-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KW6wFWoc9MVtVgFCAP4OfR0HjE6mhjg20FEsdBIM8hNr3K7HBTDpLrcCDKg5EqXp
 K+xGz7/haXgiWGzeXTofnA==

<SEC-DOCUMENT>0001354488-11-000682.txt : 20110301
<SEC-HEADER>0001354488-11-000682.hdr.sgml : 20110301
<ACCEPTANCE-DATETIME>20110301160732
ACCESSION NUMBER:		0001354488-11-000682
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110301
DATE AS OF CHANGE:		20110301

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:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10185
		FILM NUMBER:		11651671

	BUSINESS ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560
		BUSINESS PHONE:		9194611600

	MAIL ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560

	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>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>isdr_10k.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<html>
<head>
    <title>isdr_10k.htm</title>
    <!-- Licensed to: Issuer Direct Corp. -->
    <!-- Document Created using EDGARizerAgent 5.3.1.0 -->
    <!-- Copyright 1995 - 2011 Thomson Reuters. All rights reserved. -->
</head>








<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Washington, D.C. 20549</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 10-K</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">&#254;</font>&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold">ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For The Fiscal Year Ended: December&#160;31, 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Name of small business issuer in its charter)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware</font></div>
</td>
<td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-10185</font></div>
</td>
<td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">26-1331503</font></div>
</td>
</tr><tr>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(State or Other Jurisdiction</font></div>
</td>
<td valign="top" width="2%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Commission</font></div>
</td>
<td valign="top" width="2%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(I.R.S. Employer</font></div>
</td>
</tr><tr>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">of Incorporation)</font></div>
</td>
<td valign="top" width="2%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">File Number)</font></div>
</td>
<td valign="top" width="2%"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Identification No.)</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">500 Perimeter Park Drive, Suite D, Morrisville, NC&#160;&#160;27560</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">(Address of Principal Executive Office) (Zip Code)</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(919) 481-4000</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Registrant&#8217;s telephone number, including area code)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212; </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities registered pursuant to Section&#160;12(b) of the Act:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div>
<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Title of each class</font></div>
</td>
<td valign="top" width="20%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name of each exchange on which registered</font></div>
</td>
</tr><tr>
<td valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">None</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div>&#160;</div>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="top" width="90%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities registered pursuant to Section&#160;12(g) of the Act:</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="90%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common stock, $0.001</font></div>
</td>
</tr><tr>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Title of Class)</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&#160;405 of the Securities Act. Yes<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline">&#160;</font>No<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#254;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark if the registrant is not required to file reports pursuant to Section&#160;13 or Section&#160;15(d) of the Act. Yes<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline">&#160;</font> No<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#254;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&#160;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#254;</font><font style="DISPLAY: inline">&#160;</font> No&#160;<font style="DISPLAY: inline;" face="Wingdings">&#168;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#254;</font><font style="DISPLAY: inline">&#160;</font> No&#160;<font style="DISPLAY: inline;" face="Wingdings">&#168;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation&#160;S-K (&#167;229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant&#8217;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form&#160;10-K or any amendment to this Form&#160;10-K.<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Large accelerated filer<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font>&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Accelerated filer<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Non-accelerated filer<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font>&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Smaller reporting company<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#2
54;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule&#160;12b-2 of the Act). Yes<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline">&#160;</font> No&#160;<font style="DISPLAY: inline;" face="Wingdings">&#254;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2010, the last business day of the registrant's second fiscal quarter, was approximately $4,559,181 based on the closing price reported on such date of the registrant's common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of March 1, 2011, the number of outstanding shares of the registrant's common stock was 17,685,312.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DOCUMENTS INCORPORATED BY REFERENCE: NONE</font></div>

<div>&#160;</div>

<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
<hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: white" align="left" noshade size="2" width="100%">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Table of Contents</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART I</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 1.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Description of Business</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">4<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 1A.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Risk Factors</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">10<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><font style="FONT-SIZE: 10pt">Item 1B.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><font style="FONT-SIZE: 10pt">Unresolved Staff Comments</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160; 16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 2.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Description of Property</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 3.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Legal Proceedings</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 4.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><font style="FONT-SIZE: 10pt">(Removed and reserved)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td colspan="2" valign="bottom" width="88%"><font style="FONT-SIZE: 10pt">PART II</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 5.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Market for Common Equity and Related Stockholder Matters</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 6.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Select Financial Data</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">18</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 7.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Management&#8217;s Discussion and Analysis and Results of Operations</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">19<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 7A.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Quantitative and Qualitative Disclosures About Market Risk</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 8.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Financial Statements and Supplementary Data</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">27<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 9.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 9A(T).</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Controls and Procedures</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 9B.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Other Information</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">28<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td colspan="2" valign="bottom" width="88%"><font style="FONT-SIZE: 10pt">PART III</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 10.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><font style="FONT-SIZE: 10pt">Directors, Executive Officers, and Corporate Governance</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 11.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Executive Compensation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 12.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">32<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 13.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Certain Relationships and Related Transactions, and Director Independence</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">32</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 14.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Principal Accountant Fees and Services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">32<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td colspan="2" valign="bottom" width="88%"><font style="FONT-SIZE: 10pt">PART IV</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td colspan="2" valign="bottom" width="88%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Item 15.</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Exhibits</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">33<!--efplaceholder--></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="76%">
<div><!--efplaceholder--><font style="FONT-SIZE: 10pt">Signature</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">34</font><a href="#sig"><!--efplaceholder--></a></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-31.1</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer Certification Pursuant to Section 302</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-31.2</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer Certification Pursuant to Section 302</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-32.1</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Executive Officer Certification Pursuant to Section 906</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-32.2</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer Certification Pursuant to Section 906</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-101.INS</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">XBRL INSTANCE DOCUMENT</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-101.SCH</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">XBRL TAXONOMY EXTENSION SCHEMA</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-101.CAL</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">XBRL TAXONOMY EXTENSION CALCULATION LINKBASE</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-101.DEF</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">XBRL TAXONOMY EXTENSION DEFINITION LINKBASE</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-101.LAB</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">XBRL TAXONOMY EXTENSION LABEL LINKBASE</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EX-101.PRE</font></div>
</td>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CAUTIONARY STATEMENT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All statements, other than statements of historical fact, included in this Form&#160;10-K, including without limitation the statements under &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;Description of Business,&#8221; are, or may be deemed to be, forward-looking statements. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Issuer Direct Corporation, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements contained in this Form&#160;10-K.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our capacity as Company management, we may from time to time make written or oral forward-looking statements with respect to our long-term objectives or expectations which may be included in our filings with the Securities and Exchange Commission (the &#8220;SEC&#8221;), reports to stockholders and information provided in our web site.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The words or phrases &#8220;will likely,&#8221; &#8220;are expected to,&#8221; &#8220;is anticipated,&#8221; &#8220;is predicted,&#8221; &#8220;forecast,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plans to continue,&#8221; &#8220;believes,&#8221; or similar expressions identify &#8220;forward-looking statements.&#8221; Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. We wish to caution you not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We are calling to your attention important factors that could affect our financial performance and could cause actual results for future periods to differ materially from an
y opinions or statements expressed with respect to future periods in any current statements.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following list of important factors may not be all-inclusive, and we specifically decline to undertake an obligation to publicly revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Among the factors that could have an impact on our ability to achieve expected operating results and growth plan goals and/or affect the market price of our stock are:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lack of operating history, operating revenue or earnings history.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dependence on key personnel.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fluctuation in quarterly operating results and seasonality in certain of our markets.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to raise capital to fund our operations.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to successfully integrate and operate acquired or newly formed entities, ventures and or subsidiaries.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in laws and regulations that affect our operations.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Available Information</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">Our Annual Report on Form&#160;10-K, Quarterly Reports on Form&#160;10-Q, Financial Data in XBRL, Current Reports on Form&#160;8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available, free of charge, in the investor relations section of our website at </font><font style="DISPLAY: inline; COLOR: #0000ff">www.issuerdirect.com</font><font style="DISPLAY: inline">.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at </font><font style="DISPLAY: inline; COLOR: #0000ff">www.sec.gov</font><font style="DISPLAY: inline">. The public may read and copy any materials we file with the SEC at the SEC&#8217;s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART I</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item1"><!--EFPlaceholder--></a>ITEM 1.&#160;&#160;&#160;&#160;BUSINESS.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Issuer Direct Corporation<font style="DISPLAY: inline"> (Issuer Direct Corporation and its business are hereinafter collectively referred to as &#8220;Issuer Direct&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221; or &#8220;our&#8221; unless otherwise noted). W</font>e are a Delaware corporation formed in October&#160;1988 under the name Docucon Incorporated. In December&#160;2007, we changed our name to Issuer Direct Corporation. Our executive offices are located at 500 Perimeter Park Drive, Suite D, Morrisville, North Carolina, 27560.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industry Overview</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The financial print and reporting industry is highly fragmented and made up of dozens of service providers that provide a limited range of document management, financial reporting, and printing services. Printing services, specifically financial printing services in general are competitive and highly commoditized, with a tendency to produce slimmer margins than financial reporting and related shareholder disclosure services. Much of the industry is made up of small &#8220;mom and pop&#8221; shops that offer basic reporting conversion services, then there are the dominant providers that offer a deeper breath and well rounded blend of products and services to the capital markets. We are one of the few companies in the industry that are focused on providing a complete solution of regulatory re
porting and shareholder communication delivery, including proxy, transfer agency and shareholder disclosure management.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The demands for many of our services historically have been cyclical and reliant on capital market activity. During 2010 we continued to spend a great deal of time minimizing this volatility by growing new service offerings beyond traditional compliance reporting and transaction services.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The largest financial printers in general gear their operations towards the largest publicly traded companies in the market, providing them a single solution, whereas we believe we have a greater ability to provide a complete solution to a broader audience in the medium and smaller-cap public markets.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Business Overview</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Issuer Direct Corporation is a market leader and innovator in public company products and services globally. As a regulatory compliance 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.&#160;&#160;We leverage our securities compliance and regulatory expertise to provide a comprehensive set of services that enhance a client&#8217;s ability to communicate effectively with its shareholder base while meeting all reporting regulations required. We believe our comprehensive set of services enables us to be the financial services provider of choice for our clients.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We work with a diverse client base in the financial services industry, including brokerage firms, banks, mutual funds, corporate issuers, shareholders and specialty firms such as accountants and the legal community. <font style="DISPLAY: inline">For example, corporate issuers utilize our services from document creation all the way to dissemination to regulatory bodies and shareholders. With this example, we generate revenue from all of our services during the lifecycle.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Products and Services</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Financial Reporting</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As a full service compliance and regulatory filing agent, we assist corporate issuers, mutual funds, law firms, resellers, and individuals with all of their securities filing needs. Most all companies are required to file corporate documents to and with the Securities and Exchange Commission; including: registration statements, annual reports, quarterly reports, prospectuses, information statements, material event filings, proxy statements, ownership documents, and more.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Additionally, we are currently one of only a handful of compliance organizations skilled and proficient in the production of XBRL (eXtensible Business Reporting Language) consulting, taxonomy mapping and submissions. We currently have been voluntarily reporting our own quarterly and annual financial statement in XBRL since October 2009, and as such, are one of only small reporting companies currently reporting under the requirements today.</font><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Transfer Agent Services</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We operate our transfer agent business under the brand Direct Transfer. Our shareholder services business provides a complete array of agency and registrar services beyond traditional transfer activities. By combining our online workflow technologies, corporate issuers and their constituents can manage, issue, monitor, communicate and disseminate all facets of shareholder information within minutes.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our commitment to compliance and safeguarding of information goes beyond our SAS 70 business process. We maintain our client&#8217;s books and records in the manner we would expect ours to be managed, and that second-to-none service has enabled us to sustain our valued clients, withstand regulatory change and competitiveness by other providers.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Corporate issuers have the ability to take advantage of the following:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 72pt">
<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;</font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Issue, manage and monitor all corporate stock of the company online</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 72pt">
<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;</font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Print on Demand Digital Certificate Library</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 72pt">
<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;</font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Communicate with shareholders with the click of a mouse with e-Notify</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 72pt">
<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;</font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Setup, monitor and direct a annual meeting and proxy vote</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 72pt">
<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;</font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Warrant, escrow and rights offerings</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 72pt">
<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;</font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Corporate re-org services including CUSIP, FINRA and state filing needs</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Financial Printing, Fulfillment &amp; Post Sale</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As one of the largest financial printers in the southeast, we are focused on both corporate issuers, and mutual funds - we pride ourselves on having our typeset, design, print and fulfillment operations under one roof; giving compliance professionals the ability to meet regulatory deadlines and take advantage of our technology and on demand facilities to communicate their message with markets, shareholders and other vital constituents.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Today we produce a comprehensive array of documents for many of the nation's leading corporations, mutual funds, law firms, and investment banks. Our financial printing expertise gives us the edge in the market - giving customers the confidence and time to focus on their business execution. Our production staff has a deep understanding of the regulatory requirements that drive many of the printed materials required to be distributed today - such as the new Summary Prospectus for funds and Notice and Access for corporate issuers.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Additionally, we expanded our print capabilities with a Print-on-Demand (POD) production environment, which now encompasses the essence of our iFUND post sale fulfillment system as well as our notice and access proxy solutions. As fewer materials are requested and the next phase of the digital divide occurs, we expect print on demand to be a greater portion of our print business; this would include reminder mailings, and our new custom Notice and Access Cards.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our logistics and fulfillment services converge within our print and proxy business segments.&#160;&#160;We believe we operate one of the largest fulfillment centers of corporate financial related and proxy material. Through our strategic postal partnerships, our fulfillment operations can place shareholder requested materials into the mail system quicker than traditional methods. Additionally each piece of mail carries unique tracking identifiers that allow both our staff and approved constituents to request delivery confirmation of time sensitive material.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Proxy Systems</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our Proxy system (iProxyDirect)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>is a comprehensive technology platform that encompasses issuers, shareholders, banks, brokers and vital constituents during the proxy process. iProxy is the only voting platform where corporate issuers, mutual funds/administrators can setup, manage, communicate and monitor the entire proxy process from one online system. iProxy offers Notice &amp; Access options, material on demand fulfillment, digital delivery, and secure document hosting and real-time voting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Shareholder Communication</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As part of our commitment to shareholder disclosure and improved corporate transparency we expanded our core news wire services into a comprehensive shareholder communication system that assist our client&#8217;s investor relations departments. Our offerings include a blend of proprietary data sets such as Edgar filings, press releases, stock charts and historical data, corporate vitals, as well as the compliance driven modules of whistle blower, corporate governance and our e-Notify request system. We have strategic partnerships with content providers whereby we re-distribute certain content to the desktops of users on an on-demand basis. Additionally, we power the financial tear sheet market by utilizing our shareholder compliance platform to parse data in a condensed format that the fina
ncial markets refer to as a tear sheet.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our Strategy</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our strategy incorporates a blend of organic growth fostered by the selective pursuit of winning operational and financial strategies along with prudent acquisitions or systems and technologies that dovetail our corporate key strengths and initiatives. As the market begins to rebound, it is evident to us that issuers are seeking a single sourced, less complex way of reporting and staying compliant. Our approach has always been to provide a comprehensive set of service offerings that comprise an end-to-end solution; we can be the service provider of choice to the small-and mid cap markets. Our sales organization is focused not only on increasing the number of clients we serve, but also on increasing revenue per client by increasing the number of services each client utilizes.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Marketing and Sales</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During 2010, we refined our organization, and we believe certain product service add-ons can be maintained and fostered by a newly created team we call our Issuer Services Group, which is dedicated to directly maintaining the client relationship while seeking to expand offerings and identify opportunities. We plan to continue to foster this services group approach for the foreseeable future as we believe this method of delivery will reduce overall delivery costs and drive higher customer satisfaction.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During fiscal 2011 we will continue to work on building our brand identity of Direct Transfer (our transfer agency), iFund Direct (our mutual fund regulatory portal fulfillment system), iProxy Direct (our proprietary proxy voting platform) and our new iR Direct system (our shareholder communications platform). These leading solutions depend upon our proprietary technologies and software that generally derives higher than average gross margins and over the long term will make up a good portion of revenue from each and every corporate issuer and fund we serve. Additionally we intend to see an increase in the services offerings related to financial reporting, specifically the new interactive data filing requirement referred to as XBRL.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also work in partnership with other filing agents, transfer agents and virtual CFOs to provide services to their target clients under agreements and white label services.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During 2010, we updated our workflow solutions and portal technologies to corporate issuers and mutual funds markets. Authorized users of a corporate issuer or mutual fund/administrator can do the following with our workflow portal:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Create, monitor and approve regulatory filings</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File LIVE ownership documents and other popular EDGAR forms</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Monitor proxy/annual meeting votes in real-time</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Create, manage and distribute news and other corporate information to markets and holders</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Manage and communicate with shareholders</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Monitor share activity and issue stock certificates</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Manage more than one corporate issuer or fund family at the same time</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We will continue to make investments in equipment, technology and facilities, as we mature our business from a service-oriented only business to more of a blended technology enabling service company. In all of our offerings, quality, turn-around times, accuracy, and scalability as well as the need to preserve the confidential content of our clients is of utmost importance and part of our core values.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Competition</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The market for our services is highly competitive. We believe we offer a comprehensive set of solutions for our clients that few competitors, if any, can match. However, competition exists for each of the individual solutions we provide. Factors in this competition include speed, accuracy, price, customer service and the quality of supporting products and services.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We believe we are positioned to be the financial communications provider of choice as a cost-effective alternative to both small regional providers and global providers. We believe we benefit from our location in North Carolina, as we do not experience significant competition for sales, customer service or production personnel.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Customers</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As of December&#160;31, 2010, our customers include a wide variety of issuers, mutual funds, law firms, brokerage firms, banks, individuals, and other institutions. During the year ended December&#160;31, 2010, we generated revenues from one client that comprised forty seven percent <font style="FONT-STYLE: italic; DISPLAY: inline">(47.7%)</font> of our total revenue.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cyclical, Seasonal and Other Factors Affecting our Business</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">A greater portion of our printing, distribution and solicitation of proxy materials business segments will be processed during our second fiscal quarter (calendar quarter). Therefore, the seasonality of our revenue makes it difficult to estimate future operating results based on the results of any specific quarter and could affect an investor&#8217;s ability to compare our financial condition and results of operations on a quarter-by-quarter basis. </font>To balance the seasonal activity of print, distribution and solicitation of proxy materials, we will continue to grow our other revenue streams since they are linked to predictable periodic activity that is cyclical in nature.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employees</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As of December&#160;31, 2010, we employed 20 full-time and two part-time employees as compared to 14 full-time employees and two part-time employees at December&#160;31, 2009, none of which are represented by a union. As of the date herein, our employees work between our corporate office in North Carolina and our Florida operations.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Facilities</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our headquarters are located in Morrisville, North Carolina. We occupy 16,059 square feet of office space pursuant to a six-year lease, and we believe we have sufficient space to sustain our growth through 2016. Additionally, we maintain a presence in south Florida.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Insurances</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We maintain a general business liability policy and an errors and omissions policy in excess of $10,000,000 specific to our industry and operations. We believe that our insurance policy provides adequate coverage for all reasonable risks associated with operating our business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Regulations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The securities and financial services industries generally are subject to regulation in the United States and elsewhere. Regulatory policies in the United States and the rest of the world are tasked with safeguarding the integrity of the securities and financial markets with protecting the interests of both issuers and shareholders.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the United States, issuers (public companies) are subject to regulation under both federal and state laws. At the federal level, the Securities and Exchange Commission regulates the securities industry, along with the Financial Industry Regulatory Authority, or FINRA, formally known as NASD and NYSE market regulations, various stock exchanges, and other self-regulatory organizations (&#8220;SRO&#8221;).</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our mission is to assist corporate issuers with these regulations, communication and compliance of rules imposed by regulatory bodies. The majority of our business involves the distribution of content, either electronically or paper, to governing bodies and shareholders alike. We are licensed under these regulations to disseminate, communicate and or solicit on behalf of our clients, the issuers.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July&#160;26, 2007, the SEC adopted rule amendments that require public companies and soliciting persons to furnish proxy materials to stockholders by posting them on an Internet website other than the SEC&#8217;s EDGAR website (the &#8220;Universal Rule&#8221;). Accelerated Issuers are required to comply with the Universal Rule&#160;for solicitations effective as of January&#160;1, 2008. All other issuers and soliciting persons complied with the rule amendments effective as of January&#160;1, 2009. <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">We adopted the voluntary accelerated requirements in 2008 and made available our proxy and annual report information online digitally and in print simultaneously for all of our shareholders of record.</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December&#160;18, 2008, the SEC voted to require public companies and mutual funds to use interactive data for financial information in XBRL (eXtensible Business Reporting Language), which they believe has the potential to increase the speed, accuracy and usability of financial disclosure and eventually reduce costs for investors. The purpose of the use of XBRL in regulatory filings is to uniquely code numbers within financial statements allowing computer programs to easily identify, extract, and compare them. For public companies, interactive data financial reporting began on a phased-in schedule with larger filers in fiscal 2009 with the remaining companies phasing in over the next two years as follows:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Domestic and Foreign Large Accelerated Filers Using U.S. GAAP with Worldwide Public Common Equity Float above $5 Billion as of the End of the Second Fiscal Quarter of Their Most Recently Completed Fiscal Year.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quarterly report on Form&#160;10&#8211;Q or annual report on Form&#160;20&#8211;F or Form&#160;40&#8211;F containing financial statements for a fiscal period ending on or after June&#160;15, 2009.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All Other Large Accelerated Filers Using U.S. GAAP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quarterly report on Form&#160;10&#8211;Q or annual report on Form&#160;20&#8211;F or Form&#160;40&#8211;F containing financial statements for a fiscal period ending on or after June&#160;15, 2010.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All Remaining Filers Using U.S. GAAP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quarterly report on Form&#160;10&#8211;Q or annual report on Form&#160;20&#8211;F or Form&#160;40&#8211;F containing financial statements for a fiscal period ending on or after June&#160;15, 2011.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Foreign Private Issuers with Financial Statements Prepared in Accordance with IFRS as Issued By the IASB.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Annual reports on Form&#160;20&#8211;F or Form&#160;40&#8211;F for fiscal periods ending on or after June&#160;15, 2011</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As reporting requirements continue to change, we are positioning ourselves at the forefront of emerging technologies that we feel will impact our issuers the greatest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As of the time of this report, many of our customer as well as the industry as a whole are working to prepare their financials in XBRL format, we currently have the competency, capacity and technology to successfully prepare, review and file all required financial statements in interactive data format. In fact our predecessor &#8220;My EDGAR&#8221; was one of the participants in the Securities and Exchange Commission XBRL round table discussion back in 2006.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Additionally, we have filed our own quarterly and annual reports in XBRL format with the Securities and Exchange Commission since June 2009, including this annual report for the period ended December 31, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="toc89028_3"><!--EFPlaceholder--></a><a name="Item1a"><!--EFPlaceholder--></a>ITEM&#160;1A&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RISK FACTORS.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Forward-Looking and Cautionary Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Investing in our common stock involves a high degree of risk. Prospective investors should carefully consider the following risks and uncertainties and all other information contained or referred to in this Annual Report on Form&#160;10-K before investing in our common stock. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect us. If any of the following risks occur, our business, financial condition or results of operations could be materially and adversely affected. In that case, the trading price of our common stock could decline, and you could lose all of your investment.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Risks related to our business</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Revenue from shareholder disclosure documents is subject to regulatory changes and volatility in demand, which could adversely affect our operating results.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We anticipate that our printing and financial communications services will continue to contribute to our operating results going forward. The market for these services depends in part on the demand for investor documents, which is driven largely by capital markets activity and the requirements of the SEC and other regulatory bodies. Any rulemaking substantially affecting the content of documents to be filed and the method of their delivery could have an adverse effect on our business. Our compliance and reporting services revenue may be adversely affected as clients implement technologies enabling them to produce and disseminate documents on their own.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">The environment in which we compete is highly competitive, which creates adverse pricing pressures and may harm our business and operating results if we cannot compete effectively.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Competition in our businesses is intense. The speed and accuracy with which we can meet client needs, the price of our services and the quality of our products and supporting services are factors in this competition. In financial communications, we compete directly with several other service providers having similar degrees of specialization.</font></div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our marketing and business communications unit faces diverse competition from a variety of companies including commercial printers, in-house print operations, direct marketing agencies, facilities management companies, software providers and other consultants. In commercial printing services, we compete with general commercial printers, which are far more numerous than those in the financial printing market.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">These competitive pressures could reduce our revenue and earnings.</font></font></div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">We do not have long-term service agreements in the transactional services business, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and lead to adverse movements in the price of our common stock.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During 2010 the majority of our revenue in our financial communications segment was derived from individual projects rather than long-term service agreements. Therefore, we cannot assure you that a client will engage us for further services once a project is completed or that a client will not unilaterally reduce the scope of, or terminate, existing projects. The absence of long-term service agreements makes it difficult to predict our future revenue. As a result, our financial results may fluctuate from quarter to quarter based on the timing and scope of the engagement with our clients which could, in turn, lead to adverse movements in the price of our common stock or increased volatility in our stock price generally.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">If we are unable to retain our key employees and attract and retain other qualified personnel, our business could suffer.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our ability to grow and our future success will depend to a significant extent on the continued contributions of our key executives, managers and employees. In addition, many of our individual technical and sales personnel have extensive experience in our business operations and/or have valuable client relationships that would be difficult to replace. Their departure, if unexpected and unplanned for, could cause a disruption to our business. Our competition for these individuals is intense, especially in the markets in which we operate. We may not succeed in identifying, attracting and retaining these personnel. Further, competitors and other entities have in the past recruited and may in the future attempt to recruit our employees, particularly our sales personnel. The loss of the services
 of our key personnel, the inability to identify, attract and retain qualified personnel in the future or delays in hiring qualified personnel, particularly technical and sales personnel, could make it difficult for us to manage our business and meet key objectives, such as the timely introduction of new technology-based products and services, which could harm our business, financial condition and operating results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">If we fail to keep our clients&#8217; information confidential or if we handle their information improperly, our business and reputation could be significantly and adversely affected.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We manage private and confidential information and documentation related to our clients&#8217; finances and transactions, often prior to public dissemination. The use of insider information is highly regulated in the United States and abroad, and violations of securities laws and regulations may result in civil and criminal penalties. If we fail to keep our clients&#8217; proprietary information and documentation confidential, we may lose existing clients and potential new clients and may expose them to significant loss of revenue based on the premature release of confidential information. We may also become subject to civil claims by our clients or other third parties or criminal investigations by appropriate authorities.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">We must adapt to rapid changes in technology and client requirements to remain competitive.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The market and demand for our products and services, to a varying extent, have been characterized by:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 81px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;</font></div>
</td>
<td width="1316">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">technological change;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 81px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;</font></div>
</td>
<td width="1316">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">frequent product and service introductions;&#160;and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 82px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;</font></div>
</td>
<td width="1315">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">evolving client requirements</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that these trends will continue into the foreseeable future. Our success will depend, in part, upon our ability to:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 81px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
</td>
<td width="1316">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;enhance our existing products and services;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 82px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
</td>
<td width="1315">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;successfully develop new products and services that meet increasing client requirements;&#160;and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 82px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
</td>
<td width="1315">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;gain market acceptance.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To <font style="DISPLAY: inline">achieve these goals, we will need to continue to make substantial investments in sales and marketing. We may not:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 83px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
</td>
<td width="1314">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;have sufficient resources to make these investments;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 83px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
</td>
<td width="1314">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;be successful in developing product and service enhancements or new products and services on a timely basis, if at all;&#160;or</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: center; WIDTH: 84px">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
</td>
<td width="1313">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">be able to market successfully these enhancements and new products once developed.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>F<font style="DISPLAY: inline">urther, our products and services may be rendered obsolete or uncompetitive by new industry standards or changing technology.</font></font></div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Fluctuations in the costs of paper, ink, energy, and other raw materials may adversely impact us.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our business is subject to risks associated with the cost and availability of paper, ink, other raw materials, and energy. Increases in the costs of these items may increase our costs, and we may not be able to pass these costs on to customers through higher prices. Increases in the costs of materials may adversely impact our customers&#8217; demand for printing and related services. A severe paper or multi-market energy shortage could have an adverse effect upon many of our operations. Our business strategy in 2011 will be to monitor trends in the market and make advance purchases of such raw materials as paper in quantities greater than our traditional just-in-time needs. By doing so, we believe we will be able to stabilize overall margins in our print segments due to pricing pressures and competitiveness.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Our business could be harmed if we do not successfully manage the integration of businesses that we may acquire.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As part of our business strategy, we have and may continue to acquire other businesses that complement our core capabilities. The benefits of an acquisition may often take considerable time to develop and may not be realized. Acquisitions involve a number of risks, including:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the difficulty of integrating the operations and personnel of the acquired businesses into our ongoing operations;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the potential disruption of our ongoing business and distraction of management;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the difficulty in incorporating acquired technology and rights into our products and technology;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">unanticipated expenses and delays relating to completing acquired development projects and technology integration;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a potential increase in our indebtedness and contingent liabilities, which could restrict our ability to access additional capital when needed or to pursue other important elements of our business strategy;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the management of geographically remote units;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the establishment and maintenance of uniform standards, controls, procedures and policies;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the impairment of relationships with employees and clients as a result of any integration of new management personnel;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">risks of entering markets or types of businesses in which we have either limited or no direct experience;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the potential loss of key employees or clients of the acquired businesses;&#160;and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">potential unknown liabilities, such as liability for hazardous substances, or other difficulties associated with acquired businesses.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We have incurred losses in the past and have an accumulated deficit.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although we achieved positive cash flow in both fiscal 2010 and fiscal 2009, as of December 31, 2010 we have an accumulated deficit of $771,167. We expect to continue to generate positive cash flow during 2011 and further decrease our accumulated deficit. However should we acquire new businesses through acquisition there can be no assurances we achieve similar positive cash flows, and even if we do, we may not be able to sustain.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our business may be affected by factors outside of our control.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to increase sales and to profitably deliver and sell our service offerings is subject to a number of risks, including changes to the regulatory filing and distribution of proxy materials, competitive risks such as the entrance of additional competitors into our market, pricing and competition and risks associated with the marketing of new services in order to remain competitive.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">If potential customers take a long time to evaluate the use of our services, we could incur additional selling expenses and require additional working capital.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The acceptance of our services depends on a number of factors, including the nature and size of the potential customer base, the effectiveness of our system, and the extent of the commitment being made by the potential customer, and is difficult to predict. If potential customers take longer than we expect to decide whether to use our services, our selling expenses could increase, and we may need to raise additional capital sooner than we would otherwise need to.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The seasonality of business makes it difficult to predict future results based on specific fiscal quarters.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>A greater portion of our printing, distribution and solicitation of proxy materials business will be processed during our second fiscal quarter. Therefore, the seasonality of our revenue makes it difficult to estimate future operating results based on the results of any specific quarter and could affect an investor&#8217;s ability to compare our financial condition and results of operations on a quarter-by-quarter basis. To balance the seasonal activity of print, distribution and solicitation of proxy materials, we will continue to grow our other revenue streams since they are linked to predictable periodic activity that is cyclical in nature.</font></div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Risks Related to Our common stock; Liquidity Risks</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The price of our common stock may fluctuate significantly, which could lead to losses for stockholders.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The stock prices of public companies can experience extreme price and volume fluctuations. These fluctuations often have been unrelated or out of proportion to the operating performance of such companies. We expect our stock price to be similarly volatile. These broad market fluctuations may continue and could harm our stock price. Any negative change in the public&#8217;s perception of our prospects or companies in our market could also depress our stock price, regardless of our actual results. Factors affecting the trading price of our common stock may include:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">variations in operating results;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">announcements of strategic alliances or significant agreements by the Company or by competitors; &#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">recruitment or departure of key personnel;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">litigation, legislation, regulation of all or part of our business; and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#183;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">changes in the estimates of operating results or changes in recommendations by any securities analyst that elect to follow our common stock. &#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You may lose your investment in the shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the shares involves a high degree of risk. An investment in shares of our common stock is suitable only for investors who can bear a loss of their entire investment. We have no intention to pay dividends on our common stock. For the near-term, we intend to retain any remaining future earnings, if any, to finance our operations and do not anticipate paying any cash dividends with respect to our common stock.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We currently have authorized but unissued &#8220;black check&#8221; preferred stock. Without the vote of our shareholders, the Board of Directors may issue such preferred stock with both economic and voting rights and preferences senior to those of the holders of our common stock.&#160;&#160;Any such issuances may negatively impact the ultimate benefits to the holders of our common stock in the event of a liquidation event and may have the effect of preventing a change of control and could dilute the voting power of our common stock and reduce the market price of our common stock.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since March&#160;20, 2008, our common stock has been listed on the Over the Counter Bulletin Board market under the symbol &#8220;ISDR&#8221;. There has been little or no trading of our common stock and no assurance can be given, when, if ever, an active trading market will develop or, if developed, that it will be sustained. As a result, investors may be unable to sell their shares of our common stock.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Broker-dealer practices in connection with transactions in &#8220;penny stocks&#8221; are regulated by certain rules adopted by the SEC. Penny stocks generally are equity securities with a price of less than $5.00, subject to exceptions. The rules require that a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, deliver a standardized risk disclosure document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in connection with the transaction and monthly account statements showing the market value of each penny stock held in the customer&#8217;s account. In addition, the rules generally require
 that prior to a transaction in a penny stock the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser&#8217;s written agreement to the transaction. These disclosure requirements may have the effect of reducing the liquidity of penny stocks. Our common stock is subject to the penny stock rules, and investors acquiring shares of our common stock may find it difficult to sell their shares of our common stock.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item2"><!--EFPlaceholder--></a>ITEM 1B.&#160;&#160;UNRESOLVED STAFF COMMENTS.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">None.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2.&#160;&#160;PROPERTY.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our headquarters are located in Morrisville, North Carolina. We occupy 16,059 square feet of office space pursuant to a six-year lease, and we believe we have sufficient space to sustain our growth through 2016. Additionally, we have staff in south Florida and paper storage facilities in Durham, NC.</font></div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item3"><!--EFPlaceholder--></a>ITEM 3.&#160;&#160;&#160;LEGAL PROCEEDINGS.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="Item4"><!--EFPlaceholder--></a>From time to time the Company may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We are not currently involved in any legal proceedings that we believe could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 4.&#160;&#160;&#160;(REMOVED AND RESERVED)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART II</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item5"><!--EFPlaceholder--></a>ITEM 5.&#160;&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market for common stock</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our common stock currently trades on the OTC Bulletin Board under the symbol &#8220;ISDR.&#8221; The following table sets forth for the periods indicated the high and low closing prices of our common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2010</font></div>
</td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended March&#160;31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended June&#160;30, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.35</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended September&#160;30, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended December&#160;31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended March&#160;31, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended June&#160;30, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended September&#160;30, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.35</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.07</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quarter Ended December&#160;31, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The quotations provided herein may reflect inter-dealer prices without retail mark-up, markdown, or commissions, and may not represent actual transactions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our common stock trades on the OTC Bulletin Board under the symbol ISDR. Until March&#160;20, 2008, our common stock was traded on the Pink sheets under the same symbol. Historically and currently, our common stock was and is classified as a penny stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As such, it may be difficult to trade the stock because compliance with the regulations can delay and/or preclude certain trading transactions. Broker-dealers may be discouraged from effecting transactions in our stock because of the sales practice and disclosure requirements for penny stock. This could adversely affect the liquidity and/or price of our common stock, and impede the sale of the stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holders of Record</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As of December&#160;31, 2010, there were approximately 154 holders of record of our common stock and 17,685,312 shares outstanding.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issuer Purchases of Equity Securities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In November 2010, our Board of Directors authorized a stock repurchase plan, whereby the Company is authorized to repurchase up to 1,000,000 shares of the Company&#8217;s common stock over a twelve month period, but not to exceed an aggregate purchase price of $10,000 in cash every fiscal quarter for a maximum of four quarters or until the board causes action to modify or terminate the repurchase plan.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Common stock repurchases under our authorized plan in 2010 were as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Period</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Number of Shares Repurchased</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average Price Paid per Share</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Number of Shares Purchased as Part of&#160;Publically Announced Plan</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Approximate Dollar Value that May Yet Be Purchased Under the Plan</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 1, 2010 to December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividends</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We have never paid cash dividends on our common stock and do not expect to pay any dividends in the foreseeable future. We intend to retain future earnings for use in the business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 6.&#160;&#160;&#160;SELECT FINANCIAL DATA</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of Operations<font style="DISPLAY: inline"> for the periods ended December 31, 2010 and 2009.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year Ended December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Statement of Operations</font></font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,860,513</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,885,232</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cost of revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,509,416</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">786,633</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross profit</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,351,097</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,098,599</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating costs</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,123,193</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">823,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">227,904</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,862</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,298 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(688 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income tax benefit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">220,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income from operations</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">429,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Concentrations:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>For the years ended December&#160;31, 2010 and December&#160;31, 2009, we generated revenues from the following revenue streams as a&#160;percentage of total revenue:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Revenue Streams</font></font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Compliance and reporting services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Printing and financial communication</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fulfillment and distribution</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Software licensing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfer agent services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">18</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentages:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Change expressed as a percentage increase or decrease for the years ended December 31, 2010 and December 31, 2009:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year ended December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Revenue Streams</font></font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% change</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Compliance and reporting services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">595,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">713,510</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Print and financial communications</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,500,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">381,347</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">293.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fulfillment and distribution</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,192,916</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">444,920</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">168.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Software licensing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">124,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,249</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfer agent services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">447,322</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">255,206</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,860,513</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,885,232</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">104.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 7.&#160;&#160;&#160;MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except for the historical information contained herein, the matters discussed in this Form&#160;10-K include certain forward-looking statements that involve risks and uncertainties, which are intended to be covered by safe harbors. Those statements include, but are not limited to, all statements regarding our and management&#8217;s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. We generally use words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including our ability to implement 
our business plan, our ability to raise additional funds and manage our substantial debts, consumer acceptance of our products, our ability to broaden our customer base, our ability to maintain a satisfactory relationship with our suppliers and other risks described in our reports filed with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors set forth under the Risk Factors section of this report. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our object
ives and plans will be achieved. All forward-looking statements made in this Form&#160;10-K is based on information presently available to our management. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010 Overview</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">For the year ended December&#160;31, 2010, revenue increased 105% to $</font>3,860,513<font style="DISPLAY: inline"> from $</font>1,885,232<font style="DISPLAY: inline"> in 2009. The increase in revenue during the year ended December 31, 2010 is primarily due to an increase in printing and financial communications revenue of $1,118,890, an increase in fulfillment and distribution revenue of $747,996, and increase in our transfer agent revenue of $192,116. Although we increased our overall revenue, our income before taxes decreased from $274,174 during the year ended December 31, 2009 to $208,606 in 2010.&#160;&#160;In fiscal 2009, we did not recognize any income tax expense or benefit, as we utilized net operating loss carryforwards to offset our taxable income
.&#160;&#160;However, at December 31, 2010, we elected to only partially reserve our deferred tax assets based on our estimated profitability for the next two years.&#160;The reduction of our full valuation allowance on our deferred tax asset resulted in an income tax benefit of $220,800 for the year ended December 31, 2010. Therefore, net income increased to $429,406 for the year ended December 31, 2010 from $274,174 in 2009.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We will continue to focus on both organic growth and consider inorganic acquisitions of complementary businesses that fit our business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Results of Operations</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenues</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Comparison of results of revenues for the three years ended December&#160;31, 2010, 2009 and 2008</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year ended December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2008</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Compliance and reporting services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">595,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">713,510</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">677,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Print and financial communications</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,500,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">381,347</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">453,928</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fulfillment and distribution</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,192,916</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">444,920</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">236,066</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Software licensing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">124,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,249</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfer agent services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">447,322</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">255,206</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,225</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,860,513</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,885,232</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,425,331</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenue in fiscal 2010 increased 105% to $3,860,513 from $1,885,232 in fiscal 2009.&#160;&#160;The increase in revenue during the year ended December 31, 2010 is primarily due to an increase in printing and financial communications revenue of $1,118,890, an increase in fulfillment and distribution revenue of $747,996, and an increase in our transfer agent revenue of $192,116.&#160;&#160;Over the next two years, we will continue to focus on increasing revenue through internal growth, with particular focus on increasing revenue from our higher margin services.&#160;&#160;In 2011, we believe that the industry&#8217;s conversion to XBRL will help drive our growth, as well as allow us to achieve higher margins than we achieved in 2010.&#160;&#160;We will continue to evaluate strategic partnerships and acquisitions as opportunities arise.</fon
t><br>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">20</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Compliance and reporting service revenue decreased $117,773 during the year ended December 31, 2010 as compared to the same period in fiscal 2009.&#160;&#160;The decrease is primarily due to two factors: (1) pricing pressures in the market forcing us to modify current agreements with corporate issuers that resulted in us changing our unlimited Edgarization services into a by the page arrangement or bundled offering; and (2) the capital markets continue to deliver less filings and a reduced number of transactional offerings. We have made efforts to stabilize this business by further bundling our compliance reporting with other comparable services. We will also focus on leveraging our knowledge and expertise in this segment to take advantage of revenue opportunities resulting from the SEC&#8217;s XBRL regulations.</font><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Printing and financial revenue increased by $1,118,890 during the year ended December 31, 2010 as compared to the same period of 2009.&#160;&#160;During the second quarter of 2010, we successfully executed a large print and fulfillment project in the mutual fund market, which accounted for substantially all of the increase in printing and financial communication revenue during fiscal 2010.&#160;&#160;The profit margin on this job was below our normal margin requirements.&#160;&#160;However, we believe we gained significant market momentum and exposure that we will be able to apply to similar opportunities in the future as we continue to devote resources to growing this business segment.&#160;&#160;These types of projects are difficult to forecast and take a great deal longer to win; therefore, there can be no assurances we will be able t
o deliver a project of this size in the future.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fulfillment and distribution revenue increased $747,996 during the year ended December 31, 2010 as compared to the same periods in fiscal 2009. The increase in fiscal 2010 was principally the result of the fulfillment and distribution portion of the large project previously mentioned in our print and financial communication revenue discussion. We also experienced an increase in revenue in fiscal 2010 from our news wire distribution services of 46% as compared to the same period in fiscal 2009.&#160;&#160;We anticipate that the revenues generated in this segment will continue to be cyclical in nature and account for significant portions of our growth going forward as we continue to commercialize our iFUND platform, print-on-demand systems, and post sale fulfillment model.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Software licensing revenues increased by $34,052 during the year ended December 31, 2010 as compared to fiscal 2009. During the first quarter of 2010, we entered into licensing agreements to provide our proprietary section 16 reporting software platforms, which accounted for the increased revenue during the year ended December 31, 2010.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transfer agent revenue increased by $192,116 during the year ended December 31, 2010 as compared to the same period in fiscal 2009.&#160;&#160;The increase in revenue was due to the continued expansion of our core transfer agent offerings, and transactional services related to corporate actions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010 Revenue Backlog</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During the fourth quarter of 2010 we began to see a pattern with our corporate issuers and mutual funds contractually committing to engagements for services such as financial reporting and tagging services to commence over a fixed contractual period, mostly impacted by SEC deadlines. These contractual services call for us to perform services over a defined period beginning late first quarter 2011 and continuing over one to two years contractual periods. As of December 31, 2010, we have received partial payments totaling $51,382 for some of these service engagements but have yet to preform or recognize these or other contractual revenues. The partial payments are shown as deferred revenue on our consolidated balance sheet at December 31, 2010. We expect the revenues from these backlogs to be
 recognized over the defined period beginning first quarter 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We estimate this revenue backlog to be approximately $475,000, and is made up of regulatory compliance contracts for XBRL and reporting services to both corporate issuers and mutual funds. There can be no assurances that the Company will be able to recognize these revenues within a specified period; however, as of the date of this filing we have already begun invoicing against deliverables from these contracts and agreements.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost of Services</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cost of revenues consists primarily of direct labor costs, third party licensing, print production materials, postage, and outside services directly related to the delivery of services to our customers. Cost of revenues increased by $1,722,783 in the year ended December 31, 2010 as compared to the same period in fiscal 2010. The increase was primarily due to increases in direct printing costs of $1,042,209, postage expenses of $542,576, and personnel costs of $66,758. The increases in direct printing costs and postage expenses during year ended December 31, 2010 as compared to the same period in 2009 is due primarily to the large print and fulfillment job during the second quarter of 2010 previously discussed.&#160;&#160;Overall gross margin decreased to 35% in fiscal 2010 as compared to 58% in fiscal 2009. Margins were significantly bel
ow our normal margin requirements on our large print and fulfillment job in the second quarter of 2010. In general, such jobs are highly competitive and therefore have significant price pressure.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Costs related to compliance and reporting service are related principally to direct labor costs and third party vendor costs, which we utilize to manage peak demand periods.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Costs related to printing and financial communications fluctuate periodically as the cost of the services and materials fluctuate, and can also vary significantly based on the variables of any one project. We strive to maintain reasonable margins for these services.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;We incur direct labor costs for software licensing, as all development is performed in-house. To date, costs have not been significant, nor do we expect a significant increase in future periods.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;To date, costs for transfer agent services have also been minimal, in proportion to this growing revenue stream. We will devote additional resources to this service offering as we expand these services in future periods.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General and Administrative Expense</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;General and administrative expenses consist primarily of salaries, insurance, fees for professional services, general corporate expenses and facility and equipment expenses. General and administrative expenses increased $204,569 for the year ended December 31, 2010 as compared to the same period in fiscal 2009. The increase in fiscal 2010 is primarily due to increases in stock-based compensation of $83,395, accounting and legal services of $48,094, and merchant fees of $35,277.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;The increase in accounting services is primarily due to non-recurring accounting projects we undertook to ensure proper compliance with various state tax requirements, and to ensure the proper utilization of our net operating loss carryforwards as we begin to achieve and sustain profitability. The increase in legal services is primarily due to fees incurred for the review of the lease for our new headquarters, which was executed in August 2010. Merchant fees&#160;increased in fiscal 2010 because the large mutual fund customer discussed previously paid for a portion of the job with a corporate American Express card.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sales and Marketing Expenses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;Sales and marketing expenses consist primarily of salaries, sales commissions, sales consultants, advertising expenses, and marketing. Sales and marketing expenses for the year ended December 31, 2010 increased by $89,961 as compared to the same periods in fiscal 2009. The increase is primarily due to expenses paid to a consultant in fiscal 2010, which were not incurred in 2009, and increased salaries as we have added salespeople.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Impairment Charges</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;During the year ended December 31, 2010 we recorded impairment charges of $4,000 related to the myedgar.com domain name which we no longer use. There were no such charges in fiscal 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Depreciation and Amortization</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Depreciation and amortization expenses during the year ended December 31, 2010 increased slightly by $926 as compared to the same periods in fiscal 2009.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Income (Expense)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other income (expense) during the years ended December 31, 2010 and 2009 consists primarily of interest expense on related party notes payable and finance charges to customers with past due balances that we are reasonably assured we will collect.&#160;&#160;We recorded other expense of $19,298 (net of finance charge income of $16,338) for the year ended December 31, 2010 compared to $688 in fiscal 2009.&#160;&#160;In fiscal 2010, we recorded non-cash interest expense of $34,178 upon the conversion of the notes payable into shares of the company for the value of the shares received in excess of the carrying value of the notes payable and accrued interest.&#160;&#160;The non-cash interest expense was offset primarily by finance charges of $16,338.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">23</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Taxes</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>At December 31, 2009, we had fully reserved our deferred income tax assets primarily resulting from net operating loss carryforwards. In fiscal 2009, we did not recognize any income tax expense or benefit, as we utilized net operating loss carryforwards to offset our taxable income.&#160;&#160;However, at December 31, 2010, we elected to only partially reserve our deferred tax assets based on our estimated profitability for the next two years.&#160;&#160;Therefore, the reduction of our full valuation allowance on our deferred tax asset resulted in an income tax benefit of $220,800 for the year ended December 31, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Income</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We recorded net income of $429,406 in fiscal 2010 compared to $274,174 in fiscal 2009. Net income in fiscal 2010 includes the deferred tax benefit of $220,800 discussed previously. Net income before taxes was $208,606 in fiscal 2010 compared to $274,174 in fiscal 2009.&#160;&#160;Although revenues were higher in 2010, net income before taxes decreased in fiscal 2010 as compared to fiscal 2009, primarily due to the low margins on the large print and fulfillment job previously discussed, and an increase in general and administrative costs as we continue to build our infrastructure.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidity and Capital Resources</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We generated $446,297 in cash from our operating activities during fiscal 2010, as compared to $186,601 in cash in fiscal 2009. In fiscal 2010, we purchased equipment totaling $48,127 compared to $16,014 in 2009. In fiscal 2010, we paid $39,500 to repurchase common and preferred stock, as opposed to $10,083 in fiscal 2009. We also paid $64,828 for the repayment of notes payable in fiscal 2009, compared to zero in fiscal 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As of December&#160;31, 2010, we had $504,713 in cash and cash equivalents and $175,336 of net accounts receivable. Current liabilities for the period ended December&#160;31, 2010, totaled $151,870, including accrued payroll liabilities, accounts payable, accrued expenses, and deferred revenue. At December&#160;31, 2010, our total assets exceeded our total liabilities by $907,730.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">We manage our cash flow carefully with the intent to meet our obligations from cash generated from operations.</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>There can be no assurance that cash generated from operations will be sufficient to fund our operating expenses or meet our other obligations, and there is no assurance that debt or equity financing will be available, or if available, that such financing will be upon terms acceptable to us.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">Disclosure about Off-Balance Sheet Arrangements</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We do not have any transactions, agreements or other contractual arrangements that constitute off-balance sheet arrangements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outlook</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The following statements and certain statements made elsewhere in this document are based upon current expectations. These statements are forward looking and are subject to factors that could cause actual results to differ materially from those suggested here, including, without limitation, demand for and acceptance of our services, new developments, competition and general economic or market conditions, particularly in the domestic and international capital markets. Refer also to the Cautionary Statement Concerning Forward Looking Statements included in this report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our vision is to be a market leader of unified regulatory solutions for compliance professionals, by providing a true single sourced model for issuers and the capital markets.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We pride ourselves on providing the best systems, the best service to our clients, the highest support to our staff; record results, higher returns to our shareholders, and higher rewards to our team members.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our strategy is focused on maximizing long-term shareholder value by driving profitable growth, continuing our focus on productivity, and acquiring and integrating complementary businesses.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan of Operation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The following plan of operations provides information, which our management believes, is relevant to an assessment and understanding of our business, operations and financial condition. The discussion should be read in conjunction with the financial statements as of and for the periods ended December&#160;31, 2010 and 2009, and the notes thereto which are included in this Annual Report. This plan of operation contains forward-looking statements that involve risks, uncertainties and assumptions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our actual results may differ substantially from those anticipated in any forward-looking statements included in this discussion as a result of various factors, including those set forth in &#8220;Risk Factors&#8221; contained elsewhere in this Annual Report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In fiscal 2011, we will focus on expanding our existing customer relationships as well as acquiring new customers. We expect our revenues in 2011 to increase at a similar percentage as that of fiscal 2010 compared to 2009. Overall, we expect the increases will be in contract services such as transfer agency services, XBRL and proxy services licensing. We believe that our unique offerings yield a competitive advantage in the marketplace even though we operate in a competitive sector. We anticipate further consolidation in the marketplace of financial printers and suppliers in 2011, which may result in pricing pressures; however, we believe our unique combination of business offerings will provide us the opportunity to increase our overall market.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Technological advancements - such as the electronic distribution of documents, online distribution and notice and access programs, as well as print-on-demand technology will continue to impact the markets we serve in 2011 and beyond. We believe these new regulatory rules for notice and access will decrease the amount of printed materials we will deliver in 2011 but provide an opportunity for our proxy systems and technology notice and access system to materialize. To address these longer-term industry concerns we have spent considerable amounts of time in specific segments of our business, building brands around Notice and Access, through our iProxy Direct systems..</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Critical Accounting Policies and Estimates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We prepare our financial statements in conformity with accounting principles generally accepted in the United States. Our significant accounting policies are disclosed in the notes&#160;to the Financial Statements. The selection and application of these accounting principles and methods requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. On an ongoing basis, we evaluate our estimates, including those related to the recognition of revenue, allowance for doubtful accounts, valuation of goodwill and other intangible assets, income tax provision and deferred taxes, restructuring costs, actuarial assumptions for employee benefit plans, and contingent liabilities r
elated to litigation and other claims and assessments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that the estimates and assumptions we use in preparing the financial statements are appropriate, these estimates and assumptions are subject to a number of factors and uncertainties regarding their ultimate outcome, and therefore, actual results could differ from these estimates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We derive revenues from five primary sources: Document Conversion Services, Print and Financial Communication, Fulfillment and Distribution, Software licensing and Transfer Agent Services. <font style="DISPLAY: inline">We recognize revenue when services are rendered or delivered to customers either at time of delivery or completion, where collectability is probable. In the event we receive amounts in advance, the revenue is allocated as deferred revenues until the services are performed and the revenue is earned.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for Doubtful Accounts</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted to most customers on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. As of December&#160;31, 2010 and 2009, we had recorded an allowance for doubtful accounts of approximately $56,024 and $16,785, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of Estimates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Taxes</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We comply with FASB ASC No. 740 &#8211; Income Taxes (formerly SFAS No.&#160;109, &#8220;Accounting for Income Taxes&#8221;) which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.&#160;&#160;For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely th
an not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements, if applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Impairment of Long-Lived Assets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In accordance with FASB ASC No. 360 &#8211; Property Plant and Equipment&#160;&#160;(formerly SFAS No.&#160;144, &#8220;Accounting for the Impairment or Disposal of Long-Lived Assets"), long-lived assets, such as property and equipment and intangible assets are not subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying 
amount of an asset group exceeds fair value of the asset group.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recently Issued Accounting Pronouncements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2010, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2010-28, When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts . This ASU updates ASC Topic 350, Intangibles &#8212;Goodwill and Other, to amend the criteria for performing Step 2 of the goodwill impairment test for reporting units with zero or negative carrying amounts and requires performing Step 2 if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. The Company does not currently have any reporting units with zero or negative carrying values.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In January 2010, the FASB issued ASU No. 2010-06, Improving Disclosures about Fair Value Measurements. This update amends ASC Topic 820, Fair Value Measurements and Disclosures, to require new disclosures for significant transfers in and out of Level 1 and Level 2 fair value measurements, disaggregation regarding classes of assets and liabilities, valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 or Level 3. These disclosures are effective for the interim and annual reporting periods beginning after December 15, 2009. Additional new disclosures regarding the purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 beginning with the first in
terim period. The Company adopted certain of the relevant disclosure provisions of ASU 2010-06 on January 1, 2010 and adopted certain other provisions on January 1, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item7a"><!--EFPlaceholder--></a>ITEM 7A.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We do not believe that we face material market risk with respect to our cash, cash equivalents and restricted cash investments, which totaled $504,713 and $146,043 at December&#160;31, 2010 and 2009, respectively. We held no marketable securities as of December&#160;31, 2010 or 2009.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item8"><!--EFPlaceholder--></a><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">ITEM 8.&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The financial statements required by this Item&#160;8 are set forth in Item&#160;15 of this Annual Report. All information which has been omitted is either inapplicable or not required.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our balance sheets as of December&#160;31, 2010 and 2009, and the related statements of income, stockholders&#8217; equity equity/deficit and cash flows for the two years ended December&#160;31, 2010, and 2009, together with the independent registered public accountants&#8217; reports thereon appear beginning on Page F-1.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item9"><!--EFPlaceholder--></a>ITEM 9.&#160;&#160;&#160;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="Item8A"><!--EFPlaceholder--></a>Effective January&#160;9, 2009, we&#160;engaged GBH CPAs, PC<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>(&#8220;GBH&#8221;) as our independent registered public accounting firm. The decision to engage GBH was made and approved by our Board of Directors. Before we engaged GBH as our principal independent accountant, we did not consult with GBH regarding the application of accounting principles to a specific transaction; or the type of audit opinion that might be rendered on our financial statements; or regarding any matters that were the subject of any disagreement between us and any of our former principal independent accountants.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 4, 2010, we dismissed GBH as our independent registered public accounting firm.&#160;&#160;The decision to dismiss GBH was made and approved by our Board of Directors.&#160;&#160;The audit reports of GBH on the Company&#8217;s financial statements for the fiscal year ended December 31, 2009 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to audit scope, or accounting principles.&#160;&#160;During the two most recent fiscal years and the subsequent interim period through June 4, 2010, the Company had no disagreements with GBH on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement, if not resolved to their satisfaction, would have caused GBH to make reference to the subject matter of the disagreement 
in connection with its reports. In addition, during that time there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective as of June 4, 2010, we engaged Cherry Bekaert &amp; Holland, L.L.P. (&#8220;Cherry Bekaert &amp; Holland&#8221;) as our new independent registered public accounting firm. The decision to engage Cherry Bekaert &amp; Holland was made and approved by our Board of Directors.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the two most recent fiscal years and through June 4, 2010, the Company has not consulted with Cherry Bekaert &amp; Holland regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company&#8217;s financial statements; or (ii) any matter that was either subject of a disagreement (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as that term is described in Item 304(a)(1)(v) of Regulation S-K).</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item9A"><!--EFPlaceholder--></a>ITEM 9A(T).&#160;&#160;&#160;CONTROLS AND PROCEDURES.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management&#8217;s annual report regarding internal disclosure controls and procedures. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of financial statements for external purposes, in accordance with generally accepted accounting principles. The effectiveness of any system of internal control over financial reporting is subject to inherent limitations and therefore, may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of future periods are subject to the risk that the controls may become inad
equate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This annual report does not include an attestation report of the Company&#8217;s registered public accounting firm regarding internal control over financial reporting. Management&#8217;s report was not subject to attestation by the Company&#8217;s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management&#8217;s report in this annual report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Evaluation of Disclosure Controls and Procedures</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Based on an evaluation under the supervision and with the participation of our management, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act") were effective as of December&#160;31, 2010 to ensure that information required to be disclosed in reports that are filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisio
ns regarding required disclosure.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inherent Limitations over Internal Controls</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and (iii) provide reasonable assuran
ce regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on the financial statements.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management, including our Chief Executive Officer and Chief Financial Officer, do not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become i
nadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Report of Management's Annual Report on Internal Control over Financial Reporting</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule&#160;13a-15(f) under the Securities Exchange Act of 1934, as amended). Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria set forth in Internal Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations ("COSO"). Based on this evaluation, management has concluded that our internal control over financial reporting was effective as of December&#160;31, 2010.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There were no changes in our internal controls that could materially affect the disclosure controls and procedures subsequent to the date of their evaluation, nor were there any material deficiencies or material weaknesses in our internal controls. As a result, no corrective actions were required or undertaken.<a name="Item8B"><!--EFPlaceholder--></a><a name="Item9B"><!--EFPlaceholder--></a></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 9B.&#160;&#160;OTHER INFORMATION.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">None.</font></div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">28</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART III</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item10"><!--EFPlaceholder--></a>ITEM 10.&#160;&#160;DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Directors and executive officers</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>At December&#160;31, 2010, the names, ages, positions and terms of office of all of the Company&#8217;s directors and executive officers and all persons nominated or chosen to become such were:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Name</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="top" width="5%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Age</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="left" valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Position</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font></div>
</td>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39</font></div>
</td>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="42%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chairman of the Board, Chief Executive Officer</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wesley Pollard</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="42%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer, Director</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lori Jones</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="42%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Director</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brian R. Balbirnie &#8211; Chairman, Chief Executive Officer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Brian R. Balbirnie is the Chairman and Chief Executive Officer of Issuer Direct Corporation, and one of the initial co-founders of the Company. Prior to starting the Company, Mr.&#160;Balbirnie spend two years as the managing partner at Catapult Consulting Group (CCG), a compliance and consulting practice focused on the Sarbanes-Oxley Act. Prior to CCG, Mr.&#160;Balbirnie served as the Chief Financial Officer and Chief Operating Officer for Mobile Reach, an enterprise mobile software provider; responsible for the day-to-day operations, including all facets of SEC reporting. Mr.&#160;Balbirnie spent several years consulting with companies, assisting in public strategies, Merger Acquisitions and financial reporting. In the early nineties, Mr.&#160;Balbirnie founded the first wireless data compression solutions company, exclusively sold thr
ough the Bell South and AT&amp;T channel network &#8211; winning several awards including best wireless company. Before moving on to pursue his entrepreneurial career, Mr.&#160;Balbirnie pursued his degree in International Business and Marketing at St. Petersburg College.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Wesley Pollard </font>&#8211; Chief Financial Officer, Director</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Mr. Pollard has served as Chief Financial Officer since December 2009, and was elected to the Board of Directors in June 2010.&#160;&#160;Prior to joining the Company, Mr. Pollard was employed by Digital Lifestyle Outfitters (&#8220;DLO&#8221;) from July 2006 through May 2009. DLO was acquired by Philips Electronics in mid 2007; Mr. Pollard served as Vice President of Finance prior to the acquisition, and Head of Finance following the acquisition.&#160;&#160;Prior to DLO, Mr. Pollard served as International Controller for Tekelec, Inc. from June 2005 to June 2006 and Director of Finance for BioStratum, Inc from June 2001 through June 2005.&#160;&#160;Mr. Pollard also assisted Home Director from June 2000 to June 2001 as the Corporate Controller.&#160;&#160;From December 1999 to June 2009, M
r. Pollard served as the Director of SEC and Financial reporting for BuildNet, Inc. Mr. Pollard also spent five years at PricewaterhouseCoopers, LLP. Mr. Pollard is a Certified Public Accountant and holds his Master of Accounting from the University of North Carolina at Chapel Hill.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lori Jones - Director</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lori Jones, C.P.A, was elected to the Board of Directors in June 2010.&#160;&#160;Ms. Jones founded JJM Consulting, a boutique financial consulting firm that provides clients with practical and immediate leadership in accounting and finance disciplines as well as in strategic initiatives, in April 2008. As principal, she provides consulting services to various entities, including serving as Chief Financial Officer of Issuer Direct Corporation from June 2008 through December 2009.&#160;&#160;&#160;From September 2009 until December 2009, she served as Chief Financial Officer of MDI, Inc.&#160;&#160;Ms. Jones served as Chief Executive Officer and acting Chief Financial Officer of Analytical Surveys, Inc. ("ASI") a publicly held energy and geo-spatial mapping company until March 23, 2008, at which time Axion International Holdings, Inc. ("A
xion") acquired a controlling interest in ASI. Since that time, Ms. Jones has serve on the Board of Directors of Axion (OTCBB: AXIH), and as Chairman of the Audit Committee since May 2009. She served as the ASI's Chief Financial Officer from January 2003 until December 2004, when she assumed the position of CEO. Ms. Jones served as Chief Financial Officer of MDI, Inc. in February and March 2008. From March 2001 to January 2003, Ms. Jones was a partner with Tatum CFO Partners LLP, a financial consulting company, where she provided senior financial advice to both small and medium-size firms. Prior to Tatum CFO Partners LLP, Ms. Jones served as chief financial officer of Billserv, Inc. Ms. Jones holds an M.B.A. from the University of Texas at San Antonio.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Edward P. Gistaro &#8211; Former Director</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Edward P. Gistaro served as Chairman of the Board of Directors of Docucon Incorporated since 1990. He served as a Director of Issuer Direct Corporation from the date of the merger with Docucon&#160;&#160;in 2007 until June 2010, when the Company accepted his resignation.&#160;&#160;He served as Chief Executive Officer of the Company from June&#160;4, 1988 until April&#160;1998, when the Board of Directors accepted his recommendation that he be replaced by Douglas P. Gill as Chief Executive Officer. Mr.&#160;Gistaro also served as President of the Company from 1988 until 1991. In 1973, Mr.&#160;Gistaro joined Datapoint Corporation as VP of Marketing. During his tenure at Datapoint, he held various management positions, including chief executive officer, chief financial officer, president and
 chief operating officer. While at Datapoint, Mr.&#160;Gistaro negotiated and executed more than $150&#160;million in acquisition and financing transactions, and played a key role in the company's growth from $16&#160;million to $600&#160;million, at which time Datapoint Corporation became a Fortune 500 company. In addition to serving as Chairman of the Board of Directors for Docucon Incorporated, Mr.&#160;Gistaro also serves as a director on the boards of Analytical Surveys, Inc., since 2004 and InSite Services since 2006.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Chauncey E. Schmidt &#8211; Former Director</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Chauncey E. Schmidt was elected to the Board of Directors of Docucon Incorporated in February&#160;1993. In June 2010, the Company accepted his resignation as a Director.&#160;&#160;He has been Chairman of C.E. Schmidt &amp; Associates, an investment firm, since April&#160;1989. From 1987 to March&#160;1989, he was Vice Chairman of the Board of AMFAC, Inc., a New York Stock Exchange-listed Company engaged in diversified businesses. He has previously served as President of The First National Bank of Chicago and Chairman of the Board of Directors and Chief Executive Officer of The Bank of California, N.A. Mr.&#160;Schmidt is on the Board of Trustees of the U.S. Naval War College Foundation and is active in several civic and charitable organizations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Election of Directors and Officers</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Holders of our common stock are entitled to one (1) vote for each share held on all matters submitted to a vote of the stockholders, including the election of directors. Cumulative voting with respect to the election of directors is not permitted by our Articles of Incorporation.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our Board of Directors shall be elected at the annual meeting of the shareholders or at a special meeting called for that purpose. Each director shall hold office until the next annual meeting of shareholders and until the director&#8217;s successor is elected and qualified.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">30</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 11.&#160;&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXECUTIVE COMPENSATION.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth certain information regarding compensation paid for all services rendered to us in all capacities during fiscal years 2009 and 2010 by our principal executive officer, principal financial officer and our two other former executive officers (collectively, the &#8220;Named Executive Officers&#8221;).</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary Compensation Table</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div>
<div align="left">
<div style="TEXT-ALIGN: center">
<table cellpadding="0" cellspacing="0" width="100%" style="TEXT-ALIGN: center; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: center;">
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></font>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Name and Principal Position</font></font></div>
</td>
<td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(Dec&#160;31<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">st</font>)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Salary </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">($)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Bonus </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">($)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stock</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Awards </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">($) (1)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Option Awards $ (1)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Non-Equity Incentive Compensation ($)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Non-Qualified Deferred Compensation Earnings ($)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">All Other Compensation</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">($)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font></font></div>
</td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,695</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">122,195</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chairman,</font></font></font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Executive Officer</font></font></font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wesley Pollard</font></font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">67,615</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">84,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">113,790</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">265,405</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Director, Chief Financial Officer</font></font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lori Jones</font></font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,695</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,695</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="15%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Director, Former Chief Financial Officer</font></font></td>
<td valign="bottom" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
</td>
<td width="1268">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amounts shown in these columns reflect the aggregate grant date fair value computed in accordance with FASB ASC Topic 718 of the stock awards and option awards granted to our named executive officers during 2009 and 2010. The assumptions made in determining the fair values of our stock awards and option awards are set forth in Notes 6 and 7 to our 2010 Consolidated Financial Statements included in this Form 10-K.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation of Directors</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During the year ending December&#160;31, 2009, we did not pay cash or equity compensation to our non-employee directors. During the year ended December 31, 2010, the Company issued Ms. Jones 150,000 options to purchase the company&#8217;s common stock at an exercise price of $0.21, with quarterly vesting in eight equal installments.&#160;&#160;<font style="DISPLAY: inline">At December&#160;31, 2010 and 2009, there were no other arrangements, &#8220;standard&#8221; or otherwise, pursuant to which any director of the Company was compensated for any service he or she provided as a director, including, without limitation, any additional amounts payable to any director for committee participation or special assignments.</font></font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding Equity Awards at Fiscal Year End</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There were no unvested shares of restricted stock for our Named Executive Officers outstanding at December 31, 2010.&#160;&#160;The following table contains information concerning unexercised stock options that for the Named Executive Officers as of December 31, 2010:</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="49%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Name</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number of Securities Underlying Unexercised Options (Exercisable) #</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number of Securities Underlying Unexercised Options (Unexercisable) #</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Option Exercise Price ($)</font></div>
</td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Option Expiration Date</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">112,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.231</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">08/09/2015</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wesley Pollard</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">525,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">08/09/2015</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lori Jones</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">112,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">08/09/2015</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">31</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 12.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The following table sets forth information regarding the beneficial ownership of our common stock as of March 1, 2011 by: <font style="DISPLAY: inline">(i) each person who, to our knowledge, beneficially owns more than 5% of our common stock; (ii) each of our directors and &#8220;named executive officers&#8221;; and (iii) all of our executive officers and directors as a group:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name of Beneficial Owner</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">of Shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percent</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">of Class<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directors and Named Executive Officers</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian R. Balbirnie &#8211; Chief Executive Officer</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,996,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33.90 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wesley Pollard &#8211; Chief Financial Officer</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">450,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.54 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lori Jones &#8211; Director, Former Chief Financial Officer</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">332,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.88 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">All Directors and Executive Officers as a group (5 persons)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,778,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38.33 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other 5% Stockholders</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">James Michael</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,805,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.86 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Adam Segel</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,200,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.79 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 50px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;</font></div>
</td>
<td width="1268">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of March 1, 2011, we had 17,685,312 shares of common stock outstanding. Unless otherwise indicated in these footnotes, each stockholder has sole voting and investment power with respect to the shares beneficially owned. All share amounts reflect beneficial ownership determined pursuant to Rule&#160;13d-3 under the Exchange Act. All information with respect to beneficial ownership has been furnished by the respective director, executive officer or stockholder, as the case may be.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 50px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;</font></div>
</td>
<td width="1268">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2010, Mr. Balbirnie held shares both in certificate and beneficial name; of which 5,945,000 common shares were held as affiliate control certificate and 51,000 common shares held in beneficial street position.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 13.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2009, our former President sold 2,250,000 shares from his beneficial holdings in a private transaction for $6,750 to the Company. The shares were retired, and we reduced paid-in capital by $4,500; and on January 22, 2010 Mr. Learish sold his remaining 425,000 shares in a private transaction to a current shareholder.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item14"><!--EFPlaceholder--></a>ITEM 14.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRINCIPAL ACCOUNTANT FEES AND SERVICES.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt">Audit Fees.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Audit fees billed by GBH CPAs, PC for the audit of our annual financial statements included in our Annual Report on Form&#160;10-K for the fiscal year ended December&#160;31, 2009, and for the review of the financial statements included in our Quarterly Reports on Form&#160;10-Q for the period ended March 31, 2010 filed with the SEC for last year totaled $20,000.&#160;&#160;Audit fees billed by <font style="DISPLAY: inline">Cherry Bekaert &amp; Holland, L.L.P. for the audit of our financial statements included in our Annual Report on Form 10K for the fiscal year ended December 31, 2010, and for review of the financial statements included in our Quarterly Reports on Form 10Q for the periods ended March 31, 2010, June 30, 2010, and September 30, 2010 filed with the SEC for last year totaled $
30,000.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt">Audit-Related Fees.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>None</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Tax Fees.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Tax fees billed by <font style="DISPLAY: inline">Cherry Bekaert &amp; Holland, L.L.P. during the year ended December 31, 2010 totaled $18,200.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All Other Fees.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>None</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART IV</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item15"><!--EFPlaceholder--></a>ITEM 15.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBITS.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt">Financial Statements</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The financial statements listed in the accompanying index (page F-1) to the financial statements are filed as part of this Annual Report on Form&#160;10-K.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt">Exhibits</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Exhibit</font></div>
</td>
<td align="left" valign="top" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Exhibit</font></div>
</td>
</tr><tr>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Number</font></font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td align="left" valign="top" width="78%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Description</font></font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="9%" style="TEXT-ALIGN: center">
<div>31.1</div>
</td>
<td valign="top" width="2%">&#160; </td>
<td align="left" valign="top" width="78%">
<div>Rule&#160;13a-14(a) Certification of Principal Executive Officer.*</div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="9%" style="TEXT-ALIGN: center">
<div>31.2</div>
</td>
<td valign="top" width="2%">&#160; </td>
<td align="left" valign="top" width="78%">
<div>Rule&#160;13a-14(a) Certification of Principal Financial Officer.*</div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="9%" style="TEXT-ALIGN: center">
<div>32.1</div>
</td>
<td valign="top" width="2%">&#160; </td>
<td align="left" valign="top" width="78%">
<div>Section&#160;1350 Certification of Principal Executive Officer.*</div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="9%" style="TEXT-ALIGN: center">
<div>32.2</div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Section&#160;1350 Certification of Principal Financial Officer.*</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* Filed herewith</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt">Financial Statement Schedules omitted</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">None.<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="sig"><!--EFPlaceholder--></a>SIGNATURES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of Section&#160;13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" colspan="2" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>
</td>
<td align="left" valign="top" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="top" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="34%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="47%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date:</font></div>
</td>
<td align="left" valign="top" width="6%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:</font></div>
</td>
<td align="left" valign="top" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">/s/ </font>B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">rian</font> R. B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">albirnie </font></font></div>
</td>
<td align="left" valign="top" width="13%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="47%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font> </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chairman of the Board of Directors, and</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Executive Officer</font></font></div>
</td>
<td align="left" valign="top" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="47%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="top" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>

