign=bottom width=3.667><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=64.533 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2009</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=75.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=64.533 colspan=2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=75.4 colspan=2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px" align=center><B>ASSETS</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=64.533 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=75.4 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Current assets:</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=64.533 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=75.4 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Cash and cash equivalents</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="margin:0px" align=right>185,380</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="margin:0px" align=right>50,367</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px; padding-left:24px; text-indent:-24px">Accounts receivable, ( net of allowance for doubtful accounts of $45,586<BR>
and $43,764, respectively)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P style="margin:0px" align=right>261,281</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P style="margin:0px" align=right>165,681</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">&nbsp;Security deposits</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="margin:0px" align=right>6,242</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="margin:0px" align=right>6,242</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Other current assets</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px" align=right>26,766</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.133><P style="margin:0px" align=right>2,855</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Total current assets</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="margin:0px" align=right>479,669</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="margin:0px" align=right>225,145</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px; padding-left:24px; text-indent:-24px">Furniture, equipment and improvements, (net of accumulated depreciation<BR>
of $12,699 and $43,201, respectively)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P style="margin:0px" align=right>22,051</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P style="margin:0px" align=right>15,987</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Other long term assets</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="margin:0px" align=right>2,000</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px; padding-left:24px; text-indent:-24px">Intangible assets, (net of accumulated amortization and impairment<BR>
of $184,167 and $170,500, respectively)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px" align=right>134,029</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.133><P style="margin:0px" align=right>147,695</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px"><B>Total assets</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=58.267><P style="margin:0px" align=right>635,749</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=69.133><P style="margin:0px" align=right>390,827</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P>&nbsp;</P></TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px" align=center><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY (DEFICIT)</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Current liabilities:</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P>&nbsp;</P></TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Accounts payable</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="margin:0px" align=right>80,255</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="margin:0px" align=right>143,560</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Accrued expenses</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P style="margin:0px" align=right>97,663</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P style="margin:0px" align=right>128,050</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Note payable &#150; related party</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="margin:0px" align=right>73,525</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="margin:0px" align=right>73,525</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Notes payable &#150; other</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px" align=right>25,000</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.133><P style="margin:0px" align=right>64,828</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px"><B>Total liabilities</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px" align=right>276,443</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=69.133><P style="margin:0px" align=right>409,963</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P>&nbsp;</P></TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Stockholders' equity (deficit):</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px; padding-left:24px; text-indent:-24px">Preferred stock, $1.00 par value, 10,000,000 shares authorized</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P style="margin:0px" align=right>5</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P style="margin:0px" align=right>7</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px; padding-left:24px">Series A, 60 shares designated, 5 and 7 shares issued and outstanding<BR>
as June 30, 2009 and December 31, 2009</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px; padding-left:24px">Series B, 476,200 shares designated; no shares issued<BR>
 and outstanding</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P>&nbsp;</P></TD><TD valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Common stock $.01 par value, 100,000,000 shares authorized,</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px; padding-left:24px">16,754,717 and 18,834,717shares issued and outstanding as of June 30, 2009<BR>
and December 31, 2008, respectively.</P>
</TD><TD valign=bottom width=6.333><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P>&nbsp;</P></TD><TD valign=bottom width=58.267><P style="margin:0px" align=right>16,754</P>
</TD><TD valign=bottom width=6.267><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P>&nbsp;</P></TD><TD valign=bottom width=6.267><P>&nbsp;</P></TD><TD valign=bottom width=69.133><P style="margin:0px" align=right>18,834</P>
</TD><TD valign=bottom width=3.667><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="line-height:11pt; margin:0px; font-size:9pt">Additional paid-in capital</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=58.267><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,461,338</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=69.133><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,441,006</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=3.667><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Treasury stock, at cost, 4,495 shares</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=58.267><P style="margin:0px" align=right>(4,236</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=69.133><P style="margin:0px" align=right>(4,236</P>
</TD><TD valign=bottom width=3.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px">Accumulated deficit</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px" align=right>(1,114,555</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=69.133><P style="margin:0px" align=right>(1,474,747</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=468.867><P style="margin:0px">Total stockholders' equity (deficit)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px" align=right>359,306</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.133><P style="margin:0px" align=right>(19,136</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=3.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=468.867><P style="margin:0px"><B>Total liabilities and stockholders&#146; equity (deficit)</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=58.267><P style="margin:0px" align=right>635,749</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.267><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.267><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=69.133><P style="margin:0px" align=right>390,827</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=3.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:11pt; margin:0px; font-size:9pt; page-break-before:always" align=center><B>Issuer Direct Corporation</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Unaudited Consolidated Statement of Cash Flows<A NAME="_Toc228336270"></A><BR>
</B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=473.733></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=56.133></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=6.333></TD><TD width=56.133></TD><TD width=6.333></TD></TR>
<TR><TD valign=bottom width=473.733><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=137.6 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Six months ended</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=137.6 colspan=6><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>June 30,</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="line-height:10pt; margin:0px; font-size:8pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=62.467 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2009</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=62.467 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-top:1px solid #FFFFFF" valign=bottom width=473.733><P style="margin:0px"><B>Cash flows from operating activities:</B></P>
</TD><TD style="border-top:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=62.467 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-top:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=62.467 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">&nbsp;Net income (loss)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>360,194</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>(721,365</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Adjustments to reconcile net loss to net cash</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;provided by (used in) operating activities:</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>19,264</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>9,674</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>26,963</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Stock-based expenses</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>630,899</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Changes in operating assets and liabilities:</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;Decrease (increase) in accounts receivable</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>(122,564</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>(98,424</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;Decrease (increase) in deposits and prepaids</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>(21,911</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>(1,076</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;Increase (decrease) in accounts payable</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>(63,305</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>120,626</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;Increase (decrease) in accrued expenses</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>(5,389</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>18,045</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Net cash provided by (used in) operating activities</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>193,252</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>(41,621</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px"><B>Cash flows from investing activities:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Purchase of property and equipment</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>(11,661</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Net cash used in investing activities</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>(11,661</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px"><B>Cash flows from financing activities:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Repurchase of common stock</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>(6,750</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Proceeds from sale of common stock</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>50,000</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Repayments of notes payable</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>(39,828</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>(10,355</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Net cash provided by (used in) financing activities</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>(46,578</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>39,645</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Net change in cash</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>135,013</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>(1,976</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Cash &#150; beginning</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>50,367</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px" align=right>39,318</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Cash &#150; ending</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>185,380</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>37,342</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=542.533 colspan=4><P style="margin:0px">Supplemental disclosure for non-cash investing and financing activities:</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px; text-indent:24px">Cash paid for interest</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>1,192</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>1,515</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px; text-indent:24px">Cash paid for income taxes</P>
</TD><TD style="background-color:#CCFFCC; border-top:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-top:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Non-cash activities:</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=56.133><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=473.733><P style="margin:0px">Accrued expenses settled by issuance of shares</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>25,000</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=56.133><P style="margin:0px" align=right>71,000</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=473.733><P style="margin:0px">Common shares issued for preferred shares</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>2</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=56.133><P style="margin:0px" align=right>&#150;&#150;</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=6.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
</TABLE>
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