<div>&#160;</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 1st day of March&#160;2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Signature</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160; </font></td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date</font></div>
</td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160; </font></td>
<td align="left" valign="top" width="33%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Title</font></div>
</td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">/s/ </font>B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">rian</font> R. B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">albirnie</font></font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 1, 2011</font></div>
</td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="33%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Executive Officer and Chairman of the Board of Directors</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="33%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">and Director (principal executive officer)</font></div>
</td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">/s/ </font>WESLEY POLLARD</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 1, 2011</font></div>
</td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="33%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer and Director</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wesley Pollard</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">/s/ </font>LORI JONES</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 1, 2011</font></div>
</td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="33%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Director</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lori Jones</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">34</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INDEX TO FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Page</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Reports of Independent Registered Public Accounting Firms</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-2&#160;- F-3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Balance Sheets as of December&#160;31, 2010 and 2009</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Statements of Income for the years ended December&#160;31, 2010 and 2009</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Statement of Stockholders&#8217; Equity for the years ended December&#160;31, 2010 and 2009</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Statements of Cash Flows for the year ended December&#160;31, 2010 and 2009</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Notes to Consolidated Financial Statements</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-8&#160; - F-17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-1</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To the Board of Directors and Shareholders</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Issuer Direct Corporation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Morrisville, North Carolina</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the accompanying consolidated balance sheet of Issuer Direct Corporation and subsidiary (the &#8220;Company&#8221;) as of December 31, 2010, and the related consolidated statements of income, stockholders&#8217; equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these financial statements based on our audit.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&#160;&#160;The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.&#160;&#160;An audit also includes examining, on a test basis, evidence supporting the amoun
ts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Issuer Direct Corporation and subsidiary as of December 31, 2010, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ CHERRY, BEKAERT &amp; HOLLAND, L.L.P.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Raleigh, North Carolina</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">March 1, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To the Board of Directors and Shareholders</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Issuer Direct Corporation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Morrisville, North Carolina</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the accompanying consolidated balance sheet of Issuer Direct Corporation as of December 31, 2009, and the related consolidated statements of income, stockholders&#8217; equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these financial statements based on our audit.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&#160;&#160;The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.&#160;&#160;An audit also includes examining, on a test basis, evidence supporting the amoun
ts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Issuer Direct Corporation as of December 31, 2009, and the results of its operations and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ GBH CPAs, PC</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">www.gbhcpas.com</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Houston, Texas</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">March 16, 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="balance"><!--EFPlaceholder--></a>CONSOLIDATED BALANCE SHEETS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AS OF DECEMBER 31, 2010 AND 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ASSETS</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current assets:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">504,713</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">146,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts receivable (net of allowance for doubtful </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">accounts of $56,024 and $16,785, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">152,069</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Security deposits -current</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,242</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income tax asset &#8211; current</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">102,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,581</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,201</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">799,030</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">323,555</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture, equipment and improvements, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,087</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income tax asset &#8211; noncurrent</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">118,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other long-term assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,576</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Intangible assets (net of accumulated amortization of $55,166 </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">and $67,833, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">93,029</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">120,363</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,079,410</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">465,005</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts payable - trade</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,570</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,715</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,918</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">59,810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,382</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Notes payable &#8211; related party</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73,525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total current liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">151,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">185,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other long term liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">171,680</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">185,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Commitments (see Note 8)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stockholders' equity:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Preferred stock, $1.00 par value, 30,000,000 shares authorized </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Series&#160;A, 60 shares designated, 0 and 5 shares issued and outstanding, respectively</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Series B, 476,200 shares designated; no shares issued and outstanding</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common stock $0.001 par value, 100,000,000 shares authorized, 17,685,312 and 16,826,342 shares issued and outstanding, respectively</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,685</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,826</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional paid-in capital</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,661,212</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,463,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated deficit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(771,167 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,200,573 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total stockholders' equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">907,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">279,955</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total liabilities and stockholders&#8217; equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,079,410</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">465,005</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying notes are an integral part of these consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="SofOps"><!--EFPlaceholder--></a>CONSOLIDATED STATEMENTS OF INCOME</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">For the Years Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,860,513</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,885,232</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cost of services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,509,416</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">786,633</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross profit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,351,097</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,098,599</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating costs and expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General and administrative</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">742,173</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">537,604</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sales and marketing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">337,848</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">247,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total operating costs and expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,123,193</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">823,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">227,904</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,862</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income (expense):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,298 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(688 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total other income (expense)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,298 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(688 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income before taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">208,606</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Income tax benefit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">220,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">429,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income per share &#8211; basic and diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.02</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.02</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted average number of common </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">shares outstanding &#8211; basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,407,097</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,014,713</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted average number of common </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">shares outstanding &#8211; diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,603,391</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,061,729</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying notes are an integral part of these consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">YEARS ENDED DECEMBER 31, 2010 AND 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Preferred Stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Common Stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 8pt">&#160; </font></font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Treasury</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 8pt">&#160; </font></font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Additional</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Paid-in</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 8pt">&#160; </font></font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Accumulated</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 8pt">&#160; </font></font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stockholders&#8217;</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Capital</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Deficit</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Equity</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December&#160;31, 2008</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,834,717</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,236</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,441,006</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,474,747</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,136 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Repurchase and retirement of treasury shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,273,804</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,273</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,236</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,046</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(10,083 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuance of common stock for employee incentives</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuance of common stock for services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Redemption of preferred shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cancellation of shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,571</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,826,342</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,826</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,463,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,200,573</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">279,955</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Conversion of notes payable for common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">458,970</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">459</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">59,207</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">59,666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Conversion of note payable for preferred stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,754</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-cash interest expense on notes payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Repurchase and retirement of treasury shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(50</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39,419</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39,500 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuance of common stock for services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">450,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">83,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">84,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock-based compensation expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,245</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,245</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">429,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">429,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,685,312</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,685</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,661,212</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(771,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">907,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying notes are an integral part of these consolidated financial statements.</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Cashflows"><!--EFPlaceholder--></a>ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">For the Years ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from operating activities</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">429,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Adjustments to reconcile net income to net cash provided by </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">operating activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bad debt expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61,340</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(220,800 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-cash interest expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock-based expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">116,245</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Changes in operating assets and liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease (increase) in accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(74,713 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(47,728 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease (increase) in deposits and prepaids</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6,714 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,347 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease) in accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,856</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(91,844 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease)&#160;&#160;in deferred revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,382</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease) in accrued expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(43,240 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash provided by operating activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">446,297</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">186,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from investing activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchase of property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(48,127 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,014 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used by investing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(48,127 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,014 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from financing activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Repurchase of common and preferred stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39,500 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(10,083 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Payments of notes payable</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(64,828 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used by financing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39,500 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(74,911 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net change in cash</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">358,670</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95,676</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash &#8211; beginning</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">146,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash &#8211; ending</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">504,713</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">146,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Supplemental disclosures</font>:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash paid for interest</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">518</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,192</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash paid for income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-cash investing and financing&#160;&#160;activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Retirement of treasury shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,083</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cancellation of common shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,236</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuance of common shares for redemption of preferred shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued expenses settled by issuance of common shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Related party notes payable and accrued interest converted to common shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">59,666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Related party notes payable and accrued interest converted to preferred shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying notes are an integral part of these consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 1:</font></div>
</td>
<td width="1268">
<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description, Background and Basis of Operations</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nature of Operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Issuer Direct Corporation (the &#8220;Company&#8221; or &#8220;Issuer Direct&#8221;) was incorporated in the state of Delaware in October&#160;1988 under the name Docucon Inc. Subsequent to the December&#160;13, 2007 merger with My EDGAR, Inc., the Company changed its name to Issuer Direct Corporation. <font style="DISPLAY: inline">The transaction has been accounted for as a reverse merger.&#160;&#160;My EDGAR was the acquiring entity for accounting purposes. While the transaction was accounted for using the purchase method of accounting, in substance the transaction was a recapitalization of My EDGAR&#8217;s capital structure.</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The surviving company was formed for the purposes of helping companies produce and distribute their financial and business communications both online and in print. </font>As an issuer services focused company, Issuer Direct Corporation operates under several brands in the market, including Direct Transfer, iProxy Direct, iFund Direct, iR Direct and Issuer Services Group<font style="DISPLAY: inline">. The Company leverages its securities compliance and regulatory expertise to provide a comprehensive set of services that enhance a client's ability to communicate effectively with its shareholder base while meeting all reporting regulations required.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 2:</font></div>
</td>
<td width="1268">
<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of Significant Accounting Policies</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Direct Transfer LLC.&#160;&#160;Significant intercompany accounts and transactions are eliminated in consolidation.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cash and Cash Equivalents</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository accounts and temporarily provides unlimited coverage through December 31, 2012 for certain qualifying and participating non-interest bearing transaction accounts. The Company from time to time may have amounts on deposit in excess of the insured limits. As of December 31, 2010, the Company had cash of $504,713 which exceed these insured amounts.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenue Recognition</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We recognize revenue in accordance with SEC Staff Accounting Bulletin&#160;No.&#160;104, &#8220;Revenue Recognition,&#8221; which requires that: (i)&#160;persuasive evidence of an arrangement exists, (ii)&#160;delivery has occurred or services have been rendered, (iii)&#160;the sales price is fixed or determinable, and (iv)&#160;collectability is reasonably assured. We recognize revenue when services are rendered or delivered, where collectability is probable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Property and Equipment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Property and equipment is recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line method. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. The range of estimated useful lives used to calculate depreciation for principal items of property and equipment are as follow:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Asset Category</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Depreciation / Amortization Period</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture, fixtures and equipment</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3 to 5 years</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Computer equipment and purchased software</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3 years</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Machinery and equipment</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3 to 5 years</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Leasehold Improvements</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7 years</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Earnings per Share</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We comply with FASB ASC No. 260 &#8211; Earnings per Share (formerly Statement of Financial Accounting Standards (&#8220;SFAS&#8221;) No.&#160;128, &#8220;Earnings per Share&#8221;) and SEC Staff Accounting Bulletin (&#8220;SAB&#8221;) No. 98, which require that basic net income per common share be computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares, such as convertible preferred stock, outstanding during the period.&#160;&#160;Common shares of 258,323 and 41,665 issuable upon the potential conversion of the Company&#8217;s Series A Convertible Preferred Stock were in
cluded in the computation of diluted earnings per common share for the years ended December 31, 2010 and 2009, respectively. Shares issuable upon the exercise of stock options totaling 1,000,000 on December 31, 2010 were excluded from the calculation of common equivalent shares as the impact was anti-dilutive.&#160;&#160;There were no stock options outstanding at December 31, 2009.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Allowance for Doubtful Accounts</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on client account balances, and a reserve based on our historical experience. We recorded bad debt expense of $51,446 and $61,340 during the years ended December 31, 2010 and 2009, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Use of Estimates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Income Taxes</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We comply with FASB ASC No. 740 &#8211; Income Taxes (formerly SFAS No.&#160;109, &#8220;Accounting for Income Taxes&#8221;) which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.&#160;&#160;For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely th
an not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements, if applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Impairment of Long-lived Assets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In accordance with FASB ASC No. 360 &#8211; Property Plant and Equipment&#160;&#160;(formerly SFAS No.&#160;144, &#8220;Accounting for the Impairment or Disposal of Long-Lived Assets"), long-lived assets, such as property and equipment, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount 
of an asset group exceeds fair value of the asset group.&#160;&#160;&#160;Goodwill is tested for impairment annually or whenever events indicate that the asset may be impaired.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fair Value Measurements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As of December 31, 2010 and 2009, we do not have any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We adopted the fair value provisions applicable to nonfinancial assets and nonfinancial liabilities in the first quarter of 2009. Our assets and liabilities that are subject to these provisions during the years ended December 31, 2010 and 2009 include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets. The adoption of the fair value provisions applicable to nonfinancial assets and liabilities did not have a significant impact on the determination or reporting of our financial results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, accounts payable, and unsecured notes payable approximate their carrying amounts. The interest rates payable on our notes approximate market rates on similar borrowings at December 31, 2009.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stock-based compensation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We account for stock-based compensation under the authoritative guidance for stock compensation. The authoritative guidance for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award. The valuation provisions of the authoritative guidance for stock compensation apply to new grants and grants modified after the adoption date that were outstanding as of the effective date. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous acc
ounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods subsequent to adoption.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Recent Accounting Pronouncements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2010, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2010-28, When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts . This ASU updates ASC Topic 350, Intangibles &#8212;Goodwill and Other, to amend the criteria for performing Step 2 of the goodwill impairment test for reporting units with zero or negative carrying amounts and requires performing Step 2 if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. The Company does not currently have any reporting units with zero or negative carrying values.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In January 2010, the FASB issued ASU No. 2010-06, Improving Disclosures about Fair Value Measurements. This update amends ASC Topic 820, Fair Value Measurements and Disclosures, to require new disclosures for significant transfers in and out of Level 1 and Level 2 fair value measurements, disaggregation regarding classes of assets and liabilities, valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 or Level 3. These disclosures are effective for the interim and annual reporting periods beginning after December 15, 2009. Additional new disclosures regarding the purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 beginning with the first in
terim period. The Company adopted certain of the relevant disclosure provisions of ASU 2010-06 on January 1, 2010 and adopted certain other provisions on January 1, 2011.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3:</font></div>
</td>
<td width="1268">
<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Furniture, Equipment, and Improvements</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Computers &amp; equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,726</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35,442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,197</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,961</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Leasehold improvements</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,606</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total fixed assets, gross</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">87,529</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,403</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less: Accumulated depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(34,154 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18,316 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total fixed assets, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,087</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Depreciation expense for the years ended December&#160;31, 2010 and 2009 totaled $15,838 and $10,913, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Note 4:</font>&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Goodwill and Other Intangible Assets</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The components of goodwill and intangible assets are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31, 2010</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Gross Carrying</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Accumulated</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amortization</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Net Carrying</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Customer lists</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(21,000</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Customer relationships-noncontractual</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,500</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,500</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proprietary software</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,666</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33,334</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Goodwill</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,195</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,195</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total intangible assets</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">148,195</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(55,166</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">93,029</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31, 2009</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Gross Carrying</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Accumulated</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amortization</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Net Carrying</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Domain name</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(32,000</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Customer lists</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,000</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Customer relationships-noncontractual</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,500</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,500</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proprietary software</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,000</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8,333</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,667</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Goodwill</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,195</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,195</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total intangible assets</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">188,195</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(67,833</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">120,362</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-10</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font> </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Goodwill</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>At <font style="DISPLAY: inline">December&#160;31, 2010 and 2009, our recorded goodwill totaled $43,195, which was solely related to our acquisition of Basset Press in July&#160;2007.&#160;&#160;&#160;We conducted our 2010 annual impairment analysis during the third quarter of 2010 and determined that our goodwill was not impaired.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible Assets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In July&#160;2007, as part of the Basset Press acquisition, we acquired $105,000 of identifiable intangible assets including $30,000 for customer lists, $25,000 for non-contractual customer relationships, and $50,000 for proprietary software or intellectual property. Customer lists and relationships are subject to amortization and have estimated useful lives of five years.&#160;&#160;At the date of the acquisition and through the year ended December&#160;31, 2008, we assigned an indefinite life to the proprietary software and included such software in our annual evaluation of impairment. During the first quarter of 2009, we reevaluated the useful life of the propriety software and have assigned a remaining estimated useful life of 6 years to such asset.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">We conducted our 2010 annual impairment analysis during the third quarter of 2010 and determined that the total amount of intangible assets recorded related to our My Edgar domain was impaired, as we were no longer using the domain name. Accordingly, we recorded an impairment charge of $4,000, representing the remaining unamortized balance, during the year ended December 31, 2010.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amortization of intangible assets is a charge to operating expenses and totaled $23,333, and $27,333 in 2010 and 2009, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The future amortization of the identifiable intangible assets is as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Years Ending December&#160;31:</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,334</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,333</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,333</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 5:&#160;&#160; Notes payable &#8211; Related Party</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2009, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December 31,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Note Payable to our Chief Executive Officer in the amount of $23,525 for various obligations the former company was party to, including former legal counsel, former transfer agent services and tax obligations with the state of Delaware. The unsecured note carried interest in the amount of 8% per annum and was due on December&#160;31, 2008. The note was in default at December 31, 2009.&#160;&#160;The note and accrued interest was converted into 26 shares of Series A preferred stock during the year ended December 31, 2010.</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8211;&#8211;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unsecured Note Payable to a prior Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of $1,000,000 in gross proceeds of the Private Placement.&#160;&#160;The note and accrued interest was converted into 229,485 shares of common stock during the year ended December 31, 2010.</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8211;&#8211;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unsecured Note Payable to a prior Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of $1,000,000 in gross proceeds of the Private Placement.&#160;&#160;The note and accrued interest was converted into 229,485 shares of common stock during the year ended December 31, 2010.</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8211;&#8211;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total notes payable - related party</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8211;&#8211;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73,525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-11</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6:</font></div>
</td>
<td width="1268">
<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preferred stock and common stock</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">As of December&#160;31, 2009, there were five shares of Series&#160;A Convertible Preferred Stock outstanding, each of which are convertible into 8,333 shares of our common stock. On March 31, 2010, we issued 26 shares of Series A Preferred Stock to our Chief Executive Officer for the conversion of a note payable in the amount of $23,525 and accrued interest of $4,255.&#160;&#160;The fair value of the preferred stock on the date of the transaction was $39,000, which was determined based upon the number of common shares issuable upon conversion of the preferred shares into common stock, 216,666, and the market price of our common stock on the date of the agreement of $0.18.&#160;&#160;The difference between the carrying value of the debt and accrued interest and
 the fair value of the preferred shares of $11,220 has been recorded as additional interest expense</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">.&#160;&#160;</font><font style="DISPLAY: inline">In April 2009, we issued 20,000 common shares to the holder of two preferred shares, for a value of $100 per preferred share, in settlement of the stated value and any potential claims to accumulated dividends thereon.&#160;&#160;Although the Certificate of Designation of the rights, preferences and limitations of the Preferred Stock provides for dividends equal to eleven&#160;percent (11.0%) per year on the liquidation preference of $25,000 per share, we have not declared or accrued such dividends.&#160;&#160;Additionally, under Delaware law, dividends are an obligation only when declared, and the Board has not declared any dividends payable on the Series&#160;A Preferred Stock.&#160;&#160;In November 2010, the Company&#8217;s Chief Executive Officer who held 83.9% of the outstanding shares of Series A Prefe
rred Stock approved an amendment to the Certificate of Designation whereby the holders of at least 56 2/3rds of the outstanding shares of Series A Preferred Stock may elect to require the Company to redeem all of the outstanding shares of Series A Preferred Stock for $1,000 per share.&#160;&#160;In November 2010, the Company&#8217;s Chief Executive Officer who held 83.9%&#160;&#160;of the outstanding shares of Series A Preferred Stock elected to require the Company to redeem the remaining 31 shares of Series A Preferred Stock in exchange for proceeds of $31,000, and therefore there were no shares of Series A Preferred Stock outstanding at December 31, 2010.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Certificate of Designation of the rights, preferences and limitations of the Company&#8217;s Series&#160;B Non-Convertible, Cumulative, Non-Voting, Redeemable Preferred Stock provides that the Company may issue up to 476,200 shares of Series&#160;B Non-Convertible, Cumulative, Non-Voting, Redeemable Preferred Stock, par value $1.00 per share, which shall earn dividends at the rate of fifteen&#160;percent (15.0%) per year. Declaration and payment of dividends are at the sole discretion of the Company&#8217;s Board of Directors, and are not mandatory. The Certificate of Designation of the rights, preferences and limitations of the Company&#8217;s Series&#160;B Non-Convertible, Cumulative, Non-Voting, Redeemable Preferred Stock also provides that the Company may not pay dividends on its co
mmon stock until all accrued but unpaid dividends on such preferred stock have been paid. At December&#160;31, 2010 and 2009, there were no issued and outstanding shares of such preferred stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has never declared or paid any cash dividends on its common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In November 2010, the Company&#8217;s Board of Directors authorized a stock repurchase plan, whereby the Company is authorized to repurchase up to 1,000,000 shares of the Company&#8217;s common stock over a twelve month period, but not to exceed an aggregate purchase price of $10,000 in cash every fiscal quarter for a maximum of four quarters or until the board causes action to modify or terminate the repurchase plan.&#160;&#160;Anything beyond these amounts would require additional consent from the Board of Directors.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-12</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During years ended December&#160;31, 2010 and 2009, changes in the shares of our common stock outstanding are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;December 31,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">December&#160;31,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at beginning of year</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,826,342</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,834,717</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Repurchase and retirement of shares (1)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(50,000 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,273,804 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Issuance of common stock for services&#160;&#160;(2)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">450,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Conversion of notes payable for common stock (3)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">458,970</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Issuance of common stock for employee incentives (4)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Cancellation of shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,571</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Redemption of preferred shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at end of year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,685,312</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,826,342</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: left; WIDTH: 36pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Repurchase and retirement of treasury shares:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Year ended December 31, 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2009, our former President, who remained on the Board of Directors until December 9, 2009, sold 2,250,000 shares from his beneficial holdings in a private transaction for $6,750 to the Company. The shares were retired, and we reduced paid-in capital by $4,500.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October 2009, the Company repurchased 23,804 shares from a former beneficial shareholder for $3,333.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Year ended December 31, 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2010, the Company purchased 50,000 shares from a shareholder in a private transaction for $8,500.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: left; WIDTH: 36pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shares issued for services for services:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Year ending December 31, 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We issued 100,000 shares of our common stock in July 2009 to a consultant in exchange for certain consulting services, with an estimated fair market value of $10,000, which is equal to the closing price of our common stock on the date of the issuance.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Year ended December 31, 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="FONT-STYLE: normal">&#183;&#160;&#160; </font></font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Between March 2010 and November 2010, we issued a total of 450,000 shares of our common stock to our Chief Financial Officer with an estimated total fair market value of $84,000 based on the closing price of our stock on each date of issuance.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: left; WIDTH: 36pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conversion of notes payable for common stock.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Year ending December 31, 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On March 31, 2010, we issued 458,970 shares of common stock to two prior Directors of the Company for the conversion of notes payable totaling $50,000 and accrued interest of $9,666.&#160;&#160;The notes payable and accrued interest were converted at $0.13 per share, which represents the average share price over the prior twelve months.&#160;&#160;The fair value of common stock on the date of the transaction was $0.18.&#160;&#160;The difference of $0.05 per share, or $22,958, has been recorded as additional interest expense. </font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-13</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: left; WIDTH: 36pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shares issued for employee incentives:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Year ending December 31, 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February&#160;2009, we issued 150,000 shares of our common stock in connection with an employment agreement with a former officer of Bassett Press. The fair market value of the shares totaled $25,000, or $0.17 per share, which represents <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the closing price on the date of the agreement. These shares were issued pursuant to the employment agreement and the amount payable was accrued at December 31, 2008.&#160;</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On July&#160;7, 2008, we amended our Articles of Incorporation accordingly, and as of that date, we have 100,000,000 authorized shares of common stock, par value $0.001. Additionally, we have 30,000,000 authorized shares of preferred stock, of which 60 shares are designated as Series&#160;A preferred stock, par value $1.00 and 476,200 shares are designated as Series B preferred shares, par value $1.00.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7:</font></div>
</td>
<td width="1268">
<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employee Stock Options</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 9, 2010, the shareholders of the Company approved the 2010 Equity Incentive Plan (the &#8220;Plan&#8221;).&#160;&#160;Under the terms of the Plan, 1,500,000 shares of the Company&#8217;s common stock are authorized for the issuance of stock options and restricted stock.&#160;&#160;The Plan also provides for an annual increase in the number of authorized shares of common stock issuable beginning in fiscal 2011 equal to the lesser of (a) 2% of shares outstanding on the last day of the immediate preceding fiscal year, (b) 500,000 shares, or (c) such lesser number of shares as the Company&#8217;s board of directors shall determine, provided, however, in no event shall the maximum number of shares that may be issued under the Plan pursuant to stock awards be greater than 15% of the aggregate shares outstanding on the last day of the
 immediately preceding fiscal year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following is a summary of stock options issued during the year ended December 31, 2010:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number of Options Outstanding</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Range of Exercise Price</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted Average Exercise Price</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Aggregate Intrinsic Value</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at December 31, 2009</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Options granted</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21 - $0.23</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21 - $0.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of our common stock on December 31, 2010 of $0.22 and the exercise price for in-the-money options) that would have been received by the holders if all instruments had been exercised on December 31, 2010. As of December 31, 2010, there was $155,515 of unrecognized compensation cost related to our unvested stock options, which will be recognized through 2014.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes information about stock options outstanding and exercisable at December 31, 2010:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Options Outstanding</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Options Exercisable</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Range of Exercise Price</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted Average Remaining Contractual Life (in Years)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted Average Exercise Price</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted Average Exercise Price</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21 - $0.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of the 1,000,000 stock options outstanding, 750,000 are non-qualified stock options.&#160;&#160;None of the outstanding stock options have been registered with the SEC.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of common stock options issued during the year ended December 31, 2010 were estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected dividend yield</font></div>
</td>
<td align="right" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected stock price volatility</font></div>
</td>
<td align="right" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">181%</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-average risk-free interest rate</font></div>
</td>
<td align="right" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.1% - 1.6%</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected life of options (in years)</font></div>
</td>
<td align="right" valign="bottom" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.5 &#8211; 5.5</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the year ended December 31, 2010, we recorded expense of $32,245 related to these stock options.&#160;&#160;No options had been exercised or cancelled as of December 31, 2010.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-14</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 8:</font></div>
</td>
<td width="1268">
<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commitments and Contingencies</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Office Lease</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In August 2010, we signed a six year and two month lease for 16,059 square feet for our corporate headquarters in Morrisville, NC.&#160;&#160;At our option, we may terminate the lease anytime after October 31, 2014 in exchange for an early termination fee of $135,000.&#160;&#160;If we do not terminate the lease early, our required minimum lease payments are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year Ended December 31:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,621</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">137,589</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">141,428</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">144,411</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Thereafter</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">123,336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">691,218</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Rental expenses associated with our office leases totaled $76,132 and $78,189 for the years ended December&#160;31, 2010 and 2009, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Note 9:</font>&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Concentrations</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>For the years ended December&#160;31, 2010 and December&#160;31, 2009, we generated revenues from the following revenue streams as a&#160;percentage of total revenue:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">Revenue Streams</font></font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage</font></font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Document conversion</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">595,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">713,510</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Printing and financial communication</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,500,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">381,347</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fulfillment and distribution</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,192,916</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">444,920</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Software licensing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">124,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,249</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfer agent services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">447,322</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">255,206</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,860,513</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,885,232</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During 2010, revenue generated from one customer comprised 47.7% of our total annual revenues.&#160;&#160;In 2009, revenue from a different customer accounted for 28.6% of our total annual revenues.&#160;&#160;We did not have any customers that comprised more than 10% of our total accounts receivable balance at December 31, 2010.&#160;&#160;As of December 31, 2009, one customer comprised 17.8% of our total accounts receivable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We believe we do not have any financial instruments that could have potentially subjected us to significant concentrations of credit risk. Since a portion of the revenues are paid at the beginning of the month via credit card or advance by check, the remaining accounts receivable amounts are generally due within 30 days, none of which is collateralized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-15</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font> </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Note 10:</font>&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Income Taxes</font></font></div>

<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>At December&#160;31, 2010 and 2009, we had a Federal net operating loss carry forward of approximately $564,000 and $883,000, respectively.&#160;&#160;These loss carry forwards are available to reduce future taxable income and will expire through 2030 if not utilized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The provision (benefit) for income taxes consisted of the following components for the years ended December&#160;31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Federal</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">77,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">93,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">State</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total Deferred</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">109,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Valuation Allowance</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(310,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(109,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total provision (benefit) for income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(220,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Components of net deferred tax assets, including a valuation allowance, are as follows at December&#160;31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred tax assets:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net operating loss carryforward</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">226,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">353,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Allowance for doubtful accounts</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock options</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Charitable contributions</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basis difference in intangible assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">52,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basis difference in fixed assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,000 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total deferred tax assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">323,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">413,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less: valuation allowance</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(102,200 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(413,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net deferred tax assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">220,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-16</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font> </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUER DIRECT CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The valuation allowance for deferred tax assets as of December&#160;31, 2010 and 2009 was $102,200 and $413,000, respectively. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Due to the uncertainty around their ultimate realization, management elected to fully reserve the Company&#8217;s deferred tax assets as of December&
#160;31, 2009.&#160;&#160;At December 31, 2010, management elected to only partially reserve the Company&#8217;s deferred tax asset.&#160;&#160;The net deferred tax asset at December 31, 2010 was estimated based on the company&#8217;s profitability for the next two years.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Reconciliation between the statutory rate and the effective tax rate is as follows at December&#160;31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">&#160; </font></td>
<td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Federal statutory tax rate</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;34.0</font></div>
</td>
<td align="right" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;34.0</font></div>
</td>
<td align="right" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">State tax rate</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.0</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.0</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Permanent difference and valuation allowance</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.9</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.4</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.2</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.7</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%)</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43.1</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39.7</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Change in valuation allowance</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(149.0</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39.7</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%)</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Total</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(105.9</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has reviewed its tax positions and has determined that it has no significant uncertain positions as of December 31, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 11:&#160;Subsequent Events</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On February 11, 2011, the Company obtained a working capital line of credit (the &#8220;Line of Credit&#8221;) in the amount of $200,000.&#160;&#160;The Line of Credit has an interest rate equal to the 30 day LIBOR rate plus 4%.&#160;&#160;The Line of Credit has a twelve month term, and automatically renews on the anniversary.&#160;&#160;No amounts were outstanding on the Line of Credit as of March 1, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-17</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<br>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>isdr_ex311.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>isdr_ex311.htm</title>
    <!-- Licensed to: Issuer Direct Corp. -->
    <!-- Document Created using EDGARizerAgent 5.3.1.0 -->
    <!-- Copyright 1995 - 2011 Thomson Reuters. All rights reserved. -->
</head>








<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit&#160;31.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION PURSUANT TO RULE&#160;13a-14(a)/15d-14(a)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(SECTION&#160;302 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Brian R. Balbirnie, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;I have reviewed this Annual Report on Form&#160;10-K of Issuer Direct Corporation;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&#160;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;&#160;March 1, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">rian</font> R. B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">albirnie</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chairman of the Board of Directors, and Chief Executive Officer</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>isdr_ex312.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>isdr_ex312.htm</title>
    <!-- Licensed to: Issuer Direct Corp. -->
    <!-- Document Created using EDGARizerAgent 5.3.1.0 -->
    <!-- Copyright 1995 - 2011 Thomson Reuters. All rights reserved. -->
</head>








<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit&#160;31.2</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION PURSUANT TO RULE&#160;13a-14(a)/15d-14(a)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(SECTION&#160;302 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Wesley Pollard, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;I have reviewed this Annual Report on Form&#160;10-K of Issuer Direct Corporation;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&#160;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: March 1, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ <font style="FONT-VARIANT: small-caps; DISPLAY: inline">Wesley Pollard</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Wesley Pollard</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Financial Officer</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>isdr_ex321.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>isdr_ex321.htm</title>
    <!-- Licensed to: Issuer Direct Corp. -->
    <!-- Document Created using EDGARizerAgent 5.3.1.0 -->
    <!-- Copyright 1995 - 2011 Thomson Reuters. All rights reserved. -->
</head>








<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Exhibit&#160;32.1</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="kr3113_certification_pursuant_to"><!--EFPlaceholder--></a><a name="toc_kr3113_2"><!--EFPlaceholder--></a><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with the Annual Report of Issuer Direct Corporation (the &#8220;Company&#8221;) on Form 10-K for the period ending December 31, 2010, as filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), I, Brian R. Balbirnie, Chairman of the Board of Directors, and Chief Executive Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002, that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: March 1, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="49%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">rian</font> R. B<font style="FONT-VARIANT: small-caps; DISPLAY: inline">albirnie</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Brian R. Balbirnie</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chairman of the Board of Directors, and Chief Executive Officer</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A certification furnished pursuant to this Item will not be deemed &#8220;filed&#8221; for purposes of section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the small business issuer specifically incorporates it by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>isdr_ex322.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>isdr_ex322.htm</title>
    <!-- Licensed to: Issuer Direct Corp. -->
    <!-- Document Created using EDGARizerAgent 5.3.1.0 -->
    <!-- Copyright 1995 - 2011 Thomson Reuters. All rights reserved. -->
</head>








<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Exhibit&#160;32.2</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="kr3113_certification_pursuant_to"><!--EFPlaceholder--></a><a name="toc_kr3113_2"><!--EFPlaceholder--></a><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with the Annual Report of Issuer Direct Corporation (the &#8220;Company&#8221;) on Form 10-K for the period ending December 31, 2010, as filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), I, Wesley Pollard, Chief Financial Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002, that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: March 1, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ <font style="FONT-VARIANT: small-caps; DISPLAY: inline">Wesley Pollard</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Wesley Pollard</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Financial Officer</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A certification furnished pursuant to this Item will not be deemed &#8220;filed&#8221; for purposes of section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the small business issuer specifically incorporates it by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
<FILENAME>isdr-20101231.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Issuer Direct - XWand B0126 -->
<xbrli:xbrl xmlns:isdr="http://issuerdirect.com/20101231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:us-gaap="http://xbrl.us/us-gaap/2009-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-types="http://xbrl.us/us-types/2009-01-31" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:dei="http://xbrl.us/dei/2009-01-31" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:us-roles="http://xbrl.us/us-roles/2009-01-31" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:schemaRef xlink:type="simple" xlink:href="isdr-20101231.xsd"/>
  <xbrli:context id="as-of-2010-12-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="as-of-2009-12-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="from-2010-01-01-to-2010-12-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2010-01-01</xbrli:startDate>
      <xbrli:endDate>2010-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="from-2009-01-01-to-2009-12-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="as-of-2008-12-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_PreferredStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:PreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009_PreferredStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:PreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2010_PreferredStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:PreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2010_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2010_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2010_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2010_PreferredStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:PreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2010-01-01</xbrli:startDate>
      <xbrli:endDate>2010-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2010_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2010-01-01</xbrli:startDate>
      <xbrli:endDate>2010-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2010_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2010-01-01</xbrli:startDate>
      <xbrli:endDate>2010-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2010_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2010_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2010-01-01</xbrli:startDate>
      <xbrli:endDate>2010-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="as-of-2011-03-01">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2011-03-01</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009_PreferredStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000843006</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:PreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:unit id="USD">
    <xbrli:measure>iso4217:USD</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="Shares">
    <xbrli:measure>xbrli:shares</xbrli:measure>
  </xbrli:unit>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">504713</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:AccountsReceivableNetCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">175336</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:DeferredTaxAssetsNetCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">102400</us-gaap:DeferredTaxAssetsNetCurrent>
  <us-gaap:OtherAssetsCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">16581</us-gaap:OtherAssetsCurrent>
  <us-gaap:AssetsCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">799030</us-gaap:AssetsCurrent>
  <us-gaap:FurnitureAndFixturesGross decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">53375</us-gaap:FurnitureAndFixturesGross>
  <us-gaap:DeferredTaxAssetsNetNoncurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">118400</us-gaap:DeferredTaxAssetsNetNoncurrent>
  <us-gaap:OtherAssetsNoncurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">15576</us-gaap:OtherAssetsNoncurrent>
  <us-gaap:IntangibleAssetsNetExcludingGoodwill decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">93029</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <us-gaap:Assets decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">1079410</us-gaap:Assets>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">146043</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:AccountsReceivableNetCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">152069</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:OtherRestrictedAssetsCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">6242</us-gaap:OtherRestrictedAssetsCurrent>
  <us-gaap:OtherAssetsCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">19201</us-gaap:OtherAssetsCurrent>
  <us-gaap:AssetsCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">323555</us-gaap:AssetsCurrent>
  <us-gaap:FurnitureAndFixturesGross decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">21087</us-gaap:FurnitureAndFixturesGross>
  <us-gaap:IntangibleAssetsNetExcludingGoodwill decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">120363</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <us-gaap:Assets decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">465005</us-gaap:Assets>
  <us-gaap:AccountsPayableCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">65570</us-gaap:AccountsPayableCurrent>
  <us-gaap:AccruedLiabilitiesCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">34918</us-gaap:AccruedLiabilitiesCurrent>
  <us-gaap:DeferredRevenueCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">51382</us-gaap:DeferredRevenueCurrent>
  <us-gaap:LiabilitiesCurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">151870</us-gaap:LiabilitiesCurrent>
  <us-gaap:OtherLiabilitiesNoncurrent decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">19810</us-gaap:OtherLiabilitiesNoncurrent>
  <us-gaap:Liabilities decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">171680</us-gaap:Liabilities>
  <us-gaap:AccountsPayableCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">51715</us-gaap:AccountsPayableCurrent>
  <us-gaap:AccruedLiabilitiesCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">59810</us-gaap:AccruedLiabilitiesCurrent>
  <us-gaap:NotesPayableRelatedPartiesCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">73525</us-gaap:NotesPayableRelatedPartiesCurrent>
  <us-gaap:LiabilitiesCurrent decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">185050</us-gaap:LiabilitiesCurrent>
  <us-gaap:Liabilities decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">185050</us-gaap:Liabilities>
  <us-gaap:CommonStockValue decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">17685</us-gaap:CommonStockValue>
  <us-gaap:AdditionalPaidInCapital decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">1661212</us-gaap:AdditionalPaidInCapital>
  <us-gaap:RetainedEarningsAccumulatedDeficit decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">-771167</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:StockholdersEquity decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">907730</us-gaap:StockholdersEquity>
  <us-gaap:LiabilitiesAndStockholdersEquity decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">1079410</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:PreferredStockValue decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">5</us-gaap:PreferredStockValue>
  <us-gaap:CommonStockValue decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">16826</us-gaap:CommonStockValue>
  <us-gaap:AdditionalPaidInCapital decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">1463697</us-gaap:AdditionalPaidInCapital>
  <us-gaap:RetainedEarningsAccumulatedDeficit decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">-1200573</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:StockholdersEquity decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">279955</us-gaap:StockholdersEquity>
  <us-gaap:LiabilitiesAndStockholdersEquity decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">465005</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:Revenues decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">3860513</us-gaap:Revenues>
  <us-gaap:CostOfServices decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">2509416</us-gaap:CostOfServices>
  <us-gaap:GrossProfit decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">1351097</us-gaap:GrossProfit>
  <us-gaap:GeneralAndAdministrativeExpense decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">742173</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:SellingAndMarketingExpense decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">337848</us-gaap:SellingAndMarketingExpense>
  <us-gaap:AssetImpairmentCharges decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">4000</us-gaap:AssetImpairmentCharges>
  <us-gaap:DepreciationAndAmortization decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">39172</us-gaap:DepreciationAndAmortization>
  <us-gaap:OperatingCostsAndExpenses decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">1123193</us-gaap:OperatingCostsAndExpenses>
  <us-gaap:OperatingIncomeLoss decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">227904</us-gaap:OperatingIncomeLoss>
  <us-gaap:InterestExpense decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">19298</us-gaap:InterestExpense>
  <isdr:OtherIncomeTotal decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">-19298</isdr:OtherIncomeTotal>
  <us-gaap:InterestExpense decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">688</us-gaap:InterestExpense>
  <isdr:OtherIncomeTotal decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">-688</isdr:OtherIncomeTotal>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">208606</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic>
  <us-gaap:IncomeTaxExpenseBenefit decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">-220800</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:NetIncomeLoss decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">429406</us-gaap:NetIncomeLoss>
  <us-gaap:EarningsPerShareBasic decimals="2" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">0.02</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareDiluted decimals="2" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">0.02</us-gaap:EarningsPerShareDiluted>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="Shares">17407097</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="Shares">17603391</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <us-gaap:Revenues decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">1885232</us-gaap:Revenues>
  <us-gaap:CostOfServices decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">786633</us-gaap:CostOfServices>
  <us-gaap:GrossProfit decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">1098599</us-gaap:GrossProfit>
  <us-gaap:GeneralAndAdministrativeExpense decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">537604</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:SellingAndMarketingExpense decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">247887</us-gaap:SellingAndMarketingExpense>
  <us-gaap:DepreciationAndAmortization decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">38246</us-gaap:DepreciationAndAmortization>
  <us-gaap:OperatingCostsAndExpenses decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">823737</us-gaap:OperatingCostsAndExpenses>
  <us-gaap:OperatingIncomeLoss decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">274862</us-gaap:OperatingIncomeLoss>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">274174</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic>
  <us-gaap:NetIncomeLoss decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">274174</us-gaap:NetIncomeLoss>
  <us-gaap:EarningsPerShareBasic decimals="2" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">0.02</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareDiluted decimals="2" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">0.02</us-gaap:EarningsPerShareDiluted>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="Shares">17014713</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="Shares">17061729</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <us-gaap:ProvisionForDoubtfulAccounts decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">51446</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:DeferredIncomeTaxesAndTaxCredits decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">-220800</us-gaap:DeferredIncomeTaxesAndTaxCredits>
  <us-gaap:OtherNoncashExpense decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">34178</us-gaap:OtherNoncashExpense>
  <us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">116245</us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims>
  <us-gaap:IncreaseDecreaseInAccountsReceivable decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">74713</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInDeposits decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">6714</us-gaap:IncreaseDecreaseInDeposits>
  <us-gaap:IncreaseDecreaseInAccountsPayable decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">13856</us-gaap:IncreaseDecreaseInAccountsPayable>
  <us-gaap:IncreaseDecreaseInDeferredRevenue decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">51382</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <us-gaap:IncreaseDecreaseInAccruedLiabilities decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">8839</us-gaap:IncreaseDecreaseInAccruedLiabilities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">446297</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:PaymentsToAcquireMachineryAndEquipment decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">48127</us-gaap:PaymentsToAcquireMachineryAndEquipment>
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">-48127</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:PaymentsForRepurchaseOfCommonStock decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">39500</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">-39500</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">358670</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:ProvisionForDoubtfulAccounts decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">61340</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">10000</us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims>
  <us-gaap:IncreaseDecreaseInAccountsReceivable decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">47728</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInDeposits decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">14347</us-gaap:IncreaseDecreaseInDeposits>
  <us-gaap:IncreaseDecreaseInAccountsPayable decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">-91844</us-gaap:IncreaseDecreaseInAccountsPayable>
  <us-gaap:IncreaseDecreaseInAccruedLiabilities decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">-43240</us-gaap:IncreaseDecreaseInAccruedLiabilities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">186601</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:PaymentsToAcquireMachineryAndEquipment decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">16014</us-gaap:PaymentsToAcquireMachineryAndEquipment>
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">-16014</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:PaymentsForRepurchaseOfCommonStock decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">10083</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <us-gaap:RepaymentsOfNotesPayable decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">64828</us-gaap:RepaymentsOfNotesPayable>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">-74911</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">95676</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue decimals="0" contextRef="as-of-2008-12-31" unitRef="USD">50367</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2008_PreferredStockMember" unitRef="USD">7</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2009_PreferredStockMember" unitRef="USD">5</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2008_CommonStockMember" unitRef="USD">18834</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2009_CommonStockMember" unitRef="USD">16826</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2010_CommonStockMember" unitRef="USD">17685</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2008_TreasuryStockMember" unitRef="USD">-4236</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2008_AdditionalPaidInCapitalMember" unitRef="USD">1441006</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2009_AdditionalPaidInCapitalMember" unitRef="USD">1463697</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2010_AdditionalPaidInCapitalMember" unitRef="USD">1661212</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2008_RetainedEarningsMember" unitRef="USD">-1474747</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2009_RetainedEarningsMember" unitRef="USD">-1200573</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2010_RetainedEarningsMember" unitRef="USD">-771167</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockRedeemedOrCalledDuringPeriodValue decimals="0" contextRef="D2009_PreferredStockMember" unitRef="USD">-2</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
  <isdr:ConversionOfNotePayableForPreferredStock decimals="0" contextRef="D2010_PreferredStockMember" unitRef="USD">26</isdr:ConversionOfNotePayableForPreferredStock>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="D2010_PreferredStockMember" unitRef="USD">-31</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="D2009_CommonStockMember" unitRef="USD">-2273</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation decimals="0" contextRef="D2009_CommonStockMember" unitRef="USD">150</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues decimals="0" contextRef="D2009_CommonStockMember" unitRef="USD">100</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:StockRedeemedOrCalledDuringPeriodValue decimals="0" contextRef="D2009_CommonStockMember" unitRef="USD">20</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
  <us-gaap:StockRepurchasedDuringPeriodValue decimals="0" contextRef="D2009_CommonStockMember" unitRef="USD">-5</us-gaap:StockRepurchasedDuringPeriodValue>
  <isdr:ConversionOfNotePayableForCommonStock decimals="0" contextRef="D2010_CommonStockMember" unitRef="USD">459</isdr:ConversionOfNotePayableForCommonStock>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="D2010_CommonStockMember" unitRef="USD">-50</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues decimals="0" contextRef="D2010_CommonStockMember" unitRef="USD">450</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="D2009_TreasuryStockMember" unitRef="USD">4236</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="D2009_AdditionalPaidInCapitalMember" unitRef="USD">-12046</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation decimals="0" contextRef="D2009_AdditionalPaidInCapitalMember" unitRef="USD">24850</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues decimals="0" contextRef="D2009_AdditionalPaidInCapitalMember" unitRef="USD">9900</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:StockRedeemedOrCalledDuringPeriodValue decimals="0" contextRef="D2009_AdditionalPaidInCapitalMember" unitRef="USD">-18</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
  <us-gaap:StockRepurchasedDuringPeriodValue decimals="0" contextRef="D2009_AdditionalPaidInCapitalMember" unitRef="USD">5</us-gaap:StockRepurchasedDuringPeriodValue>
  <isdr:ConversionOfNotePayableForCommonStock decimals="0" contextRef="D2010_AdditionalPaidInCapitalMember" unitRef="USD">59207</isdr:ConversionOfNotePayableForCommonStock>
  <isdr:ConversionOfNotePayableForPreferredStock decimals="0" contextRef="D2010_AdditionalPaidInCapitalMember" unitRef="USD">27754</isdr:ConversionOfNotePayableForPreferredStock>
  <isdr:NonCashInterestExpenseOnNotesPayable decimals="0" contextRef="D2010_AdditionalPaidInCapitalMember" unitRef="USD">34178</isdr:NonCashInterestExpenseOnNotesPayable>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="D2010_AdditionalPaidInCapitalMember" unitRef="USD">-39419</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues decimals="0" contextRef="D2010_AdditionalPaidInCapitalMember" unitRef="USD">83550</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue decimals="0" contextRef="D2010_AdditionalPaidInCapitalMember" unitRef="USD">32245</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
  <us-gaap:NetIncomeLoss decimals="0" contextRef="D2009_RetainedEarningsMember" unitRef="USD">274174</us-gaap:NetIncomeLoss>
  <us-gaap:NetIncomeLoss decimals="0" contextRef="D2010_RetainedEarningsMember" unitRef="USD">429406</us-gaap:NetIncomeLoss>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">-10083</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">25000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues decimals="0" contextRef="from-2009-01-01-to-2009-12-31" unitRef="USD">10000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <isdr:ConversionOfNotePayableForCommonStock decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">59666</isdr:ConversionOfNotePayableForCommonStock>
  <isdr:ConversionOfNotePayableForPreferredStock decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">27780</isdr:ConversionOfNotePayableForPreferredStock>
  <isdr:NonCashInterestExpenseOnNotesPayable decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">34178</isdr:NonCashInterestExpenseOnNotesPayable>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">-39500</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">84000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue decimals="0" contextRef="from-2010-01-01-to-2010-12-31" unitRef="USD">32245</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2010_PreferredStockMember" unitRef="USD">0</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2009_TreasuryStockMember" unitRef="USD">0</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="I2010_TreasuryStockMember" unitRef="USD">0</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="as-of-2008-12-31" unitRef="USD">-19136</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="as-of-2009-12-31" unitRef="USD">279955</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="0" contextRef="as-of-2010-12-31" unitRef="USD">907730</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <dei:EntityRegistrantName contextRef="from-2010-01-01-to-2010-12-31">ISSUER DIRECT CORP</dei:EntityRegistrantName>
  <dei:EntityCentralIndexKey contextRef="from-2010-01-01-to-2010-12-31">0000843006</dei:EntityCentralIndexKey>
  <dei:TradingSymbol contextRef="from-2010-01-01-to-2010-12-31">ISDR</dei:TradingSymbol>
  <dei:DocumentType contextRef="from-2010-01-01-to-2010-12-31">10-K</dei:DocumentType>
  <dei:DocumentPeriodEndDate contextRef="from-2010-01-01-to-2010-12-31">2010-12-31</dei:DocumentPeriodEndDate>
  <dei:AmendmentFlag contextRef="from-2010-01-01-to-2010-12-31">false</dei:AmendmentFlag>
  <dei:CurrentFiscalYearEndDate contextRef="from-2010-01-01-to-2010-12-31">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityWellKnownSeasonedIssuer contextRef="from-2010-01-01-to-2010-12-31">No</dei:EntityWellKnownSeasonedIssuer>
  <dei:EntityVoluntaryFilers contextRef="from-2010-01-01-to-2010-12-31">Yes</dei:EntityVoluntaryFilers>
  <dei:EntityCurrentReportingStatus contextRef="from-2010-01-01-to-2010-12-31">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityFilerCategory contextRef="from-2010-01-01-to-2010-12-31">Smaller Reporting Company</dei:EntityFilerCategory>
  <dei:DocumentFiscalYearFocus contextRef="from-2010-01-01-to-2010-12-31">2010</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="from-2010-01-01-to-2010-12-31">FY</dei:DocumentFiscalPeriodFocus>
  <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The components of goodwill and intangible assets are as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Gross Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amortization&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Net Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer lists&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;30,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(21,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;9,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer relationships-noncontractual&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(17,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Proprietary software&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;50,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(16,666&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;33,334&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Goodwill&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total intangible assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;148,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(55,166&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;93,029&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Gross Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amortization&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Net Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Domain name&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;40,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(32,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;8,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer lists&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;30,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(15,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;15,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer relationships-noncontractual&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(12,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;12,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Proprietary software&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;50,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(8,333&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;41,667&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Goodwill&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total intangible assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;188,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(67,833&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;120,362&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="font-style:italic; display:inline; font-weight:bold"&gt;Goodwill&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;At
&lt;font style="display:inline"&gt;December 31, 2010 and 2009, our recorded goodwill totaled $43,195, which was solely related to our acquisition of Basset Press in July 2007.   We conducted our 2010 annual impairment analysis during the third quarter of 2010 and
 determined that our goodwill was not impaired.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt;Intangible Assets&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:45pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In July 2007, as part of the Basset Press acquisition, we acquired $105,000 of identifiable intangible assets including $30,000 for customer lists, $25,000 for non-contractual customer
 relationships, and $50,000 for proprietary software or intellectual property. Customer lists and relationships are subject to amortization and have estimated useful lives of five years.  At the date of the acquisition and through the year ended December 31,
 2008, we assigned an indefinite life to the proprietary software and included such software in our annual evaluation of impairment. During the first quarter of 2009, we reevaluated the useful life of the propriety software and have assigned a remaining estimated
 useful life of 6 years to such asset.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;           &lt;font style="display:inline"&gt;We conducted our 2010 annual impairment analysis during the third quarter of 2010 and determined that the total amount of intangible assets recorded
 related to our My Edgar domain was impaired, as we were no longer using the domain name. Accordingly, we recorded an impairment charge of $4,000, representing the remaining unamortized balance, during the year ended December 31, 2010.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The amortization of intangible assets is a charge to operating expenses and totaled $23,333, and $27,333 in 2010 and 2009, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The future amortization of the identifiable intangible assets is as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Years Ending December 31:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" colspan="2" valign="bottom" width="10%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2011&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;19,334&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;13,834&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;8,333&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;8,333&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:72pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;49,834&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
  <us-gaap:NatureOfOperations contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;div style="text-indent:0pt; margin-left:0pt; margin-right:0pt"&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Nature of Operations&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align:left; text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Issuer Direct Corporation (the "Company" or "Issuer Direct") was incorporated in the state of Delaware in October 1988 under the name Docucon Inc. Subsequent to the December 13, 2007
 merger with My EDGAR, Inc., the Company changed its name to Issuer Direct Corporation.
&lt;font style="display:inline"&gt;The transaction has been accounted for as a reverse merger.  My EDGAR was the acquiring entity for accounting purposes. While the transaction was accounted for using the purchase method of accounting, in substance the transaction
 was a recapitalization of My EDGAR's capital structure.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:left; text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
 &lt;/div&gt;
&lt;div style="text-align:left; text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="display:inline"&gt;The surviving company was formed for the purposes of helping companies produce and distribute their financial and business communications both online and
 in print. &lt;/font&gt;As an issuer services focused company, Issuer Direct Corporation operates under several brands in the market, including Direct Transfer, iProxy Direct, iFund Direct, iR Direct and Issuer Services Group&lt;font style="display:inline"&gt;. The Company
 leverages its securities compliance and regulatory expertise to provide a comprehensive set of services that enhance a client's ability to communicate effectively with its shareholder base while meeting all reporting regulations required.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;</us-gaap:NatureOfOperations>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Direct Transfer LLC.  Significant
 intercompany accounts and transactions are eliminated in consolidation.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents.
 Cash and cash equivalents are carried at cost, which approximates fair value.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially
 all depository accounts and temporarily provides unlimited coverage through December 31, 2012 for certain qualifying and participating non-interest bearing transaction accounts. The Company from time to time may have amounts on deposit in excess of the insured
 limits. As of December 31, 2010, the Company had cash of $504,713 which exceed these insured amounts.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Revenue Recognition&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, "Revenue Recognition," which requires that: (i) persuasive
 evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. We recognize revenue when services are rendered or delivered, where
 collectability is probable.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Property and Equipment&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;              Property and equipment is recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line method. When items are retired
 or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. The range
 of estimated useful lives used to calculate depreciation for principal items of property and equipment are as follow:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"&gt;
&lt;table cellpadding="0" cellspacing="0" width="80%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="top" width="45%" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Asset Category&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Depreciation / Amortization Period&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Furniture, fixtures and equipment&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3 to 5 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Computer equipment and purchased software&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Machinery and equipment&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3 to 5 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Leasehold Improvements&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Earnings per Share&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We comply with FASB ASC No. 260 - Earnings per Share (formerly Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
 per Share") and SEC Staff Accounting Bulletin ("SAB") No. 98, which require that basic net income per common share be computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net
 income per share is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares, such as convertible preferred stock, outstanding during the period.  Common shares of 258,323 and 41,665 issuable
 upon the potential conversion of the Company's Series A Convertible Preferred Stock were included in the computation of diluted earnings per common share for the years ended December 31, 2010 and 2009, respectively. Shares issuable upon the exercise of stock
 options totaling 1,000,000 on December 31, 2010 were excluded from the calculation of common equivalent shares as the impact was anti-dilutive.  There were no stock options outstanding at December 31, 2009.&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Allowance for Doubtful Accounts&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection
 information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on client account balances,
 and a reserve based on our historical experience. We recorded bad debt expense of $51,446 and $61,340 during the years ended December 31, 2010 and 2009, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Use of Estimates&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
 to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
 period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Income Taxes&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We comply with FASB ASC No. 740 - Income Taxes (formerly SFAS No. 109, "Accounting for Income Taxes") which requires an asset and liability
 approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
 amounts based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.  For
 any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties
 is to classify them as income tax expense in our financial statements, if applicable.&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Impairment of Long-lived Assets&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;In accordance with FASB ASC No. 360 - Property Plant and Equipment  (formerly SFAS No. 144, "Accounting for the Impairment or Disposal
 of Long-Lived Assets"), long-lived assets, such as property and equipment, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be
 recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset
 group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of an asset group exceeds fair value of the asset group.   Goodwill is tested for impairment annually or whenever events indicate that
 the asset may be impaired.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Fair Value Measurements&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;As of December 31, 2010 and 2009, we do not have any financial assets or liabilities that are required to be, or that we elected to measure,
 at fair value.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;We adopted the fair value provisions applicable to nonfinancial assets and nonfinancial liabilities in the first quarter of 2009. Our assets and liabilities that are subject to these
 provisions during the years ended December 31, 2010 and 2009 include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets. The adoption of the fair value provisions applicable to nonfinancial assets and liabilities
 did not have a significant impact on the determination or reporting of our financial results.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, accounts payable, and unsecured notes payable approximate
 their carrying amounts. The interest rates payable on our notes approximate market rates on similar borrowings at December 31, 2009.&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Stock-based compensation&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;We account for stock-based compensation under the authoritative guidance for stock compensation. The authoritative guidance for stock compensation requires that companies estimate the
 fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award. The valuation provisions of the
 authoritative guidance for stock compensation apply to new grants and grants modified after the adoption date that were outstanding as of the effective date. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess
 of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods
 subsequent to adoption.&lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
 &lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Recent Accounting Pronouncements&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In December 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2010-28, When to Perform Step 2 of the Goodwill Impairment Test for
 Reporting Units with Zero or Negative Carrying Amounts . This ASU updates ASC Topic 350, Intangibles -Goodwill and Other, to amend the criteria for performing Step 2 of the goodwill impairment test for reporting units with zero or negative carrying amounts
 and requires performing Step 2 if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. The Company
 does not currently have any reporting units with zero or negative carrying values.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In January 2010, the FASB issued ASU No. 2010-06, Improving Disclosures about Fair Value Measurements. This update amends ASC Topic 820, Fair Value Measurements and Disclosures, to require
 new disclosures for significant transfers in and out of Level 1 and Level 2 fair value measurements, disaggregation regarding classes of assets and liabilities, valuation techniques and inputs used to measure fair value for both recurring and nonrecurring
 fair value measurements for Level 2 or Level 3. These disclosures are effective for the interim and annual reporting periods beginning after December 15, 2009. Additional new disclosures regarding the purchases, sales, issuances and settlements in the roll
 forward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 beginning with the first interim period. The Company adopted certain of the relevant disclosure provisions of ASU 2010-06 on January 1,
 2010 and adopted certain other provisions on January 1, 2011.&lt;/font&gt;&lt;br /&gt;
&lt;/div&gt;
</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Computers and equipment&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;51,726&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;35,442&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Furniture&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;21,197&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3,961&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Leasehold improvements&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;14,606&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total fixed assets, gross&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;87,529&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;39,403&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Less: Accumulated depreciation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(34,154
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(18,316
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total fixed assets, net&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;53,375&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;21,087&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

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

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Depreciation expense for the years ended December 31, 2010 and 2009 totaled $15,838 and $10,913, respectively.&lt;/font&gt;&lt;/div&gt;
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;As of December 31, 2009, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Note Payable to our Chief Executive Officer in the amount of $23,525 for various obligations the former company was party to, including former legal counsel, former transfer agent services
 and tax obligations with the state of Delaware. The unsecured note carried interest in the amount of 8% per annum and was due on December 31, 2008. The note was in default at December 31, 2009.  The note and accrued interest was converted into 26 shares of
 Series A preferred stock during the year ended December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;23,525&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Unsecured Note Payable to a prior Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of
 $1,000,000 in gross proceeds of the Private Placement.  The note and accrued interest was converted into 229,485 shares of common stock during the year ended December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Unsecured Note Payable to a prior Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of
 $1,000,000 in gross proceeds of the Private Placement.  The note and accrued interest was converted into 229,485 shares of common stock during the year ended December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total notes payable - related party&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;73,525&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;&lt;font style="display:inline"&gt;As of December 31, 2009, there were five shares of Series A Convertible Preferred Stock outstanding, each
 of which are convertible into 8,333 shares of our common stock. On March 31, 2010, we issued 26 shares of Series A Preferred Stock to our Chief Executive Officer for the conversion of a note payable in the amount of $23,525 and accrued interest of $4,255.  The
 fair value of the preferred stock on the date of the transaction was $39,000, which was determined based upon the number of common shares issuable upon conversion of the preferred shares into common stock, 216,666, and the market price of our common stock
 on the date of the agreement of $0.18.  The difference between the carrying value of the debt and accrued interest and the fair value of the preferred shares of $11,220 has been recorded as additional interest expense&lt;/font&gt;&lt;font style="display:inline; font-size:10pt"&gt;.  &lt;/font&gt;&lt;font style="display:inline"&gt;In
 April 2009, we issued 20,000 common shares to the holder of two preferred shares, for a value of $100 per preferred share, in settlement of the stated value and any potential claims to accumulated dividends thereon.  Although the Certificate of Designation
 of the rights, preferences and limitations of the Preferred Stock provides for dividends equal to eleven percent (11.0%) per year on the liquidation preference of $25,000 per share, we have not declared or accrued such dividends.  Additionally, under Delaware
 law, dividends are an obligation only when declared, and the Board has not declared any dividends payable on the Series A Preferred Stock.  In November 2010, the Company's Chief Executive Officer who held 83.9% of the outstanding shares of Series A Preferred
 Stock approved an amendment to the Certificate of Designation whereby the holders of at least 56 2/3rds of the outstanding shares of Series A Preferred Stock may elect to require the Company to redeem all of the outstanding shares of Series A Preferred Stock
 for $1,000 per share.  In November 2010, the Company's Chief Executive Officer who held 83.9%  of the outstanding shares of Series A Preferred Stock elected to require the Company to redeem the remaining 31 shares of Series A Preferred Stock in exchange for
 proceeds of $31,000, and therefore there were no shares of Series A Preferred Stock outstanding at December 31, 2010.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The Certificate of Designation of the rights, preferences and limitations of the Company's Series B Non-Convertible, Cumulative, Non-Voting,
 Redeemable Preferred Stock provides that the Company may issue up to 476,200 shares of Series B Non-Convertible, Cumulative, Non-Voting, Redeemable Preferred Stock, par value $1.00 per share, which shall earn dividends at the rate of fifteen percent (15.0%)
 per year. Declaration and payment of dividends are at the sole discretion of the Company's Board of Directors, and are not mandatory. The Certificate of Designation of the rights, preferences and limitations of the Company's Series B Non-Convertible, Cumulative,
 Non-Voting, Redeemable Preferred Stock also provides that the Company may not pay dividends on its common stock until all accrued but unpaid dividends on such preferred stock have been paid. At December 31, 2010 and 2009, there were no issued and outstanding
 shares of such preferred stock.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The Company has never declared or paid any cash dividends on its common stock.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In November 2010, the Company's Board of Directors authorized a stock repurchase plan, whereby the Company is authorized to repurchase up to 1,000,000 shares of the Company's common stock
 over a twelve month period, but not to exceed an aggregate purchase price of $10,000 in cash every fiscal quarter for a maximum of four quarters or until the board causes action to modify or terminate the repurchase plan.  Anything beyond these amounts would
 require additional consent from the Board of Directors.&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;During years ended December 31, 2010 and 2009, changes in the shares of our common stock outstanding are as follows:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Year ended&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Year ended&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt;Balance at beginning of year&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;16,826,342&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;18,834,717&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Repurchase and retirement of shares (1)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(50,000
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;) &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(2,273,804
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Issuance of common stock for services  (2)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;450,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;100,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Conversion of notes payable for common stock (3)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;458,970&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Issuance of common stock for employee incentives (4)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;150,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Cancellation of shares&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(4,571&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Redemption of preferred shares&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;20,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt;Balance at end of year&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;17,685,312&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;16,826,342&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;1.&lt;font style="letter-spacing:9pt; font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; Repurchase and retirement of treasury shares:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ended December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In February 2009, our former President, who remained on the Board of Directors until December 9, 2009, sold 2,250,000 shares from his beneficial holdings in a private transaction for $6,750 to the
 Company. The shares were retired, and we reduced paid-in capital by $4,500. &lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In October 2009, the Company repurchased 23,804 shares from a former beneficial shareholder for $3,333. &lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ended December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In December 2010, the Company purchased 50,000 shares from a shareholder in a private transaction for $8,500.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;2.     Shares issued for services for services:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ending December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - We issued 100,000 shares of our common stock in July 2009 to a consultant in exchange for certain consulting services, with an estimated fair market value of $10,000, which is equal to the closing
 price of our common stock on the date of the issuance.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ended December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - Between March 2010 and November 2010, we issued a total of 450,000 shares of our common stock to our Chief Financial Officer with an estimated total fair market value of $84,000 based on the closing
 price of our stock on each date of issuance.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;3.    Conversion of notes payable for common stock.&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ending December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - On March 31, 2010, we issued 458,970 shares of common stock to two prior Directors of the Company for the conversion of notes payable totaling $50,000 and accrued interest of $9,666.  The notes payable
 and accrued interest were converted at $0.13 per share, which represents the average share price over the prior twelve months.  The fair value of common stock on the date of the transaction was $0.18.  The difference of $0.05 per share, or $22,958, has been
 recorded as additional interest expense.&lt;/div&gt;

&lt;div&gt;&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;4. Shares issued for employee incentives:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ending December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In February 2009, we issued 150,000 shares of our common stock in connection with an employment agreement with a former officer of Bassett Press. The fair market value of the shares totaled $25,000,
 or $0.17 per share, which represents the closing price on the date of the agreement. These shares were issued pursuant to the employment agreement and the amount payable was accrued at December 31, 2008.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; On July 7, 2008, we amended our Articles of Incorporation accordingly, and as of that date, we have 100,000,000 authorized shares of common stock, par value $0.001. Additionally, we have 30,000,000
 authorized shares of preferred stock, of which 60 shares are designated as Series A preferred stock, par value $1.00 and 476,200 shares are designated as Series B preferred shares, par value $1.00.&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:CompensationRelatedCostsPolicyTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;On August 9, 2010, the shareholders of the Company approved the 2010 Equity Incentive Plan (the "Plan").  Under the terms of the Plan, 1,500,000 shares of the Company's common stock are
 authorized for the issuance of stock options and restricted stock.  The Plan also provides for an annual increase in the number of authorized shares of common stock issuable beginning in fiscal 2011 equal to the lesser of (a) 2% of shares outstanding on the
 last day of the immediate preceding fiscal year, (b) 500,000 shares, or (c) such lesser number of shares as the Company's board of directors shall determine, provided, however, in no event shall the maximum number of shares that may be issued under the Plan
 pursuant to stock awards be greater than 15% of the aggregate shares outstanding on the last day of the immediately preceding fiscal year.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The following is a summary of stock options issued during the year ended December 31, 2010:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Number of Options Outstanding&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Range of Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Aggregate Intrinsic Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    Options granted&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:right; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:right; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21 - $0.23&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:right; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21 - $0.23&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;12,750&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of our common stock on December 31,
 2010 of $0.22 and the exercise price for in-the-money options) that would have been received by the holders if all instruments had been exercised on December 31, 2010. As of December 31, 2010, there was $155,515 of unrecognized compensation cost related to
 our unvested stock options, which will be recognized through 2014.&lt;/font&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The following table summarizes information about stock options outstanding and exercisable at December 31, 2010:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td colspan="2" valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Options Outstanding&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Options Exercisable&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Range of Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Number&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Remaining Contractual Life (in Years)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Number&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21 - $0.23&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;5.03&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;150,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
 &lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Of the 1,000,000 stock options outstanding, 750,000 are non-qualified stock options.  None of the outstanding stock options have been registered with the SEC.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The fair value of common stock options issued during the year ended December 31, 2010 were estimated on the date of grant using the Black-Scholes option pricing model with the following
 assumptions used:&lt;/font&gt;&lt;/div&gt;

&lt;div align="center"&gt;
&lt;table cellpadding="0" cellspacing="0" width="50%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Expected dividend yield&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Expected stock price volatility&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;181%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Weighted-average risk-free interest rate&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1.1% - 1.6%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Expected life of options (in years)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3.5 - 5.5&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;During the year ended December 31, 2010, we recorded expense of $32,245 related to these stock options.  No options had been exercised or cancelled as of December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;/div&gt;</us-gaap:CompensationRelatedCostsPolicyTextBlock>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt;Office Lease&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In August 2010, we signed a six year and two month lease for 16,059 square feet for our corporate headquarters in Morrisville, NC.  At our option, we may terminate the lease anytime after
 October 31, 2014 in exchange for an early termination fee of $135,000.  If we do not terminate the lease early, our required minimum lease payments are as follows:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom"&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Year Ended December 31:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2011&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;65,621&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;78,833&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;137,589&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;141,428&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2015&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;144,411&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Thereafter&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;123,336&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;           Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;691,218&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;Rental expenses associated with our office leases totaled $76,132 and $78,189 for the years ended December 31, 2010 and 2009, respectively.&lt;/font&gt;&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;For the years ended December 31, 2010 and December 31, 2009, we generated revenues from the following revenue streams as a percentage of
 total revenue:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;Revenue Streams&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Percentage&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Percentage&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Document conversion&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;595,737&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;15.4&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;713,510&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;37.8&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Printing and financial communication&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,500,237&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;38.9&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;381,347&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;20.2&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Fulfillment and distribution&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,192,916&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;30.9&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;444,920&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;23.6&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Software licensing&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;124,301&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3.2&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;90,249&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Transfer agent services&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;447,322&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;11.6&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;255,206&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;13.6&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="52%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3,860,513&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;100.0&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,885,232&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;100.0&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

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

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;During 2010, revenue generated from one customer comprised 47.7% of our total annual revenues.  In 2009, revenue from a different customer
 accounted for 28.6% of our total annual revenues.  We did not have any customers that comprised more than 10% of our total accounts receivable balance at December 31, 2010.  As of December 31, 2009, one customer comprised 17.8% of our total accounts receivable.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We believe we do not have any financial instruments that could have potentially subjected us to significant concentrations of credit risk.
 Since a portion of the revenues are paid at the beginning of the month via credit card or advance by check, the remaining accounts receivable amounts are generally due within 30 days, none of which is collateralized.&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;At December 31, 2010 and 2009, we had a Federal net operating loss carry forward of approximately $564,000 and $883,000, respectively.  These
 loss carry forwards are available to reduce future taxable income and will expire through 2030 if not utilized.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The provision (benefit) for income taxes consisted of the following components for the years ended December 31:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="76%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Current:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Deferred:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Federal&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;77,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;93,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;State&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;13,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;16,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;       Total Deferred&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;90,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;109,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Valuation Allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(310,800&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(109,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total provision (benefit) for income taxes&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(220,800&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Components of net deferred tax assets, including a valuation allowance, are as follows at December 31:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Net operating loss carryforward&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;226,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;353,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Deferred revenue&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;21,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;22,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Stock options&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Charitable contributions&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;4,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Basis difference in intangible assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;55,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;52,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Basis difference in fixed assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(12,000
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(4,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;323,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;413,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Less: valuation allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(102,200
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(413,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Net deferred tax assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;220,800&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The valuation allowance for deferred tax assets as of December 31, 2010 and 2009 was $102,200 and $413,000, respectively. In assessing
 the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
 taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Due to
 the uncertainty around their ultimate realization, management elected to fully reserve the Company's deferred tax assets as of December 31, 2009.  At December 31, 2010, management elected to only partially reserve the Company's deferred tax asset.  The net
 deferred tax asset at December 31, 2010 was estimated based on the company's profitability for the next two years.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;Reconciliation between the statutory rate and the effective tax rate is as follows at December 31:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="3" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="3" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Federal statutory tax rate&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;       34.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;       34.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;State tax rate&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;6.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;6.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Permanent difference and valuation allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2.9&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.4&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.2&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(0.7&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="76%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43.1&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;39.7&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Change in valuation allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;  &lt;/font&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid; padding-bottom:2px"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(149.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(39.7&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(105.9&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The Company has reviewed its tax positions and has determined that it has no significant uncertain positions as of December 31, 2010.&lt;/font&gt;&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="from-2010-01-01-to-2010-12-31">&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;On February 11, 2011, the Company obtained a working capital line of credit (the "Line of Credit") in the amount of $200,000.  The Line
 of Credit has an interest rate equal to the 30 day LIBOR rate plus 4%.  The Line of Credit has a twelve month term, and automatically renews on the anniversary.  No amounts were outstanding on the Line of Credit as of March 1, 2011.&lt;/font&gt;&lt;/div&gt;</us-gaap:ScheduleOfSubsequentEventsTextBlock>
  <dei:EntityCommonStockSharesOutstanding decimals="0" contextRef="as-of-2011-03-01" unitRef="Shares">17685312</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityPublicFloat decimals="0" contextRef="as-of-2011-03-01" unitRef="USD">4067622</dei:EntityPublicFloat>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>isdr-20101231.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Issuer Direct - XWand B0126 -->
<xsd:schema targetNamespace="http://issuerdirect.com/20101231" elementFormDefault="qualified" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:isdr="http://issuerdirect.com/20101231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:usfr-pte="http://www.xbrl.org/us/fr/common/pte/2005-02-28" xmlns:us-gaap="http://xbrl.us/us-gaap/2009-01-31" xmlns:us-types="http://xbrl.us/us-types/2009-01-31" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ref="http://www.xbrl.org/2004/ref" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:dei="http://xbrl.us/dei/2009-01-31" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:usfr-ptr="http://www.xbrl.org/us/fr/common/ptr/2005-02-28" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink">
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="isdr-20101231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="isdr-20101231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="isdr-20101231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="isdr-20101231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/DocumentAndEntityInformation" id="DocumentInformation">
        <link:definition>0001 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/StatementOfFinancialPosition" id="StatementOfFinancialPosition">
        <link:definition>0002 - Statement - Statement of Financial Position (Consolidated)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/StatementOfIncome" id="StatementOfIncome">
        <link:definition>0003 - Statement - Statement of Income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/StatementOfCashFlows" id="StatementOfCashFlows">
        <link:definition>0004 - Statement - Statement of Cash Flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity" id="StatementOfShareholdersEquity">
        <link:definition>0005 - Statement - Statement of Stockholders' Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/DescriptionBackgroundAndBasisOfOperations" id="DescriptionBackgroundAndBasisOfOperations">
        <link:definition>0011 - Disclosure - Description, Background and Basis of Operations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/SummaryOfSignifcantAccountingPolicies" id="SummaryOfSignifcantAccountingPolicies">
        <link:definition>0012 - Disclosure - Summary of Significant Accounting Policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/FurnitureEquipmentAndImprovement" id="FurnitureEquipmentAndImprovement">
        <link:definition>0013 - Disclosure - Furniture, Equipment, and Improvements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/GoodwillAndOtherIntangibleAssets" id="GoodwillAndOtherIntangibleAssets">
        <link:definition>0014 - Disclosure - Goodwill and Other Intangible Assets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/NotesPayableRelatedParty" id="NotesPayableRelatedParty">
        <link:definition>0015 - Disclosure - Notes payable, Related Party</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/PreferredStockAndCommonStock" id="PreferredStockAndCommonStock">
        <link:definition>0016 - Disclosure - Preferred stock and common stock</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/EmployeeStockOptions" id="EmployeeStockOptions">
        <link:definition>0017 - Disclosure - Employee Stock Options</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
        <link:definition>0018 - Disclosure - Commitments and Contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/Concentrations" id="Concentrations">
        <link:definition>0019 - Disclosure - Concentrations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/IncomeTaxes" id="IncomeTaxes">
        <link:definition>0020 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://issuerdirect.com/20101231/role/SubsequentEvents" id="SubsequentEvents">
        <link:definition>0021 - Disclosure - Subsequent Events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xsd:import namespace="http://xbrl.us/us-gaap/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd"/>
  <xsd:import namespace="http://xbrl.us/dei/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd"/>
  <xsd:import namespace="http://xbrl.us/us-types/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-types-2009-01-31.xsd"/>
  <xsd:element name="ComplianceReportingServices" id="isdr_ComplianceReportingServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="ConversionOfNotePayableForCommonStock" id="isdr_ConversionOfNotePayableForCommonStock" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="ConversionOfNotePayableForPreferredStock" id="isdr_ConversionOfNotePayableForPreferredStock" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="NonCashInterestExpenseOnNotesPayable" id="isdr_NonCashInterestExpenseOnNotesPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="PrintingFinancialCommunication" id="isdr_PrintingFinancialCommunication" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="FullfillmentAndDistribution" id="isdr_FullfillmentAndDistribution" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="SoftwareLicensing" id="isdr_SoftwareLicensing" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="TransferAgentServices" id="isdr_TransferAgentServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="NotesToFinancialStatements" id="isdr_NotesToFinancialStatements" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="OtherIncomeAbstract" id="isdr_OtherIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="OtherIncomeTotal" id="isdr_OtherIncomeTotal" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element name="DescriptionBackgroundAndBasisOfOperationsAbstract" id="isdr_DescriptionBackgroundAndBasisOfOperationsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="SummaryOfSignifcantAccountingPoliciesAbstract" id="isdr_SummaryOfSignifcantAccountingPoliciesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="FurnitureEquipmentAndImprovementAbstract" id="isdr_FurnitureEquipmentAndImprovementAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="GoodwillAndOtherIntangibleAssetsAbstract" id="isdr_GoodwillAndOtherIntangibleAssetsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="NotesPayableRelatedPartyAbstract" id="isdr_NotesPayableRelatedPartyAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="PreferredStockAndCommonStockAbstract" id="isdr_PreferredStockAndCommonStockAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="EmployeeStockOptionsAbstract" id="isdr_EmployeeStockOptionsAbstract" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="CommitmentsAndContingenciesAbstract" id="isdr_CommitmentsAndContingenciesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="ConcentrationsAbstract" id="isdr_ConcentrationsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="IncomeTaxesAbstract" id="isdr_IncomeTaxesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <xsd:element name="SubsequentEventsAbstract" id="isdr_SubsequentEventsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>isdr-20101231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Issuer Direct - XWand B0126 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:isdr="http://issuerdirect.com/20101231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfCashFlows" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfCashFlows"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfFinancialPosition" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfFinancialPosition"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfIncome" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfIncome"/>
  <link:calculationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfFinancialPosition">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="FurnitureAndFixturesGross" xlink:title="FurnitureAndFixturesGross"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="FurnitureAndFixturesGross" xlink:title="calculation: Assets to FurnitureAndFixturesGross" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="OtherAssetsNoncurrent" xlink:title="calculation: Assets to OtherAssetsNoncurrent" order="4.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="IntangibleAssetsNetExcludingGoodwill" xlink:title="IntangibleAssetsNetExcludingGoodwill"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="IntangibleAssetsNetExcludingGoodwill" xlink:title="calculation: Assets to IntangibleAssetsNetExcludingGoodwill" use="optional" order="5.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="AssetsCurrent" xlink:title="AssetsCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="AssetsCurrent" xlink:title="calculation: Assets to AssetsCurrent" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:title="calculation: AssetsCurrent to CashAndCashEquivalentsAtCarryingValue" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="AccountsReceivableNetCurrent" xlink:title="AccountsReceivableNetCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="AccountsReceivableNetCurrent" xlink:title="calculation: AssetsCurrent to AccountsReceivableNetCurrent" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherRestrictedAssetsCurrent" xlink:label="OtherRestrictedAssetsCurrent" xlink:title="OtherRestrictedAssetsCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="OtherRestrictedAssetsCurrent" xlink:title="calculation: AssetsCurrent to OtherRestrictedAssetsCurrent" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="OtherAssetsCurrent" xlink:title="OtherAssetsCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="OtherAssetsCurrent" xlink:title="calculation: AssetsCurrent to OtherAssetsCurrent" order="5.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="DeferredTaxAssetsNetCurrent" xlink:title="DeferredTaxAssetsNetCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="DeferredTaxAssetsNetCurrent" xlink:title="calculation: AssetsCurrent to DeferredTaxAssetsNetCurrent" use="optional" order="4.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="DeferredTaxAssetsNetNoncurrent" xlink:title="DeferredTaxAssetsNetNoncurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="DeferredTaxAssetsNetNoncurrent" xlink:title="calculation: Assets to DeferredTaxAssetsNetNoncurrent" use="optional" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="Liabilities" xlink:title="calculation: LiabilitiesAndStockholdersEquity to Liabilities" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Liabilities" xlink:to="LiabilitiesCurrent" xlink:title="calculation: Liabilities to LiabilitiesCurrent" use="optional" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="AccountsPayableCurrent" xlink:title="calculation: LiabilitiesCurrent to AccountsPayableCurrent" use="optional" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="AccruedLiabilitiesCurrent" xlink:title="calculation: LiabilitiesCurrent to AccruedLiabilitiesCurrent" use="optional" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrent" xlink:label="NotesPayableRelatedPartiesCurrent" xlink:title="NotesPayableRelatedPartiesCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="NotesPayableRelatedPartiesCurrent" xlink:title="calculation: LiabilitiesCurrent to NotesPayableRelatedPartiesCurrent" use="optional" order="4.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="DeferredRevenueCurrent" xlink:title="DeferredRevenueCurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="DeferredRevenueCurrent" xlink:title="calculation: LiabilitiesCurrent to DeferredRevenueCurrent" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="OtherLiabilitiesNoncurrent" xlink:title="OtherLiabilitiesNoncurrent"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Liabilities" xlink:to="OtherLiabilitiesNoncurrent" xlink:title="calculation: Liabilities to OtherLiabilitiesNoncurrent" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="StockholdersEquity" xlink:title="calculation: LiabilitiesAndStockholdersEquity to StockholdersEquity" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="PreferredStockValue" xlink:title="calculation: StockholdersEquity to PreferredStockValue" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="CommonStockValue" xlink:title="calculation: StockholdersEquity to CommonStockValue" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="AdditionalPaidInCapital" xlink:title="calculation: StockholdersEquity to AdditionalPaidInCapital" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:title="calculation: StockholdersEquity to RetainedEarningsAccumulatedDeficit" order="4.0" weight="1.0"/>
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfIncome">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:title="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLoss" xlink:to="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:title="calculation: NetIncomeLoss to IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" use="optional" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="OperatingIncomeLoss" xlink:title="calculation: IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic to OperatingIncomeLoss" use="optional" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="GrossProfit" xlink:title="calculation: OperatingIncomeLoss to GrossProfit" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="GrossProfit" xlink:to="Revenues" xlink:title="calculation: GrossProfit to Revenues" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfServices" xlink:label="CostOfServices" xlink:title="CostOfServices"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="GrossProfit" xlink:to="CostOfServices" xlink:title="calculation: GrossProfit to CostOfServices" order="2.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="OperatingCostsAndExpenses" xlink:title="OperatingCostsAndExpenses"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="OperatingCostsAndExpenses" xlink:title="calculation: OperatingIncomeLoss to OperatingCostsAndExpenses" order="2.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingCostsAndExpenses" xlink:to="GeneralAndAdministrativeExpense" xlink:title="calculation: OperatingCostsAndExpenses to GeneralAndAdministrativeExpense" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="SellingAndMarketingExpense" xlink:title="SellingAndMarketingExpense"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingCostsAndExpenses" xlink:to="SellingAndMarketingExpense" xlink:title="calculation: OperatingCostsAndExpenses to SellingAndMarketingExpense" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingCostsAndExpenses" xlink:to="DepreciationAndAmortization" xlink:title="calculation: OperatingCostsAndExpenses to DepreciationAndAmortization" order="4.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingCostsAndExpenses" xlink:to="AssetImpairmentCharges" xlink:title="calculation: OperatingCostsAndExpenses to AssetImpairmentCharges" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_OtherIncomeTotal" xlink:label="OtherIncomeTotal" xlink:title="OtherIncomeTotal"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="OtherIncomeTotal" xlink:title="calculation: IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic to OtherIncomeTotal" use="optional" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherIncomeTotal" xlink:to="InterestExpense" xlink:title="calculation: OtherIncomeTotal to InterestExpense" use="optional" order="1.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLoss" xlink:to="IncomeTaxExpenseBenefit" xlink:title="calculation: NetIncomeLoss to IncomeTaxExpenseBenefit" use="optional" order="4.0" weight="-1.0"/>
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfCashFlows">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInOperatingActivities" use="optional" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="DepreciationAndAmortization" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DepreciationAndAmortization" use="optional" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="ProvisionForDoubtfulAccounts" xlink:title="ProvisionForDoubtfulAccounts"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="ProvisionForDoubtfulAccounts" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to ProvisionForDoubtfulAccounts" use="optional" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:label="IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:title="IssuanceOfStockAndWarrantsForServicesOrClaims"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IssuanceOfStockAndWarrantsForServicesOrClaims" use="optional" order="7.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInAccountsReceivable" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsReceivable" use="optional" order="8.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeposits" xlink:label="IncreaseDecreaseInDeposits" xlink:title="IncreaseDecreaseInDeposits"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInDeposits" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInDeposits" use="optional" order="9.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="IncreaseDecreaseInAccountsPayable" xlink:title="IncreaseDecreaseInAccountsPayable"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInAccountsPayable" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsPayable" use="optional" order="10.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="IncreaseDecreaseInAccruedLiabilities" xlink:title="IncreaseDecreaseInAccruedLiabilities"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInAccruedLiabilities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccruedLiabilities" use="optional" order="12.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="NetIncomeLoss" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to NetIncomeLoss" use="optional" order="1.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="AssetImpairmentCharges" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to AssetImpairmentCharges" order="5.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="IncreaseDecreaseInDeferredRevenue" xlink:title="IncreaseDecreaseInDeferredRevenue"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInDeferredRevenue" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInDeferredRevenue" use="optional" order="11.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:label="DeferredIncomeTaxesAndTaxCredits" xlink:title="DeferredIncomeTaxesAndTaxCredits"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="DeferredIncomeTaxesAndTaxCredits" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DeferredIncomeTaxesAndTaxCredits" use="optional" order="4.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="OtherNoncashExpense" xlink:title="OtherNoncashExpense"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="OtherNoncashExpense" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to OtherNoncashExpense" use="optional" order="13.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:title="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" use="optional" order="2.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireMachineryAndEquipment" xlink:label="PaymentsToAcquireMachineryAndEquipment" xlink:title="PaymentsToAcquireMachineryAndEquipment"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="PaymentsToAcquireMachineryAndEquipment" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivitiesContinuingOperations to PaymentsToAcquireMachineryAndEquipment" use="optional" order="1.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:title="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" use="optional" order="3.0" weight="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="PaymentsForRepurchaseOfCommonStock" xlink:title="PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="PaymentsForRepurchaseOfCommonStock" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivitiesContinuingOperations to PaymentsForRepurchaseOfCommonStock" use="optional" order="1.0" weight="-1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="RepaymentsOfNotesPayable" xlink:title="RepaymentsOfNotesPayable"/>
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="RepaymentsOfNotesPayable" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivitiesContinuingOperations to RepaymentsOfNotesPayable" use="optional" order="3.0" weight="-1.0"/>
  </link:calculationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>isdr-20101231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Issuer Direct - XWand B0126 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:isdr="http://issuerdirect.com/20101231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType"/>
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en" id="label_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="label: DocumentType to label_DocumentType"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag"/>
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="label: AmendmentFlag to label_AmendmentFlag"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate"/>
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en" id="label_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="label: DocumentPeriodEndDate to label_DocumentPeriodEndDate"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets"/>
    <link:label xlink:type="resource" xlink:label="label_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Assets" xml:lang="en" id="label_Assets">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets" xlink:title="label: Assets to label_Assets"/>
    <link:label xlink:type="resource" xlink:label="label_Assets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Assets" xml:lang="en" id="label_Assets_2">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_2" xlink:title="label: Assets to label_Assets"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="AssetsCurrent" xlink:title="AssetsCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsCurrent" xml:lang="en" id="label_AssetsCurrent">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrent" xlink:to="label_AssetsCurrent" xlink:title="label: AssetsCurrent to label_AssetsCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_AssetsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AssetsCurrent" xml:lang="en" id="label_AssetsCurrent_2">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrent" xlink:to="label_AssetsCurrent_2" xlink:title="label: AssetsCurrent to label_AssetsCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue"/>
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xml:lang="en" id="label_CashAndCashEquivalentsAtCarryingValue">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue"/>
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAtCarryingValue_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xml:lang="en" id="label_CashAndCashEquivalentsAtCarryingValue_2">Cash - beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue_2" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue"/>
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAtCarryingValue_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xml:lang="en" id="label_CashAndCashEquivalentsAtCarryingValue_3">Cash - ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue_3" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="AccountsReceivableNetCurrent" xlink:title="AccountsReceivableNetCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountsReceivableNetCurrent" xml:lang="en" id="label_AccountsReceivableNetCurrent">Accounts receivable (net of allowance for doubtful accounts of $56,024 and $16,785, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableNetCurrent" xlink:to="label_AccountsReceivableNetCurrent" xlink:title="label: AccountsReceivableNetCurrent to label_AccountsReceivableNetCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherRestrictedAssetsCurrent" xlink:label="OtherRestrictedAssetsCurrent" xlink:title="OtherRestrictedAssetsCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_OtherRestrictedAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherRestrictedAssetsCurrent" xml:lang="en" id="label_OtherRestrictedAssetsCurrent">Security deposits - current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRestrictedAssetsCurrent" xlink:to="label_OtherRestrictedAssetsCurrent" xlink:title="label: OtherRestrictedAssetsCurrent to label_OtherRestrictedAssetsCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="OtherAssetsCurrent" xlink:title="OtherAssetsCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsCurrent" xml:lang="en" id="label_OtherAssetsCurrent">Other current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsCurrent" xlink:to="label_OtherAssetsCurrent" xlink:title="label: OtherAssetsCurrent to label_OtherAssetsCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="FurnitureAndFixturesGross" xlink:title="FurnitureAndFixturesGross"/>
    <link:label xlink:type="resource" xlink:label="label_FurnitureAndFixturesGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FurnitureAndFixturesGross" xml:lang="en" id="label_FurnitureAndFixturesGross">Furniture, equipment and improvements, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureAndFixturesGross" xlink:to="label_FurnitureAndFixturesGross" xlink:title="label: FurnitureAndFixturesGross to label_FurnitureAndFixturesGross"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent"/>
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsNoncurrent" xml:lang="en" id="label_OtherAssetsNoncurrent">Other long-term assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsNoncurrent" xlink:to="label_OtherAssetsNoncurrent" xlink:title="label: OtherAssetsNoncurrent to label_OtherAssetsNoncurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="IntangibleAssetsNetExcludingGoodwill" xlink:title="IntangibleAssetsNetExcludingGoodwill"/>
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsNetExcludingGoodwill" xml:lang="en" id="label_IntangibleAssetsNetExcludingGoodwill">Intangible assets (net of accumulated amortization of $55,166 and $67,833, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsNetExcludingGoodwill" xlink:to="label_IntangibleAssetsNetExcludingGoodwill" xlink:title="label: IntangibleAssetsNetExcludingGoodwill to label_IntangibleAssetsNetExcludingGoodwill"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAbstract" xml:lang="en" id="label_AssetsAbstract">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract" xlink:title="label: AssetsAbstract to label_AssetsAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAbstract" xml:lang="en" id="label_LiabilitiesAbstract">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract" xlink:title="label: LiabilitiesAbstract to label_LiabilitiesAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountsPayableCurrent" xml:lang="en" id="label_AccountsPayableCurrent">Accounts payable - trade</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableCurrent" xlink:to="label_AccountsPayableCurrent" xlink:title="label: AccountsPayableCurrent to label_AccountsPayableCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_AccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccruedLiabilitiesCurrent" xml:lang="en" id="label_AccruedLiabilitiesCurrent">Accrued expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedLiabilitiesCurrent" xlink:to="label_AccruedLiabilitiesCurrent" xlink:title="label: AccruedLiabilitiesCurrent to label_AccruedLiabilitiesCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrent" xlink:label="NotesPayableRelatedPartiesCurrent" xlink:title="NotesPayableRelatedPartiesCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_NotesPayableRelatedPartiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesPayableRelatedPartiesCurrent" xml:lang="en" id="label_NotesPayableRelatedPartiesCurrent">Notes payable- related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesPayableRelatedPartiesCurrent" xlink:to="label_NotesPayableRelatedPartiesCurrent" xlink:title="label: NotesPayableRelatedPartiesCurrent to label_NotesPayableRelatedPartiesCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherNotesPayableCurrent" xlink:label="OtherNotesPayableCurrent" xlink:title="OtherNotesPayableCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_OtherNotesPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNotesPayableCurrent" xml:lang="en" id="label_OtherNotesPayableCurrent">Notes payable- other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNotesPayableCurrent" xlink:to="label_OtherNotesPayableCurrent" xlink:title="label: OtherNotesPayableCurrent to label_OtherNotesPayableCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities"/>
    <link:label xlink:type="resource" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities" xml:lang="en" id="label_Liabilities">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities" xlink:title="label: Liabilities to label_Liabilities"/>
    <link:label xlink:type="resource" xlink:label="label_Liabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Liabilities" xml:lang="en" id="label_Liabilities_2">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities_2" xlink:title="label: Liabilities to label_Liabilities"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="StockholdersEquityAbstract" xlink:title="StockholdersEquityAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityAbstract" xml:lang="en" id="label_StockholdersEquityAbstract">Stockholders' equity (deficit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityAbstract" xlink:to="label_StockholdersEquityAbstract" xlink:title="label: StockholdersEquityAbstract to label_StockholdersEquityAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue"/>
    <link:label xlink:type="resource" xlink:label="label_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockValue" xml:lang="en" id="label_PreferredStockValue">Preferred stock, $1.00 par value, 30,000,000 shares authorized Series A, 60 shares designated, 0 and 5 shares issued and outstanding, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockValue" xlink:to="label_PreferredStockValue" xlink:title="label: PreferredStockValue to label_PreferredStockValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue"/>
    <link:label xlink:type="resource" xlink:label="label_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockValue" xml:lang="en" id="label_CommonStockValue">Common stock $0.001 par value, 100,000,000 shares authorized, 17,685,312 and 16,826,342 shares issued and outstanding, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:to="label_CommonStockValue" xlink:title="label: CommonStockValue to label_CommonStockValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital"/>
    <link:label xlink:type="resource" xlink:label="label_AdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalPaidInCapital" xml:lang="en" id="label_AdditionalPaidInCapital">Additional paid-in capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapital" xlink:to="label_AdditionalPaidInCapital" xlink:title="label: AdditionalPaidInCapital to label_AdditionalPaidInCapital"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="TreasuryStockValue" xlink:title="TreasuryStockValue"/>
    <link:label xlink:type="resource" xlink:label="label_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockValue" xml:lang="en" id="label_TreasuryStockValue">Treasury stock, at cost, 4,495 shares at December 31, 2008</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockValue" xlink:to="label_TreasuryStockValue" xlink:title="label: TreasuryStockValue to label_TreasuryStockValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit"/>
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsAccumulatedDeficit" xml:lang="en" id="label_RetainedEarningsAccumulatedDeficit">Accumulated deficit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:to="label_RetainedEarningsAccumulatedDeficit" xlink:title="label: RetainedEarningsAccumulatedDeficit to label_RetainedEarningsAccumulatedDeficit"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquity" xml:lang="en" id="label_StockholdersEquity">Total stockholders' equity (deficit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="label_StockholdersEquity" xlink:title="label: StockholdersEquity to label_StockholdersEquity"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquity_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_StockholdersEquity" xml:lang="en" id="label_StockholdersEquity_2">Total stockholders' equity (deficit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="label_StockholdersEquity_2" xlink:title="label: StockholdersEquity to label_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en" id="label_LiabilitiesAndStockholdersEquityAbstract">Liabilities and Stockholders' Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="label_LiabilitiesAndStockholdersEquityAbstract" xlink:title="label: LiabilitiesAndStockholdersEquityAbstract to label_LiabilitiesAndStockholdersEquityAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAndStockholdersEquity" xml:lang="en" id="label_LiabilitiesAndStockholdersEquity">Total liabilities and stockholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="label_LiabilitiesAndStockholdersEquity" xlink:title="label: LiabilitiesAndStockholdersEquity to label_LiabilitiesAndStockholdersEquity"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAndStockholdersEquity_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LiabilitiesAndStockholdersEquity" xml:lang="en" id="label_LiabilitiesAndStockholdersEquity_2">Total liabilities and stockholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="label_LiabilitiesAndStockholdersEquity_2" xlink:title="label: LiabilitiesAndStockholdersEquity to label_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues"/>
    <link:label xlink:type="resource" xlink:label="label_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenues" xml:lang="en" id="label_Revenues">Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenues" xlink:to="label_Revenues" xlink:title="label: Revenues to label_Revenues"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ComplianceReportingServices" xlink:label="ComplianceReportingServices" xlink:title="ComplianceReportingServices"/>
    <link:label xlink:type="resource" xlink:label="label_ComplianceReportingServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComplianceReportingServices" xml:lang="en" id="label_ComplianceReportingServices">Document conversion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplianceReportingServices" xlink:to="label_ComplianceReportingServices" xlink:title="label: ComplianceReportingServices to label_ComplianceReportingServices"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_PrintingFinancialCommunication" xlink:label="PrintingFinancialCommunication" xlink:title="PrintingFinancialCommunication"/>
    <link:label xlink:type="resource" xlink:label="label_PrintingFinancialCommunication" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrintingFinancialCommunication" xml:lang="en" id="label_PrintingFinancialCommunication">Printing and financial communication</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrintingFinancialCommunication" xlink:to="label_PrintingFinancialCommunication" xlink:title="label: PrintingFinancialCommunication to label_PrintingFinancialCommunication"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_FullfillmentAndDistribution" xlink:label="FullfillmentAndDistribution" xlink:title="FullfillmentAndDistribution"/>
    <link:label xlink:type="resource" xlink:label="label_FullfillmentAndDistribution" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FullfillmentAndDistribution" xml:lang="en" id="label_FullfillmentAndDistribution">Fulfillment and distribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FullfillmentAndDistribution" xlink:to="label_FullfillmentAndDistribution" xlink:title="label: FullfillmentAndDistribution to label_FullfillmentAndDistribution"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_SoftwareLicensing" xlink:label="SoftwareLicensing" xlink:title="SoftwareLicensing"/>
    <link:label xlink:type="resource" xlink:label="label_SoftwareLicensing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SoftwareLicensing" xml:lang="en" id="label_SoftwareLicensing">Software licensing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoftwareLicensing" xlink:to="label_SoftwareLicensing" xlink:title="label: SoftwareLicensing to label_SoftwareLicensing"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_TransferAgentServices" xlink:label="TransferAgentServices" xlink:title="TransferAgentServices"/>
    <link:label xlink:type="resource" xlink:label="label_TransferAgentServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransferAgentServices" xml:lang="en" id="label_TransferAgentServices">Transfer agent services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferAgentServices" xlink:to="label_TransferAgentServices" xlink:title="label: TransferAgentServices to label_TransferAgentServices"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfServicesAbstract" xlink:label="CostOfServicesAbstract" xlink:title="CostOfServicesAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_CostOfServicesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfServicesAbstract" xml:lang="en" id="label_CostOfServicesAbstract">Cost of Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfServicesAbstract" xlink:to="label_CostOfServicesAbstract" xlink:title="label: CostOfServicesAbstract to label_CostOfServicesAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfServices" xlink:label="CostOfServices" xlink:title="CostOfServices"/>
    <link:label xlink:type="resource" xlink:label="label_CostOfServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfServices" xml:lang="en" id="label_CostOfServices">Cost of services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfServices" xlink:to="label_CostOfServices" xlink:title="label: CostOfServices to label_CostOfServices"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GrossProfitAbstract" xlink:label="GrossProfitAbstract" xlink:title="GrossProfitAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_GrossProfitAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossProfitAbstract" xml:lang="en" id="label_GrossProfitAbstract">Gross Profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfitAbstract" xlink:to="label_GrossProfitAbstract" xlink:title="label: GrossProfitAbstract to label_GrossProfitAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit"/>
    <link:label xlink:type="resource" xlink:label="label_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossProfit" xml:lang="en" id="label_GrossProfit">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit" xlink:title="label: GrossProfit to label_GrossProfit"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="OperatingExpensesAbstract" xlink:title="OperatingExpensesAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_OperatingExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingExpensesAbstract" xml:lang="en" id="label_OperatingExpensesAbstract">Operating Costs and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpensesAbstract" xlink:to="label_OperatingExpensesAbstract" xlink:title="label: OperatingExpensesAbstract to label_OperatingExpensesAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense"/>
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeExpense" xml:lang="en" id="label_GeneralAndAdministrativeExpense">Gereral and administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense" xlink:title="label: GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="SellingAndMarketingExpense" xlink:title="SellingAndMarketingExpense"/>
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingAndMarketingExpense" xml:lang="en" id="label_SellingAndMarketingExpense">Sales and marketing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingExpense" xlink:to="label_SellingAndMarketingExpense" xlink:title="label: SellingAndMarketingExpense to label_SellingAndMarketingExpense"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization"/>
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortization" xml:lang="en" id="label_DepreciationAndAmortization">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortization" xlink:to="label_DepreciationAndAmortization" xlink:title="label: DepreciationAndAmortization to label_DepreciationAndAmortization"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="OperatingCostsAndExpenses" xlink:title="OperatingCostsAndExpenses"/>
    <link:label xlink:type="resource" xlink:label="label_OperatingCostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingCostsAndExpenses" xml:lang="en" id="label_OperatingCostsAndExpenses">Total operating costs and expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingCostsAndExpenses" xlink:to="label_OperatingCostsAndExpenses" xlink:title="label: OperatingCostsAndExpenses to label_OperatingCostsAndExpenses"/>
    <link:label xlink:type="resource" xlink:label="label_OperatingCostsAndExpenses_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OperatingCostsAndExpenses" xml:lang="en" id="label_OperatingCostsAndExpenses_2">Total operating costs and expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingCostsAndExpenses" xlink:to="label_OperatingCostsAndExpenses_2" xlink:title="label: OperatingCostsAndExpenses to label_OperatingCostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLossAbstract" xlink:label="OperatingIncomeLossAbstract" xlink:title="OperatingIncomeLossAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeLossAbstract" xml:lang="en" id="label_OperatingIncomeLossAbstract">Net Operating Income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLossAbstract" xlink:to="label_OperatingIncomeLossAbstract" xlink:title="label: OperatingIncomeLossAbstract to label_OperatingIncomeLossAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss"/>
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeLoss" xml:lang="en" id="label_OperatingIncomeLoss">Operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="label_OperatingIncomeLoss" xlink:title="label: OperatingIncomeLoss to label_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="InterestExpenseAbstract" xlink:title="InterestExpenseAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseAbstract" xml:lang="en" id="label_InterestExpenseAbstract">Interest expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseAbstract" xlink:to="label_InterestExpenseAbstract" xlink:title="label: InterestExpenseAbstract to label_InterestExpenseAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense"/>
    <link:label xlink:type="resource" xlink:label="label_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpense" xml:lang="en" id="label_InterestExpense">Interest expense, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="label_InterestExpense" xlink:title="label: InterestExpense to label_InterestExpense"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAbstract" xlink:label="NetIncomeLossAbstract" xlink:title="NetIncomeLossAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_NetIncomeLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetIncomeLossAbstract" xml:lang="en" id="label_NetIncomeLossAbstract">Net Income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAbstract" xlink:to="label_NetIncomeLossAbstract" xlink:title="label: NetIncomeLossAbstract to label_NetIncomeLossAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:label xlink:type="resource" xlink:label="label_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetIncomeLoss" xml:lang="en" id="label_NetIncomeLoss">Net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="label_NetIncomeLoss" xlink:title="label: NetIncomeLoss to label_NetIncomeLoss"/>
    <link:label xlink:type="resource" xlink:label="label_NetIncomeLoss_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetIncomeLoss" xml:lang="en" id="label_NetIncomeLoss_2">Net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="label_NetIncomeLoss_2" xlink:title="label: NetIncomeLoss to label_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareAbstract" xml:lang="en" id="label_EarningsPerShareAbstract">Earnings Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract" xlink:title="label: EarningsPerShareAbstract to label_EarningsPerShareAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="WeightedAverageNumberOfSharesOutstandingAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageNumberOfSharesOutstandingAbstract" xml:lang="en" id="label_WeightedAverageNumberOfSharesOutstandingAbstract">Weighted Average Number of Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="label_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="label: WeightedAverageNumberOfSharesOutstandingAbstract to label_WeightedAverageNumberOfSharesOutstandingAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic"/>
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareBasic" xml:lang="en" id="label_EarningsPerShareBasic">Income (loss) per share - basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasic" xlink:to="label_EarningsPerShareBasic" xlink:title="label: EarningsPerShareBasic to label_EarningsPerShareBasic"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted"/>
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareDiluted" xml:lang="en" id="label_EarningsPerShareDiluted">Income (loss) per share - diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDiluted" xlink:to="label_EarningsPerShareDiluted" xlink:title="label: EarningsPerShareDiluted to label_EarningsPerShareDiluted"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en" id="label_WeightedAverageNumberOfSharesOutstandingBasic">Weighted average number of common shares outstanding - basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="label_WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="label: WeightedAverageNumberOfSharesOutstandingBasic to label_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en" id="label_WeightedAverageNumberOfDilutedSharesOutstanding">Weighted average number of common shares outstanding - diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="label_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to label_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementAbstract" xml:lang="en" id="label_IncomeStatementAbstract">Statement of Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:to="label_IncomeStatementAbstract" xlink:title="label: IncomeStatementAbstract to label_IncomeStatementAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfFinancialPositionAbstract" xml:lang="en" id="label_StatementOfFinancialPositionAbstract">Statement of Financial Position (Consolidated)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="label_StatementOfFinancialPositionAbstract" xlink:title="label: StatementOfFinancialPositionAbstract to label_StatementOfFinancialPositionAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfCashFlowsAbstract" xml:lang="en" id="label_StatementOfCashFlowsAbstract">Statement of Cash Flows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="label_StatementOfCashFlowsAbstract" xlink:title="label: StatementOfCashFlowsAbstract to label_StatementOfCashFlowsAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en" id="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">Adjustments to reconcile net loss to net cash provided by (used in) operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="label: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="ProvisionForDoubtfulAccounts" xlink:title="ProvisionForDoubtfulAccounts"/>
    <link:label xlink:type="resource" xlink:label="label_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForDoubtfulAccounts" xml:lang="en" id="label_ProvisionForDoubtfulAccounts">Bad debt expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDoubtfulAccounts" xlink:to="label_ProvisionForDoubtfulAccounts" xlink:title="label: ProvisionForDoubtfulAccounts to label_ProvisionForDoubtfulAccounts"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:label="IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:title="IssuanceOfStockAndWarrantsForServicesOrClaims"/>
    <link:label xlink:type="resource" xlink:label="label_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuanceOfStockAndWarrantsForServicesOrClaims" xml:lang="en" id="label_IssuanceOfStockAndWarrantsForServicesOrClaims">Stock-based expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:to="label_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:title="label: IssuanceOfStockAndWarrantsForServicesOrClaims to label_IssuanceOfStockAndWarrantsForServicesOrClaims"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en" id="label_IncreaseDecreaseInOperatingCapitalAbstract">Changes in operating assets and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="label_IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="label: IncreaseDecreaseInOperatingCapitalAbstract to label_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAccountsReceivable" xml:lang="en" id="label_IncreaseDecreaseInAccountsReceivable">Increase (decrease) in accounts receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsReceivable" xlink:to="label_IncreaseDecreaseInAccountsReceivable" xlink:title="label: IncreaseDecreaseInAccountsReceivable to label_IncreaseDecreaseInAccountsReceivable"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeposits" xlink:label="IncreaseDecreaseInDeposits" xlink:title="IncreaseDecreaseInDeposits"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInDeposits" xml:lang="en" id="label_IncreaseDecreaseInDeposits">Increase (decrease) in deposits and prepaids</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeposits" xlink:to="label_IncreaseDecreaseInDeposits" xlink:title="label: IncreaseDecreaseInDeposits to label_IncreaseDecreaseInDeposits"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="IncreaseDecreaseInAccountsPayable" xlink:title="IncreaseDecreaseInAccountsPayable"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAccountsPayable" xml:lang="en" id="label_IncreaseDecreaseInAccountsPayable">Increase (decrease) in accounts payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayable" xlink:to="label_IncreaseDecreaseInAccountsPayable" xlink:title="label: IncreaseDecreaseInAccountsPayable to label_IncreaseDecreaseInAccountsPayable"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="IncreaseDecreaseInAccruedLiabilities" xlink:title="IncreaseDecreaseInAccruedLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAccruedLiabilities" xml:lang="en" id="label_IncreaseDecreaseInAccruedLiabilities">Increase (decrease) in accrued expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccruedLiabilities" xlink:to="label_IncreaseDecreaseInAccruedLiabilities" xlink:title="label: IncreaseDecreaseInAccruedLiabilities to label_IncreaseDecreaseInAccruedLiabilities"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInOperatingActivities" xml:lang="en" id="label_NetCashProvidedByUsedInOperatingActivities">Total net cash provided by (used in) operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="label_NetCashProvidedByUsedInOperatingActivities" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to label_NetCashProvidedByUsedInOperatingActivities"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInOperatingActivities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetCashProvidedByUsedInOperatingActivities" xml:lang="en" id="label_NetCashProvidedByUsedInOperatingActivities_2">Total net cash provided by (used in) operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="label_NetCashProvidedByUsedInOperatingActivities_2" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to label_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en" id="label_NetCashProvidedByUsedInOperatingActivitiesAbstract">Net cash provided by (used in) operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="label_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="label: NetCashProvidedByUsedInOperatingActivitiesAbstract to label_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xml:lang="en" id="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract">Cash flows from investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract to label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireMachineryAndEquipment" xlink:label="PaymentsToAcquireMachineryAndEquipment" xlink:title="PaymentsToAcquireMachineryAndEquipment"/>
    <link:label xlink:type="resource" xlink:label="label_PaymentsToAcquireMachineryAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsToAcquireMachineryAndEquipment" xml:lang="en" id="label_PaymentsToAcquireMachineryAndEquipment">Purchase of property and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireMachineryAndEquipment" xlink:to="label_PaymentsToAcquireMachineryAndEquipment" xlink:title="label: PaymentsToAcquireMachineryAndEquipment to label_PaymentsToAcquireMachineryAndEquipment"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:title="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en" id="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">Net cash provided by (used in) investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesContinuingOperations to label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en" id="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_2">Net cash provided by (used in) investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_2" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesContinuingOperations to label_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xml:lang="en" id="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract">Cash flows from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract to label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="PaymentsForRepurchaseOfCommonStock" xlink:title="PaymentsForRepurchaseOfCommonStock"/>
    <link:label xlink:type="resource" xlink:label="label_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForRepurchaseOfCommonStock" xml:lang="en" id="label_PaymentsForRepurchaseOfCommonStock">Repurchase of common and preferred stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRepurchaseOfCommonStock" xlink:to="label_PaymentsForRepurchaseOfCommonStock" xlink:title="label: PaymentsForRepurchaseOfCommonStock to label_PaymentsForRepurchaseOfCommonStock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="RepaymentsOfNotesPayable" xlink:title="RepaymentsOfNotesPayable"/>
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfNotesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfNotesPayable" xml:lang="en" id="label_RepaymentsOfNotesPayable">Repayments of notes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfNotesPayable" xlink:to="label_RepaymentsOfNotesPayable" xlink:title="label: RepaymentsOfNotesPayable to label_RepaymentsOfNotesPayable"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:title="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en" id="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">Net cash provided by (used in) financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesContinuingOperations to label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
    <link:label xlink:type="resource" xlink:label="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en" id="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_2">Net cash provided by (used in) financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_2" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesContinuingOperations to label_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en" id="label_CashAndCashEquivalentsPeriodIncreaseDecrease">Total net change in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="label: CashAndCashEquivalentsPeriodIncreaseDecrease to label_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xml:lang="en" id="label_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract">Net change in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:to="label_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:title="label: CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract to label_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock"/>
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssuanceOfCommonStock" xml:lang="en" id="label_ProceedsFromIssuanceOfCommonStock">Proceeds from sale of common stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfCommonStock" xlink:to="label_ProceedsFromIssuanceOfCommonStock" xlink:title="label: ProceedsFromIssuanceOfCommonStock to label_ProceedsFromIssuanceOfCommonStock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:title="CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en" id="label_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">Supplemental disclosure for non-cash investing and financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="label_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:title="label: CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract to label_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="InterestPaidNet" xlink:title="InterestPaidNet"/>
    <link:label xlink:type="resource" xlink:label="label_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPaidNet" xml:lang="en" id="label_InterestPaidNet">Cash paid for interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidNet" xlink:to="label_InterestPaidNet" xlink:title="label: InterestPaidNet to label_InterestPaidNet"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="IncomeTaxesPaidNet" xlink:title="IncomeTaxesPaidNet"/>
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxesPaidNet" xml:lang="en" id="label_IncomeTaxesPaidNet">Cash paid for income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesPaidNet" xlink:to="label_IncomeTaxesPaidNet" xlink:title="label: IncomeTaxesPaidNet to label_IncomeTaxesPaidNet"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en" id="label_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">Note 1. Accounting Policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="label_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:title="label: OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock to label_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantAccountingPoliciesTextBlock" xml:lang="en" id="label_SignificantAccountingPoliciesTextBlock">Note 2. Summary of Significant Accounting Policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:to="label_SignificantAccountingPoliciesTextBlock" xlink:title="label: SignificantAccountingPoliciesTextBlock to label_SignificantAccountingPoliciesTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="LongTermDebtTextBlock" xlink:title="LongTermDebtTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermDebtTextBlock" xml:lang="en" id="label_LongTermDebtTextBlock">Note 5. Notes payable- other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtTextBlock" xlink:to="label_LongTermDebtTextBlock" xlink:title="label: LongTermDebtTextBlock to label_LongTermDebtTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en" id="label_RelatedPartyTransactionsDisclosureTextBlock">Note 5. Notes payable, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to label_RelatedPartyTransactionsDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityNoteDisclosureTextBlock" xml:lang="en" id="label_StockholdersEquityNoteDisclosureTextBlock">Note 6. Preferred stock and common stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="label_StockholdersEquityNoteDisclosureTextBlock" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to label_StockholdersEquityNoteDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="ConcentrationRiskDisclosureTextBlock" xlink:title="ConcentrationRiskDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationRiskDisclosureTextBlock" xml:lang="en" id="label_ConcentrationRiskDisclosureTextBlock">Note 9. Concentrations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskDisclosureTextBlock" xlink:to="label_ConcentrationRiskDisclosureTextBlock" xlink:title="label: ConcentrationRiskDisclosureTextBlock to label_ConcentrationRiskDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="ScheduleOfSubsequentEventsTextBlock" xlink:title="ScheduleOfSubsequentEventsTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfSubsequentEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfSubsequentEventsTextBlock" xml:lang="en" id="label_ScheduleOfSubsequentEventsTextBlock">Note 11. Subsequent Events</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSubsequentEventsTextBlock" xlink:to="label_ScheduleOfSubsequentEventsTextBlock" xlink:title="label: ScheduleOfSubsequentEventsTextBlock to label_ScheduleOfSubsequentEventsTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityInformationLineItems" xlink:label="EntityInformationLineItems" xlink:title="EntityInformationLineItems"/>
    <link:label xlink:type="resource" xlink:label="label_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityInformationLineItems" xml:lang="en" id="label_EntityInformationLineItems">Entity Information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInformationLineItems" xlink:to="label_EntityInformationLineItems" xlink:title="label: EntityInformationLineItems to label_EntityInformationLineItems"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol"/>
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en" id="label_TradingSymbol">Entity Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="label: TradingSymbol to label_TradingSymbol"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName"/>
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en" id="label_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="label: EntityRegistrantName to label_EntityRegistrantName"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey"/>
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en" id="label_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="label: EntityCentralIndexKey to label_EntityCentralIndexKey"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFiscalYearEndDate" xml:lang="en" id="label_CurrentFiscalYearEndDate">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate" xlink:title="label: CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding"/>
    <link:label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonStockSharesOutstanding" xml:lang="en" id="label_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding" xlink:title="label: EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityPublicFloat" xlink:label="EntityPublicFloat" xlink:title="EntityPublicFloat"/>
    <link:label xlink:type="resource" xlink:label="label_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityPublicFloat" xml:lang="en" id="label_EntityPublicFloat">Entity Public Float</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityPublicFloat" xlink:to="label_EntityPublicFloat" xlink:title="label: EntityPublicFloat to label_EntityPublicFloat"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentDescription" xlink:label="AmendmentDescription" xlink:title="AmendmentDescription"/>
    <link:label xlink:type="resource" xlink:label="label_AmendmentDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentDescription" xml:lang="en" id="label_AmendmentDescription">Amendment Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentDescription" xlink:to="label_AmendmentDescription" xlink:title="label: AmendmentDescription to label_AmendmentDescription"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory"/>
    <link:label xlink:type="resource" xlink:label="label_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFilerCategory" xml:lang="en" id="label_EntityFilerCategory">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory" xlink:title="label: EntityFilerCategory to label_EntityFilerCategory"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers"/>
    <link:label xlink:type="resource" xlink:label="label_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityVoluntaryFilers" xml:lang="en" id="label_EntityVoluntaryFilers">Entity Voluntary Filer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="label_EntityVoluntaryFilers" xlink:title="label: EntityVoluntaryFilers to label_EntityVoluntaryFilers"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus"/>
    <link:label xlink:type="resource" xlink:label="label_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCurrentReportingStatus" xml:lang="en" id="label_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="label_EntityCurrentReportingStatus" xlink:title="label: EntityCurrentReportingStatus to label_EntityCurrentReportingStatus"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer"/>
    <link:label xlink:type="resource" xlink:label="label_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityWellKnownSeasonedIssuer" xml:lang="en" id="label_EntityWellKnownSeasonedIssuer">Entity Well Known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityWellKnownSeasonedIssuer" xlink:to="label_EntityWellKnownSeasonedIssuer" xlink:title="label: EntityWellKnownSeasonedIssuer to label_EntityWellKnownSeasonedIssuer"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="DocumentInformationLineItems" xlink:title="DocumentInformationLineItems"/>
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationLineItems" xml:lang="en" id="label_DocumentInformationLineItems">Document Information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationLineItems" xlink:to="label_DocumentInformationLineItems" xlink:title="label: DocumentInformationLineItems to label_DocumentInformationLineItems"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges"/>
    <link:label xlink:type="resource" xlink:label="label_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetImpairmentCharges" xml:lang="en" id="label_AssetImpairmentCharges">Impairment charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetImpairmentCharges" xlink:to="label_AssetImpairmentCharges" xlink:title="label: AssetImpairmentCharges to label_AssetImpairmentCharges"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="NatureOfOperations" xlink:title="NatureOfOperations"/>
    <link:label xlink:type="resource" xlink:label="label_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NatureOfOperations" xml:lang="en" id="label_NatureOfOperations">Note 1. Description, Background and Basis of Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NatureOfOperations" xlink:to="label_NatureOfOperations" xlink:title="label: NatureOfOperations to label_NatureOfOperations"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="IntangibleAssetsDisclosureTextBlock" xlink:title="IntangibleAssetsDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsDisclosureTextBlock" xml:lang="en" id="label_IntangibleAssetsDisclosureTextBlock">Note 6. Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsDisclosureTextBlock" xlink:to="label_IntangibleAssetsDisclosureTextBlock" xlink:title="label: IntangibleAssetsDisclosureTextBlock to label_IntangibleAssetsDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="CommitmentsAndContingenciesDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en" id="label_CommitmentsAndContingenciesDisclosureTextBlock">Note 8. Commitments and Contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="label: CommitmentsAndContingenciesDisclosureTextBlock to label_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="QuarterlyFinancialInformationTextBlock" xlink:title="QuarterlyFinancialInformationTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_QuarterlyFinancialInformationTextBlock" xml:lang="en" id="label_QuarterlyFinancialInformationTextBlock">Note 9. Selected Quarterly Financial Data (unaudited)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuarterlyFinancialInformationTextBlock" xlink:to="label_QuarterlyFinancialInformationTextBlock" xlink:title="label: QuarterlyFinancialInformationTextBlock to label_QuarterlyFinancialInformationTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="IncomeTaxDisclosureTextBlock" xlink:title="IncomeTaxDisclosureTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxDisclosureTextBlock" xml:lang="en" id="label_IncomeTaxDisclosureTextBlock">Note 10. Income Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxDisclosureTextBlock" xlink:to="label_IncomeTaxDisclosureTextBlock" xlink:title="label: IncomeTaxDisclosureTextBlock to label_IncomeTaxDisclosureTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="PropertyPlantAndEquipmentPolicyTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en" id="label_PropertyPlantAndEquipmentPolicyTextBlock">Note 3. Furniture, Equipment, and Improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="label_PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="label: PropertyPlantAndEquipmentPolicyTextBlock to label_PropertyPlantAndEquipmentPolicyTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="GoodwillAndIntangibleAssetsPolicyTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillAndIntangibleAssetsPolicyTextBlock" xml:lang="en" id="label_GoodwillAndIntangibleAssetsPolicyTextBlock">Note 4. Goodwill and Other Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="label_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="label: GoodwillAndIntangibleAssetsPolicyTextBlock to label_GoodwillAndIntangibleAssetsPolicyTextBlock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="GainLossRelatedToLitigationSettlement" xlink:title="GainLossRelatedToLitigationSettlement"/>
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToLitigationSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRelatedToLitigationSettlement" xml:lang="en" id="label_GainLossRelatedToLitigationSettlement">Gain on settlement of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToLitigationSettlement" xlink:to="label_GainLossRelatedToLitigationSettlement" xlink:title="label: GainLossRelatedToLitigationSettlement to label_GainLossRelatedToLitigationSettlement"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlementAbstract" xlink:label="GainLossRelatedToLitigationSettlementAbstract" xlink:title="GainLossRelatedToLitigationSettlementAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToLitigationSettlementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRelatedToLitigationSettlementAbstract" xml:lang="en" id="label_GainLossRelatedToLitigationSettlementAbstract">Settlement of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToLitigationSettlementAbstract" xlink:to="label_GainLossRelatedToLitigationSettlementAbstract" xlink:title="label: GainLossRelatedToLitigationSettlementAbstract to label_GainLossRelatedToLitigationSettlementAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome"/>
    <link:label xlink:type="resource" xlink:label="label_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncome" xml:lang="en" id="label_OtherIncome">Other Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome" xlink:title="label: OtherIncome to label_OtherIncome"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_NotesToFinancialStatements" xlink:label="NotesToFinancialStatements" xlink:title="NotesToFinancialStatements"/>
    <link:label xlink:type="resource" xlink:label="label_NotesToFinancialStatements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesToFinancialStatements" xml:lang="en" id="label_NotesToFinancialStatements">Notes to Financial Statements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesToFinancialStatements" xlink:to="label_NotesToFinancialStatements" xlink:title="label: NotesToFinancialStatements to label_NotesToFinancialStatements"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_OtherIncomeAbstract" xlink:label="newItem" xlink:title="newItem"/>
    <link:label xlink:type="resource" xlink:label="label_newItem" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem" xml:lang="en" id="label_newItem">Other Income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="newItem" xlink:to="label_newItem" xlink:title="label: newItem to label_newItem"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_OtherIncomeTotal" xlink:label="OtherIncomeTotal" xlink:title="OtherIncomeTotal"/>
    <link:label xlink:type="resource" xlink:label="label_OtherIncomeTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncomeTotal" xml:lang="en" id="label_OtherIncomeTotal">Total other income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeTotal" xlink:to="label_OtherIncomeTotal" xlink:title="label: OtherIncomeTotal to label_OtherIncomeTotal"/>
    <link:label xlink:type="resource" xlink:label="label_OtherIncomeTotal_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherIncomeTotal" xml:lang="en" id="label_OtherIncomeTotal_2">Total other income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeTotal" xlink:to="label_OtherIncomeTotal_2" xlink:title="label: OtherIncomeTotal to label_OtherIncomeTotal"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en" id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">Balance(Beginning)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en" id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2">Balance(Ending)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:label xlink:type="resource" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en" id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity"/>
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssuanceOrSaleOfEquity" xml:lang="en" id="label_ProceedsFromIssuanceOrSaleOfEquity">Issuance of common stock for cash at $0.50</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOrSaleOfEquity" xlink:to="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:title="label: ProceedsFromIssuanceOrSaleOfEquity to label_ProceedsFromIssuanceOrSaleOfEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <link:label xlink:type="resource" xlink:label="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueShareBasedCompensation" xml:lang="en" id="label_StockIssuedDuringPeriodValueShareBasedCompensation">Issuance of common stock for employee incentives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="label: StockIssuedDuringPeriodValueShareBasedCompensation to label_StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues"/>
    <link:label xlink:type="resource" xlink:label="label_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueNewIssues" xml:lang="en" id="label_StockIssuedDuringPeriodValueNewIssues">Issuance of common stock for services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:to="label_StockIssuedDuringPeriodValueNewIssues" xlink:title="label: StockIssuedDuringPeriodValueNewIssues to label_StockIssuedDuringPeriodValueNewIssues"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue"/>
    <link:label xlink:type="resource" xlink:label="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRepurchasedAndRetiredDuringPeriodValue" xml:lang="en" id="label_StockRepurchasedAndRetiredDuringPeriodValue">Repurchase and retirement of treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="label: StockRepurchasedAndRetiredDuringPeriodValue to label_StockRepurchasedAndRetiredDuringPeriodValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue"/>
    <link:label xlink:type="resource" xlink:label="label_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedOrCalledDuringPeriodValue" xml:lang="en" id="label_StockRedeemedOrCalledDuringPeriodValue">Redemption of preferred shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedOrCalledDuringPeriodValue" xlink:to="label_StockRedeemedOrCalledDuringPeriodValue" xlink:title="label: StockRedeemedOrCalledDuringPeriodValue to label_StockRedeemedOrCalledDuringPeriodValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="StockRepurchasedDuringPeriodValue" xlink:title="StockRepurchasedDuringPeriodValue"/>
    <link:label xlink:type="resource" xlink:label="label_StockRepurchasedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRepurchasedDuringPeriodValue" xml:lang="en" id="label_StockRepurchasedDuringPeriodValue">Cancellation of shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedDuringPeriodValue" xlink:to="label_StockRepurchasedDuringPeriodValue" xlink:title="label: StockRepurchasedDuringPeriodValue to label_StockRepurchasedDuringPeriodValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember"/>
    <link:label xlink:type="resource" xlink:label="label_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockMember" xml:lang="en" id="label_PreferredStockMember">Preferred Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockMember" xlink:to="label_PreferredStockMember" xlink:title="label: PreferredStockMember to label_PreferredStockMember"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember"/>
    <link:label xlink:type="resource" xlink:label="label_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockMember" xml:lang="en" id="label_CommonStockMember">Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockMember" xlink:to="label_CommonStockMember" xlink:title="label: CommonStockMember to label_CommonStockMember"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember"/>
    <link:label xlink:type="resource" xlink:label="label_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockMember" xml:lang="en" id="label_TreasuryStockMember">Treasury Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockMember" xlink:to="label_TreasuryStockMember" xlink:title="label: TreasuryStockMember to label_TreasuryStockMember"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember"/>
    <link:label xlink:type="resource" xlink:label="label_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalPaidInCapitalMember" xml:lang="en" id="label_AdditionalPaidInCapitalMember">Additional Paid-in Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapitalMember" xlink:to="label_AdditionalPaidInCapitalMember" xlink:title="label: AdditionalPaidInCapitalMember to label_AdditionalPaidInCapitalMember"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember"/>
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsMember" xml:lang="en" id="label_RetainedEarningsMember">Accumulated Deficit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:title="label: RetainedEarningsMember to label_RetainedEarningsMember"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfStockholdersEquityAbstract" xml:lang="en" id="label_StatementOfStockholdersEquityAbstract">StatementOfStockholdersEquity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="label_StatementOfStockholdersEquityAbstract" xlink:title="label: StatementOfStockholdersEquityAbstract to label_StatementOfStockholdersEquityAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable"/>
    <link:label xlink:type="resource" xlink:label="label_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementTable" xml:lang="en" id="label_StatementTable">StatementTable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="label_StatementTable" xlink:title="label: StatementTable to label_StatementTable"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis"/>
    <link:label xlink:type="resource" xlink:label="label_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementEquityComponentsAxis" xml:lang="en" id="label_StatementEquityComponentsAxis">StatementEquityComponentAxis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementEquityComponentsAxis" xlink:to="label_StatementEquityComponentsAxis" xlink:title="label: StatementEquityComponentsAxis to label_StatementEquityComponentsAxis"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems"/>
    <link:label xlink:type="resource" xlink:label="label_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementLineItems" xml:lang="en" id="label_StatementLineItems">StatementLineItems</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="label_StatementLineItems" xlink:title="label: StatementLineItems to label_StatementLineItems"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain"/>
    <link:label xlink:type="resource" xlink:label="label_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityComponentDomain" xml:lang="en" id="label_EquityComponentDomain">EquityComponentDomain</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityComponentDomain" xlink:to="label_EquityComponentDomain" xlink:title="label: EquityComponentDomain to label_EquityComponentDomain"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInStockholdersEquityRollForward" xml:lang="en" id="label_IncreaseDecreaseInStockholdersEquityRollForward">IncreaseDecreaseInStockholdersEquityRollForward</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="label_IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="label: IncreaseDecreaseInStockholdersEquityRollForward to label_IncreaseDecreaseInStockholdersEquityRollForward"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="LiabilitiesCurrentAbstract" xlink:title="LiabilitiesCurrentAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesCurrentAbstract" xml:lang="en" id="label_LiabilitiesCurrentAbstract">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrentAbstract" xlink:to="label_LiabilitiesCurrentAbstract" xlink:title="label: LiabilitiesCurrentAbstract to label_LiabilitiesCurrentAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LiabilitiesCurrent" xml:lang="en" id="label_LiabilitiesCurrent_2">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="label_LiabilitiesCurrent_2" xlink:title="label: LiabilitiesCurrent to label_LiabilitiesCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesCurrent" xml:lang="en" id="label_LiabilitiesCurrent">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="label_LiabilitiesCurrent" xlink:title="label: LiabilitiesCurrent to label_LiabilitiesCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="OtherLiabilitiesNoncurrent" xlink:title="OtherLiabilitiesNoncurrent"/>
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesNoncurrent" xml:lang="en" id="label_OtherLiabilitiesNoncurrent">Other long term liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesNoncurrent" xlink:to="label_OtherLiabilitiesNoncurrent" xlink:title="label: OtherLiabilitiesNoncurrent to label_OtherLiabilitiesNoncurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="AssetsCurrentAbstract" xlink:title="AssetsCurrentAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsCurrentAbstract" xml:lang="en" id="label_AssetsCurrentAbstract">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrentAbstract" xlink:to="label_AssetsCurrentAbstract" xlink:title="label: AssetsCurrentAbstract to label_AssetsCurrentAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="DeferredTaxAssetsNetCurrent" xlink:title="DeferredTaxAssetsNetCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsNetCurrent" xml:lang="en" id="label_DeferredTaxAssetsNetCurrent">Deferred income tax asset - current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsNetCurrent" xlink:to="label_DeferredTaxAssetsNetCurrent" xlink:title="label: DeferredTaxAssetsNetCurrent to label_DeferredTaxAssetsNetCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="DeferredTaxAssetsNetNoncurrent" xlink:title="DeferredTaxAssetsNetNoncurrent"/>
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsNetNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsNetNoncurrent" xml:lang="en" id="label_DeferredTaxAssetsNetNoncurrent">Deferred income tax asset - noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsNetNoncurrent" xlink:to="label_DeferredTaxAssetsNetNoncurrent" xlink:title="label: DeferredTaxAssetsNetNoncurrent to label_DeferredTaxAssetsNetNoncurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="DeferredRevenueCurrent" xlink:title="DeferredRevenueCurrent"/>
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredRevenueCurrent" xml:lang="en" id="label_DeferredRevenueCurrent">Deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueCurrent" xlink:to="label_DeferredRevenueCurrent" xlink:title="label: DeferredRevenueCurrent to label_DeferredRevenueCurrent"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:title="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en" id="label_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">Net income before taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="label_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:title="label: IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic to label_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit"/>
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxExpenseBenefit" xml:lang="en" id="label_IncomeTaxExpenseBenefit">Income tax expense (benefit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseBenefit" xlink:to="label_IncomeTaxExpenseBenefit" xlink:title="label: IncomeTaxExpenseBenefit to label_IncomeTaxExpenseBenefit"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="IncreaseDecreaseInDeferredRevenue" xlink:title="IncreaseDecreaseInDeferredRevenue"/>
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInDeferredRevenue" xml:lang="en" id="label_IncreaseDecreaseInDeferredRevenue">Increase (decrease) in deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredRevenue" xlink:to="label_IncreaseDecreaseInDeferredRevenue" xlink:title="label: IncreaseDecreaseInDeferredRevenue to label_IncreaseDecreaseInDeferredRevenue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="OtherNoncashExpense" xlink:title="OtherNoncashExpense"/>
    <link:label xlink:type="resource" xlink:label="label_OtherNoncashExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncashExpense" xml:lang="en" id="label_OtherNoncashExpense">Non-cash interest expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncashExpense" xlink:to="label_OtherNoncashExpense" xlink:title="label: OtherNoncashExpense to label_OtherNoncashExpense"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:label="DeferredIncomeTaxesAndTaxCredits" xlink:title="DeferredIncomeTaxesAndTaxCredits"/>
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeTaxesAndTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeTaxesAndTaxCredits" xml:lang="en" id="label_DeferredIncomeTaxesAndTaxCredits">Deferred income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeTaxesAndTaxCredits" xlink:to="label_DeferredIncomeTaxesAndTaxCredits" xlink:title="label: DeferredIncomeTaxesAndTaxCredits to label_DeferredIncomeTaxesAndTaxCredits"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConversionOfNotePayableForCommonStock" xlink:label="ConversionOfNotePayableForCommonStock" xlink:title="ConversionOfNotePayableForCommonStock"/>
    <link:label xlink:type="resource" xlink:label="label_ConversionOfNotePayableForCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConversionOfNotePayableForCommonStock" xml:lang="en" id="label_ConversionOfNotePayableForCommonStock">Conversion of notes payable for common stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfNotePayableForCommonStock" xlink:to="label_ConversionOfNotePayableForCommonStock" xlink:title="label: ConversionOfNotePayableForCommonStock to label_ConversionOfNotePayableForCommonStock"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConversionOfNotePayableForPreferredStock" xlink:label="ConversionOfNotePayableForPreferredStock" xlink:title="ConversionOfNotePayableForPreferredStock"/>
    <link:label xlink:type="resource" xlink:label="label_ConversionOfNotePayableForPreferredStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConversionOfNotePayableForPreferredStock" xml:lang="en" id="label_ConversionOfNotePayableForPreferredStock">Conversion of note payable for preferred stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfNotePayableForPreferredStock" xlink:to="label_ConversionOfNotePayableForPreferredStock" xlink:title="label: ConversionOfNotePayableForPreferredStock to label_ConversionOfNotePayableForPreferredStock"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_NonCashInterestExpenseOnNotesPayable" xlink:label="NonCashInterestExpenseOnNotesPayable" xlink:title="NonCashInterestExpenseOnNotesPayable"/>
    <link:label xlink:type="resource" xlink:label="label_NonCashInterestExpenseOnNotesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCashInterestExpenseOnNotesPayable" xml:lang="en" id="label_NonCashInterestExpenseOnNotesPayable">Non-cash interest expense on notes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCashInterestExpenseOnNotesPayable" xlink:to="label_NonCashInterestExpenseOnNotesPayable" xlink:title="label: NonCashInterestExpenseOnNotesPayable to label_NonCashInterestExpenseOnNotesPayable"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:title="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en" id="label_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">Stock-based compensation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="label_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:title="label: AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue to label_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus"/>
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalYearFocus" xml:lang="en" id="label_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="label_DocumentFiscalYearFocus" xlink:title="label: DocumentFiscalYearFocus to label_DocumentFiscalYearFocus"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus"/>
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalPeriodFocus" xml:lang="en" id="label_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="label_DocumentFiscalPeriodFocus" xlink:title="label: DocumentFiscalPeriodFocus to label_DocumentFiscalPeriodFocus"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_DescriptionBackgroundAndBasisOfOperationsAbstract" xlink:label="DescriptionBackgroundAndBasisOfOperations" xlink:title="DescriptionBackgroundAndBasisOfOperations"/>
    <link:label xlink:type="resource" xlink:label="label_DescriptionBackgroundAndBasisOfOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionBackgroundAndBasisOfOperations" xml:lang="en" id="label_DescriptionBackgroundAndBasisOfOperations">Description, Background and Basis of Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionBackgroundAndBasisOfOperations" xlink:to="label_DescriptionBackgroundAndBasisOfOperations" xlink:title="label: DescriptionBackgroundAndBasisOfOperations to label_DescriptionBackgroundAndBasisOfOperations"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_SummaryOfSignifcantAccountingPoliciesAbstract" xlink:label="SummaryOfSignifcantAccountingPolicies" xlink:title="SummaryOfSignifcantAccountingPolicies"/>
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSignifcantAccountingPolicies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSignifcantAccountingPolicies" xml:lang="en" id="label_SummaryOfSignifcantAccountingPolicies">Summary of Significant Accounting Policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSignifcantAccountingPolicies" xlink:to="label_SummaryOfSignifcantAccountingPolicies" xlink:title="label: SummaryOfSignifcantAccountingPolicies to label_SummaryOfSignifcantAccountingPolicies"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_FurnitureEquipmentAndImprovementAbstract" xlink:label="FurnitureEquipmentAndImprovement" xlink:title="FurnitureEquipmentAndImprovement"/>
    <link:label xlink:type="resource" xlink:label="label_FurnitureEquipmentAndImprovement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FurnitureEquipmentAndImprovement" xml:lang="en" id="label_FurnitureEquipmentAndImprovement">Furniture, Equipment, and Improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureEquipmentAndImprovement" xlink:to="label_FurnitureEquipmentAndImprovement" xlink:title="label: FurnitureEquipmentAndImprovement to label_FurnitureEquipmentAndImprovement"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_GoodwillAndOtherIntangibleAssetsAbstract" xlink:label="GoodwillAndOtherIntangibleAssets" xlink:title="GoodwillAndOtherIntangibleAssets"/>
    <link:label xlink:type="resource" xlink:label="label_GoodwillAndOtherIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillAndOtherIntangibleAssets" xml:lang="en" id="label_GoodwillAndOtherIntangibleAssets">Goodwill and Other Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAndOtherIntangibleAssets" xlink:to="label_GoodwillAndOtherIntangibleAssets" xlink:title="label: GoodwillAndOtherIntangibleAssets to label_GoodwillAndOtherIntangibleAssets"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_NotesPayableRelatedPartyAbstract" xlink:label="NotesPayableRelatedParty" xlink:title="NotesPayableRelatedParty"/>
    <link:label xlink:type="resource" xlink:label="label_NotesPayableRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesPayableRelatedParty" xml:lang="en" id="label_NotesPayableRelatedParty">Notes payable, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesPayableRelatedParty" xlink:to="label_NotesPayableRelatedParty" xlink:title="label: NotesPayableRelatedParty to label_NotesPayableRelatedParty"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_PreferredStockAndCommonStockAbstract" xlink:label="PreferredStockAndCommonStock" xlink:title="PreferredStockAndCommonStock"/>
    <link:label xlink:type="resource" xlink:label="label_PreferredStockAndCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockAndCommonStock" xml:lang="en" id="label_PreferredStockAndCommonStock">Preferred stock and common stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockAndCommonStock" xlink:to="label_PreferredStockAndCommonStock" xlink:title="label: PreferredStockAndCommonStock to label_PreferredStockAndCommonStock"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_EmployeeStockOptionsAbstract" xlink:label="EmployeeStockOptions" xlink:title="EmployeeStockOptions"/>
    <link:label xlink:type="resource" xlink:label="label_EmployeeStockOptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeStockOptions" xml:lang="en" id="label_EmployeeStockOptions">Employee Stock Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeStockOptions" xlink:to="label_EmployeeStockOptions" xlink:title="label: EmployeeStockOptions to label_EmployeeStockOptions"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_CommitmentsAndContingenciesAbstract" xlink:label="CommitmentsAndContingencies" xlink:title="CommitmentsAndContingencies"/>
    <link:label xlink:type="resource" xlink:label="label_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsAndContingencies" xml:lang="en" id="label_CommitmentsAndContingencies">Commitments and Contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingencies" xlink:to="label_CommitmentsAndContingencies" xlink:title="label: CommitmentsAndContingencies to label_CommitmentsAndContingencies"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConcentrationsAbstract" xlink:label="Concentrations" xlink:title="Concentrations"/>
    <link:label xlink:type="resource" xlink:label="label_Concentrations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Concentrations" xml:lang="en" id="label_Concentrations">Concentrations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Concentrations" xlink:to="label_Concentrations" xlink:title="label: Concentrations to label_Concentrations"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_IncomeTaxesAbstract" xlink:label="IncomeTaxes" xlink:title="IncomeTaxes"/>
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxes" xml:lang="en" id="label_IncomeTaxes">Income Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxes" xlink:to="label_IncomeTaxes" xlink:title="label: IncomeTaxes to label_IncomeTaxes"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_SubsequentEventsAbstract" xlink:label="SubsequentEvents" xlink:title="SubsequentEvents"/>
    <link:label xlink:type="resource" xlink:label="label_SubsequentEvents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsequentEvents" xml:lang="en" id="label_SubsequentEvents">Subsequent Events</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEvents" xlink:to="label_SubsequentEvents" xlink:title="label: SubsequentEvents to label_SubsequentEvents"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="CompensationRelatedCostsPolicyTextBlock" xlink:title="CompensationRelatedCostsPolicyTextBlock"/>
    <link:label xlink:type="resource" xlink:label="label_CompensationRelatedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompensationRelatedCostsPolicyTextBlock" xml:lang="en" id="label_CompensationRelatedCostsPolicyTextBlock">Note 7: Employee Stock Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsPolicyTextBlock" xlink:to="label_CompensationRelatedCostsPolicyTextBlock" xlink:title="label: CompensationRelatedCostsPolicyTextBlock to label_CompensationRelatedCostsPolicyTextBlock"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>isdr-20101231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Issuer Direct - XWand B0126 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:isdr="http://issuerdirect.com/20101231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="isdr-20101231.xsd#DocumentInformation"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfCashFlows" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfCashFlows"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfFinancialPosition" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfFinancialPosition"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfIncome" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfIncome"/>
  <link:roleRef roleURI="http://xbrl.us/us-gaap/role/deprecated/dei" xlink:type="simple" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#dep-dei"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfShareholdersEquity"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/CommitmentsAndContingencies" xlink:type="simple" xlink:href="isdr-20101231.xsd#CommitmentsAndContingencies"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/Concentrations" xlink:type="simple" xlink:href="isdr-20101231.xsd#Concentrations"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/DescriptionBackgroundAndBasisOfOperations" xlink:type="simple" xlink:href="isdr-20101231.xsd#DescriptionBackgroundAndBasisOfOperations"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/EmployeeStockOptions" xlink:type="simple" xlink:href="isdr-20101231.xsd#EmployeeStockOptions"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/FurnitureEquipmentAndImprovement" xlink:type="simple" xlink:href="isdr-20101231.xsd#FurnitureEquipmentAndImprovement"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/GoodwillAndOtherIntangibleAssets" xlink:type="simple" xlink:href="isdr-20101231.xsd#GoodwillAndOtherIntangibleAssets"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/IncomeTaxes" xlink:type="simple" xlink:href="isdr-20101231.xsd#IncomeTaxes"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/NotesPayableRelatedParty" xlink:type="simple" xlink:href="isdr-20101231.xsd#NotesPayableRelatedParty"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/PreferredStockAndCommonStock" xlink:type="simple" xlink:href="isdr-20101231.xsd#PreferredStockAndCommonStock"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/SubsequentEvents" xlink:type="simple" xlink:href="isdr-20101231.xsd#SubsequentEvents"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/SummaryOfSignifcantAccountingPolicies" xlink:type="simple" xlink:href="isdr-20101231.xsd#SummaryOfSignifcantAccountingPolicies"/>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/DocumentAndEntityInformation">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="DocumentInformationLineItems" xlink:title="DocumentInformationLineItems"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="DocumentType" xlink:title="presentation: DocumentInformationLineItems to DocumentType" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="AmendmentFlag" xlink:title="presentation: DocumentInformationLineItems to AmendmentFlag" order="6.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate_2" xlink:title="DocumentPeriodEndDate"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="DocumentPeriodEndDate_2" xlink:title="presentation: DocumentInformationLineItems to DocumentPeriodEndDate" priority="1" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="TradingSymbol" xlink:title="presentation: DocumentInformationLineItems to TradingSymbol" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityRegistrantName" xlink:title="presentation: DocumentInformationLineItems to EntityRegistrantName" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityCentralIndexKey" xlink:title="presentation: DocumentInformationLineItems to EntityCentralIndexKey" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="CurrentFiscalYearEndDate" xlink:title="presentation: DocumentInformationLineItems to CurrentFiscalYearEndDate" use="optional" order="8.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityWellKnownSeasonedIssuer" xlink:title="presentation: DocumentInformationLineItems to EntityWellKnownSeasonedIssuer" use="optional" order="9.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityVoluntaryFilers" xlink:title="presentation: DocumentInformationLineItems to EntityVoluntaryFilers" use="optional" order="10.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityCurrentReportingStatus" xlink:title="presentation: DocumentInformationLineItems to EntityCurrentReportingStatus" use="optional" order="11.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityFilerCategory" xlink:title="presentation: DocumentInformationLineItems to EntityFilerCategory" use="optional" order="12.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityCommonStockSharesOutstanding" xlink:title="presentation: DocumentInformationLineItems to EntityCommonStockSharesOutstanding" use="optional" order="14.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityPublicFloat" xlink:label="EntityPublicFloat" xlink:title="EntityPublicFloat"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="EntityPublicFloat" xlink:title="presentation: DocumentInformationLineItems to EntityPublicFloat" use="optional" order="13.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="DocumentFiscalYearFocus" xlink:title="presentation: DocumentInformationLineItems to DocumentFiscalYearFocus" order="15.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="DocumentFiscalPeriodFocus" xlink:title="presentation: DocumentInformationLineItems to DocumentFiscalPeriodFocus" order="16.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentDescription" xlink:label="AmendmentDescription" xlink:title="AmendmentDescription"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentInformationLineItems" xlink:to="AmendmentDescription" xlink:title="presentation: DocumentInformationLineItems to AmendmentDescription" order="7.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/DescriptionBackgroundAndBasisOfOperations">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_DescriptionBackgroundAndBasisOfOperationsAbstract" xlink:label="DescriptionBackgroundAndBasisOfOperations" xlink:title="DescriptionBackgroundAndBasisOfOperations"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="NatureOfOperations" xlink:title="NatureOfOperations"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DescriptionBackgroundAndBasisOfOperations" xlink:to="NatureOfOperations" xlink:title="presentation: DescriptionBackgroundAndBasisOfOperations to NatureOfOperations" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/SummaryOfSignifcantAccountingPolicies">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_SummaryOfSignifcantAccountingPoliciesAbstract" xlink:label="SummaryOfSignifcantAccountingPolicies" xlink:title="SummaryOfSignifcantAccountingPolicies"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SummaryOfSignifcantAccountingPolicies" xlink:to="SignificantAccountingPoliciesTextBlock" xlink:title="presentation: SummaryOfSignifcantAccountingPolicies to SignificantAccountingPoliciesTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/FurnitureEquipmentAndImprovement">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_FurnitureEquipmentAndImprovementAbstract" xlink:label="FurnitureEquipmentAndImprovement" xlink:title="FurnitureEquipmentAndImprovement"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="PropertyPlantAndEquipmentPolicyTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FurnitureEquipmentAndImprovement" xlink:to="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="presentation: FurnitureEquipmentAndImprovement to PropertyPlantAndEquipmentPolicyTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/GoodwillAndOtherIntangibleAssets">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_GoodwillAndOtherIntangibleAssetsAbstract" xlink:label="GoodwillAndOtherIntangibleAssets" xlink:title="GoodwillAndOtherIntangibleAssets"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="GoodwillAndIntangibleAssetsPolicyTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="GoodwillAndOtherIntangibleAssets" xlink:to="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="presentation: GoodwillAndOtherIntangibleAssets to GoodwillAndIntangibleAssetsPolicyTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/NotesPayableRelatedParty">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_NotesPayableRelatedPartyAbstract" xlink:label="NotesPayableRelatedParty" xlink:title="NotesPayableRelatedParty"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesPayableRelatedParty" xlink:to="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="presentation: NotesPayableRelatedParty to RelatedPartyTransactionsDisclosureTextBlock" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/PreferredStockAndCommonStock">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_PreferredStockAndCommonStockAbstract" xlink:label="PreferredStockAndCommonStock" xlink:title="PreferredStockAndCommonStock"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PreferredStockAndCommonStock" xlink:to="StockholdersEquityNoteDisclosureTextBlock" xlink:title="presentation: PreferredStockAndCommonStock to StockholdersEquityNoteDisclosureTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/EmployeeStockOptions">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_EmployeeStockOptionsAbstract" xlink:label="EmployeeStockOptions" xlink:title="EmployeeStockOptions"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="CompensationRelatedCostsPolicyTextBlock" xlink:title="CompensationRelatedCostsPolicyTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EmployeeStockOptions" xlink:to="CompensationRelatedCostsPolicyTextBlock" xlink:title="presentation: EmployeeStockOptions to CompensationRelatedCostsPolicyTextBlock" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfFinancialPosition">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="AssetsAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to AssetsAbstract" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="FurnitureAndFixturesGross" xlink:title="FurnitureAndFixturesGross"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="FurnitureAndFixturesGross" xlink:title="presentation: AssetsAbstract to FurnitureAndFixturesGross" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="OtherAssetsNoncurrent" xlink:title="presentation: AssetsAbstract to OtherAssetsNoncurrent" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="AssetsCurrentAbstract" xlink:title="AssetsCurrentAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="AssetsCurrentAbstract" xlink:title="presentation: AssetsAbstract to AssetsCurrentAbstract" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:title="presentation: AssetsCurrentAbstract to CashAndCashEquivalentsAtCarryingValue" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherRestrictedAssetsCurrent" xlink:label="OtherRestrictedAssetsCurrent" xlink:title="OtherRestrictedAssetsCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="OtherRestrictedAssetsCurrent" xlink:title="presentation: AssetsCurrentAbstract to OtherRestrictedAssetsCurrent" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="OtherAssetsCurrent" xlink:title="OtherAssetsCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="OtherAssetsCurrent" xlink:title="presentation: AssetsCurrentAbstract to OtherAssetsCurrent" use="optional" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="AssetsCurrent" xlink:title="AssetsCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="AssetsCurrent" xlink:title="presentation: AssetsCurrentAbstract to AssetsCurrent" use="optional" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="DeferredTaxAssetsNetCurrent" xlink:title="DeferredTaxAssetsNetCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="DeferredTaxAssetsNetCurrent" xlink:title="presentation: AssetsCurrentAbstract to DeferredTaxAssetsNetCurrent" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="AccountsReceivableNetCurrent" xlink:title="AccountsReceivableNetCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="AccountsReceivableNetCurrent" xlink:title="presentation: AssetsCurrentAbstract to AccountsReceivableNetCurrent" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="DeferredTaxAssetsNetNoncurrent" xlink:title="DeferredTaxAssetsNetNoncurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="DeferredTaxAssetsNetNoncurrent" xlink:title="presentation: AssetsAbstract to DeferredTaxAssetsNetNoncurrent" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="IntangibleAssetsNetExcludingGoodwill" xlink:title="IntangibleAssetsNetExcludingGoodwill"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="IntangibleAssetsNetExcludingGoodwill" xlink:title="presentation: AssetsAbstract to IntangibleAssetsNetExcludingGoodwill" use="optional" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="Assets" xlink:title="presentation: AssetsAbstract to Assets" use="optional" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="StockholdersEquityAbstract" xlink:title="StockholdersEquityAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="StockholdersEquityAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to StockholdersEquityAbstract" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:to="PreferredStockValue" xlink:title="presentation: StockholdersEquityAbstract to PreferredStockValue" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:to="CommonStockValue" xlink:title="presentation: StockholdersEquityAbstract to CommonStockValue" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:to="AdditionalPaidInCapital" xlink:title="presentation: StockholdersEquityAbstract to AdditionalPaidInCapital" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:to="StockholdersEquity" xlink:title="presentation: StockholdersEquityAbstract to StockholdersEquity" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:title="presentation: StockholdersEquityAbstract to RetainedEarningsAccumulatedDeficit" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="LiabilitiesAndStockholdersEquityAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to LiabilitiesAndStockholdersEquityAbstract" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="LiabilitiesAndStockholdersEquity" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to LiabilitiesAndStockholdersEquity" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="LiabilitiesAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to LiabilitiesAbstract" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:to="Liabilities" xlink:title="presentation: LiabilitiesAbstract to Liabilities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="LiabilitiesCurrentAbstract" xlink:title="LiabilitiesCurrentAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:to="LiabilitiesCurrentAbstract" xlink:title="presentation: LiabilitiesAbstract to LiabilitiesCurrentAbstract" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="AccountsPayableCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to AccountsPayableCurrent" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="AccruedLiabilitiesCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to AccruedLiabilitiesCurrent" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrent" xlink:label="NotesPayableRelatedPartiesCurrent" xlink:title="NotesPayableRelatedPartiesCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="NotesPayableRelatedPartiesCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to NotesPayableRelatedPartiesCurrent" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="LiabilitiesCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to LiabilitiesCurrent" use="optional" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="DeferredRevenueCurrent" xlink:title="DeferredRevenueCurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="DeferredRevenueCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to DeferredRevenueCurrent" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="OtherLiabilitiesNoncurrent" xlink:title="OtherLiabilitiesNoncurrent"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:to="OtherLiabilitiesNoncurrent" xlink:title="presentation: LiabilitiesAbstract to OtherLiabilitiesNoncurrent" order="2.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfCashFlows">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="DepreciationAndAmortization" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DepreciationAndAmortization" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="ProvisionForDoubtfulAccounts" xlink:title="ProvisionForDoubtfulAccounts"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="ProvisionForDoubtfulAccounts" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to ProvisionForDoubtfulAccounts" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:label="IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:title="IssuanceOfStockAndWarrantsForServicesOrClaims"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to IssuanceOfStockAndWarrantsForServicesOrClaims" order="6.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="AssetImpairmentCharges" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to AssetImpairmentCharges" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to IncreaseDecreaseInOperatingCapitalAbstract" use="optional" order="7.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInAccountsReceivable" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsReceivable" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeposits" xlink:label="IncreaseDecreaseInDeposits" xlink:title="IncreaseDecreaseInDeposits"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInDeposits" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInDeposits" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="IncreaseDecreaseInAccountsPayable" xlink:title="IncreaseDecreaseInAccountsPayable"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInAccountsPayable" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsPayable" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="IncreaseDecreaseInAccruedLiabilities" xlink:title="IncreaseDecreaseInAccruedLiabilities"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInAccruedLiabilities" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccruedLiabilities" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="IncreaseDecreaseInDeferredRevenue" xlink:title="IncreaseDecreaseInDeferredRevenue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInDeferredRevenue" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInDeferredRevenue" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:label="DeferredIncomeTaxesAndTaxCredits" xlink:title="DeferredIncomeTaxesAndTaxCredits"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="DeferredIncomeTaxesAndTaxCredits" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DeferredIncomeTaxesAndTaxCredits" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="OtherNoncashExpense" xlink:title="OtherNoncashExpense"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="OtherNoncashExpense" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to OtherNoncashExpense" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetIncomeLoss" xlink:title="presentation: StatementOfCashFlowsAbstract to NetIncomeLoss" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to NetCashProvidedByUsedInOperatingActivitiesAbstract" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInOperatingActivities" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to NetCashProvidedByUsedInOperatingActivities" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" use="optional" order="6.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="PaymentsForRepurchaseOfCommonStock" xlink:title="PaymentsForRepurchaseOfCommonStock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="PaymentsForRepurchaseOfCommonStock" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract to PaymentsForRepurchaseOfCommonStock" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="RepaymentsOfNotesPayable" xlink:title="RepaymentsOfNotesPayable"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="RepaymentsOfNotesPayable" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract to RepaymentsOfNotesPayable" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:title="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract to NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" use="optional" order="7.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:to="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="presentation: CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract to CashAndCashEquivalentsPeriodIncreaseDecrease" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:title="presentation: CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract to CashAndCashEquivalentsAtCarryingValue" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue_2" xlink:title="CashAndCashEquivalentsAtCarryingValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:to="CashAndCashEquivalentsAtCarryingValue_2" xlink:title="presentation: CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract to CashAndCashEquivalentsAtCarryingValue" use="optional" priority="1" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" use="optional" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:title="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract to NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireMachineryAndEquipment" xlink:label="PaymentsToAcquireMachineryAndEquipment" xlink:title="PaymentsToAcquireMachineryAndEquipment"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="PaymentsToAcquireMachineryAndEquipment" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract to PaymentsToAcquireMachineryAndEquipment" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfIncome">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="EarningsPerShareAbstract" xlink:title="presentation: IncomeStatementAbstract to EarningsPerShareAbstract" order="10.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="EarningsPerShareBasic" xlink:title="presentation: EarningsPerShareAbstract to EarningsPerShareBasic" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="EarningsPerShareDiluted" xlink:title="presentation: EarningsPerShareAbstract to EarningsPerShareDiluted" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="WeightedAverageNumberOfSharesOutstandingAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="presentation: IncomeStatementAbstract to WeightedAverageNumberOfSharesOutstandingAbstract" order="11.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="presentation: WeightedAverageNumberOfSharesOutstandingAbstract to WeightedAverageNumberOfSharesOutstandingBasic" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="presentation: WeightedAverageNumberOfSharesOutstandingAbstract to WeightedAverageNumberOfDilutedSharesOutstanding" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="Revenues" xlink:title="presentation: IncomeStatementAbstract to Revenues" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="OperatingExpensesAbstract" xlink:title="OperatingExpensesAbstract"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="OperatingExpensesAbstract" xlink:title="presentation: IncomeStatementAbstract to OperatingExpensesAbstract" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingExpensesAbstract" xlink:to="GeneralAndAdministrativeExpense" xlink:title="presentation: OperatingExpensesAbstract to GeneralAndAdministrativeExpense" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="SellingAndMarketingExpense" xlink:title="SellingAndMarketingExpense"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingExpensesAbstract" xlink:to="SellingAndMarketingExpense" xlink:title="presentation: OperatingExpensesAbstract to SellingAndMarketingExpense" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingExpensesAbstract" xlink:to="DepreciationAndAmortization" xlink:title="presentation: OperatingExpensesAbstract to DepreciationAndAmortization" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="OperatingCostsAndExpenses" xlink:title="OperatingCostsAndExpenses"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingExpensesAbstract" xlink:to="OperatingCostsAndExpenses" xlink:title="presentation: OperatingExpensesAbstract to OperatingCostsAndExpenses" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingExpensesAbstract" xlink:to="AssetImpairmentCharges" xlink:title="presentation: OperatingExpensesAbstract to AssetImpairmentCharges" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="GrossProfit" xlink:title="presentation: IncomeStatementAbstract to GrossProfit" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfServices" xlink:label="CostOfServices" xlink:title="CostOfServices"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="CostOfServices" xlink:title="presentation: IncomeStatementAbstract to CostOfServices" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_OtherIncomeAbstract" xlink:label="newItem" xlink:title="newItem"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="newItem" xlink:title="presentation: IncomeStatementAbstract to newItem" use="optional" order="6.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="newItem" xlink:to="InterestExpense" xlink:title="presentation: newItem to InterestExpense" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_OtherIncomeTotal" xlink:label="OtherIncomeTotal" xlink:title="OtherIncomeTotal"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="newItem" xlink:to="OtherIncomeTotal" xlink:title="presentation: OtherIncomeAbstract to OtherIncomeTotal" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="OperatingIncomeLoss" xlink:title="presentation: IncomeStatementAbstract to OperatingIncomeLoss" use="optional" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:title="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:title="presentation: IncomeStatementAbstract to IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" use="optional" order="7.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="NetIncomeLoss" xlink:title="presentation: IncomeStatementAbstract to NetIncomeLoss" use="optional" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="IncomeTaxExpenseBenefit" xlink:title="presentation: IncomeStatementAbstract to IncomeTaxExpenseBenefit" order="8.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="StatementTable" xlink:title="presentation: StatementOfStockholdersEquityAbstract to StatementTable" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:to="StatementEquityComponentsAxis" xlink:title="presentation: StatementTable to StatementEquityComponentsAxis" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain" xlink:title="presentation: StatementEquityComponentsAxis to EquityComponentDomain" use="optional" order="1.0" xbrldt:targetRole="http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:to="PreferredStockMember" xlink:title="presentation: EquityComponentDomain to PreferredStockMember" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:to="CommonStockMember" xlink:title="presentation: EquityComponentDomain to CommonStockMember" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:to="TreasuryStockMember" xlink:title="presentation: EquityComponentDomain to TreasuryStockMember" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:to="AdditionalPaidInCapitalMember" xlink:title="presentation: EquityComponentDomain to AdditionalPaidInCapitalMember" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:to="RetainedEarningsMember" xlink:title="presentation: EquityComponentDomain to RetainedEarningsMember" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:to="StatementLineItems" xlink:title="presentation: StatementTable to StatementLineItems" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="presentation: StatementLineItems to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" use="optional" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:title="presentation: StatementLineItems to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" priority="1" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="presentation: StatementLineItems to StockRepurchasedAndRetiredDuringPeriodValue" use="optional" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodValueShareBasedCompensation" use="optional" order="6.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="StockRepurchasedDuringPeriodValue" xlink:title="StockRepurchasedDuringPeriodValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockRepurchasedDuringPeriodValue" xlink:title="presentation: StatementLineItems to StockRepurchasedDuringPeriodValue" use="optional" order="9.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockRedeemedOrCalledDuringPeriodValue" xlink:title="presentation: StatementLineItems to StockRedeemedOrCalledDuringPeriodValue" use="optional" order="8.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodValueNewIssues" use="optional" order="7.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="NetIncomeLoss" xlink:title="presentation: StatementLineItems to NetIncomeLoss" order="11.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConversionOfNotePayableForCommonStock" xlink:label="ConversionOfNotePayableForCommonStock" xlink:title="ConversionOfNotePayableForCommonStock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="ConversionOfNotePayableForCommonStock" xlink:title="presentation: StatementLineItems to ConversionOfNotePayableForCommonStock" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConversionOfNotePayableForPreferredStock" xlink:label="ConversionOfNotePayableForPreferredStock" xlink:title="ConversionOfNotePayableForPreferredStock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="ConversionOfNotePayableForPreferredStock" xlink:title="presentation: StatementLineItems to ConversionOfNotePayableForPreferredStock" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_NonCashInterestExpenseOnNotesPayable" xlink:label="NonCashInterestExpenseOnNotesPayable" xlink:title="NonCashInterestExpenseOnNotesPayable"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="NonCashInterestExpenseOnNotesPayable" xlink:title="presentation: StatementLineItems to NonCashInterestExpenseOnNotesPayable" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:title="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:title="presentation: StatementLineItems to AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" order="10.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/CommitmentsAndContingencies">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_CommitmentsAndContingenciesAbstract" xlink:label="CommitmentsAndContingencies" xlink:title="CommitmentsAndContingencies"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="CommitmentsAndContingenciesDisclosureTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsAndContingencies" xlink:to="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="presentation: CommitmentsAndContingencies to CommitmentsAndContingenciesDisclosureTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/Concentrations">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConcentrationsAbstract" xlink:label="Concentrations" xlink:title="Concentrations"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="ConcentrationRiskDisclosureTextBlock" xlink:title="ConcentrationRiskDisclosureTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="Concentrations" xlink:to="ConcentrationRiskDisclosureTextBlock" xlink:title="presentation: Concentrations to ConcentrationRiskDisclosureTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/IncomeTaxes">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_IncomeTaxesAbstract" xlink:label="IncomeTaxes" xlink:title="IncomeTaxes"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="IncomeTaxDisclosureTextBlock" xlink:title="IncomeTaxDisclosureTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxes" xlink:to="IncomeTaxDisclosureTextBlock" xlink:title="presentation: IncomeTaxes to IncomeTaxDisclosureTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/SubsequentEvents">
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_SubsequentEventsAbstract" xlink:label="SubsequentEvents" xlink:title="SubsequentEvents"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="ScheduleOfSubsequentEventsTextBlock" xlink:title="ScheduleOfSubsequentEventsTextBlock"/>
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEvents" xlink:to="ScheduleOfSubsequentEventsTextBlock" xlink:title="presentation: SubsequentEvents to ScheduleOfSubsequentEventsTextBlock" use="optional" order="1.0"/>
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>11
<FILENAME>isdr-20101231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Issuer Direct - XWand B0126 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:isdr="http://issuerdirect.com/20101231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfCashFlows" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfCashFlows"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfFinancialPosition" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfFinancialPosition"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfIncome" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfIncome"/>
  <link:roleRef roleURI="http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity" xlink:type="simple" xlink:href="isdr-20101231.xsd#StatementOfShareholdersEquity"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension"/>
  <link:definitionLink xlink:type="extended" xlink:role="http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="StatementLineItems" xlink:to="StatementTable" xlink:title="definition: StatementLineItems to StatementTable" order="1.0" xbrldt:closed="true" xbrldt:contextElement="segment"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="StatementTable" xlink:to="StatementEquityComponentsAxis" xlink:title="definition: StatementTable to StatementEquityComponentsAxis" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain_2" xlink:title="EquityComponentDomain"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain_2" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain" use="optional" priority="1" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="PreferredStockMember" xlink:title="definition: EquityComponentDomain to PreferredStockMember" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="CommonStockMember" xlink:title="definition: EquityComponentDomain to CommonStockMember" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="TreasuryStockMember" xlink:title="definition: EquityComponentDomain to TreasuryStockMember" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="AdditionalPaidInCapitalMember" xlink:title="definition: EquityComponentDomain to AdditionalPaidInCapitalMember" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="RetainedEarningsMember" xlink:title="definition: EquityComponentDomain to RetainedEarningsMember" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: StatementLineItems to IncreaseDecreaseInStockholdersEquityRollForward" use="optional" order="2.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" use="optional" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="NetIncomeLoss" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to NetIncomeLoss" use="optional" order="11.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:title="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" use="optional" order="10.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="StockRepurchasedDuringPeriodValue" xlink:title="StockRepurchasedDuringPeriodValue"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockRepurchasedDuringPeriodValue" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockRepurchasedDuringPeriodValue" use="optional" order="9.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockRedeemedOrCalledDuringPeriodValue" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockRedeemedOrCalledDuringPeriodValue" use="optional" order="8.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueNewIssues" use="optional" order="7.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueShareBasedCompensation" use="optional" order="6.0"/>
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockRepurchasedAndRetiredDuringPeriodValue" use="optional" order="5.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_NonCashInterestExpenseOnNotesPayable" xlink:label="NonCashInterestExpenseOnNotesPayable" xlink:title="NonCashInterestExpenseOnNotesPayable"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="NonCashInterestExpenseOnNotesPayable" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to NonCashInterestExpenseOnNotesPayable" use="optional" order="4.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConversionOfNotePayableForPreferredStock" xlink:label="ConversionOfNotePayableForPreferredStock" xlink:title="ConversionOfNotePayableForPreferredStock"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="ConversionOfNotePayableForPreferredStock" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to ConversionOfNotePayableForPreferredStock" use="optional" order="3.0"/>
    <link:loc xlink:type="locator" xlink:href="isdr-20101231.xsd#isdr_ConversionOfNotePayableForCommonStock" xlink:label="ConversionOfNotePayableForCommonStock" xlink:title="ConversionOfNotePayableForCommonStock"/>
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="ConversionOfNotePayableForCommonStock" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to ConversionOfNotePayableForCommonStock" use="optional" order="2.0"/>
  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R11.xml
<DESCRIPTION>IDEA: Preferred stock and common stock
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0016 - Disclosure - Preferred stock and common stock</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_PreferredStockAndCommonStockAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>f
alse</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Preferred stock and common stock</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquityNoteDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na
</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;&lt;font style="display:inline"&gt;As of December 31, 2009, there were five shares of Series A Convertible Preferred Stock outstanding, each
 of which are convertible into 8,333 shares of our common stock. On March 31, 2010, we issued 26 shares of Series A Preferred Stock to our Chief Executive Officer for the conversion of a note payable in the amount of $23,525 and accrued interest of $4,255.  The
 fair value of the preferred stock on the date of the transaction was $39,000, which was determined based upon the number of common shares issuable upon conversion of the preferred shares into common stock, 216,666, and the market price of our common stock
 on the date of the agreement of $0.18.  The difference between the carrying value of the debt and accrued interest and the fair value of the preferred shares of $11,220 has been recorded as additional interest expense&lt;/font&gt;&lt;font style="display:inline; font-size:10pt"&gt;.  &lt;/font&gt;&lt;font style="display:inline"&gt;In
 April 2009, we issued 20,000 common shares to the holder of two preferred shares, for a value of $100 per preferred share, in settlement of the stated value and any potential claims to accumulated dividends thereon.  Although the Certificate of Designation
 of the rights, preferences and limitations of the Preferred Stock provides for dividends equal to eleven percent (11.0%) per year on the liquidation preference of $25,000 per share, we have not declared or accrued such dividends.  Additionally, under Delaware
 law, dividends are an obligation only when declared, and the Board has not declared any dividends payable on the Series A Preferred Stock.  In November 2010, the Company's Chief Executive Officer who held 83.9% of the outstanding shares of Series A Preferred
 Stock approved an amendment to the Certificate of Designation whereby the holders of at least 56 2/3rds of the outstanding shares of Series A Preferred Stock may elect to require the Company to redeem all of the outstanding shares of Series A Preferred Stock
 for $1,000 per share.  In November 2010, the Company's Chief Executive Officer who held 83.9%  of the outstanding shares of Series A Preferred Stock elected to require the Company to redeem the remaining 31 shares of Series A Preferred Stock in exchange for
 proceeds of $31,000, and therefore there were no shares of Series A Preferred Stock outstanding at December 31, 2010.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The Certificate of Designation of the rights, preferences and limitations of the Company's Series B Non-Convertible, Cumulative, Non-Voting,
 Redeemable Preferred Stock provides that the Company may issue up to 476,200 shares of Series B Non-Convertible, Cumulative, Non-Voting, Redeemable Preferred Stock, par value $1.00 per share, which shall earn dividends at the rate of fifteen percent (15.0%)
 per year. Declaration and payment of dividends are at the sole discretion of the Company's Board of Directors, and are not mandatory. The Certificate of Designation of the rights, preferences and limitations of the Company's Series B Non-Convertible, Cumulative,
 Non-Voting, Redeemable Preferred Stock also provides that the Company may not pay dividends on its common stock until all accrued but unpaid dividends on such preferred stock have been paid. At December 31, 2010 and 2009, there were no issued and outstanding
 shares of such preferred stock.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The Company has never declared or paid any cash dividends on its common stock.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In November 2010, the Company's Board of Directors authorized a stock repurchase plan, whereby the Company is authorized to repurchase up to 1,000,000 shares of the Company's common stock
 over a twelve month period, but not to exceed an aggregate purchase price of $10,000 in cash every fiscal quarter for a maximum of four quarters or until the board causes action to modify or terminate the repurchase plan.  Anything beyond these amounts would
 require additional consent from the Board of Directors.&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;During years ended December 31, 2010 and 2009, changes in the shares of our common stock outstanding are as follows:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Year ended&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Year ended&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt;Balance at beginning of year&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;16,826,342&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;18,834,717&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Repurchase and retirement of shares (1)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(50,000
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;) &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(2,273,804
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Issuance of common stock for services  (2)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;450,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;100,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Conversion of notes payable for common stock (3)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;458,970&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Issuance of common stock for employee incentives (4)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;150,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Cancellation of shares&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(4,571&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="letter-spacing:9pt"&gt;   &lt;/font&gt; Redemption of preferred shares&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;20,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt;Balance at end of year&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;17,685,312&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;16,826,342&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;1.&lt;font style="letter-spacing:9pt; font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; Repurchase and retirement of treasury shares:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ended December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In February 2009, our former President, who remained on the Board of Directors until December 9, 2009, sold 2,250,000 shares from his beneficial holdings in a private transaction for $6,750 to the
 Company. The shares were retired, and we reduced paid-in capital by $4,500. &lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In October 2009, the Company repurchased 23,804 shares from a former beneficial shareholder for $3,333. &lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ended December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In December 2010, the Company purchased 50,000 shares from a shareholder in a private transaction for $8,500.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;2.     Shares issued for services for services:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ending December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - We issued 100,000 shares of our common stock in July 2009 to a consultant in exchange for certain consulting services, with an estimated fair market value of $10,000, which is equal to the closing
 price of our common stock on the date of the issuance.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ended December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - Between March 2010 and November 2010, we issued a total of 450,000 shares of our common stock to our Chief Financial Officer with an estimated total fair market value of $84,000 based on the closing
 price of our stock on each date of issuance.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;3.    Conversion of notes payable for common stock.&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ending December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - On March 31, 2010, we issued 458,970 shares of common stock to two prior Directors of the Company for the conversion of notes payable totaling $50,000 and accrued interest of $9,666.  The notes payable
 and accrued interest were converted at $0.13 per share, which represents the average share price over the prior twelve months.  The fair value of common stock on the date of the transaction was $0.18.  The difference of $0.05 per share, or $22,958, has been
 recorded as additional interest expense.&lt;/div&gt;

&lt;div&gt;&lt;font style="font-weight:bold; display:inline; font-family:times new roman; font-size:10pt"&gt;4. Shares issued for employee incentives:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:10pt"&gt;Year ending December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; - In February 2009, we issued 150,000 shares of our common stock in connection with an employment agreement with a former officer of Bassett Press. The fair market value of the shares totaled $25,000,
 or $0.17 per share, which represents the closing price on the date of the agreement. These shares were issued pursuant to the employment agreement and the amount payable was accrued at December 31, 2008.&lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt; &lt;/div&gt;
&lt;div&gt;&lt;font style="letter-spacing:9pt; display:inline; font-family:times new roman; font-size:10pt"&gt;   &lt;/font&gt; On July 7, 2008, we amended our Articles of Incorporation accordingly, and as of that date, we have 100,000,000 authorized shares of common stock, par value $0.001. Additionally, we have 30,000,000
 authorized shares of preferred stock, of which 60 shares are designated as Series A preferred stock, par value $1.00 and 476,200 shares are designated as Series B preferred shares, par value $1.00.&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>As of December 31, 2009, there were five shares of Series A Convertible Preferred Stock outstanding, each
 of which are convertible into 8,333 shares of our</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Disclosures related to accounts comprising shareholders' equity, including other comprehensive income.  Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercis
e and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, te
rms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 5
 -Paragraph 15

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph d
 -Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Staff Accounting Bulletin (SAB)
 -Number Topic 4
 -Section C, E

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 43
 -Chapter 1
 -Section B
 -Paragraph 7, 11A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 129
 -Paragraph 2, 3, 4, 5, 6, 7, 8

Reference 9: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Article 4

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 6. Preferred stock and common stock</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Preferred stock and common stock</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R10.xml
<DESCRIPTION>IDEA: Notes payable, Related Party
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0015 - Disclosure - Notes payable, Related Party</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_NotesPayableRelatedPartyAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false
</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Notes payable, Related Party</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RelatedPartyTransactionsDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</Bala
nceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;As of December 31, 2009, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Note Payable to our Chief Executive Officer in the amount of $23,525 for various obligations the former company was party to, including former legal counsel, former transfer agent services
 and tax obligations with the state of Delaware. The unsecured note carried interest in the amount of 8% per annum and was due on December 31, 2008. The note was in default at December 31, 2009.  The note and accrued interest was converted into 26 shares of
 Series A preferred stock during the year ended December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;23,525&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Unsecured Note Payable to a prior Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of
 $1,000,000 in gross proceeds of the Private Placement.  The note and accrued interest was converted into 229,485 shares of common stock during the year ended December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:9pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Unsecured Note Payable to a prior Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of
 $1,000,000 in gross proceeds of the Private Placement.  The note and accrued interest was converted into 229,485 shares of common stock during the year ended December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total notes payable - related party&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;73,525&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>As of December 31, 2009, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows:











December 31,

2010


</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>This element may be used for the entire related party transactions disclosure as a single block of text. Disclosure may include:  the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities ar
e under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</ElementDefenition><ElementReferences>Refer
ence 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph b
 -Article 3A

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph k
 -Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 57
 -Paragraph 1-4

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 5. Notes payable, Related Party</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Notes payable, Related Party</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R8.xml
<DESCRIPTION>IDEA: Furniture, Equipment, and Improvements
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0013 - Disclosure - Furniture, Equipment, and Improvements</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_FurnitureEquipmentAndImprovementAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRat
io>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Furniture, Equipment, and Improvements</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><Balan
ceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Computers and equipment&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;51,726&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;35,442&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Furniture&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;21,197&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3,961&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Leasehold improvements&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;14,606&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total fixed assets, gross&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;87,529&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;39,403&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Less: Accumulated depreciation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(34,154
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(18,316
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total fixed assets, net&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;53,375&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;21,087&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

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

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Depreciation expense for the years ended December 31, 2010 and 2009 totaled $15,838 and $10,913, respectively.&lt;/font&gt;&lt;/div&gt;
</NonNumbericText><NonNumericTextHeader>December 31,









2010





2009






Computers and equipment


$
51,726


$
35,442





Furniture



21,197



3,961





Leasehold</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Describes an entity's accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</ElementDefenition><Eleme
ntReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 43
 -Chapter 9
 -Section C
 -Paragraph 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 7

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 22
 -Paragraph 12, 13

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 34
 -Paragraph 8, 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 13
 -Subparagraph a
 -Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 5
 -Subparagraph d

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 3. Furniture, Equipment, and Improvements</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Furniture, Equipment, and Improvements</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>15
<FILENAME>0001354488-11-000682-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001354488-11-000682-xbrl.zip
M4$L#!!0````(`/N`83[_Z01O`$\``*"/!``1`!P`:7-D<BTR,#$P,3(S,2YX
M;6Q55`D``RE@;4TI8&U-=7@+``$$)0X```0Y`0``[%WK<YM(MO\^5?,_<'4S
M>[-5ELU+"#EQMAPKF?*=G=AE>S8[GVYA:$D]@T##P[;VK[^G&Y``@0022"!U
MYA%)P#F_\^S33S[^XVUJ<B_(<;%M776$<[[#(4NW#6R-KSJ_/7:O'V]N;SO_
M^/3C#Q__J]OE;EW71PXWQ`[2/:[+_?N[9AG<9UX0%:[;)7>]/3LFOB3_YX"T
MY5YBUW"N.A//FUU>7&#ZO$$?/]?MZ87("_"P)'3"NTUL_;FX^_7U]9Q0.K>=
M,=S)2Q?D\K/FHNAVW^V.-6VV>(+>[;L7X>_DH4&7%[I+!@X:Y=)7+N!JC+0W
MGR$WBS:]D$&<W&)XR2="VKV+X&)TJX'P"F7X+8\HSB2J!$3QXE87)X1[E:([
MA8M___K/1WV"IEH76ZZG63J*,\!KE)Z^'[NV+`K]=4\$=\14Z=AFMBKIA2RI
M5SPA%$88#`87]&H'_(WC/I*/ERX5[0&-.'KIDECHJN/BZ<PDN.EO$VI[XH_=
MR.W.WURC<Q'0"3Q7MRT/O7D<-JXZFMNU1_3>KB`2;/3&Q:W(\K`W#W];_(H-
M\OL(0YA04"@AA(OT\[']<G%S^TOG$P]_5%D".WZ\2#\<L;K(X!5RFB$'V\8*
M?VHM[],2]H)X>"5).48E^BG4P2:U@,G:J)8(=M5J&3GV-'`6<&3XU[/;YCJ@
M!\<;:A[ZM!0CHK*\EGH(6<;RD81BHRL5*3;($)%B6^5\<<5&8I10;-ICJU+L
M(I#5%NDR%LAJ/8%\2TC_WSVT%LAQD/'HV?J?OZ+I,W(.H*"E#Z'Q%"VD6UPP
M`,;;S,0Z]@*,G('AOJ">"\N@RT</W(4\_>4O'Q#?V-.9;<%7]_H-NYU/T6U9
M(G^\R.2R1'>1!:^I9ATPLQ[,K#4UN[>DX6%F/919ZRHR@R0,LD]MZW1LNB+O
ML:5?9M`C2[S,H$>6<I\<I+F^,S\=DV9(?&QIEQGU"%,O,^H1IM]KP\`>Z$8S
M[S5LW%HWV@Q[FGD2YETK^[&E9&;HYABZUC3-#-T80]>5NH=L#&K_+7)#9ZN&
M;)SC4%[0H*FU(1L<8;D@S`6LG\;RP9#5_$TH!9OK':RCT"SO:%`K$@P,/2!/
MPQ8ROFB.A:VQ>Q)ND2WTL0T%,=,>TK2U#OXPTQ[0M#4.]["H/81I&UV^,7\X
MJ#\TJ&!;[!L!/!)`:MFZZ@AV/6F3C9*?:LKT+1PXPF^/PY3%IW2\"'T*-XY=
MPAT1H>A2G#BAE$GY<:(YR,TA'@I-;RE&?3&NJ;F3:\L@?Q%+OV@F-;)WHSG.
M'-+>OS331YR!=#S53/>JPW>X4/X'LN5L91\91UC02U05/5[N"]+'BU+LD@BO
M==WVX:8'I"-XX-E$WY!WXX/36=[VP(1^3Y*4);!U7))XAJ''/VEOUZZ+/+<2
M.+PH\_P2SAHF231WW@0YP2V[@U!ZJK#$L$HZ99AJN/8'`UZ*B;Z&XU<?FF(/
MG!I<Z"M^(Y_<GQW;=7=P4$GJ]Y;,<SEL]H%OMJ7O;`%!W>@&2SZYGE`)E%ZO
MKV0Z0QZ`6PO:TC&&T%E@_?*FFS[9<?VS;1NOV#2WQS.0>'&PQ%.$69:[[A*B
M_8$LK#AJ+>ETL04PC4%6>/F0Z3076$_DE<$VZ90ZU@-R/0?K'C)*)I4\/(HH
MBRGGS>&Q>SK-U<E`Y.M+IWE<)5'J]7IUI],\[J+`J_W2Z;2:S)%K!Y&7%&D?
MJ2,/@:ST>'[%)MEQ>:_-2;CLW*PJD+_YU8!,DE^!X/C(^"?6GK&)/8QV;]PE
M>2"H"139'+*;UP?T@BQ_=UWT!$D55UO5)/DDA"J5(/0$-6Z+3>+33!&[J9+F
M?*#&VZY\%KEJV*76%A0U6_YJ8B`O[GK`N;>W&,A%D51]P1CX9GLH0OJ`3.B9
M&O?0IZT"4%_JB3&U;.2T>V3DIF:UQ_=*1$8I=]R"::J86Z[YV;$;+/05-:;Q
M-.&4"V9/&._2KU,$48@EP!P.21CI\4_P6W_J4_>`!$K&=;9'U.WW!4&)%0J;
MF27!4=U-;--`CAN,4.W0L^#[_7@'=)5VKA-"65,EDI4NQB9626#)P;@=NQHQ
M=\V@NVN@Y,:FHHI*[8&RIGLE*8/^`0(E#Q'\"I5C7]IOI.16]_W!(-ZWJ#]2
MBE;4Y0(E+/S6M"'K3SQ*%[FJPO>$A(T"^NDH<;V[T2-R7K!>&6^QQT/*2(1,
MG$L2`>UZW3OV:)U+EF(O2#V!CT=,C$6*-[*0HYE@G6MCBBT,G7'-PR_HR]L,
M6>Z:E%$*3Y^,L<<LL8%K*E20:4)(P<V_:LZ?R(//U:*3I+XJQ[I#^0PS^I^W
MTYF&'3)C<C/1G'%E'B3S?'I0:X55NGLV<X"U1C(CT>S4AFKQ/_1K58H:"/U$
MARV78:KG-$/$OM:81`')!*$ZJ]*50$[6&\3\*Y=A#JY;2[>GZ)]KQUC*Q3_D
M9%[.`+3DM#+6@ASD>M5ZMC`0!S''3C$)$)#C"8..9X#MR5[;6)?BWPT!9/+8
M30$YA[.EAUO4>L0OQKU+V1<2/O**KT#_!OAARP=O"=W&MMS/:&0[*"2@O2%W
M"!]<#^M5.2P/K:42U]76B+)$@QM"K7^&U%]=0]<5`7@\4>:P2W7B(9=6'?&R
M.)#C"DSP2+*/:L1[Y-#IX\^:F["CN`,,_IR/9>A,3NO!#+'I0]&Z%S@AKR2@
M[PB/)V0ZX`4\;8R^^625`I1.=!;]SO?(TA`R)IS6VI;&BR;PA;[,]Q,U4RD@
MA60(Y5VA4*44"B]!,[U1BCPH6U;DQ?*AH*H]41(KKLB+\>ZKBB))U1?D!27G
M!VIO,-A#05X,3T\"1Y'W7Y`70R?*?34^7U6T(-^E`BZ&3%)%6=EK!5P,ERI*
M?:F_EP*XH`G[LJJ(I0K@^DJ@PI"A$:BA!"I7;FP'MO)RHQB,O94;5<#90[FQ
M$>:RH>:%Y!J\!I4;9:10A'Y\`=!.Y0:TAR^8+'C]:CM#VW_V1KX9S0Y65*;W
M!#F>P-=QS)[\CD4[I%7X^P9^Q)7A6^G0;.*;,4=-9HW)TJ-J!\D@W\3ZTAF,
M4OG<=7WR#@?P8#+L"YB_:XZC@5Y!U5'9=>?<F!J>5C<.I(AR;/BY%(:5YHAL
M*4=#%/Q]:ZVNG:IL<#21!XIPWH05ZA+;K<XIE;X@KP,8L2NJPG!6N[+!;K6G
M%-%?R':S\A+K4"I+/(G%+AO9%M!E:KU"14!551ILT&:*\4JU0Q8^TLQJ(./S
M_#>79*]%`7BM0\>B2L"0T,5XO[TX@%3KH\W)V+K[9%_K?_G80;]J^@1#OVA.
MZF?X939=NZJB'&A5$&.8B_$NI.A;ZX74H'$YLVK7JMJKE""[@<HV""3K!S3S
M'7T"#G@WBLT^5S:OT8LWN9OY%C+$5VQ!X[,W0Z2$V`U4D>73]W0/3CI!5&62
MGJK$%^>5@5!A45EPED&09'Z;HK+:(JGH4%1B9O'0-5(QT'*_+ZH'JI$*JE66
MY/XABJ2"4U$#0977%G$EJZ0MZH^"2&5)E/F&5"!%Q[45);ZGX,`52$'0`%EN
M=`52T%]2@C2L`BF<E%5I^PH$;@J?N!O%UPU7U;[):CS[YG';:U54T#GZ\D#8
M')F'KXJ*B3/H*?'=?]L7155MB%-S.KN\%%]&O,5^N-6U@B!0L!GHGDRRV-:U
MYSGXV?>(YSW99"@*`#HVG2F*5GKD2[#FE6OIX9EU"RNW`;5_07/.0,A?6MQ6
M0;/>W[0Z!RW)[9<TZ\#?]8NV6RIIYJ&VZ_=QM%32G%?AK)3'HM1^JVY\[\1*
M[TH6>/X(Y-YT).NFK0\ME7OC8:.;]D:U5.[\8S17>C%RG_S3?HESSZG;N(>F
MI1+GG\2V:7M=;0(_(`.A*3+NG!O--)$Q]!U"DW8,-I3V:\[,6IFJ3DFRD6ML
MQ35TKUY`:A`QZ$.&74CH\"99KP6:]PJ,]%H9)5R$791IID:C;K@!/1FP-W;*
MJK4@6GKVU1:\ZP%=I-#LBN)*&&^-F8Q'9]P9K2="!CGS#%GNAE5]!:$+O?0.
MTU+\B^/_AE[IE34#&T4A\P4A+UC6D2`VPA33*`MFASPOJL%MTUV&==P*I:Y"
MXX)Y+^I(SWCT!ANS5NYX8(4IJX`:5RU=;>P7BYUB2JTD=JK(J@6Z>AD]O0,W
M!:5J>%+@R94)4&F[4$H.458;UTJ4$F`P:$234=)YU`.W'Z7@'K(I*0=T(/+]
M\@U+I35[N>CK]WOR5O4[?02Z3&3:(;7U\\XJ-DNV!=YPG6QAYK4UW.7"31K(
MPJ`I[7@IZ*K4V[%5OS;^\%TOFOW.YDTS^W,ZLS\@Z+6[V$/A0IF`UP/2[;%%
MJ51O*4E,+'&N&_M6.UG6OJY@^XTLQ;D7'I(IL6NWDM`LN;(AN2J@$054N5U*
M/;YHZ;&'TFF797(ETDH5+7NYI>4#1=D\Q%57FU[NF(%^GQPY>)C6?)O]+H=L
MQW=:_WNH%KS<7@-YVR`[?-M=SIL.V6KO9PZDR-CVVN/\6C'94VSDIOUR@D&/
M7\Y-R]BZPD!H^V*+W0\/;(^,VQ\ENKV,!L*77^C+<1[0F)Z;87G?M"DJT59\
MNGU\_.W+`S>\??AR\\3=W#W<?[S(HYOF>@.-B*.9MY:!WGY!\S)LXR\MRB6X
MY/?D:$1#C_/ILVV6$V_X$'!(D%A2'MJZ3QK#I_FLE-[@TR\!X3B%5;I!(_DE
M>)-0&0;+STDV"8)+?M=PS2#7OYK:N`R?$7@U"E@D:"Q)A^<N?\6NKIF_(\W9
M0IIN7)0\@FG_^HY,\Q?+?K4>H36PH4--JS"G#-]O=MR_<@BF^?[+-GW+TYSY
M5VQ"F);A]SMYVU(NI94`"A0!I3()?7!.3_/\7?AE$TRSI6!N0.%CVRD5M8]3
M,OSM<`OZ'*D/-6L>QY"@OAH02ZM_A5]*"4L^)X,A12R/6Q`SI?E]_3V+6XQ8
MZOBD\$T1T-U)OU#BWC:Q/G\"OI]-TJ,M`>)OIO?!P"^<9N*Q==4QT<CK<*XW
M-]%5A]#H8HN\[NU24F;>!\[`[LS4YI?/A,T';JHY8VQUR4.7/+D>_N"0DS+(
M+YV_C;T//_Y`F(P`4T0X(H,M:'70!XY<ZXZT*3;GET]X"ITPZ!-Q#_94L\*+
M+OX/NA0BBD\3DAVB%\1Q]H@;1R_MT"R#PPOU<%KP(@WH;\!'(&6:]JM[2?!<
M$+J$&/T"*EA")?K(4`&_HH%.]/RSPUTLGU^E%M?N\@IM@SD=LL9,,TCK$33_
M\-V=:7KT_14;WN2J(_#\3PO+Q!7F4859H#`G2V$YW[,?#L&%\)P85(-["85X
MMCW/GBZ@A-"[P<^7XNQMH96B)M\@`:7'A:I-6,TS#H]0+0%0MXEE+6+,3A[:
M9]N!XBT"^VQJ$,\`F7,AQHU.IEOIB-1MF6&[ZK/U1.UZ!85?7^D).I=0(`6"
M#)$>O`Y2$LXXDI0VQ&6[['V1B)\&Q%(93VT\P$4HB2R2O`_!2[2B36<%FK>6
MRWL])1NZCRI=M`$@"[J$$RY?A'$2$;<X`)3%'8N[`[KB-^2QIJZ!(5>\KY8J
MC;GG,7BX[5QU_EO7$1J-.@EA$D,3:<G"WK$B_Y3MY+D#&@TP^D)A-[X+PD!'
MR,2NYY:T=1'U"#\=K%->`EX[C?=N.WM16+D:&>1H)'RJX2J1^#.>+]N;9WY\
M6*-Q\*<^D[53)RRV5U3R7A3J#>YV>LK?F4)8.F'II+1*!D=6*>1V;5XGV$,G
MV[%QR&N^R4%S$SQSNU:XZDC3/5\SC\CZ&5WOPR,Z@2PB]HXLC30?7O,0G8"?
MOQ?Z9SU6?.^Q^&:A=2*A57-@-:<0/=$Q]GO'GCD8D=6RG&N/O%?-04=D;I8V
M#N-6O=,>ZF9^?B)^_EY0SA1%894GJSQ9:%4\6RJ=29)\1(Y4QQCHAB4L[<P>
MT9:>DK;/-W?3%OH4`KMYZ5J3$\\."_#:D9YDZ4P8]$[;15L%EL53H^.IRT*I
M-6!9*#4ZE(Z\::IG"#='2KET)=T=;'`%0=VC+SS9GF:N;OVNIUNU08<-'K1;
MEQ,`/F?8/BBOQ7VJNM98[:*X=F1305:W2*<G$S'M1<YBG<5Z>CB_USL3ZAK.
MKZS":)+&:AKI9]FEL19GV67K1=W2&2\.3B-@%IVTZ"LYU"EVF9TLQ4Z68B=+
M'?9D*;YL+FJVO=G)4NRPC7U%$CM9JO7IH@T`6="QDZ78R5(L[MC)4JRI:]Z4
M:7O'L(9P!5N<I4UKW.S23M6P`RKV-^39XK%,F6WP:3`\%F9'$F;O)9$=*[6J
MEB/;7W3T]F*1O:(2]<C:3W;"TZD<7=L\1">0+MC9L2W,`EOTI1MKI6,.KO="
MS0>EM=-]V>&M+)Y;&<]UAW-SBNL3';]G!Z@V`-$))!)V@"KS\U/P\_>"R`Y0
M/?IAYN8A.H'0JCNRFE.+GN1`+SL_E66-&MR*G9_*_/P4_/R]>B9)$JL[6=W)
M(JOB!7K"F:+TC\B1]GKL$SM`M=%'@+%3ZM@I=<?@HJT"R^*IT?'$#E!M#U@6
M2HT.I2-OFO;X(@)V?&J+SW!BAYZQ0\]VG_]2V?&I1XF<Q3J+]?1HOM(_4^L:
MSJ^LPFB2QMCQJ2R[L.Q2="4-?R8IXFE$3.GS4YL2`T]4^F\@_4.^]!MLV#9Y
MTO2"6\CG2PS]1ZPOD298K)PJF#MODZVKX]!6'(>DQ&Y:2'WM;4)!GTD=;RKP
MG&89])S3,\[VR68!G21'@QN'>N8\TKV'']X%(SYGW.L$ZQ/N57/)(!8RY\$&
M`[C#LRD)3?_+QRXF6PXX>\1]IL,!W+V#7)?#%O>_/CP"#/OG',=]1YQN6X:O
MD^?)PR$DRR=#"M.9AITIV`9^T<RYBUW.\!U(/9PW0?`?=@SN+U]S/)`'.$7B
M_/@#9R#X;0I"`ZJ)YE'2"XD(=,OV0OK(."_J2RE/^L-W/3R:U^Y,14.EF'_E
MQ%6)?'-4<M\NQZVN-XU;%<\E<J]!R>0V%G1G'#C_#$*&!`R)HD1XQD(7XAP%
MWQT2_`)/MWF0IS"1$(\P/2A\9=@/?M%-G]0'W+M@0S9`<C@]L=G_C'L7;!NA
MURS;ZL;V)"WNA3A.[%TZH[GJ76])=9:QLI2#WP$5,DT4D",W(<>;GW/)$P<H
MM00#CCSN^L]_P),DFVFQ\R7IW1/M!7$(O']*$Y[OHI%O`K47L`%H9@0?N#G2
M'!=RV[5']6O`G9&NXYF1D/,FCNV/)_0:>8Q#%DF]\1P-.@"SJ8$U7!>\#F[0
M+([XV0A;&(B;>(0(6D(E4R&$56`5>-;U(7DO+D$^IBD[2+@(:C]?BQ+W,OV>
M<\-EVAUAQ_62:9<T'H#/02$!FG714CVCA08B?"ET5*]+\8`2.7N.<%PH&Q21
MHJ<$JB:B4Z&H_V7D\I:7`MSR3X'VO98&=:4YI7?387^-G@1)W64E$T2U1!3'
MRQ+AUSGWQ1B#PQO!(8.D18Y:8YJAP)M>$3B'97.F;8T!CN]&,(WEP83GW+5.
M>,`E<Q[Z8%B_D!A9BJM/P%C4:][))'N<P8TS2'DDDX5DES[G6V'@`YEGS=0L
M'9W%]903JE1=A6N)XLY(ZKW&>.,326/QM)AI>?`K+=(Y,3GD7XTJ&KW-D.6B
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M4?CQPG>[8TV;74:KT:XM8[F0)%A'<@\-@3Y_`E$_D[SPZ<<?..YC]-PWC4ST
MW(WN@IDQVW+)M"W1RP,:775&($&73']U>8'\Z]G!-T'L2D+G4RH[U;D>9]U4
M43$Z&3GHH`L9`Z^H:E4191)8D\S4+>VY)@]G:S8>#XV=I+QU71\YW!`[9(G,
MC>W,[$!>[CV9I.S<V-.99H$KV@[72=S<^7LPRV_IX4.(+$JA4YNN%ZZ1&2)3
MBY:EW.F>3::BA(&J<CZHPJ'WDEE_;FCK/H0+=VOIY]RC_^RBOWPRRQ\N@EE,
M8PD2?85['T)OBARRBN`5>Q.Z^F#X\_7#&25P1I\)@9-):VM,H'ENP`MHY@I]
M7FC))9G8]1S-<C6=:FH":GA&R.(T72>+)X`;6<NDN73ARPMR7!3"/><66*GR
M%FN(Z%($,A_LS8-G`TKDUYD/\%SDGG/?)]A$P5*-&'=")\EXN;("G@7Y*7MO
M8AO$)$O*9\0J+BC;(PLBTG1!Q:^A!+HVHX&UG+^.A/@?R'+!15"7X^LD:DHO
MOJP]9K@#\:TZ5@NZINL[+_B%N(`>QL#K_[?WK;]MY,B^WP>8_X$($JP#M#5Z
MVO+LW@6<UT$N9I(@SNSBW&^4FK*XT^K6],.V]J^_546R'U++DFQ)IB0NSMF-
M)36;+-:3K/H591+$$\T?FC.(JW`WQR*8%C^7\.$TCOQLJ%*YX"UI+`=92BPB
M8S:2(3",Q%PA^'J`W(:IAO#T)`OE4%L_L/QC%M',=`HO<-L4^#QM5&WV=4*I
M/4HD$P%S'PJ<[C!+A&^6X"V769V,`L\HI9*@Q,'D!L#+?F)4$FS1GR+U2LF,
M>J0?R/(C$<-7W^+H8:8_AS\_P7C%7]_-`[AH/9D;,]O_B:-LNL;V--B/0C4!
M20*:ZRV,@.HI$<,LEBEN`"X[D"27*JGQ%EN`1_&,$F[B5":DR&"?[J0O,#<'
M'HC%6(0)IBQB`BAL;$Y-RO$2X5@-R(:!!.8&X>4#&:#*@:&*[1,,PC"3EZ,4
M+,UN#(I\'`5(XP'JE'M21Q,A2$WQ(,`4+,QS@;_TA(D38J%R3M=4#(4OMNA3
M57VN&Y!9.8(IA^EUKM7(2P,2YG[:,_RP%S^.VDUE`?(@$(4.-LAL%Q)-EAL3
M[$S:K]`VBLB;F-PE8UPI$14^O@>^`%Z)[D-*2!TDTI<\!JF=$S+VVV_OP0:6
M-H[T0BIBHZKR-U$^66&.5"JO".0$YJI=C6(-:+K7\L\.W"]]SY,Q48;^\1'D
M"F(SW"WK%K]_KE:)LL!YP&:HC,8P0^#)0`*5D%WN1)(JSB:5!C8G@D4`-P6P
MIA05[TRQ=RQ`J\&@XP2=WH#2Z*NIW[E;!7IS`*_%S1#%9H`7R?*=FO^2^'C(
MXUAB3FL*<TY24X+#IZ#0'R@]&BP@!UN+Z==U'M4QY$8:)0(##;4%'"ZE&MAY
M'ZQ+(E.U?87*DB$$RVFFE(2V]G]@'KW/;E";)<KH?A(^N04?]"B?0_"3R!Y6
M@IY/'SZ_?PN;@EX[UC04I0G:4T[AG0':;N0Q/26TRU7%)28X9`SD,#8:W1/4
M7BDY-<KLY_4"\UG';55B`88>$Z/_RF!O1S.RLC`X%GN`B9NJ!%RLM2`-"NP-
MS,A54G,I/C`3J_@>#`TAPP,6BK'P?R=\IM/V)UK7%R2'28B'(4J"25Y%ZE$B
M.*T)!K].5,`WESY=#<;&7&\MYFWWFEWOLM71O(_CJS*#)!_>3.4D=/MW\`7#
M3+#O8AB!><2]LV[9+Z+58T60_PH*II%$4G%U[)/\DCZX^?@>Q7TT8H4KR-YE
M08#>*?L2-5@+V(V]JJ&R]TJSH'94E;O\*SN3;QEXGDG&T:<&5A<HQ_A&#*-A
M"G&,1PM4CB`>5!74F82'?($%1/&,#@:B(3CUR,M1*;HA.:,C@QC+#JA(`AZ%
M9^GX!'0>QF#P4TP#'\D'];@IVL`S3)5;?R;O4%E1993QY25ZW#R)\&<SS"9'
M26JP6D+>0\!0S`HMDYF/>A^M`R<'/XR1!(OO`O4VP`F=A(Q^TY5G1'QTOZ:X
M^QN><6PM.?\@1)Y5_E,AH#`$5#QKZGR43Z3+E""H!2M/M4]W^L1P>;D>A2JJ
M?$*=@>%Y`UI*#$[4P63,<;WG="RA#L7P7`VD``SSQ(A`*I5M`QF(X+'X'L-M
M)$2$1Q+1B(X1H@E)IRJ*(7D9PE,R+1VR^!("Z9A4QD"D]RCO(43F@RCZ4WEV
MRI['$9H^$MN`:I3PG0)"&O85*Z&P]`\KF5(1E@X$L!)*.Y-Z!F#(=34.4^>R
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M+YKLG"V2C9U1\E0,#]V8_`@\ROJ4WT&6[AS@%Z'/8S]A9Z]N8/A7;]7M0[OO
ML5=F[)]_*D:''Z!Q?OP"`\:Z?J>'NNI[U0L+E=XSX(D<TOFB/IS$-V!6#\3&
ME+M#5]7*!?;98`9[>"<I$ZKT3)X>1L$T_@K_4F$XGLWJ>\LPHTL^H$'Y!0F+
MLA3O2&G4$KZ2&JW!/LB`7@XOI+R/?)IJ?C*IGQ^EB3Y_CG2OK/Y9W"SKF7L&
M<0QS".XPP0K/_::Q&`FZO$E2X'-OU?KPGK-,C1%K]_I>I]VA=U-SPAYENJ$>
M0_RS::3NJZ=1*NAF6;\^*>$$Z;O3OR68;H:Y8=?P43'';_D<;W"."F4K!X?3
M]^&*K'GZIJ_W0919O<(JAL8*D&T)--8R*"?%UTF^TF*=XD'$0SQ,Q^0TG"X>
M,$_5U3V!1R%%6X3G1=B$8<U+:8'B02]0W6/C$O4IM%[BLHUF.NL6H<2&J4IQ
M!<J?$TE@^K")/_#T/4<KHVGFDRPS`,C<W.R:5X_=@EGH8#EDT>6VY1IO(NC"
M!87A0Y0-4KS[T-K995R1+<T34$/,ARG1RS?T,NDGQF:!DA_080LI!4J0ES`O
M$-FR;,4@6""X@T!)[+T(`OS?L01QC.60%"7=1*M,=1FBA59Y@.P]7</ABVYC
M3DGQI/Q9%E*"+6$`)C)IL,]A?J5N-'F!?DA_F25YL`DAUW?]LDAIQ:!MPO\4
M>:J.N2I3IZAX^3Y1FD-=JA4T@D$FW$?52+H0E"<F1*(>%?$=VB-8K2_$A*PE
M9MY0.B4L1.7N&K(:.,,$<47IE68(3>5(X8&6"$<)Q!(O)?.D`+IW'7"\;QVD
M^24BY>BTO&[W0N'X7;2\3K<YCYNXL76P3G!VH#O^4.3[:+C!NC6_3-+Q%*^M
MX]Q&+TD[1A\(Q1D33%2J9JD81ETHHUJX%2$F]`64>B>FI?*C2O9?D=53B##(
MBA'<I0*KG&I.F?`:3A23VXND-,H"4LD&^&@@55*,U$,!A8=!E.@R,LQ!A_F3
MY"YY9A%=N)8^"F:X?CHZK4=?X1ADSI+`Y@GZ*@`AI_5:@2H#A;(`4S"C+/!U
MYH+QKJ*D1*B3$.#/*M3XP1^<\*Z(FB^[&#67"5:.E^&G.OL.[,"K4FB+3D+Y
M(2PGK&;AH4]!U_AE4:',6TR3YO!3$.)2,5(QMLYXT;4H(\(/IS>E^":(0TW(
M5'R\5"SC4M!,CDV>TY/D23U+A%7)*HR-IO@Q?4&JACH9*"E$1::18^%Q"J$H
M'0]1H*4*'8W4YU9>A)P@HO%]`;_78.A*LTVG(!0TC$$5)]DG9:N(7LU6TL46
M#VBTE9-C]*">C:);@_TKAQ?//1O];()G=3(9Z^3!L.S%P'BQH/HR?_E&Z)F:
M=98G,Q!YJA2$:Y^BF'R?&3AXQ@W#<2AS&35Y#B.M<A]+T1_N2.6WZ&$!U\H1
M4P[D)(H1COU/0?ECP)#890*>&@ADK`2"&TX8VN3+B@=.Q2DT3KXO5%8IAN.0
MG"^0"EF4T9C7-MA7\-&F5%^.I5,\SL\]A@&BJ(]T69T&9U;)WG1W"=L>(`^A
M$TQ$TP_0H<A$)X(9TAK/3H/$U]D7#Q=?,,PZ\:P[="T;C@*B'/;JMRB\/<=L
M.7^;O2@.VY9\7DS>KMB3#IW"YHFBWR"^2:OYMJS6P'2[BP8&):B\(U@_BEF<
M/%"9C;0_OY7VY]5;C_#I]:8I750<#M8G+WJZ(<,\A/>2QA.>SC+%N%<;E1*P
M/2I+K`IEZ,NE5(*D2MB5:RSC8391%=OX@:\*-G,,?RPL4H4B>2";F]%;+%*E
M,@_48@-!*/ZJ%`4EG5+BZ0^5VVW,E7HNT8IW+`*?EDO9GZ@B!5>U&H.9+D/E
ML4R*X\O5,\*\U2+#-$3'V12S*QM(%2,CQ$&?-P,J!M#GQ7GVKQH7XON5,P`2
MJ#FHZA-5A%1,9N']7GT7`IV^3/:EF(IZ&_Q5F-C5Q#`3*:J_*HG-9FF,&:`2
M4OLPY45.4CTBL"PS7N"J"N=@.)2_`/EC(!YKI71\WOXG)/:_B-B_*W9>=8E\
M*LIZ2557Z6SG'OMWD$91Q6-86U;XY$H18AGEO+NK=&!QC#80'B.-C:XP5OKF
M<JXU#)UPI<==%@EQ%O>CJ>FW4U("=-":J$+HBCL?1N$"O7%W*I^7J2]-O%+3
M]4<YHH]%*7,-E:A<#P\3BNEM?#Z85YJC3[I@13U5U9N038=IFJ9O7KEMC)JL
M2=]3]AA'6S#E^AC65_<Y^4'+,^A<HA"VJ9-^21984A2ZYS&'(G]>RZ7F$9?B
M53H*+WOG^FCF./E](`()1JEP8:J6KTH)K/6-,QVH*+.JN8,.V995#WM%=6YQ
ML5#Z<,IG14U=<4T`&RGR+\O%V<I@PC3G[+EFKSQ"4^&W&4`?Q:M12Z-I;!+]
M:[R"E4!`'K-!%,?1/5W0'LA=XPYLLVUM4W>P1+JX/U<G!NA`0XS.MU;^:YN\
MFXLK*JE?LO`2/!C/TG$42\Q=`"5QFTD_OV)4-_/EY[1VW^21:M%O"0+)1`$X
M"Y#WJE:B7`(]<1!OY6[?4]:/T>^E<WRZAM05B0@[0;;G'.M[\9-)Y(M`S9SJ
M'F62GW'E(45>^ZAS7K2-U:@1(1.3:1#-A)B_FS37L[K$5]?Q4SB9Q\<T;_7^
MHEM@R0RJ1:#SM1%=T7H2L!!F!1(%E+W4_X15@V%$NSQ*S58;J^SG(2TE851R
M+O*SLQRCB'[^E)WG01*5MQ]M42A&4EW_\@=SX*IQ)10`@CHW*&U-94ASP&8V
MT%S1((Z:MF*(LV7B20]U_IB63V&@X@[36BW_F3IY$,DPE@,5(@LLK11W,LJ2
M\KEWG`4*[J)@`V)-==J:4!)5S?B):2B)=>/Z9S6S)2KHDV,@0U*!Z3.;MX%1
MVHW*6@+V=N`FXKO`+-]R:N"W.`HC//'>7JAJE:GX7,K]*H!$5J1<OHO@?]C9
M*SQ0?/56@<KY]3_]8TIJYNS5]<T?.K&2D,`P3Y,*PH&IOXD8#QKA*3%E;:-Y
M\I.7TLGB#W3W1G03\3UWY/$>6J,-_3\11^CE?Q&W2CF]-Y[CM;[@T&(+LV$9
M32VA$]$?T50.6:?71&Q+$QHE[#R?!(KN5U0BGCIG%/I^&)0%*%;)51VV6HBB
M0'DM>0OMTKE1JM=2"DFR8B7_U2L)S4KF?6"=B)(KUL5WRY&"M-%Z>@1A413/
MGV8^<@&C`M':N2L<#F4-D)0P1&$H<$TCF>`]#$6F^;DMT&F2WXGA*BE&QEMO
M_;N!`):G)"%EK@I`TI[N$CH'[.='0K4DIR+\,`UFQ?'(AF0EI^,8@S_L8LW#
M#.$-2@*.5P%&;F$#<[EL7GBZPD.!-YKL"@0Q!`^!+3G#TV*E1$J)1UFP^FUX
M[Y)'B3M*+](7E\36L,7HU_BE:9"748KW4XUY1V93'4BH.R&(=@/6HH_4O]ME
M[W)2FH&'+^"WMS$Q!3FKYFZ0KOD>NU3V2MZ<NG_\RV2&R'":I05^@WYC>1*X
M%@+PC#$4CLV=>AB%^0=5G[@\:WK:K"S_9X=$1.%H%%L7BSGY3$W\#!))&3FJ
MT7$A,T9,5X@DGF5=^SY=K\+S\YM5O60U%:!XTX/8.YY*75:WV7BP)-(T*/*3
M*),F"O`."::,[K,"UH5%$"A.:):\E$*+ZR[KI=7JIO0+TA[%@5Y5FU4QO\S1
MHKDEUS8@%H&X0XXMI2Q5_7\41"V$&-\8J=7-S/51WL+HY-F6!RH_B<^U%I7:
MLMOA`A1T/=#/*E"HN4RDN\3KT,]O$N<@W9\+%5JJX3JH-KGS`/]Z*OOJ0K-!
M0=Q>9[@<AV)U-XN\*>W%8A..4\3M*,XN-RD`7+[SZ_:W>6E6F*O/M9JICUH.
M:YI#GYX<H@$[+?ES/'OX/-N\.DB>W:R";K<]TBXO#KG+J@'N>1XVU;J=T7;B
MXVZLI5R[]$<GVFMYE^V+`Z'JZMUWO'E$O-GI>=UN3<MW*ZFZYZ[`AVV(<KA$
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M;+"27>J?7L?K7/;VH'RZAWM4ZP3BA`2BW?*:_1U<WMLC$&LW35K?AEI5-EKI
M`6L`%S;K5Z)ZC<!/7K=Z7K_35_CVK:9WU>JLCU9?U*2M6U]6K4K[+B@T_\;A
MR1]8+,H5V$11<KJUPC3K-[469T[#RXTY5K3'0I2@F6)%.Q`Z1..L`C65\$*\
MHJO,Z\N.UVOWBB;CR3I=QFWQ+G>!E%12>`=5K?AH"+'GB/L)@9TK/[$P1-M*
MZ>(1K-85B#D)/32>/34)=>5P+U`.=WZU@BFN]GB.^`7\7?9-N[MI1+"B[\=2
MC-C'!W"0"53DZV@DAR(V>"4%X/CKMG*$,62ZXS%AR$4#6#XW?8\HG)JHEI`$
M'()=$I6GG4:>ANO5$/OXLT#<4D,V=,\#SWQJ\&\8I[9'&H+0P$,AOE[YK3F,
M";6B4,%`@-"$&MJOBLI*Z$A2^`74ZL(R^V^HJR7BQR@D&5R$GXF:II+-OGH'
MC7Q/+3.P,PG'3BRUP*NL^#DAGPR'<5:>S'W11U1]'+'V1=$5%$B0M_*<:S$Z
MCYZ\+)1=!;/GDCI>YI1K+TD=YSO(.'3)1M92\6#X4AF6`Z'J"^6]OL0)Q#KS
M.W$9.YB$ON,AJ.-*QY66$=0%FO-]C/.H:S[DY-B*E_JIQ0+A>PV8I,&:K`D[
M>UZSV?14I)>'2A2I>28PH^X<T]2TT#*#85^K%/MA([XJW?L@&#H"H]^*HHN6
MQDD5*L)ZW:+7P?_C7*A(`\$H57<M/=EOL;S#![X%7.%H/RFR:U]YW7ZO".\P
M;)Y@&P\7T%DM[?:H3Q?0.;ZTD2^5RCX.JAYA0.>$[!B$['@(ZMC2L:5M!+6\
M:-!%>R[:<R68KN#,ZE#2'C02)PI.%%X\>K5''%SAY4:%E]4R@?-J$<%^+;*K
M.3NAFK.]V&17@.F$X1"$X7)'24+V",2:!9A%^>`&A8#5"D)J'(^XKR).L.8P
MG6'@OJ?Z09M*W^;'*\\#ZQSS'U5V;?D,Z/=+:Q*QL:%0O<E'F&I=G`7D:;WO
MU:D!-NMEW_(47]JO:GVBX,.QZBFNF[G'PAPYT,-TZ-#W.IU.Z368[UT^=FBP
MKR'[G<?PO#EAH,I)W4>UG'M<3'%^6BORR$V%K9H<=G2DDQAU>F)\JJ7)YK7'
M*_A]UVOW>NH@IMI15!_:S.='1^H-ODX2QW^GA<C0B<WKSI4^>R**4MZW@%=.
M8&-]-N#8]C2;ZH'"C#:W=(ZC*$4-0'%)],OJHN?FI1_`C2IO"NQ#Z\*[N+A0
M;8;Q(6#+/T6*9VE#4;>/R`B+Z^.WL5!]W)%@S4:KKP^N?#F".0AL<3\0Z;T0
MZMEJYV`SBB\&:?TVF-D]2OR<?UZW6EZ[W61CCGU*!9WBH6517>Z+CJOY\+I$
M>P/IJQ5Q6/.F`OPY!()>`[6#HIC8B(0Z*ZSN.6P@KEHI5*+!?;1``ZIO`+[/
M"?6Z!0--J=5IY9=8*%'J'&MH2O4-OGY<=;B=L2D(49AB6_-AP.6$IL++Z&WR
M3OK4NIAT3Q0"-:Z#=!QEMZIJXCWJBY%JGTU*2YV=PE8HY4)]7E$)P_S5/$7>
MW3:0$VK%K9N]JJ/2JFZ@+JZ^4*U]B\D(;..-<\4.LL`*0`5J4W_6:C6:;]X2
M5>@85'-U(,%(^:IROYA%Z;R8GM#4H\KO.SJ>!>8%NN!TD/2:?Y,,A#N?"Q(D
M9[Y@YK$L]*ESKBHB`2K`/[S2W%'1\K!4@P*3#&:@,T28OZZ07-58'GF^,AW<
MNV+(O`!=K7:9IH6I?@[9%X1IKS:WUP?@?TN6*N'[<<3&(O!9O].X>F-VJV10
M'E7T6'="V\FGA!+OTT$ZML16?=^C%:R$Q(F%/JW7;@<9@90%@H.H]RY8^Y=.
M7!RYKSLS/:\)GR$K#=-2I^W*U0!][(,V!.\D>-I+5--F?6%0\-OV-N6):Z=U
MJX;<CZ]<M6R><$GMGSNM=0:7B)0Q'//PEFJ[@`;ERY'7'75[8K@='H[4ZXV;
M$T;KO*6\XL6ZJ=I;C^4'+NB"KN5UYK[=LM[1I^'0_GA<=#>W`07CZPU_!^(1
MGI<\6X^]5Q8*I,&C+_\583=N;`O^G9B5U_F_N3%)Q\`E929'^2<##5X7<GSW
M\L(#R[W(>^M/Y9&)>'CPIPWQ:S!85>M#OB/\`7H&+%A8MAQJTK&F\DB.4E$Q
M?CTT?BACVOPU4!3`8*B=0'*#I3`^P9Q%4F,G42"H'7LLRKM7;(FR1[C'^D8V
M4=++8V4P@:_`SD;Q3'>`?T'&`$*LMQ\@H$FT@CMP;4"\$M5@"7A;7+F%Q:;P
M`9D(XRP,LA0^G7+I5Q\E)V(^QB"W@WQ;?*#!KFMT68XEY,WI2>U@XM<E?0A$
M*)BX[J6/W0@?*%#3C]+>D><$/F)<<>5H/_#K(4_&C^_I$=)GE;^Q*..,9^#S
MQS`*D$TS:RRF&03^$-4RF$WH59RT/#^C\BCY$OE32M46^1,%GU:G,Q^HXF9R
M")%$`-("WZ1C5'@R`J\9I0TE%2.#!W0SJAD;Q81-((S86SIW@U@!.64&FC49
M0GP!04:<ZA,(#IOS("?9A#0OQL_ZVP3Y2<D]3GM`M!OR+$$]ILX&8#:3"&)F
MRC!1YP$X&^5/58B(P40X2\?HR`S$+%)N46(.-A)V'V4!NM/&4RO%O4/0E*C:
M\92M%#J4MW%5]L=^4"KLPL)8(3#K`T=4;^TV=@*MTA`?5#;1>J!V'E,.?F).
MX9:?%U8]=>3?M4#1ZJE8.K8_*!@QAQSF<(EV2J__S1,`K=#WN^6-4P-A<C!I
M3AT=%L^>DCHZ-6WD(.%.N%)_"07?<8ADAW2D.!`P!;HN@&``HXD-N<45=AU1
M85?KPNNW+[Q.MWTTE'7\>4S\V??ZG:YWV=I!EP:K*A#WUD'7%D-52_U`I.!T
MG>L3(IR*(NI<N@_[7AS1XHD77HS%>6*-/NHZ:]5TJG*6[50TQUF/;A&><++V
M,H1]ZRS;:?%GVVM?=KQ^<R<=,G?#HBX,VXMU^XSIQCH7LG)3@Y>>!CJ;L;.V
M,W`6S7/?"J2K#-S1D-4QYQ$Q9ZMY1,SI@K:MF+7WE;J9:OTU6K:*J3OK..-F
MT3SW;]SZWM7ED>@/QYS'Q9Q'`M#JXK5]Q&MB,@VBF<!R6+Q2EG=X--EUQLVB
M>3K]X<R:8\N_MX[I0,'%;-N)V="N!4%>':;NUISQLF>>SG@YX^78\N]G7:]W
MV3H0JK[(1=J*%.T3,VQ8>3R9&K,VC^NR(P.WGRQY!T-K+PRM`V1VDN`D`4=L
M[RC8M$<<K`9DML6(KZY7$*&_XTJ%%42U1H:M0Z+=E39Z`23:UJ5WT>]YG=8.
M"B'L0:-U0N&$PI+J('N$8DV(YL*VUIC3)4AT[+D#X!-5*+LR8>9-9S'"DW>\
ML3J@7C39SW_O9A4>:2QXDL4S':T_!E.B2;Y\,^J4F9H@_OM7F0++#I^_P/]=
MV@!J9;GNQM.OV[*M;]`Y0F1^$H,XX[`1"G,&H65&43R!M7V#?4$`K]0C2$R%
M48E`7^$2'"2-UY03Y\H`;$-8XK.VU^Y5$*D(46DL$78X%",Y1+A<1"&%!1/F
M#34IHPY?941H`ON\\"Y[30UP^O-/!M1*8>/IT0F_3?&<QGV]Q[_];$@=0J1_
M3N!44^0.[%CVNNOUFLW&\BVR<?.^`MT5W)@&KLL1P@H$+*`\U2A4R,[-)I=H
M3]]KL&2B<@=ARK="D;U*XTHH#XLW-%_*`H`<*_:S1HQX9?<>%YX^,?JV=G6K
M-J3=8/B?FP*S'99;*9DH_W%(1@.+]8_%:OP[AUUO+6`,+D"3`2_^WRQ0YD6U
MGD1$O2Q(.<Q[#L>8#46<<AF:GQ#4LMYLW7J2PQ,)S)M@U`GA7H/PE_';R^T"
M9`G6G-#T@RA1`)Y+8?OK0/NE3A#;FMPX;;B"R][I%@BJ#T8.C3<'L5FT`."P
MPVC+8<.ZO95L6>F.\4F&L+=H`W,,\`5>4X/7<UR_2Z]3K2@T\RSALYS!L%%(
MSF%;YZZM:N4.:>5-<O_70,2T1F1J-//S9,:<S_PG`^89S7:./[0G>7RT)8U.
M]E_61A=U+_7>*#<=GL>D9?4M::J<1F*(6_9:R_C23C17V*NEU!(X'P-$LKX[
ML"AZ]:`^2:DY2V<111Q\:WA`('`L]7.!!_BM#CR,M".:KFJY@DLNH^HF>D[5
M]BRK[,]"4YSZOC&JHTRS5YXT^GSMMG<%6Y1W>2&LV[7ZO,RII#VKGFZCQAFL
MR<=VKJ`M!PB%3FBMML+*U0N%YFMC=&E_Z:2HZ)6DOC1A:Z3M-`SZCB?8E8>.
M*Y)&(5KS5KH$H4M*!&9HNIHC_'5,(G6Y4MJU73=R_DA[)YI+4CV0T*2!6`X-
M?MZCI7;%IE>-[KYE-"!*O]%=BUTYFOVG^!"6\=57'3-<JA414U%?&W2O@(>N
MXU0.`\53GT-08]/(-&,8HE*#F6'+(-+RVLH`I7"3BC9$.G11-J3`4J\W8)76
M$J!?FZW&7'LB,VPG'Q7-3-VX<XT"O*)7W$4N*VA(?-W406GHO$G+PN/S32]P
MU7.--I8.]ZZF'=;<>!5V*GH<KMVJL-KA$$T]6!7:+-TF\7V4I,FW"%3L;*?]
M#:U"`@<.O\YNP4%4AZ3FK*=TB+/@'>5-GO!#"H<4W5$"E!5DWP+0GF?X_2O\
MYZNWX"#\07VSR(40\:3H"$:]!5IX%+1VEP"F&F^5N-IX;+)4/J5=F*GJ,:).
M_I,4M&6:]\90;@O-MMHCA%H"8$N5,"-79(BW!'D;PJ*WWTJ!+?K]%5B),(KN
M0`#4:U5/!4"9)&KH,_Z6M=^40*C*V.I*W5/SL005RBP_'IA,A"^I&0+X58)^
MK%^&60\>.QN\955:DV-V-GRKVH?H"11+-**;S&W(P!R[^[D;K;K:Y#T1/4-/
M'_R]Z!Y[+U#ONC#"/@S(P_1[U<!0-5]8>"TI3&S0,LAM5I8S$FX<QK4E(Z;Y
MXYYCLS!X!HP83^GGL)VMWIO".)JF$4NINYRV8!%JJ7N$O43(BR$$?^+<!`]X
ML\D$W:P%$=/[XZOF`DBQV2.G0:XA@&L(L"1CRR%P;T:O+[G6_*I%\6NAS58$
M='8".#LX^9-EYN]T"1-10\QX*!-LYP81KF-CQ\:'Q,;_IK_!\;G6I[*.G1T[
M'RX[7^?QTN<08N@PD4/V+SR<.4A&WC^L32TSO'C'X'5(5"J?V/2R8*-\\1?8
MWK7YT=K)V52;;Q7I'*LY5G.L9B6]'*MMBW0O,XE''&,KJ&+1EFVM;'=;I;HV
M.9:8RV?.*V]C#G'1J@:"F]4?VEYT^"0L`'M*TK>Q(MJY/2XI;T:_)9VRM/#0
M,B_$R<(S5_3Z^&2AV6BWV#EF$;4[3AR<.#AQV!SRS7HQL)WQGWC(7N`7V$57
M2QEA^R"`O?86\8-L"DJ6GW:OK,5QZ"@.'67_@<D!@:,XF=B]3&SNF5DK$\\*
M4)Q8.+$X7K%PXN#$P8F#\IS:",%TS`*Q?TRY@ZM0*:IY9)Z=IDH'=<66*ACA
M@^A.S-?1*CP-^"CE#PN/G\F&:,P5#)6JW`<:&J2F'K<>S:4<4_[\DZJ>4Z7R
M[79>9RM,IJ@:"FO1@([PS3F,)6:FWN:M*HZZC[+`5S6?6%"/Y?1"8GG>8$:C
MF2H^.6)8;06K2^-L0LL?<U\]8][HS\^19MA@UU37MO`%U0K&JA+X=:O7\WJM
M'OXP"[&F_S:DNKAAJ=(2_DA2F&&@D4RPWAFHE(5W(LFK\LSZ3-WSO81I#P0K
MC9F.XRB[)3"6[F+1517D\,A*L!0GJQHL^!D"U&$INJXZ'D196J5BI;`-.4SO
MM1*(FE..TZG+6N/PT=[T9#L2:4\S([S5="GAZ=]=K=DA\_"%8^&"A3\6-O&T
M6'CN9FCY/=!NJF%LOA)R%8K'J_Q<2=>MJ1IW7.NX]I"X=J&N]CO!P6-T^QY^
M'_-ABG`ZO\D1GMZ$#,'NDDU;I#LN=UQN%Y<[5\.Q\^&RLW,U'-<>'M<>HQ+>
M3<KH@70\W=6U]_X[GNXY-\JU`=Y;,HAK`WP02;1.(IQ$V"\1O4;3F0<G#,YG
M,CZ3$P8G#,XRH*_4<YZ2DP=G'$[%.&R<1+[3%-ECR#O_JII"Y$'G\K1;CUV:
M'G$QMH`+S['CAQS)^8SG!F-?HC!OX%3.W*T.7L[VOI4)-DKS56,J?.[FX_MC
M[43Q2*NZ)S6A4,VPBN::<VVT"):*98D9ZAUJI_.;X3BBID_T2LK2QQ],(E\$
MQ2[D*=O8J08F-=$3S!+A;Y1CK8_/2YIHDRSKWOZ3K+>`+]#OOSF\C+&<53\^
M3`5U&8*)8^-ZG\VD"+:+;F9L3WL)H?1CEE.J^683HFP-3N^XN$PI0%4L=!<%
M/)6!3&>.VQ:#GGYK._QVHGK-7(B>FTZSL4S^/!_%U`%5=VN-P70ZUEMDO4;K
M#3MGK<:%TWC/UW@!9O=AB:7VJ3#1;_:41+]38+U.HP><UVOTGL1XZ\:+:Q&A
M%*D>=O#W8;WP@MJQYOVM=2-K*OCMM+UVMU<JA<6QL$?O0CQ8"OH6JW5C-D2X
MJB`0IL/L8O7NBFW?"^T7^[:NV8!UH6OK1*94O'P=^ICO"[L@PJ$4R8?%CJ^[
M:-ZZ3<%6?(7_7JNU]PJ^7%;B1`VJV6_8O_3X#@4^Y^UK<W'#[L(H#?"/!R6<
M5%=_'ZFN]RR@3JY85-^Z\)J]*Y;\E>&YS$B(E#Y6=?NJE;-@8\%]_$%*-?0A
M^SV*P>NYDR!R'OOR'D3T.J5'E)C2%+!?J>J!BB.HMJ[X4A[.4&$S/H)O@;&_
M#M.H)*I='%\\#,=47Z1;T,("@F(T/&^`B9(*:76H:3C,X/,(W^I'+(S2VA?3
M(!Y-,Q9_91*/B^!'U')5_6+*9PH3`$G!$WUZ\6@[^WJ6>>(QQ8L7@S_F/3W5
MTFW)DB_/4,3B!O9QWO8\MFEK'&N_S(V'ZRKP@G">AQT68!?MG?C];RQAO97W
M3#N9YS8N]_;2U.6BYUWLXO;.*MD^R8`?)+OM)-N>>>Y;LB_[7K^S@PQ&JR3[
M=*UVS<XZV3X5V6YU+KU>OZ:%Z"&2U9GM.='N.M&V9YY[%^UNR^NV^\=!5F>W
M%X1[HYLD)]S')MQ=KUMWX'*(9-V%W5Z13'Z84O\#@7[IWF)'LN]2\$^^)*7=
M\3J=B^TK%@NS\+?J2RP1G<-NQ,6*__Q`A/;]JAW70N*$6DA<7+6\=FL'X8KK
M(?'RNF:=+)+Y\<KSP'27_$<Y@;_#$GA@,KH2+/"(AI)2N:@`A!)"5.8-Y5<D
MJLT$?/WZ\L)K=52SA]>7?:_5OZ)4#Y-*EBPM5<$GVLWFE<=BD6`BI+P3P6QY
M>E<EUVJ#M*GYE*L0"U!BE:@EDS\/,-%J__SQ:>T=G?L4M_=>,-@=$1,[Q>).
MA!E,$>E:+2PRW\&TP#>?(!<RSJ8BQ@WC!%$,6ZGZF^B?GDX^STMAKRF=J-7J
M)M9D7Q-<DDKDH.,WH]<3&L+:@0!WFH"&CF>)9YLU]VW'S+-K]S<XL)X&BC1K
MIXX_B;1;MHG?M;-RHYR5Q7U[-E-:<W3X7!C52N2[4/Z]S;7L7#ZO)U$&A'I\
MLS?6.8HFMF"E'N:4'9/F3/HM#YD<H]HW9<>H3IM:/V7'I'O0IH<+D+[.55YO
M69GYBY^1KD.N#]&0N@KC6?"=B!,9A1MZ]2Y+Z(AJ<GI7/>^R<WD@9-T>DN0I
M,^?AI+#U&C7YR5;2M`8MQG'F\:K-RU;'Z]5=+%A)5J<V3TIM=BX;AY+3OT)M
M;COM][!=]V^QI(P0RD<8R9"'0\D#@E?-0CFDS`_GR]LSS[V[2UZOV?3:SIMW
M[&DC>W;ZC4.I(G7>_(EQ9LOK=)W:=,QI(7.VFXT:;!4K:?I4;_Y$C^(_9<%(
M!@&=QJ-+#^.EL1QDSH^W:Y[[]^-;5VWOJK6#$CMGD`Z8BI:P9Z?I_'C'F39R
M9K?;]:[:[E3>,:>%S-GN-`[%H+M3^0V(=1.-TGM$XP[D4(38@LSY[O;,<^^^
M>[OK=9I'@KKCF/.XF+-S+"=)CC&/BS&OFEZ[>RA!I5.:)\6;W:-/IGG6\;N9
M_'&AZ,4\3$8B9OP6#^<3$=^!<U]3"^L@]1RDWE8.KBZ]3GL'SID]D'I.'IP\
MK!]%MW9Q5K9'8=A>_.*$X=2%H=WK>>WF8<N#,PY.'K9F''9RD6*/<=C%]<H2
MJ=D<>OC\:D68UNKO,TYSB,,.<7B'JJ;C]2^:7J^N`=;Q8`X[F3A<Z_L",M%J
M-AL[2+'9HSSL/#AS\G!"-J+E]?L0H'7V<7KG;,01RX2S$1;)P[HQFOES69\&
M^^Z_?M#JOXCM`NE_R&*L3$>T;2_'NR_0\0D4/PH%&V8);)R(L6I]&LL$ONM>
M-B[?L&A$S1@4"CX/PZP`PT\:C'T.\YX*:FP:D0/!1B,1$YZ5'OGGGQ@?#A%_
M#]\;Q:S=;URL'/_?`H;R61BE;,SO!/QBEH^8L'3,T]*,)U$L\+.0M9KS(ZM7
M)S#V4,@[@N(?\("'0Q@S7>PM`*^^3G"(FOX"2^C5NFST5[]U>;^)TV%*V-2!
M""3L,O9J\*/J]A8("C),TIA0T?*MS@)?_7(:I?`Y_"J8L20;_$<,D:\R;!3"
M$B">',DA5W!J1?\-VM%A+'R9,MBT/QO`E#>2>``&C/$G^`OL$I'WC<`4TBD'
M'H3WXQ<#`:L+4:CT+R>PJC&[D]R,/.2QSX#!N7]'_#4`EAV+X9^>'GC")3U?
MQY-\HC["MRHQQ07Z(%C8%T6&K--D/I\E'M`LQ`X5['XLAV,F$X10#$"HX0G8
M'O\Q/IOCLAW"L=L%^KZ"F_7?:T"D5P^R:OK%K.[Y4NT2\SD$/2)^\(>:7[KN
M,//ZX[I&89?:^X!.&7.05_9)^"@.X%*D+)JBR4.Q`_(F**/Q#,W0/0GKB/'I
M-(X>Y`0D"`3N=>^BZS6;:M37_7X'_YAK',38C[%(!.SCXHA*@/D=EP&)-2@E
MT`T9*(-1EF9HI?@#?2%IX^DU]S*@CDB2C%@<9;=C6!#(NQR1@LQ2N5*R#]."
M`!T94/].(NHE.QN`WAO)]"UY"9I`0"^!*BY,9(**7NO>HI</VF'0B*@[5[2#
M<CU\7`^?M37]EF&*K36-3Z*7Z^'C>/;P>/9`>_ALYJ$^/<%XR>G/Y<628L#_
M0"0L1S-;.2%W,MYG,9Y'/&;]GW.\:NL9JH.'+4WT_$`(ZDI9'%M:2-"GVIDG
M)D@M-3DO'M2NU=!!C`18'-\9'(OFN6_)/AZ".K9T;&D;0;=?.;FYR;$K\5:?
M>#N38\\\]]X"XQ+O*HZ&JHXWCX@WKSK'PYN[B'96'"8?JE6Z27E:T\S0%>F[
MNK.MU)WM1JFX,DPG#H<H#A?'+@Y;N\_:U-P>RE474_^A*DQFSB&=_74*9R<K
MN6H>N\)QXN#$88,:FZMCEP>K0U^;#/&_>)!1$CB[QCQ5K`9P9MCIG9VLY*S3
M:GK]`U<\;YTA=@*Q+8$X!DN\0B!V<P.Z1'8V1R6RR1:K:'B=,I/]FFA7@']"
M!?AG[?:^C/3N:O!W;J2=2)R02.P@^=4>?):U\2B,15W+B.;",8C9+X^-9HM]
M7J<(]'U1P!F-J&37UR?7:)493Q*1)AX:ZB#SJ7P>&4.'U]R$UYXJO,4B4/PH
MF0-W<+6?KO93_>GJZ%SMIZO]/#6>/?7:S[6/`^ST(S:INREY#9N6X-308O\.
M_".B:T=L9$\JIMNR@]LR&THW;-):7Y9`%&D\H1T=2=K!E:XZ^/$^(^T=9?2]
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M@CY[I&&O,%"'WHU``4'5@$LX2^STSTY6TFF[%@5.'IP\Y/?6Q]^RP^H@V*;"
MY]]$DOQ:A^3DK+'3/CM9R5FKV?;:NSD+M@<9UHF$$XD-CI]/V"+;`95L5XS\
MI1Y^<;\VV<'`[@,FPA(8V&,`1MYYC.PDXH0DP@$CE^WG6F'LQL*Q`IA8_[T&
MYN)!0R_/CU>>1^>B]*-\S3_&HBYF9U2HO^@W("!S-"H#,7L,`609#WV&J)SL
M'G[Q6@=F].EK[9)Z+!;)5`Q3>2>"68-]#FG,)`$N_ODGEL)$8C&,[D0\PU?@
MW[6XT;!V?BLF0'JLGTDD2'C"[L<"K^"93)E,V"2*!0ODG_`>&(>'+(Q2_`?0
M!7M#3*.85@M+A`4_\C*00_@>'Q[@Y(`3_BO\!D.:90'(#D_-QXI\,%+=*)C+
M)J:"V(5E4_@AON]6A(02IYX;96D6"Z0#?Z#:(-W'0JH?3T4L(S_!/^_'<CB&
M#Z-$@`*;P&(X4*Q(EDM@LO2H+_P,J`V#-=CO=43#@9/A&'X6:&R@..%!4DRG
M?@.F<?0?V$;X5/^J.F6/=AT?`%8.0T3!2U)8J+B5@A8PX7_BA^E8)IH#<%X-
M]B&#H2+-"AFL)$ZY#-,9XW&4X9!C(>-:PE>80@1J<FD$\PN``X#M1'PG:%C$
M)N?A[&_)^LS=O&HP=ITN\ORRMT8AO'3*@<?X)J^'MR!CA2(%$BQ^/8=_KL4.
MI4TDBB(^&_`$_EOSUS!_%VS8""O.9""!FBC9*;WH`83B/F(SP>.D\8@F/!5=
M^!WD)AP"E914#D1Z+X0B9I+R-$LC$#3D9,7A\#%$FTJAT3[15\34;'/0^J>9
MQTWZ!I0\#@>`O[[[\X33Q;W,<!.(_AS/MN/0P[>)>.]VV-8=W@P?WH8*#`L(
MFBN]3P(XA0<ELV?LV],.#A\E5>N0*47]V7=TFEI+%?W4J9+EZO#)PEBGV]C4
M`)T`S[QY!M,X!7-BS.(4C%,P3U(P6W$+]P8881/Y;E(\WWBB([CGLL9GI02]
MU(Q.0#]=/%4O':^!?^,DR4F2DZ1]2Y([\JD2[YN(X2N\RBKA;N`]Q_,SNNW3
M#_;-Z`0T5KOQW)Z=+[]-;D:.E6'$9J-[V*SLJIIVB.QA3X'&L_3'^O>&-FN9
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M$O*/7[+D_);SZ:^?"07F!W_X()-A$"59+'X`3=\A]?[Y\T^,_</\\D9CSWP=
MW62#1/R5`<T_WL%_)?D#U"(;_O@N1O_GU0@8[QRG<=YLX?^ED?JKU3[OM%[]
M<X.-W9?,K+.O7T/V20SB#%%\6HK.\-\EM!@6#7!WL/L=NX]B`L\9\JG$Y@?X
M2MRI82Q\V-TS?.S5;_K#]_3AJ[<&1(A/H@SF#=^\;C>;B,FD,6?P`=B9_!'B
M$D[=8$4LDE0AF\`&P1O3B,;J-)G/9^RWS^^^?E=?3X,L8=TWI2'G!V3IO0CN
M!)L`$<8,65-A!?$,-!]/@1L57@[HF,2@V"""$.$2Q3,8^4ND%Y&P>Y@9B[(T
M26$()(E^8.[%BI%_Y_%PS#1QUV'B-5A3\;(OY*\?PU2F,]@M6-A-"E_=C#F0
M[6MI<KX8R@D/$@6T4N)IGIQ'(V1CX.@.,/4K$$>IOE*CO/IGZ_*BW^NTVO_X
M9;V7S4_L&UA@.?P41#Q]TCS^N/GPZI_=YL7E1;LRA]*X\,I__/(PB`/Y*_XW
M_/G_`5!+`P04````"`#[@&$^Q&,[(:8)``!A>@``%0`<`&ES9'(M,C`Q,#$R
M,S%?8V%L+GAM;%54"0`#*6!M32E@;4UU>`L``00E#@``!#D!``#E75MSVS86
M?M^9_@=5?99EQ7NI/7$[BAQG-./4&CO9]FT')B$+$Y+0`J`M[Z]?@`)I$L2-
MDE*![DMLDQ\.SN7#Y0`@\O[739H,GB"A"&>7P\G)Z7``LPC'*'N\''Z]'TWO
M9_/Y\-=??OC;^Q]'H\&<TAR2P14B,&*#T>"/WT$6#SZ<3M[]<S`:"52"LF\7
MXI\'0.&`2\_HQ8:BR^&*L?7%>/S\_'SR?':"R>/XW>GI9/S'YYO[:`53,$(9
M92"+X'#`\1>T>'B#(\`*U6K%-P\D*06<C:NZC`CQUZB$C<2CT>3=Z&QRLJ'Q
M4*J(:$RJ2E!A95P8>1+AE(N9<!//)B5:"/-0J81O6GCI@<GY^?FX>%M!N2!D
M$5TYB?MZ,-AZF^`$WL'E0/S\>C=WFS$6R/$]`PRF,&.WRQF@J^L$/U.N1B&2
MO:SAY9"B=)W`\MF*P.7E4#AJ5`H2'OQ)*V=\4/VN4<:-1B!98(H$'_;4LRWO
ML/K.>1-*X9Y*2B%US2*01'E2M(@;_G=#/MPPF,4P+FL0.AW$U47]I08)CAJU
M)J*!8M(T2U;*P`9G.$60;DF<TW%.1X\`K`67S\<P8=43T2S/1Z<3V2Q_DH__
M,Z44LHJ6"7B`R>6P^9`A)BR5#\='5?<Z)QEB.8'3++Y&&_$;_40P52UPXJ11
M9ES3SAHQIJ1I,B!1*93_VF!%NWN1B#'-T[20-D*<&&7Y)<%IR_O8WYJ:EA>#
MK9@!PP-+<4QBR/OE=V)<>H;H<<6V@]1QHWS+5I!L]?\-9U%."&\Z2H2M&.D/
M/2:DR/I888BJH:B,Z-_#BN@\XZ/J(WI(H-08LH^;*,G%/.@3QO$S2A(EP%V*
M2$]Y%0DI_#O8:&"#GZ2<<@EX+0J#I.+*/\+BRM:`F;;5:]\U!JA9@*W<IK4A
MGDH1&:E)6)$2TU$^IH@?'_^;HR>0<&7IE,T`(2^<>/\&20Z5"'8J(WWD5^;8
M$5?CBW<S5D,(*5GPPE-BF'R91A'.N;IW,()<==Y9\6[*T-`]H&6[MT$#)$4'
MT^Q<L`L*>&IW!RDC*&(PMO7U/M#Z1,\$#9`"'4RS4\`N2%+@+$`*.`/O#'<_
M@KQG:/4!#6S"=@67D"L8?P&;:O*ICZP'4OK&A@PPUOZ&V8-NE:.?O0>6Z>DL
M,";Q?F`+)0)-ZSO99<@`7#+T;`BLK[]!X`$EB'$A?-9ZSW#T;843KBD5LU?V
MHO#!%RX]YX0'8[S93K-)1V2T=QRPS98&L5TB!>4;HL),86HJZH<X,Z`=X>,/
M:+K@80\C3*%5HN@8N@*+;9E/+<"+2*;LB:D>I*2D"BB(.%LR4JM-II!K$E)5
M3E^B3W(8.QNX$_?*`0,N8!IX6>;'!),H/1D"6Z;X#3-8TO@.<EMAO`#$3`IO
MO'2A&Q\J2;I:ZD$6#Y&]2GWNX!/,<L/X80<IJ8X""I437C9Y$,$D)\S<IEB@
MJ1EBWZJV`NOK6GI@$*%OK6[Y&&6;*MJ$A#DP.%-89]+J3%-#3?2<EG7.]W02
MPPS[@LBNJ5!9MZ]I04CWZ!#'B[P]UFYK&L'6AU<K),S)_PRG*<Z,P36]+O>G
MU=>AAM5AAT=,VQ+";+#3.$;;V>("H'B>S<`:,:">,7*@RDS.@`HURGY6>03;
M*"C,"=D=9`!E,/X(2(:R1\J3T#S-BWR"SRQ1A-2)F7\!Z3./`J&2HK.M'OSP
MD6E/U=Z/53?=\+__W!/9\ASX<=<;(-NJ<=,^RZQ]5ZXC--X=^XQGJ<@UY^,,
M9PQE.:?%[1J2(H#T`UQB`K>X+V`#Z17_A3(4*18?0%)U(G1W2<=KR?J(XT,Z
MIM&Z&_5M3Y/N44\O-B:E)=FCL=E9$&6ZKD$<CS2'X`;V,;M!G3UJ+18`=+7U
M8KN@^(!B0?"R-:O0O)&>J[\Y'E%L$<8V]1N!UT@1`6V4#C-R<G51;>_JXVK*
M)Q\?+V"ZB&"CPHTHU8IN)VQED3!#,\.43\CN(7E"42M`^I=5"MYX&5RPK,K;
M0J86U*7;H^-'KNH.A+YBQ>_C9@TSV@JB$Z>.K2U<L!VGKVD^W:A%5J`$^`0S
MKG+"59W&*<H09<*`)R@55\=(/W0Y;CK0`5#"&'/<U5@]/53YQ5CKDAMF)W\/
M$R[XD:O]&9!O4%BG)XD;6&ZIF(&!4\/;1']6V$2&N59[!=<$1F@;%D[F%!.&
M_@?J]Q!4F^=.9+6#;D8&S@E_(_U)8949YFF*XM#S/%T#1,0ZW6P%R&-K.F$'
MU3\,;8,"IX&7:?X,,(D[X/),^[8-\61[3D+F_[B]!V-Z73\347_=_Q46N\$'
M75YI5=6+TW?SC$'"C=!/"PQO7^\`:+P]8BLWQ1F[;&BV:D6,_-J_6=QCR2R`
M'*%BJ=3[`Y_`MM?/'*C&RGX;%>RJO<L@GQ5YC0R/DY&CL/;;7B^Q"O#R@@4D
M",?<VP0""J_@]J>Z$K5#4>M5!H:B1SX##9E0<T'P$^)1__#RE4*N8S7+F$8\
MV=1]W=2]X.MNIF_!XS7SG8*/]_!*HV/H4GMQMKI#K;W8=_GK)(L[$&;W[-&_
M,F<ZV8O]W\)0<2GG-297.']@RSPI/U]2>.0#K8YX6J!]8U('N_>@DKV6?J0K
M?.HC[@R]71;'I'B#^!T0`K@!W*9RY^:6S!*`4I5<.Y4MI\"=RO:-?OMX9@\^
M=JQ63]!_!49096(PS]I7![63,.\BKQF9NTCO6-C=#_N0SZLV/>=^#B_95VSA
MLP9QYVVK"W0"C02K@/VGE<'F@Y+IM0X]A<Z#IY#RA;EWIZ7@G3U6B>\_K^P>
M^"Y]5565(:$\[<'HJ'R][D,T0Q$;U]0B;X)N=C\<FG&MV@RD"RQG^!X'_L/G
MB\VR/8BAB.W%.M8;WM[>C1O=][N[D<2Q`1[8G8JZR5OC<@2/2;06;YE+-_%]
MXT]7#QQX9JU49>B#`NN$2K5KQP>FF;AQ<,8?MC,U7[ARBXD1WC>*=;1_KP5V
M5TV]N!&G.+L@+O40VU7:PQP61/T`D(+H&W'<5N[!%:UP0_\3V"Z,P=!Y]B2.
M,-4-U1U]\MMV[BC,OA7M*^S-;$_OYKWOL67MK4DO]HP6X$7,0ND7/(VX4PC\
M#*(5RB!Y$><V^9-UVKY(JENA<D_2KU!P76I7YN$=_>/3\WKJ4NQG>NK0CQ-[
M!G_(_\3N,!UT1V'V#MI7V)OIH'?SWO?HH+TUZ<<!$=F.KS&Y@^N<1"MN_>VR
M=O^1H7-V%U`Z9DN!X#KEKFS#._C%IT/VU*/>(=OJ[T=GS-67MMPNZW>F*D1T
MP:H/VPVPMT`Z3Q\<F&KF6CVZ/)]3VO*%^$?\_\?\R?\!4$L#!!0````(`/N`
M83Z5"_6-Y@4``%XY```5`!P`:7-D<BTR,#$P,3(S,5]D968N>&UL550)``,I
M8&U-*6!M375X"P`!!"4.```$.0$``-U;VW+;-A!][TS_@56>:5IVG=8>JQG'
MEQG-.+9'<MJ\>2!R+:$!`14`(_GO"_`BDQ1XLZB(\HLNQ.[!V=T#$`*A\T]+
MGU@_@`O,Z*#7/SCL64!=YF$Z'?2^CNV+\>5PV/OTUZ^_G/]FV]90B`"X=84Y
MN-*RK6__(.I9GP_[1Q\MV]96!-/O9_IE@@18"IV*LZ7`@]Y,ROF9XRP6BX/%
M\0'C4^?H\+#O?/MR.W9GX",;4R$1=:%G*?LS$5Z\92Z2(;64^W+"20)P[*SZ
M*K30W^S$S-:7[/Z1?=P_6`JO%U/$PN.K3G`8I1<&>>`R7\'T58C'_<1:@]6@
ME)CK5EQBGXH\LE_#CS/6/ST]=<+6-+0G5[9IW!,G:NRILEA65!C."(S@V=+O
M7T?#ZH@=;>F,)9+@`Y7WSY=(S&X(6PC%((24+W,8]`3VYP22:S,.SX.>SJF=
M`.ED?S#B.*WRN\%4I1(C\L`$UM+9D.<Z7KM\AVJT^;`AR1BD76;C&>(P8\13
ML\/U?P&6+QNR-`"F&2/N)J3CCVG>*V5C*AT/^TYLXWC,1YC:/O@3X-4,"P9A
M,ECT]'`2$L_BMD`4$=(B/8W61O:PJHV>_&T/GE%`9)L97,-NEW!8H.WPC:!;
MH#M3M+@;3,!>H;?(V(2>)JWRCFDX:]VJKYE^82F!>N`E/6NV[4P28?\)`\+<
M3+=$W]`9-\8KT9)1YF,04=B!<`)A3Q&:Z^A/'2!R=47GX-0^[,>W\0_QY:<5
M-14P#-7'U7V*H`F00:_80&*I4V`P<+H1TB.:O"HE'TZF,1]*U)@-XU4;%SP;
MD-)N`A3+N-'D]LR97YIG5D'[E=F9M0YC26;EW1E7^HN7K]$8.7,)$^`->I('
M\'J14:F$?TU"9S7X8*H_=*7`T0"Z9/Z<4?557"QQH7S+;//E-]IN4PTELUY.
M'=GZLV8!&H42(F9$8D8*A$)@<^V-2$9"NU5#CNU5YBX7JZ#4)DZ.V6:;52^Z
M->=*7EI85B\X8^5-P%H(!8#O3@!/1UV20'8YV88&UN+;@@KF'#.N[)00.B2)
M!P4(G(,WELS]_B7S4R=61)E)G"ZCR5;58/II%BFA?)"S6O&DRV_$TV4WXW1U
M[*L`?$:+JUS8'J=DO;VK]:V*I%9Q#2#FRA[MO+*/')`(^$MQ;4LLXIR8++I:
MW^IH:E78"&.N\?'.:WSA>3@B]8"P-Z27:(XE(L9JU[*-,U5NVU4%-(FPEA8J
M`,VJ^'WGJAB!5`&`=XTXQ70JC'(H-XJS5&#450'4BJE6Y8N0XAJ?[+S&0^KJ
MB0JN('H?1C>ES,;8B!%RP_@"<2]7_#=ZQQELZKTCN91O"&V6@NH=H\;X75U'
MK--6H9%`/[!]8#RLHY0<3P*I]T$>V1VC>M=+54?QF0ZI!`Y"Y@38+NAJ^ZD5
MT!W)]:V"9%O*9EKB#;E%FV'M<.KJ#Z<[D-%#T%LF\GNFQK8XK=FV_=-:66P;
M2B8'75#YW9?^POLW$%+/^.*1%:P1P\=4^DB&IU<70$5XJF0$*FZ!)8R!_\`N
M/`#'S!N!RZ91WOY&),@_<?E9W:W6_EON;O\T_Y,KL.$PVC[;@I%YN/.1&>9F
M!/.`NS,=W%7`]?TF#,,TM&K;IU<8I?;[)^ZF.6AC75#>G5E>IUU1EP=JM>_=
M\TM$2&V)U73*ZJS*:6_%UBP;[2BNLD^S[/[LANS"<[#KK.]@$;:L/[5OX),6
M7:7/GFJN82[:D%QUEV;%_=%IQ84KA\_YE4,#^94#U-!B`<#[$F:M+&U1I47]
MFR7[L1N232TK+JA:MTK,FZ\!:W@6K`;+//=4G6_*2\LKQ-*.S7I\X_[\^F%R
M?>7ICE']YX%D3^IZJ<<#W-,[)D$\H!?#*<DF+LG&4!V7_9/1&S*QZ392K1Y;
M?7A7()Q+1N-_.MT_Z][CSA77["&1M3,7S=Q61S%JNNV?B-Z8D0V%5+_75L\'
M-!93ZE!*;249?"IEE/9Y3QHJSL76!)3ILNK)W[F32_*M^JK_^AA=UR]Z*T]=
M^1]02P,$%`````@`^X!A/L]DUSR8+```0#`"`!4`'`!I<V1R+3(P,3`Q,C,Q
M7VQA8BYX;6Q55`D``RE@;4TI8&U-=7@+``$$)0X```0Y`0``[7UM<]TVDN[W
MK;K_@>M-U3I5DFW9B2=)3;@E2U9*M1I+5]+.['Y*48>0Q`T/<4+RR-;\^@OP
MY9`$T4"#P"'HW'R8B45T`SCHYP'`!MC]U__XLDZ#)Y(7"<U^?G'TZLV+@&0K
M&B?9P\\O_NOF\/CFY/S\Q7^$_^=?_OJOAX?!>5%L21Z<)CE9E<%A\-__B+(X
M^/#FZ.W[X/"02Z5)]MM/_/_NHH($K/:L^.E+D?S\XK$L-S^]?OWY\^=7G]^]
MHOG#Z[=OWAR]_N^_7=RL'LDZ.DRRHHRR%7D1,/F?BNKA!5U%9=6UGOJ7NSQM
M*WCW>M<6*,'_.FS%#OFCPZ.WA^^.7GTIXA=-%Y,BSG>-)-6OC*L?^6I%UZR:
M(_83WQVUTKPR1)=:\2\C^68$CG[\\<?75>E.E%64**K>#1(;ZR!H1CNZ(^D%
M^U=05?53^;PA/[\@7TJ2Q83_PNII3E.BJ)@75QVO:][535>#6E-N$)JWE3[F
MY'Y7:1E]H1E=)Z2HZ]X6K[?%X4,4;7@3/[[.:%;_%9.$F^''PS='C1G^C3WZ
M]92NMFN2E;>LI;:!ZK?]_$)65"8E_T6#HM?#SG/E0?=S4M!MOA*KK_XC;1\U
M:EQ;Z)6TQG7*&N3$(MF+((FE4F'[5\#__.OKKIOCGW:<#XT3Y:NV&^R?FJXW
M$J]7E,%I4QX.?L5]3M?`J%/5</5__4]!7R(H:2#1>^T-;<>L#S'OQUD:/0AX
MD)8UOVU89@4X:3-VB!.K!"`W%`MW?P;\;[^@DX\]58[9$'8#D0YW2L-YF.:N
M2)[0^&,6GT8E--])982);RCC9`:4-NMF*A2KULR)0_%N<JR?!ZP@X"7+F"?E
MUAI-F"JC"C/G0'0\A2I-[Q#2)"UW3T1(-X]_/2X*4A;B1#IXV,Z@]4.[J7-0
ML>6<V=8%399U>7A+RR@-HNHOSW/D<%BI?%2$6;$JZTV'SJSPZUL3.Y1\%"\L
MC<&:_&K,T0W/%(-X8?')-L_9]"(ELU`VX'1;Y@!40C,N&-Y5J<16*]8`;%7_
MN2"@B1:@RI&3@:X1$;'GWGQ[F!K,K-A-%%^K'=73AYDE9YY,3J+B\3B+^7\^
M_KY-GJ*4]:DX+D^B/'].LH>_1^E6!)&13C,B.!TK5!MURVZRPC8%P!^G'O+R
M@#OO5OP?I)/TRPPS\]-)YAGR"*7:\6LI6#.;63?5B\)-&>4E/+_.`3P^'U?0
M.PSNR$.29:S@CXLX:.[^6C'WSAQS[.74,^+>[1!'LOB/#;=W_N`V]WO*:D6W
MK%?79$58#^]2\HF4P&L+0K1]BU&)VNV*$9VP?,=1MP!MEE5:85L:Y+OBX&5&
MRH#>!U&:TL_\*"JXIWD0T^U=>;]E[^.M"A/YYOOW!V_>?E=M,[XY>G_PEQ^^
M/V!5%1NR*I,GDCY_ZWD;CD$&-3&AL$57:/1V[`:@FYEEE^4CR:])4>;)JB2Q
MRCF`$6U&1REJQ3),)^Q8IFD!8)E2*[PA[-TT*9^#F&QHD3#N'+9OJW[Y@;(I
M-1G\(3]4&AT_3.#B@Q]:5FBYX)H!^\*]"=H%C%?/%N6#49B&ZD=3`F05?)<$
MVK-MGB7E-B=LCW>6?.'_*G[):2&>W6CEFC&`Y:R0K&W>#M"JZ@%<PRKAKNB@
M<J5LJC-*ONU)UIN</A'^=W$0L*V37]#K;4K1XS^D`"C>,0$-%'^S^"<V=+J)
M?"PSGLM[,JZF\W&SSF;T0=7Z2;TGWLSK*<T>#DN2KY<VLTML)9O<09..Y_=.
M5#K%PX:?&=3G6<FLF+"WB:9CI/SX995NN0?D%TKCSTF:"I`S46G&!Z5BQ0"3
M3MD1`MD2P`^4=MA)-4SI7J=7J^UZFT9LAQM$:YJ7R3^KFZ_U>_3W!T?OW]?O
MT>__<O##NW>+>H\V`@Z=8MDA'3&:'3NG8-3+J?OQ'7O'B5;R8W>Q<'#NOBMT
M<'(K-N3BY+U7I_+0=B<7'B]@'0$&GJK'2W9*V\J(Q[20W6:&WT42W25I4K)*
M``PJ))K?*Y.P0J.B23M(RBL&<"D3#GL/_2)491:*&,@A5B6"'6`1]O5T!'`5
M/7.GJ=KY+Q<2W/Z"D!.'O[QA-Z[^4=T:)[\@W[GW-W5!<!@PP\:>;]-J3#;R
MQRM-*WCBA[)C'[P:`?,#/-^2N,<\$.-JN0[F@)PMTM7-6X,=K![&.Z`2-D4!
M^;(A6>%[_M9;CJ)'>01XN?@`\S@XS`S[3[0D+1&O2?5&=!7E,/S1\LT(Z>6M
MZ(#NCATM,,T`]-"KAI5(NRP<LG?-^L5TP\2>_5(&;VUJ;)$AA;1J'96,(>7#
MP]GOI.*T2B'6]W/*Q.Q=G8K&'7@[Y;6K')XR#9$<E`LNP..I,AS%CK+$[RF1
M%ER?""SX>Z.%WV3A-UAG;Z[.WUA1;ZKME?=T@>^IRO=3[7NI]'W4F;6<?JU@
M:K3N2X6OSFS0-5=3P\T\2=R4=/7;(TUCDA?\HF/Y#'B_](+-[U8(6F%4WP&[
M"499/P!=A4[8+_OWZD2\?`Y>QN0^626EY\,*A#$I?MR'@(?E._SC,3(S':Y8
MA80MWG'50]FW.0J)9AQD$E;(5S1I!WEYQ0#69<+A[F%0\*<'P3='K]Z\X>](
MP1.7.`C>O3EX\Z;Z7U`\1NQW!M&V?*1Y\D^F=$-R/B\>'P3O=\4Q*9*'C+\^
M'`1OJN.^[]NB*B9-7#VCVY('@>'G5\-C0+_$4J&#(NPYI))$L.,0`F9S?^I&
MUVN:@<R!BML/V,1BNV\Y@,8L/TL;UPI]EB%*AO63FB?!-V\838[Z/#EZHR`*
M*_[+P?L?OC]X=_2V@O_1^X,?WKX_>/?=VZ^'&Z#]J<YHPI<<@E3OHPT-A.;V
M7<=QPJ\O1.E5E,3GV4FT2=C>5O1<JZ5:OS4@9>>U5C=MZ;,&*X<\UH!"V!4P
MPB3Q89(%J[K,L^=:8SF*'&?!:RT7[OFL<5"8&>RW.8F*;?X,3O^P0//[)0)6
MZ(8;M`.VM%X`TQ+9L'W6;IFB,EC1HCP(OCOX[L?=7H<]/24KLKXC>?#NZ"!@
M/?O!+]P5!J3Z,1^"?"S7X5N/@YFA?4W**,E(_#'*^:>ZQ7%W3>VT?IT3\(=7
M:$8%H6!%!7R'[*B!:@>@"D(W[#T+FC=IOYPPL#0U-\:0,WJ]CD/F@/+N=]+Z
MF[1^)M?^I7WYE4S\2:T_M/BJO$D8+Q+6>Z3R&KFVN%/GMYWA.U?X'\_TD*_<
MSO@>+XQF,=J/;JHFN5JJ5'-VWQ33.7>74#6M(6ZF*FOH7U>M?"1#[WPMO9B#
M)APPI)=;#2`U/J!2:LNOP9I@<6$$-22F(2'W2\1Y"#B=>))CW(IVLK5LV;0S
MI]LTFN'IM5]D[>O\WS'`I#<%_K^!&.*R@6.0S>YR>2+9=G1Q27R\<Y\TCRV=
M),/*;5TAN]I`AT<C$;;_\NW+$`:70B,C^B7JTK[W06X/#(AX$I+#-M=(A0G^
MA!_M;!C36>>OR89_&9H]W)#\*5F-,(*0[$X<04G;PT==%ZS/(14-P$>2H%(7
M5)X!I$F%X_VT4&M&:C#@HS-$2&%PG(C%AP6RK_(DXU6?)1EK*HE2?HJYS9(Z
MZ<_H]@E&>'<112EL>2<%TQ';ZRF:-L";*DJ]L"VOM@OWK1!#?D_*]S42E)FI
MF37$RR4JG?X]$Q,461#A;)NF]TF:\FF([4E.$Q[MZFXK80%"<A>7!Y:TC,RC
M[8)M;!Y5`V!T'E@I9(5M687\N%?J.R*/WI[48.3%J#R@0C\N#QHH%A"_H??E
MYR@G%VP-R0I&*O'0`RIOSSQ&Y78.<*@YRQ,/2;60WWLD&K:/V(M=\\RSBQNT
M"=6.H^#>%L5ZWFV=82U`=YM'67%/\N,'AFU@TZR4V=W/D,E87M%0-&M[2T->
M-7A10R8>MH^#B#\/BJ;`]T4,E;$H:G#%ZQ@2T?Z-#(3E9[]L6I27]VUG@,,6
MM=#N-5`J9/D&J&K8]N4/J!M\[Y/*A_PYCZQTLPA0:TQ%<2,KON7)9/LO>!C+
M>P6V$M!*(+L$\#Z`BP5L!]1ES+Z`"0"`8H`)`=(S$*NPE%<YO4]*8'I52#2_
M5R9AA4M%DW;@E%<,(%0F'-:1/NNG?B&JL@M%C.00K!+!#K$(`_N#+0Q7&*;.
MX.D<EB@XMC#<+`N&2OAI82>%F^]P$AN21]PO]K&)H@/,D5JY-J`$*&<744+7
MO&5("47U4$P)4"7<%54+9'V<^W$108KT5J3H$1?"2T#BO?@26&C,/=.2C'4L
M/<[BXWB=9-QE%O$/S9INBK,O3KJ=D372=K,TKBN6,[>V$6@VURB&OY"<"U3T
MB`8BGN=[I(6IH1V$=4&MU%LKS"`T]P5XDK**'UCO_A;EOY$>O46?L%:P=0[#
M@G9>8FT'+-W%JOHAOS&L$]Y$:7,5:-V6>?8@ZRU(\8,M^)1!^9YS&0V,F3EP
M2C8Y627502*G:2_DMX!$A&0S+BI)*QH@NF#'`W4#`!%42F&_L%XM>L5^.8$Q
M*#48^B$K%`H=+0R0XNO=HMH&L[ZU&S_HW0*2$]\M1G)NWBV@YAV]6TBJU[U;
MC%2:RZ)T]X:QVKUA+",,JMZ6XS<,C=G%-PQ17/*&,1-`G%XR=HF3[EKQ'QLI
MT`5BEUCQ-6F>9RNZ)A>TT+ID8$EQXI1(NF$&W`5'DZ>T`1TM)$KA)U)V\`AJ
MB>!ERF0\?X.(,>>8$5K;BXP8*T@XH<>)?U;HV:!G@7/T[PWU1FCONR"3ZNGB
MH(V"-!K*2@C[S]Y%&(S*9GT!)G.-5)>C2RIEFY9+U;0=E.'*X>1;4H6P+6BW
M+\'+&MK^$V8I#4>1PSQ*BR43'F3"PB#!+];5&%=CVRFF]X)E-(;'V%U`^E#(
M&!!>43@%\>D[#P4IM=MII4R;;T(J8Y=C0M6L'5ZAJJ%<$E+Q:L.\H&VRVDP4
M-:Q"<@B9:"\A!,;F/O&LPK$*OPYQNP>\(G%:XW,)FUSYN,L!B0`B`$"'1G/J
MO9IB.^ZE^AJM!WF=IMAOYHFC#:1V1?(;'J`16`MU8LWO!L6L0*IKW&Z24=0.
M8!;4"-N2@!4%59E?$&O-1K%C/`0V)-UA'(N$F>'^#Y(\/)8D/GXB>?1`/FUY
M'-++^ZJ+Q6477QJ@P53U9O2,U:UH,[6S=G2:T"I`,^.:PE8C:%2"6J?Z&*2.
M/MM3\\O,R4BBMN8=,MFTEH[AMF#VO-!]B(IDI5GE!C+`$E?+.%W?!LVZ7=S:
MJI$K6RT>#M[V@@UC5!7,.3@,[KC`LM:XH='`!4YF6V!UJT3AI4V*`,_H/DW2
M+>.F!M^"%(#P5LHIQH6FW:*\JQR)\U9!@?2X%ED6UD4#@FB76QK`>R,,(QY`
MQ$+W<K*9?I*NX2[.P<HPJ9OS[-\T*XE9-=W.+6IV;MENY[9J\LO4&[A>#IAE
M+#_3D&2\BU,L5T95F._?EK"\`7UMYJ%1EW%DUVFKZ0YJ[X/PNJ[NA?**1LU(
M#U8TE?:+6(NGHDI'?20LU>2'*M'2'POKV<^1^;[LIHQ*4D4R@NY,**5VY\IR
M*<OS9673MN?,4.7@>;-<(=P]XA0[7X";76<RBAQ@\11:*MP_C49A8/;D(4U_
M+N]W4>FN:%%EQ0+3U^)5=@E&$"J6"2CPG;+\Q@K7$IB=`J$]Y,Q.+F@%@Y<G
M-"MHFL0\"XWWO!4&<*!3["5FMM!K]G-=F"//'P5/HN+Q+*6?H?LA&-$QY<:B
MKJ@&=L(9Q60MZ*DUUAI2BI<'E<!BN`/;4\89G?7'7!EI2#FBA<KL>3__=UN4
MO&_%+;TF?"B3E`Q.LV\I[_153I^2F,0?GO^K(/%YMKN#>\P3MM;!V>6<VF<3
MNXRC>VC",EWI_GZT'??WU#,P4>H>6@M[M7*6Y6V]_,9ED#87,_B_5WP>VC15
M!W?/P<LMJSU(LF]['TU%NQ9\YVC=(U'H',@4L\.Z;ZF?6G;_G)]Y,JYZRL/9
MG]'\E&[OROMM>KQ:T2W[C<(L@Q'=A597B%H&5M=WPC:LNK(%,*BZ0BO\$/&$
MG'>[>]J^PZ<C#$E-1EP,G0YK]`.GXS$RMYNH*+8\K\'E?97YY3B+_Q'E><0Z
MQOK:AA^\S$_2*%F++)FDV[J4C'3M'$U3NFGI?C)L$G)*&5435D*'=Q%?@Y?Q
M@?(TA%`KRPE^+9,J>MXN&WC.[^GE>;+)*:G_VUN#FX3PL//74+'S!V,5;5W$
MAAVT]AKCVX,=R=@ZPI-'5@$IV(:YOU\N"M)$&>@E-//N<S9%"IUNQ)%G&JD_
M<%9/!*AW[K;[`K;G)LE3=)>./P'$JX!\E:@X9BK<*=<<E;:$9J=$.VRE>&[E
M^E_?<HY&[<8NW\DNC98**"@(J0402,6QIHJ$>M1YI]\IV7#W^FBKJQ4$J;83
M=$PPL0.N:=6K'TVFG0Y$H;@1J):W34XV41(O;FT;F59!'0`&(&%:>15-(,1X
M)T?+WZOHV6AA$N2UJU(KOZ<E2>C.OM:CKAGCQ:A5U:Y$FUIP:0R"#(]8@^18
MT2Y`C1IF]0'0M01VY5L2]_+Q8@@&J*@X)JJXIQG0J3TP;=R2"=E$;07?N.A2
MO"HF.%!33HT>%>L$30WQ-)";_]M_Y-&%`'ESQ2YJ`%;1]NMTPPY:QQO`MP=_
MT(ZMHXG(^-6=/4[`#9UNTM$G]4C]P??V"X.KZT@+,Z*VBR3Z)VXUMO6)W,6N
M07"P);M[!!,JF(GLSF,X.;MP,Z&N*C[+'Y3URN!13FZYF-<S92Y8R&D`T.'S
M[(D4PPZ?4)Z)?<N>-;^&9H;SQ,1*U7.'::7[F$\F_K"]S#'F?3&;=TSK#ZN;
MP_?\AFS`N<XFH*:"I4\^4^&JFY#L:*">I`SKUDY<ENR:^[I=]-Q<'SQ>_;Y-
M<O*W:/689"1_YI'BV9,-+Q8OWADIM5?P<$IVE_&,.F9Y+0_;%G1!#Z<?7K%?
M^\B=7?2>[TT8@,KG.KM!*^/Y\IX9&.@T6PD7^E"ZO:M]D[#W5>TKG.XGG.XC
M?.X?EK!OV-=^0?O.\D?;-KC>+NQCF^!J>^"3-'-X\3QSIXW(^B=['*#D:^#/
M,M;RYNM@MSZ"B96JUW;32O<Q74W\87M9Z\W[8C9OF=8_\A'<MQ4L?;J:"E?=
MM&5'`_7D95BW=A*S9)<G'\$9S:_)IGD=O;P_J2(955]>`/X!O8+@&U`H./$+
MZ#ODQB>@;$?C#U#HAEU!+Y14<TGSGN0YV[H47'(9'@&$^4?>`#1D!$\`K#?V
M`N!1-C/16*^:+E[>?Z(E`:YPZL2:$0+%K*BD:]R.0(K:`=J`&F%7PLF2\;)E
MW,34VH]B!WO(!4BZ8P`6$E_5;MGI+MGI[MCGKG@)N^%][8*U[^Y_M,VPZTWP
M/C:_KC:]/DDSA^?+,W<0GJ\_V>/4\^69/S.OY;SGQUG,_\,/UIZBE&\WKDB>
MT%B\="XP>(IJ8P$C5:L)9DHG[=9@PQ:!6<.HEOY-V.KK=_YY!9\Q_$X#DP!"
M;2PW)+A)#1V=;;"Y8/("3FJ;*B:0V8T#VJ;3\Y%;[UR>5%N]'?A*:0Z[B1T`
M<0+MQRY@%VB>/P;;BI"X.&/FZ&+L*/R]6/DN&IM&WC8D&ZX[UG'9M,W`P=DT
MJF$K4I_N%`PU_>P!"W#RHFU.C>TRBMZF5AN$<#,#EH?UE4>^_<3&E?VS.\O.
M8LGN_C0I5BDMMF#V4E?5]=9=J^JLUV`7/\9^/;;LA6)MMJHYO-EN-FD50YGM
MS>.=0'!/\R"CV6'U2M^[MI+%"WR5=X99ZAHXXT7?IM;A!L`EK68/@5`21MSR
M*DIBME,4N`N4[@(;#$LM8QA(F[(-5R!6"D8F&`K6%S!X9)R*?TE3[#OF@-P:
M5#.&8B2!@5`_:(#2G%YRY]Q&7_@QEAR;D,`@8\Y`P$&R'%F#+O+D"/4J4^0,
M9$=0K7)!EES$-UQ!`U']F,I2X_3EQ*PX*CO/#-W+_"'*DG]6#MLNRPK/%I+%
M5PQB?(GG?_;RB>SR)_16B%ORI?R0CM_']E5],^+.J[<BW;Y^K!UE]]`K@/#.
M6PKYS8#@Z%70A&+BN\<K5NO*^]YQ;[BF^P;3<*YRW4HWT^V;FG-G+4H>LN0^
M6459V8&QQ2(T^YDIM9F,<$IV.8V,.F:9W0C;%I3G"*=?SQ5O7P4WV_4ZRI^Y
MCZJGNKPIQ!`<=)KMA`1)*-U>JJ1)6)R9FA<T>[@E^?J4W)40$Y4RS1C)9:QX
MIFS6CE90U0"+Y.(U:;Y_%7SJWTD\#&CY2'*_]%!;C*)&>`A^J6B'=93Y9[^&
MF_*4AU=17C[?YE%6<-\96TSU&^\)FKO+NGA-R_N[QEVTO=)KTB!XRQ=?B9Q>
M!T%31U!5XOL&L#E.J(4%Q7O"Z`KZ5X<G`W3V5)>L#X\TC4E>\!/7\ID#04]>
M8[U=$DRLGF5&3,/NV:;'Q#<'YLK$5E%3]OVKX&KX'4MUAK&<,T]SA-#)UA-S
M;"+5^PDW)\)R[C-1/MY96=]>O$Z*W_1,-5%ISS8Q*G;GEP:=LCRCQ+4$G4-B
MM&M"_O@J&$C[/CHT,3N=8A?A"!"AV3OFFX"PN5?&U2.)MRG/E[6]*\CO6];?
MCT]58!QH3<1KM*LA0L-N'<1WR7(%1#4$K7T(Y<;1>L2])ZU,4`MY7N<,K$XG
MV$58V_2*O57-'%X.2<9O651_Q2012<8>_?HQ8S_M^3R[I_FZF@<NDHR<EV24
ME%$OV(R10M"*1?H.V)%'63_`&85.6)<%O4*_%$$8D.+'>D@(6+[C`1X7,\*?
MO1?&2?9P\[R^HZD`.VE9\[N'95:XEC9C!V6Q2@"]0[$6L,W3H'[L%[-R$U#E
MT`V1.1#IP*BTW^S3[S5Y2/C-J:S\%*U%E*A$!E.N(.)@LI4WZF*:'=6LG&`%
MZ1:IW>.`/U_"]`J8B6+&53:E#B7%R51M\=EA?%*]3*3G64R^_"=YEN(8D!D`
M691Q@&2@61=0'E>MQ+(HWH*Y>1Y4!0$K60*<(6M1U.C*`"V(BHC6F'Y&2)]L
M\YQUYHR]$D?I_Y`H_YC%IU$Y^@)4(]8Z<R`Q.P>.IG%+IPU<.^2H@33"IB2H
MBP)>Q@`1![S4LXM&9T"*'6W!%0-(]]PO2$S,/X]W7Y_</$8,@9?;LBBCC.^8
MY),Z0F$XPZL47$SWB`XYF?O5[:@7`I7N;E6H3Q(JJ8.@E@MZ@HM8)##6%U<,
M/&*&RX=";[26&(!L=HY=;>_29'66TDB\`PZ6#QC4+W=`&$ES+O@QK%9)A[YH
MB_[Z65`]7`+294:AVH&4X;@G)L)68=D947J\)EG,[UB>DF*5)QONL!'PHQ)I
M?K-4Q`JNJD;M$`O4#(!6*AWNG@:]QWZ1J[02Q0SK$+\RR0["&(///M>>)2G)
M3]C.ZH'F\K=2J<1@OAU*.)AQI4VZF'/%BI6S[E"XG7>KIT'[>`DSK]Q`%#&D
MLMEW("C.OTI+SX[=O]-TFY517G=+?B@#R`SP*\HX0##0K`L,CZM6HE@4;W&\
M>UXC>@E`AFQ%46,K`[,@*L)98_CY7R[KM]YKLJ$YOR7./^;8RG&M%AV^4,I%
M7;Q**COAY"42:D']^BC7VKTX-@Z777E0"RR!`QJ[BJ^*&!0,7Q*E&J/70Q1D
M9N?'/TB:_F=&/V<W)"IH1F(>%83D4H)H9`<,@60=4$33#1<<@9M0D@12:UG"
MRX-*(&@E@EID"3S1F9<:F4'&%$!%I`H2.S-RY92NMOPU`W%Q!2/:C(U2U(HH
MF$[8\433`D`3I5;8EB[G$@O*F-1DU(>T4&ETK##!R<P7)H^+@I3GZTV4Y+R'
M)X]1_D!$2JB%6M^-7,C.>Z-LV-)_`]4->7#D\F'WB(<8Y,\\.W#4QJ*XL16<
M.%+9GAL'9?NY8^ZS_5E.+N_A./J@0//K)0)VH;O!!BUCV,OJA6)KCV5WX1!Z
M3KB#X$.T^NTAI]LLKKY1^1`5295FHE/T'#$;MA[5#_@0WV.Y7JQJ+0CF#U?%
M[)K<I:2B'>*C30.-<A?62JMA&^H*VR7K\%>(AN"06%KEW9==G7`]7WH//80W
M.IU@EB&#$(J#*%NFZ)K]DZWU.BFKF"$\LFT5A/Z!9*M!^#KXXZTIRNW-'S-E
MRP^ZIG34]M,NPS;!C[R,ZJE9^L.KH*=7K6L#3=]??TW"#;4SIW`-R:B._K=A
M-K"=F=W_=QOE)<G3YUV(H-Z;&<1J,Z5F5)%*5BPVZY@=>]%M`:Q%ZN\^SKPA
M*5GQD`8[Q6"GR2\#1L'+;19MXX3)?.N7O8;XH-/,-V0K3K=CZ30X^HIZB=G8
MZD5W.UJ%J)N8F'O<PRI;T,7)5(3`>_.J"2L9W"XH6"9RJXJV_6Z/"FM(0FDN
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M9O:GD^PC4!"CVF/?%+`MD7A`JJ!)NB9$=),$:%(W9R"F/KV/637AS==(4#@'
MCPV\3`@[SJYC!<ZYTS[P?5+]!BV@7U+2C$Z_Q"Y/PK@)RQ0'@PJA[`0]H;#=
M)_*_/&<2D(PW58S4$*H]@5[H?=A0&)@E19PSW!R].7K;H(8_^;6*87M+)='Z
MQ>L:6L'VV@8L:'=]0]L!RVL<JOJAZQRP3EA'!V;FZUSF7;'GRQMZ6U+\L`N7
M.4#YWJ4.-$0LD-WC"[!GR<AG?@E0^!WM4RNP"E7;(;.K#(!A*S"8`(.7Y,N&
M9`7Q?#(CCC(%QF@(HZ:PPPQ@%C<`J=*1PTOFH'B\;M;%KA;/06/.5M"V5OTR
M6DLV&=JKE`%M1J^%``HTC&R!E9ENO,K6/U:VU.[!MK^^-;%NR54N]F!BUHT_
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M43PJ@V_>O/K^C??+65@`4',;C2YD:?0&5[$,<>;C?;:*/1"?;G,^2U3[O+]'
MZ994(1X_1`6)3^B:^QLB2<BZZ17TWU/-*K!?Y"=UV,%R;MJN:NDVJTM-9;+>
MI/29$.Y@(EF9//F^Z&P!*VIO:<D:;52/L!Y;H7M!$\(G\KDJ$8\=C700M.]T
M]L;T4;?V1^Y^4Q/XW*FK*5R0_"E9+9FW8RB@J`HA",'.G2J.D"#N?'#PFFP8
MLA_Y]'"<Q=>D3'))EV5,--/L\Q&I:<]*LRXZX":Z015#D96$G5QU,SJO!-MK
M7F5.HF*;/P=%%4%[`70UQ`NUL*2$NK@*!`)/`ZH?&L>$V3Z^S$^B-$4S&*DT
M)*].R05OD1US0EE]6VJVZO1#+K*NXRTS9FZZO,/+H286""(KS0`T)*1&=\1%
M0]QY7DU-UU#3E7//Z^5,JZ3%VB@AV@G?MJ9IU%)M001#V!E<\2:N<P:KV]+(
MM,O-7G7T;V1]-PJDJA+9N5\E(I8.5[A16Q>KM&;0J2J1#KN,]C?^$]@K[4,Q
M`RKZ0\>2?0^HWM0>(A<U66RD``;+>_&'AN76(8:DS=E'$1*K500*&HJ&_2Q)
M_D/^R*U!M2,X#MPS$!O&YE&:=&:(WC8OB3!(%1)EFU!W+&&95A=LT@ZJ\HK!
M%+MCX;!]N`3`JBQ#$6,Y!*U$L)]S5VOBN8/EQG'"-WE1>A4E\7EV$FV2,DJE
M$$;)MJ%SE;)V$70QW;`#N*X)*)ZN4BWLB@->?IAD02/A.;PNRJ[4:/R%8+LJ
ME5[,71/0S$R4:U)&24;BCU'.;W864H:HA9HQ`82L.*%NV(X,8-T`"P#Y\'BU
MVJZWU0>?P2FY3U:)Y\]G-=:BN,$=(ETNVT$<9_S9/2[-IV*7]^/[2,!W7D8Z
M.\\+1L?2^V+0+5L/#*XIT`N#40^58KX=,B80H)-,)#IF$*I]Y\P$O/GBWBV_
MX`>1;%`HLJDN=$.;04..^-'6J2-"+1<._UX(Q(<&&&-99B`1M)6,!)U2^_F"
M84T.?L&%9E7HVR_)^/H(0E8$J536#695W7`$8:`)':*E:B%4S$L7`G>E9<?H
M1P!!)(-,1<(-#&Q\4>4"2+<$"XBDN'"36@ENT!'\+_1IE"2RX?C90N`]-LP8
MTY#Q1"!?C),CZ>T[,V0%%IW2-7L)$:"DE&GSZ$EE[/+GJ9JU@R]4-90O3RH>
M2A][SHVG-!5%#:V0"T\FVLN!A['[_#&UN3>5G)+ZO^?9>(]_3=/TC.:?HSP6
MP#=1NXN\;:1M&XQ[2E?MN&/>*!RRVZBBT%#!>WSO23"BEL8=10$WJ600&-P&
MQS,S_B*)[I(T*5DE3>9:P#>E%VS&3R%H15E]!^S8J:P?(*)")VQ3):>=C%]>
M(2Q(\8,]9`LLWQ$##PSO'-!B7XMYUUAW&HM'^GO0$._B\:R6#W$,M*'/^\>2
M*C"[MOB^9C434__!#+T/,_N(G-KK%?]V73IGZ07[\>'D@O;1Q)0=L$.VLGY5
M:#&Y3A.2,*790U"2?+T<K",L2?&#+HDY)I47HH^A`.(C*;5FVZJ4Z:>D=KM9
M539K>8\&J%J5CQK>G48+2%"AMA%%C:DD$36\$T49?&8PGS97A&^C+W7W/I%2
MOAM%2#:CH9*T@C>B"W8@5S<`0%VE%+:%;?A(9K,:_,%AN[WQRP*,6:F!`8:,
M4"ATO##`RP+8`6Y]<,(*CKC:`N$ZXIXIF*V01D_)EVPGMSS*J'9'1L!0$$>V
M2S+#D2?Z7),GDFV)>EV1"PET$82<T$3>L!MZC.K6T$*0[^B0UP7+`#Y@JA'@
ME285@#Z4'0-<;7DO26!YVA,>7:K.)[U-LH?+#<FK#RV+#^2>YF27K9,4I^P?
M19FL!"@ZJ&F00G9:30XRS%K]!.L#+HL.*//33JLT9)-PNX#=55)\'?/]0N\"
M:M2AT67I;R=5*&;'=<(!7VFE/];AY3^0C-PGXEJID1*320M2;O)(RYMVP6!9
MY;KLT8)">-YM&YM`_<'+N[K0<ZQAG>W&J:.51A[09B0L21BM!H/W&Q_".J^]
MXP'(@[<Z1'G']SB`[KB^N3%N!GU70U3=W<X(7L:-T+=LT0KB16TY\897W,-0
M8Z5CDEI-==="@RX?IS7\+3`J'AO:RXYIY!+]\QE!POY@1MZD@Q.94<6JHQA!
M.&1_'U81=9,VJ'.S=BS@!`8P$D4,J^3,92@H'+:HK>W)=]#;JAUGW,UQPAXF
MH_1[6''!GP"*._$LZ#KCQL>@:$7C;0`U96XXWZ\O:`N/W!!(3`@."4AK[)K`
M@L@B%QM[E7DB><'>8"[O>7;`J^B9?VET1O->^`P!BT8ZN_@J&!W+F"L&W;*-
MPX)K"HS-@E$/.S$>7BNKTEIN:M$Z5GLO7*SO>"XFB*"3+";&?4&H]F/!3(#?
M7F@UC)V$9I9<34LN06U/_))W;E\4&[5FS#*A!@G1!CSKQ9!<,M4`B"#8I@27
MEG!#;0SGU*BT2JJ<G;"-9IORI-EP7F95WMNF?0';)BJ[1,L(%<N4R_A.V=$,
MV1*8AAFA#;\%!8QP@V7-=W9F`RC0*;82,S;K-?NYF\U1-WN@J/_=%F653_J6
M`H%ZJ@0)=V*"A&OR^S8IDI+<U!'OZ^"8UV1%'[*J%EE0U[F:VX6KVG-SEA&O
MYAD,VZ!9>^\E&'=KSRV'U6)V6*GSK7F7.&01/I_9R$+G1J081FR_K?8CD<T[
M'SB<S#.V(E=_Q201)W/VZ-=3NMKR'W:6%*LH_1\2Y6?LR<@UII9J/6*`E)TC
M3-VTI?\+K!QR>P$*85L0U"4!+PJJ,L\N+XWE*'*<!0>77+CGU\)!P1O0:Q[J
MH2Z1DX*]+^<0[I+F70)^6#T*\GV5$>CKPN7!7F9%`/BPP:70[XE#X%=`P^+]
M]Y04JSRIDE]\B%:_/>1TF_%D*A^B(BDN[[O;*L#7)6C]T:D'5L_R^,.P>[;G
M(/CFP`,1;!5A3_0@Z(2K;$.5./=-=0J^STQ,@4(G&U$\14&J]X]3)J+3@HDW
MV_4ZRI\O[V\2MJ>[7T59>;Q:L8;+*FMOFJS8F@6%S<3H"J.#T[&+(&72+<N@
M4LBFH#A3*/6P$>.\J@43+AETHD$KZSDDE1$>Z"1["8&K,*J]6%93P&=!KK-M
MSMZ3MCGAT4<V?%%E;#Y?;W+Z5(74`GBE4Q/&0BMNQ29L9^R(A&@%X)!6,]Q)
M'`0[F8-JN>J)>:8.VN34U"Y#PNBT.JZ8HLJ")K]0&G].TI0U4%W#.<]*9NCD
M+B7U%ST`371JP@AHQ:UH@NV,'4T0K0`TT6J&K43%C/JC_$ZH^;+7+TG0!J>F
M5AF21*?5D<044U9'AMWQR36I(L]?13D8TAP2'QT1`F*6QX+JQFV/`L':P>,_
M0"/\U#_5.PB:PJ`J]7W(IS$@Q8ZV>)@GE^X?X.$P80'FX<$Z8T_O=@L`:)6*
M\$N5H@XSO<D[80=N30NHS&^"5B\#7)VQFT_PR[F3A3(LD!I."8,&\"H-*%6<
M&C,6P/^XWJ3TF9"JWLN-RL<E$Q5^H53$+H*MHE'+`+;RFJ'XM3+IL'U:9]H*
MFN>>X]>JS$0QXRI$KY5(]H+7(BQN=1UPO4[JH\**`M6+,<D4/B"%AO#[5)+6
M.0PU7;"]XJ=J0)'7$%(*>X75;#PH]GUO3V]0:C#TXS2(@,(P(2(2*7977U>L
M"?5!PU!HA.A!H>VE54E#UE=3AW7"%U#[<N'P;]]PE!J`JL=M="6T)S.X^*FP
MGP6T^M]#R''5DQ#ZW"]Q\[VRJVEP6*'NNV0^S37?(M_Z_W9&-M[C[XVA6:LG
M(/FNV.FL=+.]*\CO6P;+CT_5!`@=O0S%1J<L0K'E@8J\,=NSDU&MX#&)(!EV
M3X+ZD>^##\`:5#>$XG'&4*I_<J$VZ/Q9K'N7Q"H7P0DMRJ(Z0WF^)5_*#ZGL
MJQ$CK6[?B-*RW4.:=,UZ/XEL#-Y;HBJHW%O!7[J7BB6].)FB@4ZTU6@#BE$>
M;$8-X-<?T@OV+_:P?<3^CU^P9$_^'U!+`P04````"`#[@&$^P&JT.O\5``!R
M.P$`%0`<`&ES9'(M,C`Q,#$R,S%?<')E+GAM;%54"0`#*6!M32E@;4UU>`L`
M`00E#@``!#D!``#M75MSW+BQ?D]5_L,<Y5F69>>R=JU/2AI96U/Q6BI)F\UY
M<E$D-$+,(69!4I?\^@/P)A+$I8'A")C)OO@R;#2ZT5\W;@W@Q[\_K=+9`Z(Y
M)MFG@^,W;P]F*(M)@K/EIX-?K@]/KN>+Q<'?__>/?_CQ?PX/9XL\+Q&=G6&*
MXF)V./O7KU&6S$[?'K_[Z^SPD%.E./O^D?]Q&^5HQKAG^<>G''\ZN"^*]<>C
MH\?'QS>/[]\0NCQZ]_;M\=&_?OYR'=^C572(L[R(LA@=S!C]Q[SZ\0N)HZ(2
MK5?\Z9:F+8/W1UU=2@K^O\.6[)#_='C\[O#]\9NG/#EH1,1Y0KM*<*5E4BGY
M)B8KQN:8J?C^N*7FS``BM>3\*];0]S2OZ4?\FQ8[_O#APU'UM<\Z*3K:/M^_
M'-4?#YA99K/:,)2DZ`K=S?C?OUPMS!H?<<JC,Q*7*Y05)UGR.2MP\;S([@A=
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ME!1Q^*^;WFJQ6E/R4/F(BZQ&GA/(_1,AR2-.4\;YHKA'=)&QL<`2WZ;H),]1
MX=3&1IX3R%T'\YOHR2T6](M/(,U74J#\,GJ.;GGQE/<1EQ%U"ZM*7A/(><GJ
M1)2BI()_%057*Y)5_W.15<MOBCZKO,W1;R7#^N<''K>=NBF1QR1RK581?68=
M'UYF^"Z.F&O&,8M_O$NY)"EV[:-@C/L:L#%)SM2J(NT7]L.@4O14H"Q!25LM
M%WZ247<E0"M"2N)!K2F?-A'J-!K*2%;_CXUZQH,A_$TR=F=:HP4;B70-GD:W
M*/UT`"%E>O$6T9(>>5?VAM6D4*[_25"F^C04O@^6$SI4)*)QRXC]<X"4\9RQ
MH3A:LW%?5AS&]SCM0'9'R0K8^D2K2%_:CS,=PUE!9D-&A+*QZ*>#/[]YZ]%^
M)TR>A,MTGD9+P8#2;XWBPV_!FU"GBIT-!4Z-$?_JU8BMS)>(8L)"87+&NF2%
M-PYHOKU3..:04_#FA2GGYJQ"HZ[9_RCK:CX=''?6_XM7Z]_0B*]&7C^O;DDJ
M6%WZK6F.X;?@;:Q3Q<ZR`J<R9QQ(-<^*TLZF[[W:M![.7*$ESMED.RN^1BO1
MH74D3;-(28(W-$`Q.WO+&<K-?AR`V>?5"DNZ8,/BIW^@9ZG=%30#PXLT.V)Y
MO6HNIA]QE-O^G5?;STO*V^\<YW&4_A^*J+P?-Y$US:0D"QX$0`7M<*!F*H?"
M#P&$@5]1FOXC(X_9-8IRDJ&DWEN4A@,#[2`LJ&B#1X:-JBYA0LE9CI$/`6#D
MGR0MF9;T^1RGB(K+"UJ:`29$FAW!@EXU%PR,."J&"6\#,'X3U*[0FE"^^,9W
MNTHY!O2DPU&#G'1'$`%2U&D,H6"LP$<(X\@*PG/6RRT)E8\BI10#-`PI=@0$
M.K5<;"_P4YC<[_"Q0>G+YD:UX9U?E`5/G>'S77E@`!08A@==@1W!AX723J%"
MRUZ!'K_+P+7@E^5MBN/SE$2%%"R2[P-L]+_O"!34*KE8?L!-86B_"TNM'B\S
MH7/VBVI?2D$E+!:+5,&;'J:>VW+QB&=K=[^+Q$/QZC5ML^4E=%+;]^EVS/IJ
M%3>Q_X!KBP"_FT3=QE4O*4JUX2<A$??]^B3!FQR@F.,NX(!A8^B_=7;^\6C4
M(HS-]U?)C0"GOMDC<IP4PG_Y!J[RY)8OQ,?B(,,^%;")1999?MOPOC9%EO\B
M>E_S\[>O$<^4DRG2-(":H-%40N#/]ZRM10`:"FX(K8/[I(RW:9/'HX/"\J@F
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MK"D#6%?[MP++5SG]`[%NMW#&NO=S_,3_E?]$22YN%1KIQ(7:$9TW\RO,2>!*
M#6T^Y,>MJ^'S*D=]((:N5DUJT;^2+*ZSBP4C:VF:MI#3!&A<B#(FPRIXO,I)
M>GAL;E+%M2%:03.(U")-@$:%*&,RJH)',"&9WW#')UOL+SZK>HA2Q._G*N81
MI<\X6_XS2LO1*3V;,NUH&E3&,PA4IB9N.LNP(511C:5AK'T<Z07'^BO$],$Q
MFP8,U)2%?`-I/_*K2,.%B86&0'3H.?HXWF\Y`-!`P0B`G3+[5,8&F7B["=?6
MPP'=,$#7_0=LTPG,";(D3YR>K=O5SR]U`RH5J[0J2!&E%:5G#)PU4M]$3\W`
M%15R1``HNX17-66X:('K!\2.EF$X<X(Z92V_0C%B(Y?;%"D1`"%M0X2.-%P,
M6&@(#2!:CCXN^G"-"LIE`!BQ)C:$O3!@I9YI,FEB%NIH4$R086)_?HK3DI\9
M;?-H!%C8%&E:#U0D0(@XJ&H""HQEV"-+Z9!2.I8,T:A2<6&+1?LX4!SOWBNW
MM4R$R@0*_TN)MGL_8&7=]H%T[(/I&X9Y'[+E1@V%-*_(\U(BP*@$HI1H<Q77
M.MM<PBV8%<)>)H]T.5GQ^24/8_@Y<,L:U+$QZYA5,&/\DR3!=?]T&>%DD<VC
M-2XB<11GH&I[<055X(:&*6=C;R7'8*+U6'YC_VWLMT.WLU$E&Q/+F/4&WKLZ
MOKM"180SE'R.:,;F&/E)')>KLLH+8Y-6'&-QG`<OT&6Y&PL$CB-KE6UP!6$N
MGU;X7T3\@J-;G++(A_C#4."I@FVQIE7!Q79F&N'8$&Z3"GAENPHW2YA9PLL?
MK*QA`H"6%E+0"B&P&DQG=K67["MICFGF\+73D6I;0<D0?_Q/G7K"JJVOMGH8
M`41O7'!8D-MP,.'9`V?7YTR:"<<@""9[$HX)FSQ*,T3"S:AL]VR;`ZCZS7`Y
MD;`-+A"%8&O`+KA6-:6Y-9O@(L-0$R*9O+1DT6JDU!@#>KH7&"CHPD<"2$%+
M,*AXAMK?*XZC*W$!IM=?A;`[.+%5V`8O`-X[,$^5`\7H6+L7,B:-%?`@L<M+
MKVU2T!5Z0%FI&&_HB83L*H$H<,B`5+.!C8IA,)LP599X3P?]$3LM83_97DX8
M@O65*?<0W4`S"QVWT4`BC"/L_+S0>4H>7>Z/V,[1]4XB\Y%U)>GXJ/J8U/?.
M][_+O."RY3?D"L4,*;C*RZW?M/]"<O8[%_J2D@?,['SZ_$N.DD767-V;+4_B
M`C_H5@&W646WY[Z%*D)8AU0CB[Q*PRH7,$>"U3O^VQ`HF*G/&6+-$>,:`EER
MLN+/2_VG^N]H@&*D[$8I:DI_B:#;!!:Q:1XAQW0+<M5C)(T\P<"O4BIG,IT3
M>D;*V^*N3-O5)`%_$-*7&W'5I'N+0(L&>AT(Z@4*9C60/[,993&ZN&LO-OLU
MHORAYIS)?8WH`XY1?D'G:817(BB=RK:G(:S*[BUL-VG"U\&QI82]PP`!G-)8
MK-81IKQ1YO<178YV-/5$_5,<8Z*]Q22H45X'?"I1@ED$9?I1%.7H#-5_]S1J
MLF,5<RC[@MTQ,G#!O46H<^.]4LBT$$^^X/NW`($]/NQKA+2ZB!+,DB+>8.P`
M,RDXC<TPA"6\6CG89-6%,]X<B<OF:CQE:C2X-!(J,=01[CQR%"I/BY>72H*9
M&:M!W>R5@D./0&^,.RW]SD-'WP#;B3A=7<'L14EE%3(T(%A2%-'!22RR#XC2
M-\/DH!I5%\P=`+(H.MB6!?1F4GI-IS:DWWDXZ1M@ZBY.J"N8"60K63WEN(F>
MJ@,&[.\Y^W$\*H*2"RD32O*]G2):-M1K;4N8A`JFXZPR#GB:`;_V\XE?IB^&
M-`U%/VU#H-A;P)F;XW4P)I4CF'YSH)^86"K[UB:1#KX%OY&O4\5N!U[@%&I2
M.;_W;:.<$G<&+PC9NWR0C1O%&FO6U86:G0S7Q1F(S@#T^,R=.Z"LX*B%H;T0
M=N#<B[.X"G6;8Z9]=>>$O\E=LM^:ME"_JC4M4SWN;9GN:C#>K/$F"=#6(J@O
M\/.<$!4]5P/B<T*OT+JD\3V;O;.V&#_LUZ9%@0NTR5'F`J$%9U>`$8?F`05J
M2X&J9"B`(,&,99F$C;@7=_WS60+V3&3=Q4`*LCW"&;`IMH4N=?7!+*=LINRD
MW?BDW?<^H7C29MT6UC<5LC=!V]6AL?Q!HDM$,4G$I7_%0'@3%MH7HPPL@A_D
M3M`P=D-:MPI#S9JRT68#2&X`17\0W`A:EM#40M)%$%NH!C2<_?T)O2W"S^:%
MO6EQ-ZJYE[QEV;.O*Q%8I*9%N/W[!(#]]NYWR)H;Y55!*W3D:\:6XN*9Q<U-
M+EFK`?TY2T*`LV+$OL@>4%Y83U3T4T!'IOJIH"W3X`>Y6VF\259RK44(]8V<
MS?2;%.R3@CRX]0Y7T&[L!B[K'9;";NXHFXR*@EGO:!?/;\A)S+I2BGZ.&#XR
M1)]9!\L[US7_K-@9@142=D<,A?;(!YR::5M8APHSFEJ&<>-/G:?D][J?6H9.
M*/7A2QW52PZVE,IO-&A?4&!#\.M[YBD*%4UDC8Y*,I_IY5K;$+!NHQ1R&5_N
M=VI^K:>]]3Z@$F4\C7(<&VP^H%$8O*;Q9FVC*27FEJDUM+6*J\S8#;=@ENM$
M^<YP6A8OL5EA:H%*8>R6:J?,+5?-W>`=OV!.._Z*\/*>B73RP$8%2_2U7-TB
M>G%729M?E$5>1!E_&E41ZEV+-RUI73SDKF'#M@!W&?;UM`'&?X2!RB[K8IS*
M6@+-<Y?D#"$+^)F[,%LI;$`96I>GD+L)U"/Q89`TE=:#4EEZGV`);**M`5-=
M?S!=<W-@5%R1%'_N<OV:GT/N(A6R@[N^E_*A'D;JS@0TY]]4FRA&NO8<HY(N
M9#M#M0,;7L,PF&,_/Z&,"9GR.S^3%<XP%[#`#TA^A!5(W324B=H;&,R6)K:Z
M#D&AK(##PL@XU#!QC=*4=U19\G-$OZ.>?@),S(3MM>!JPK#!`=;0`A<ZGL'T
M[_\U-T"#8.!ZC;,6!Y"[F/UW'"_WB9"\X+<RM*JHQ@PJ.G',,*(+&P)0_2P`
MH&&Y!^_;[.\]LR"\.%P6JP6+X<97_R=Y?J(DSR\IN1N]&2_YTHX<>U]"GC*H
M-0!/$@8LY",__S;D@>CBKKV\6C"C_&.;,3K\&+(QM7J`[2ERF?050YPG]+#-
M)Z@LQ'^I[QZJ95+,W#/TN&"R"DJUOX9L%;GD8'-TQ4,]PKW("L24*>0S*<77
M+N%B^-6;'44C$9/D0_LUQ>NKZ(1BDTZ&S?YSPX=)XA!6\;E_:U?_<TAF,,@N
M##3&<:2[(6O`8P\.17:#*N7U6AH*<<X2PE5;-BN<P+NV(&N;YLNV_"=7O\AX
MSII*EE5XBNX(1;UK!L_8/_)BM)T[`:=!LIP;IY`Q-ET+@;&X496AGHS=\8O_
M`$B!W_FGL3WHNK\/.]Q/=:!M1D2G*$/CJ;2!:A!SQE0AHP2FF66LD+!KH/)#
M8#GBU5[_/4F9<#G/:"^>@WD>MKJ&:"":8O)I56;\8*RFC.?]L%;&&\EM1_*/
MHG8W?F\VLK,,,6BE/-&GYEWM>PD\@]W^;.6L59B3U9ID_/C)R1,6>V@0K0@&
M*:U_;`Q-3>R44V"BXCDPOIQ7J%@0I&7#R0B+&Z!:FC;A7$KCW^9:RQ*8;@K3
MRUA7:>=REFH$S+AV2?&QX#L>Q=5D_:OO-VZ;86H5-']&//-/`):.I'O35D+B
M[Q2#%BT$I)%P?D'&L7Y%5L8IU##2N\]1:FGE]VYW1?P>KHU-N@`-+&$SZ1;+
MA-:]X9=\E/19;5\-1=,J,HIP;6S6!VAE*:-0=T=/D@370EU&.%EDS0L[4HN#
M:-O\!BUMN"BPT1&(!P/+4"_5OT(%4P`E[9$Z*23T1%VFO)0H7!"`M`):7\4K
MF`V&;D#YA8G)M^"4\\$1@3@)?"'P/PM0S_Q4:H"G>ST&H7;?XU6+11:G)3]P
M<\E3,ID=BH+BV[+@VMT0_H80R0K6N&FU+U9O9(^`,"73#CR3,/4/N#&LR)::
M3`'43H`:K--4K)G"[O2]@P$[R.B2OM]=Q*'17M-)9#<9'CO?S1G(5895X[P\
MX)"<9`D;RV"FRUE)>0M5PLKNYW0HV4<ZL&3(<'92'HQ8*/=04UHJ)19\F7,L
M=7M-"TKX6!IEN>QXCCN#/L[L&(0,MTV:`HPZRTI"S5D5/<@VF-F&L)T-7-L(
M5^`@]2$4G"2(:95<T'F4IF"P``L-$6,J%#9L[%2VP(Z1L1Q`/X0!($70_(H>
MJR_CI1:+,H"^[*5,R.BQ5'C3'JO']_<$2@\V=W@O>6!;H?R&=VTICE7,2?;`
M9H5,C/J9L>:5L7-"U0\46I7I=D$A90*UI(O"$`L#^6[E/)JZ[N'V/-CV\F)&
M\PO%=@X!6K4W`X'(>K/-5`4.OI*,W_0LG.FZR#2/1-H4:0,VI$B@MG=0%Q3>
M06R#V28]2?Y=YD5[E;=\J[>:(]^*<^0K]%N)<UR@YL!M/42Y0C%99A47V0SC
MM:KKMO&W7%V@V'[E9H;XQ?9%&E^`[?$<`>_I<:TN?UJH.ABU1%G,WWR?L+-7
M5J)Z3%(CEMBUJRG]9^XI)#O#>9R2O*3HAAGO-)4-=%P*F]M$5MC?8UP`*Y,-
MVT)X>DO-JLT<M*G)E#3JU;&SF#%N'VV9<N#>XZMTWT'EH\%X_Z-O)^T)<X7S
M[Q#7A!>1J:PJXM$-I=8B3JJ*_M9GW<PW`"P#=JS>$>'IO*K'5/N^2EWML,7[
M7P(YB&IV(@BIJ%]03B.S!['22W8@M>(W.(2Z:^YQ7=[F;"#,>']^X/WH=#XB
M<E8=)14%$-;QQ<^>MR_B>Y24*;JX$P53>8Y%B59E0`E_$T25N8B+JL(,3RA5
M;5E`>+K[5_.%_\$GB.R7_P=02P,$%`````@`^X!A/CL_TH>4!@``0S8``!$`
M'`!I<V1R+3(P,3`Q,C,Q+GAS9%54"0`#*6!M32E@;4UU>`L``00E#@``!#D!
M``#M6EMOVS84?A^P_\#Y91L01;;3=$V0=$C3I#"0U4&<8GTK&(ERB%*D2E)Q
M\N]W2%TLR]0EO6#:X#>;/.<C/WX\Y"&IDS\?8X8>B%14\-/19'\\0H0'(J1\
M>3KZL/#.%N>SV>C/US__=/*+YZ&94BF1Z"V5)-#(0Q__QCQ$;\:3Z4OD><;J
M487'*K@G,48:RR71[W%,5((#<CJZUSHY]GUJ04*+L1^(V)^.)X!P,(&V&8D)
MUY="QF])A%.F3T=?4LQH1$DX0M!9KHZAB1)KM5KMKP[VA5P"RGCB?_SK:F%;
M+XRI"F6?EC-K1OGG#>S'.\D*]`/?5-]A10KS5$722S1QNZ3*CZ0/S<2"^V!E
M,`Z]\=2;OEH#>$N,D]+?^H)?7FX\CKSQQ%OW$&KT4T*4R\56.'R,2:@W/7).
MAWY669A*$C7R?^%#;8G)6L;IXQ4,5&$9$KK562AS]5/1;F$]RI7&/*B+('N)
M(!TB&%O:PJ;>X./6+,D[.CDZ.O)M[0A"`2$;#)ASH;&&^+)E16F24!Z)O`@*
MC==Q,;]N2(0LSK&1]'2D:)PPT[XMN[<BF8GM%?/W4R+)/O2N,)&"-4Q*R\A4
M^^"B(-9LUZ[6#1<06`9;*%L\`40D1&H*\ZX,#O^[L0HP>RXK<`E2-F12(8F>
M2PI<**<#YL3PW7,Y@0MA/Y2.@;D%`LC\^'`SZ]X&LIZ]%4%J=J$S'EYP3?73
M#")5QG9.C1"%S:>PJ%:4C1?-KT5[/885#';+PJWZT^R?62NH@G;BUR'JZ*DB
MX9R_MK_KD9Q[YR9MGK5HZ>^X.2/=?GEI(<-W4F<!/&V2,(\N*8=UF6)V+11=
MJ]-JT2'3%+0I_3=^BPB5:*B`0[^="ZX$HR&8A;_O9.LCVPP2S)AL:947=PAT
MT"90!K%3H8\*YUC=7S*Q4EM"K&LZM'C1IH5!019FIT<?/1;W6))[P4(XC%U\
M26%#V!+&8=*AT&&;0@LM@L\YW*\H`]QIU9P6$!5(FIBFW^#@\U**E(>0([S!
MBJIY-(=\Q/+)`ZJ_>;N&$YLY4!4PH5))S)\U\AY:8]M4PJ(;<=?X.TF;PR^-
M8RR?(++HDM,HP)#T!0$,IJ9\>0W;>@`)9AZ&O4P[I)S6I<Q1;31:7&J`T1H9
M%=`[%1M5O$PE-`P#:I:P),_<9S$<$1[L6I<)V&G5H=U!7;L2<`^5D'LV""NH
M.]V:=7LG1+BBC($.<WU/Y`R(\R6]8^1,*:+SP.NTZM#M15VW`M!*92'1&A-E
MH#O5&E5[+S11U_@)PVC=$&;./==8%ME*8VV'2H=UE2P02C*D/91C(0NV4Z=1
MG6M)(B(E"6UR!S%S;F\^[;],H5:+#I5>UE4JP9`R_C:DLKO6K&"G5*-2%W'"
MQ!,A=N#G225S=-9T*/-'79D"),OR40ZSTZ-1#Q,&5-L]VP:%3;\(7V>`;08=
MZKRJJU/!LC&S@;83J44D'@#9C8-6K:Q#BJ-M*:KNN[%O'/OL<NT6/Q8!42UH
M'_7IN#[JF2^RSKLQ;SF@WBGR)06^%P]FL2C.HK72CM'?ND%8`Z`,X7\LP8E?
M?V_-2S;?9>VK+(T3(37B6Y\LM#T*9U\[7(G`@K6XF'_EZ[5GBKS)U#N8[$/3
M^>-5>R_:O@YHZ(7&CX*+&':5?9>W3Y@N2[PUWK.[5'_0_\KN<,&S?X#W+=UQ
M?@SQC4-D`5LZE7^[8GMELX6$4:/T#3&=A=U]0>0##8K5TSR@?FJURAY?[=<)
MQY!1$XWETTR3V$QN8`,QK*E.#9=W4J1)84K!9(0XG'#-T>ETI&5JWFYMW1UF
MIK'340`Y.]5%<4(D%>&M;2],LZVPC1K/OQB:1^:8EA_W+H7<.FSD)'O9__?H
M;AZE>C&NNPR5]'O!S0/.C&L"B[V^>$P(5V3.J^?["N%^YD,E>RVI3;_+]UTS
M+U-.@\J3OZ7993A4@I<I8Q'`Y[>>D`MH2>_2&KM6JZ%26XA(K[`D5[!F<@7:
M5`@YZH9*XU9BKF!E.(,SH'9L%`WU0Z5CX_Y6E'%2OCNJC46CV:A*S$Q#ONQ-
M"T.MQ($N:+EI/H]/?O-LSBQG.7R%B+-VN`QN(>]E[N[G54.=5KW?5!TB?87O
MP"3L]03I8/Y,OX&Q[GJW<Q#N[S(PKEUO70ZN_5T&QK7II<C!L=MT8-S:WE@<
M_/J9#XRCZY7"P:W=[)LVFA_!JN62WT&NE_7`=-N\[W:2<AL,C$?E]ME!PED[
M,`;U:USGUMUD\N]QR:Y/L\LT^/L/4$L!`AX#%`````@`^X!A/O_I!&\`3P``
MH(\$`!$`&````````0```*2!`````&ES9'(M,C`Q,#$R,S$N>&UL550%``,I
M8&U-=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`^X!A/L1C.R&F"0``87H`
M`!4`&````````0```*2!2T\``&ES9'(M,C`Q,#$R,S%?8V%L+GAM;%54!0`#
M*6!M375X"P`!!"4.```$.0$``%!+`0(>`Q0````(`/N`83Z5"_6-Y@4``%XY
M```5`!@```````$```"D@4!9``!I<V1R+3(P,3`Q,C,Q7V1E9BYX;6Q55`4`
M`RE@;4UU>`L``00E#@``!#D!``!02P$"'@,4````"`#[@&$^SV37/)@L``!`
M,`(`%0`8```````!````I(%U7P``:7-D<BTR,#$P,3(S,5]L86(N>&UL550%
M``,I8&U-=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`^X!A/L!JM#K_%0``
M<CL!`!4`&````````0```*2!7(P``&ES9'(M,C`Q,#$R,S%?<')E+GAM;%54
M!0`#*6!M375X"P`!!"4.```$.0$``%!+`0(>`Q0````(`/N`83X[/]*'E`8`
M`$,V```1`!@```````$```"D@:JB``!I<V1R+3(P,3`Q,C,Q+GAS9%54!0`#
I*6!M375X"P`!!"4.```$.0$``%!+!08`````!@`&`!H"``")J0``````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R12.xml
<DESCRIPTION>IDEA: Employee Stock Options
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0017 - Disclosure - Employee Stock Options</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_EmployeeStockOptionsAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</Is
Ratio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Employee Stock Options</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CompensationRelatedCostsPolicyTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><P
eriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;On August 9, 2010, the shareholders of the Company approved the 2010 Equity Incentive Plan (the "Plan").  Under the terms of the Plan, 1,500,000 shares of the Company's common stock are
 authorized for the issuance of stock options and restricted stock.  The Plan also provides for an annual increase in the number of authorized shares of common stock issuable beginning in fiscal 2011 equal to the lesser of (a) 2% of shares outstanding on the
 last day of the immediate preceding fiscal year, (b) 500,000 shares, or (c) such lesser number of shares as the Company's board of directors shall determine, provided, however, in no event shall the maximum number of shares that may be issued under the Plan
 pursuant to stock awards be greater than 15% of the aggregate shares outstanding on the last day of the immediately preceding fiscal year.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The following is a summary of stock options issued during the year ended December 31, 2010:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Number of Options Outstanding&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Range of Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Aggregate Intrinsic Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    Options granted&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:right; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:right; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21 - $0.23&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid; text-align:right; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21 - $0.23&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;12,750&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of our common stock on December 31,
 2010 of $0.22 and the exercise price for in-the-money options) that would have been received by the holders if all instruments had been exercised on December 31, 2010. As of December 31, 2010, there was $155,515 of unrecognized compensation cost related to
 our unvested stock options, which will be recognized through 2014.&lt;/font&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The following table summarizes information about stock options outstanding and exercisable at December 31, 2010:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td colspan="2" valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Options Outstanding&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Options Exercisable&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Range of Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Number&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Remaining Contractual Life (in Years)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Number&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21 - $0.23&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;5.03&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;150,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.21&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
 &lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Of the 1,000,000 stock options outstanding, 750,000 are non-qualified stock options.  None of the outstanding stock options have been registered with the SEC.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The fair value of common stock options issued during the year ended December 31, 2010 were estimated on the date of grant using the Black-Scholes option pricing model with the following
 assumptions used:&lt;/font&gt;&lt;/div&gt;

&lt;div align="center"&gt;
&lt;table cellpadding="0" cellspacing="0" width="50%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Expected dividend yield&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Expected stock price volatility&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;181%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Weighted-average risk-free interest rate&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1.1% - 1.6%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Expected life of options (in years)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="12%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3.5 - 5.5&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;During the year ended December 31, 2010, we recorded expense of $32,245 related to these stock options.  No options had been exercised or cancelled as of December 31, 2010.&lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>On August 9, 2010, the shareholders of the Company approved the 2010 Equity Incentive Plan (the "Plan").  Under the terms of the Plan, 1,500,000 shares of the</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Describes the entity's accounting policies for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to its employees, including share-based arrangements; describes its methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensatio
n expense.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph 4, 9-15, A240

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 132R
 -Paragraph 5, 6, 7, 9, 11, 12, 13

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 7: Employee Stock Options</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Employee Stock Options</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R3.xml
<DESCRIPTION>IDEA: Statement of Income
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0003 - Statement - Statement of Income</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column><Column><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2009 - 12/31/2009
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2009-01-01-to-2009-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2009-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2009-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2009" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeStatementAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</Is
Ratio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><Element
DataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Statement of Income</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_Revenues</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer
 /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3860513</NumericAmount><RoundedNumericAmount>3860513</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1885232</NumericAmount><RoundedNumericAmount>1885232</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>fa
lse</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Revenues</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CostOfServices</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount
>2509416</NumericAmount><RoundedNumericAmount>2509416</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>786633</NumericAmount><RoundedNumericAmount>786633</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</Element
DataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total costs related to services rendered by an entity during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 2
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cost of services</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_GrossProfit</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Numeric
Amount>1351097</NumericAmount><RoundedNumericAmount>1351097</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1098599</NumericAmount><RoundedNumericAmount>1098599</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType<
/ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Gross profit</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OperatingExpensesAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentR
ow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><Sh
owCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Operating Costs and Expenses</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_GeneralAndAdministrativeExpense</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevios
lyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>742173</NumericAmount><RoundedNumericAmount>742173</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>537604</NumericAmount><RoundedNumericAmount>537604</RoundedNumericAmount><NonNumbericText /><NonNumeric
TextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Gereral and administrative</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_Sellin
gAndMarketingExpense</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>337848</NumericAmount><RoundedNumericAmount>337848</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false<
/IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>247887</NumericAmount><RoundedNumericAmount>247887</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</ElementDefenition><Ele
mentReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Sales and marketing</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AssetImpairmentCharges</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>fa
lse</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4000</NumericAmount><RoundedNumericAmount>4000</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetar
y</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 45, 46, 47

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Impairment charges</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DepreciationAndAmortization</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZ
eroAsNone><NumericAmount>39172</NumericAmount><RoundedNumericAmount>39172</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>38246</NumericAmount><RoundedNumericAmount>38246</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetar
yItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Depreciation and amortization</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OperatingCostsAndExpenses</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRa
tio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1123193</NumericAmount><RoundedNumericAmount>1123193</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>823737</NumericAmount><RoundedNumericAmount>823737</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>M
onetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total operating costs and expenses</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OperatingIncomeLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><I
sCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>227904</NumericAmount><RoundedNumericAmount>227904</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>274862</NumericAmount><Ro
undedNumericAmount>274862</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net result for the period of deducting operating expenses from operating revenues.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Operating income</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_OtherIncomeAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><
BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat
><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Other Income (expense)</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_InterestExpense</Element
Name><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>19298</NumericAmount><RoundedNumericAmount>19298</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCur
rencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>688</NumericAmount><RoundedNumericAmount>688</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</ElementDefenition><ElementReferences>Reference 1: http://www.x
brl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 34
 -Paragraph 21

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher OTS
 -Name Federal Regulation (FR)
 -Number Title 12
 -Chapter V
 -Section 563c.102
 -Paragraph 9
 -Subsection II

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 9
 -Article 9

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Interest expense, net</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_OtherIncomeTotal</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNon
e>false</DisplayZeroAsNone><NumericAmount>-19298</NumericAmount><RoundedNumericAmount>-19298</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-688</NumericAmount><RoundedNumericAmount>-688</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataT
ype>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total other income (expense)</Label></Row><Row><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false
</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>208606</NumericAmount><RoundedNumericAmount>208606</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>274174</NumericAmount><RoundedNumericAmount>274174</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrency
Symbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The portion of earnings (loss) from continuing operations before income taxes that is attributable to domestic operations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph h
 -Subparagraph 1(i)
 -Article 4

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net income before taxes</Label></Row><Row><Id>17</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeTaxExpenseBenefit</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Display
ZeroAsNone><NumericAmount>-220800</NumericAmount><RoundedNumericAmount>-220800</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryI
temType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph h
 -Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 45
 -Subparagraph a, b

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Income tax expense (benefit)</Label></Row><Row><Id>18</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetIncomeLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><Display
ZeroAsNone>false</DisplayZeroAsNone><NumericAmount>429406</NumericAmount><RoundedNumericAmount>429406</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>274174</NumericAmount><RoundedNumericAmount>274174</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><E
lementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
 -Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Net income</Label></Row><Row><Id>19</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_EarningsPerShareAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Nume
ricAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleD
ataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Earnings Per Share</Label></Row><Row><Id>20</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_EarningsPerShareBasic</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsN
umeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.02</NumericAmount><RoundedNumericAmount>0.02</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.02</NumericAmount><RoundedNumericAmount>0.02</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportCo
lumns /><Unit>EPS</Unit><ElementDataType>us-types:perShareItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>The amount of net income or loss for the period per each share of common stock outstanding during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 21
 -Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 36, 37, 38

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 20
 -Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 18
 -Article 7

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>true</IsEPS><Label>Income (loss) per share - basic</Label></Row><Row><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_EarningsPerShareDiluted</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Dis
playZeroAsNone><NumericAmount>0.02</NumericAmount><RoundedNumericAmount>0.02</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.02</NumericAmount><RoundedNumericAmount>0.02</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>EPS</Unit><ElementDataType>us-types:perShareIt
emType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 11, 12, 36

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 20
 -Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 18
 -Article 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 21
 -Article 9

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>true</IsEPS><Label>Income (loss) per share - diluted</Label></Row><Row><Id>22</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><D
isplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType
>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Weighted Average Number of Shares Outstanding</Label></Row><Row><Id>23</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</
IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17407097</NumericAmount><RoundedNumericAmount>17407097</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17014713</NumericAmount><RoundedNumericAmount>17014713</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateI
nUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Shares</Unit><ElementDataType>xbrli:sharesItemType</ElementDataType><SimpleDataType>shares</SimpleDataType><ElementDefenition>Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 171

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 40
 -Subparagraph a

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 8

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Weighted average number of common shares outstanding - basic</Label></Row><Row><Id>24</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric
><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17603391</NumericAmount><RoundedNumericAmount>17603391</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17061729</NumericAmount><RoundedNumericAmount>17061729</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInst
anceReportColumns /><Unit>Shares</Unit><ElementDataType>xbrli:sharesItemType</ElementDataType><SimpleDataType>shares</SimpleDataType><ElementDefenition>The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 40
 -Subparagraph a

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 8

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Weighted average number of common shares outstanding - diluted</Label></Row></Rows><Footnotes /><NumberOfCols>2</NumberOfCols><NumberOfRows>23</NumberOfRows><ReportName>Statement of Income (USD $)</ReportName><MonetaryRoundingLevel>NoRounding</MonetaryRoundingLevel><SharesRoundingLevel>NoRounding</SharesRoundingLevel><PerShareRoundingLevel>NoRounding</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R14.xml
<DESCRIPTION>IDEA: Concentrations
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0019 - Disclosure - Concentrations</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_ConcentrationsAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio>
<DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Concentrations</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ConcentrationRiskDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</P
eriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;For the years ended December 31, 2010 and December 31, 2009, we generated revenues from the following revenue streams as a percentage of
 total revenue:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;Revenue Streams&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Percentage&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid; text-align:center"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Percentage&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Document conversion&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;595,737&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;15.4&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;713,510&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;37.8&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Printing and financial communication&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,500,237&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;38.9&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;381,347&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;20.2&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Fulfillment and distribution&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,192,916&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;30.9&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;444,920&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;23.6&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="52%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Software licensing&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;124,301&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3.2&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;90,249&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="52%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Transfer agent services&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;447,322&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;11.6&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;255,206&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;13.6&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="52%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3,860,513&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;100.0&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;1,885,232&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;100.0&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

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

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;During 2010, revenue generated from one customer comprised 47.7% of our total annual revenues.  In 2009, revenue from a different customer
 accounted for 28.6% of our total annual revenues.  We did not have any customers that comprised more than 10% of our total accounts receivable balance at December 31, 2010.  As of December 31, 2009, one customer comprised 17.8% of our total accounts receivable.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We believe we do not have any financial instruments that could have potentially subjected us to significant concentrations of credit risk.
 Since a portion of the revenues are paid at the beginning of the month via credit card or advance by check, the remaining accounts receivable amounts are generally due within 30 days, none of which is collateralized.&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>For the years ended December 31, 2010 and December 31, 2009, we generated revenues from the following revenue streams as a percentage of
 total revenue:





</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Description of any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. The entity should inform financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. Disclosure of any financial instrument credit risk concentration also should indicate the maximum amount of loss that would be incurred upon complete failure of the counterp
arty to perform and the entity's collateral policies or other policies that limit the loss exposure. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 107
 -Paragraph 15A

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Statement of Position (SOP)
 -Number 94-6
 -Paragraph 21, 22, 24

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 9. Concentrations</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Concentrations</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R15.xml
<DESCRIPTION>IDEA: Income Taxes
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0020 - Disclosure - Income Taxes</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_IncomeTaxesAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><Di
splayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Income Taxes</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeTaxDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><Sh
ortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;At December 31, 2010 and 2009, we had a Federal net operating loss carry forward of approximately $564,000 and $883,000, respectively.  These
 loss carry forwards are available to reduce future taxable income and will expire through 2030 if not utilized.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The provision (benefit) for income taxes consisted of the following components for the years ended December 31:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="76%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Current:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Deferred:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Federal&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;77,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;93,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;State&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;13,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;16,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;       Total Deferred&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;90,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;109,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Valuation Allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(310,800&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(109,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total provision (benefit) for income taxes&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(220,800&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Components of net deferred tax assets, including a valuation allowance, are as follows at December 31:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left; padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Net operating loss carryforward&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;226,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;353,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Deferred revenue&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;21,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;22,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Stock options&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Charitable contributions&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;4,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Basis difference in intangible assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;55,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;52,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Basis difference in fixed assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(12,000
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(4,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:18pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;323,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;413,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Less: valuation allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(102,200
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(413,000&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Net deferred tax assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;220,800&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The valuation allowance for deferred tax assets as of December 31, 2010 and 2009 was $102,200 and $413,000, respectively. In assessing
 the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
 taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Due to
 the uncertainty around their ultimate realization, management elected to fully reserve the Company's deferred tax assets as of December 31, 2009.  At December 31, 2010, management elected to only partially reserve the Company's deferred tax asset.  The net
 deferred tax asset at December 31, 2010 was estimated based on the company's profitability for the next two years.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;Reconciliation between the statutory rate and the effective tax rate is as follows at December 31:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="3" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="3" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Federal statutory tax rate&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;       34.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;     &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;       34.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;State tax rate&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;6.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;6.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Permanent difference and valuation allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2.9&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.4&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0.2&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(0.7&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="bottom" width="76%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43.1&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;39.7&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Change in valuation allowance&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;  &lt;/font&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid; padding-bottom:2px"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(149.0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(39.7&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(105.9&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;0&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The Company has reviewed its tax positions and has determined that it has no significant uncertain positions as of December 31, 2010.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>At December 31, 2010 and 2009, we had a Federal net operating loss carry forward of approximately $564,000 and $883,000, respectively.  These
 loss carry</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsula
te the entire disclosure including data and tables.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph h
 -Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 136, 172

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 43, 44, 45, 46, 47, 48, 49

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 10. Income Taxes</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Income Taxes</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R4.xml
<DESCRIPTION>IDEA: Statement of Cash Flows
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0004 - Statement - Statement of Cash Flows</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column><Column><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2009 - 12/31/2009
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2009-01-01-to-2009-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2009-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2009-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2009" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StatementOfCashFlowsAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>fals
e</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><El
ementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Statement of Cash Flows</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetIncomeLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><F
ootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>429406</NumericAmount><RoundedNumericAmount>429406</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>274174</NumericAmount><RoundedNumericAmount>274174</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasSc
enarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
 -Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net income</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>fals
e</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><El
ementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Adjustments to reconcile net loss to net cash provided by (used in) operating activities</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ProvisionForDoubtfulAccounts</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>fals
e</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>51446</NumericAmount><RoundedNumericAmount>51446</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>61340</NumericAmount><RoundedNumericAmount>61340</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateI
nUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 5
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Bad debt expense</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DepreciationAndAmortization</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZero
AsNone><NumericAmount>39172</NumericAmount><RoundedNumericAmount>39172</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>38246</NumericAmount><RoundedNumericAmount>38246</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryIt
emType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Depreciation and amortization</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredIncomeTaxesAndTaxCredits</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>
false</DisplayZeroAsNone><NumericAmount>-220800</NumericAmount><RoundedNumericAmount>-220800</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>x
brli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net amount of deferred income taxes and income tax credits less the tax benefit from exercise of stock options.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Deferred income taxes</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AssetImpairmentCharges</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZero
AsNone><NumericAmount>4000</NumericAmount><RoundedNumericAmount>4000</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</E
lementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 45, 46, 47

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Impairment charges</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherNoncashExpense</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone
><NumericAmount>34178</NumericAmount><RoundedNumericAmount>34178</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</Eleme
ntDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Other expenses included in net income that result in no cash inflows or outflows in the period which are not otherwise defined in the taxonomy.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Non-cash interest expense</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZ
eroAsNone>false</DisplayZeroAsNone><NumericAmount>116245</NumericAmount><RoundedNumericAmount>116245</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10000</NumericAmount><RoundedNumericAmount>10000</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><El
ementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The fair value of restricted stock or stock options granted to nonemployees as payment for services rendered or acknowledged claims.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Stock-based expenses</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>f
alse</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemT
ype</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Changes in operating assets and liabilities</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncreaseDecreaseInAccountsReceivable</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredL
abelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>74713</NumericAmount><RoundedNumericAmount>74713</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>47728</NumericAmount><RoundedNumericAmount>47728</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegm
ents><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Increase (decrease) in accounts receivable</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncreaseDecreaseInDeposits</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZer
oAsNone>false</DisplayZeroAsNone><NumericAmount>6714</NumericAmount><RoundedNumericAmount>6714</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>14347</NumericAmount><RoundedNumericAmount>14347</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementD
ataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net cash inflow (outflow) for the net change in the beginning and end of period deposits balances.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Audit and Accounting Guide (AAG)
 -Number AAG-DEP
 -Chapter 13
 -IssueDate 2006-05-01

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Increase (decrease) in deposits and prepaids</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncreaseDecreaseInAccountsPayable</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><D
isplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>13856</NumericAmount><RoundedNumericAmount>13856</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-91844</NumericAmount><RoundedNumericAmount>-91844</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</U
nit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Increase (decrease) in accounts payable</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncreaseDecreaseInDeferredRevenue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><Displa
yZeroAsNone>false</DisplayZeroAsNone><NumericAmount>51382</NumericAmount><RoundedNumericAmount>51382</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDa
taType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Increase (decrease) in deferred revenue</Label></Row><Row><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncreaseDecreaseInAccruedLiabilities</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><Dis
playZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8839</NumericAmount><RoundedNumericAmount>8839</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-43240</NumericAmount><RoundedNumericAmount>-43240</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit>
<ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net change during the reporting period in the aggregate amount of expenses incurred but not yet paid.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Increase (decrease) in accrued expenses</Label></Row><Row><Id>17</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</I
sRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><Elemen
tDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities include all transactions and events that are not defined as investing or financing activities. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net cash provided by (used in) operating activities</Label></Row><Row><Id>18</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetCashProvidedByUsedInOperatingActivities</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>
duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>446297</NumericAmount><RoundedNumericAmount>446297</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><
hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>186601</NumericAmount><RoundedNumericAmount>186601</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity ca
sh flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 26

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total net cash provided by (used in) operating activities</Label></Row><Row><Id>19</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumer
ic>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceRepo
rtColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Cash generated by or used in investing activities of continuing operations; excludes cash flows from discontinued operations.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash flows from investing activities</Label></Row><Row><Id>20</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_PaymentsToAcquireMachineryAndEquipment</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>fa
lse</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>48127</NumericAmount><RoundedNumericAmount>48127</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>16014</NumericAmount><RoundedNumericAmount>16014</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCur
rency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cash outflow for acquisition of machinery and equipment.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 15

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 17
 -Subparagraph c

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Purchase of property and equipment</Label></Row><Row><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNu
meric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-48127</NumericAmount><RoundedNumericAmount>-48127</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-16014</NumericAmount><RoundedNumericAmount>-16014</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells>
<OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net cash from (used in) the entity's investing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in investing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 26

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 26
 -Footnote 10

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Net cash provided by (used in) investing activities</Label></Row><Row><Id>22</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>fal
se</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColu
mns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Cash generated by or used in financing activities of continuing operations; excludes cash flows from discontinued operations.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash flows from financing activities</Label></Row><Row><Id>23</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_PaymentsForRepurchaseOfCommonStock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEqu
ityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>39500</NumericAmount><RoundedNumericAmount>39500</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10083</NumericAmount><RoundedNumericAmount>10083</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>fals
e</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cash outflow to reacquire common stock during the period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 18

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 20
 -Subparagraph a

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Repurchase of common and preferred stock</Label></Row><Row><Id>24</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RepaymentsOfNotesPayable</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroA
sNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>64828</NumericAmount><RoundedNumericAmount>64828</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>
xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cash outflow for a borrowing supported by a written promise to pay an obligation.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 18

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 20
 -Subparagraph b

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Repayments of notes payable</Label></Row><Row><Id>25</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>t
rue</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-39500</NumericAmount><RoundedNumericAmount>-39500</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-74911</NumericAmount><RoundedNumericAmount>-74911</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><Origin
alInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Net cash provided by (used in) financing activities</Label></Row><Row><Id>26</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CashAndCashEquivalentsPeriodIncrease
DecreaseAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCu
rrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net change in cash</Label></Row><Row><Id>27</Id><IsAbstract
GroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>358670</NumericAmount><RoundedNumericAmount>358670</RoundedNumericAmount><NonNumbericText /><NonNumer
icTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>95676</NumericAmount><RoundedNumericAmount>95676</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net change between the beginning 
and ending balance of cash and cash equivalents.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 26

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Total net change in cash</Label></Row><Row><Id>28</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CashAndCashEquivalentsAtCarryingValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>true</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>periodstartlabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>
false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>146043</NumericAmount><RoundedNumericAmount>146043</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>50367</NumericAmount><RoundedNumericAmount>50367</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns />
<Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Trea
sury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7, 26

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 8, 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7
 -Footnote 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash - beginning</Label></Row><Row><Id>29</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CashAndCashEquivalentsAtCarryingValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>true</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>periodendlabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsR
atio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>504713</NumericAmount><RoundedNumericAmount>504713</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>146043</NumericAmount><RoundedNumericAmount>146043</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Mone
tary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note 
purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7, 26

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 8, 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7
 -Footnote 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash - ending</Label></Row></Rows><Footnotes /><NumberOfCols>2</NumberOfCols><NumberOfRows>28</NumberOfRows><ReportName>Statement of Cash Flows (USD $)</ReportName><MonetaryRoundingLevel>NoRounding</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R16.xml
<DESCRIPTION>IDEA: Subsequent Events
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0021 - Disclosure - Subsequent Events</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_SubsequentEventsAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRati
o><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Subsequent Events</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ScheduleOfSubsequentEventsTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duratio
n</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;On February 11, 2011, the Company obtained a working capital line of credit (the "Line of Credit") in the amount of $200,000.  The Line
 of Credit has an interest rate equal to the 30 day LIBOR rate plus 4%.  The Line of Credit has a twelve month term, and automatically renews on the anniversary.  No amounts were outstanding on the Line of Credit as of March 1, 2011.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>On February 11, 2011, the Company obtained a working capital line of credit (the "Line of Credit") in the amount of $200,000.  The Line
 of Credit has an</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant f
oreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 5
 -Paragraph 11

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 11. Subsequent Events</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Subsequent Events</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R9.xml
<DESCRIPTION>IDEA: Goodwill and Other Intangible Assets
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0014 - Disclosure - Goodwill and Other Intangible Assets</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_GoodwillAndOtherIntangibleAssetsAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRat
io>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Goodwill and Other Intangible Assets</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><Balan
ceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The components of goodwill and intangible assets are as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31, 2010&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Gross Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amortization&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Net Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer lists&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;30,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(21,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;9,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer relationships-noncontractual&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(17,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Proprietary software&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;50,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(16,666&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;33,334&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Goodwill&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total intangible assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;148,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(55,166&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;93,029&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;December 31, 2009&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Gross Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amortization&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Net Carrying&lt;/font&gt;&lt;/div&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Amount&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Domain name&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;40,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(32,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;8,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer lists&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;30,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(15,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;    &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;15,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Customer relationships-noncontractual&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;25,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(12,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;12,500&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Proprietary software&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;50,000&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(8,333&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;41,667&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Goodwill&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 2px solid"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;43,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="64%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:-9pt; display:block; margin-left:18pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total intangible assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;188,195&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;(67,833&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="border-bottom:black 4px double"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="9%" style="border-bottom:black 4px double"&gt;
&lt;div align="right" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;120,362&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="font-style:italic; display:inline; font-weight:bold"&gt;Goodwill&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;At
&lt;font style="display:inline"&gt;December 31, 2010 and 2009, our recorded goodwill totaled $43,195, which was solely related to our acquisition of Basset Press in July 2007.   We conducted our 2010 annual impairment analysis during the third quarter of 2010 and
 determined that our goodwill was not impaired.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt;Intangible Assets&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:45pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In July 2007, as part of the Basset Press acquisition, we acquired $105,000 of identifiable intangible assets including $30,000 for customer lists, $25,000 for non-contractual customer
 relationships, and $50,000 for proprietary software or intellectual property. Customer lists and relationships are subject to amortization and have estimated useful lives of five years.  At the date of the acquisition and through the year ended December 31,
 2008, we assigned an indefinite life to the proprietary software and included such software in our annual evaluation of impairment. During the first quarter of 2009, we reevaluated the useful life of the propriety software and have assigned a remaining estimated
 useful life of 6 years to such asset.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;           &lt;font style="display:inline"&gt;We conducted our 2010 annual impairment analysis during the third quarter of 2010 and determined that the total amount of intangible assets recorded
 related to our My Edgar domain was impaired, as we were no longer using the domain name. Accordingly, we recorded an impairment charge of $4,000, representing the remaining unamortized balance, during the year ended December 31, 2010.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The amortization of intangible assets is a charge to operating expenses and totaled $23,333, and $27,333 in 2010 and 2009, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The future amortization of the identifiable intangible assets is as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Years Ending December 31:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" colspan="2" valign="bottom" width="10%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2011&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;19,334&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;13,834&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;8,333&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;8,333&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:72pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;49,834&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>The components of goodwill and intangible assets are as follows:












December 31, 2010











Gross Carrying

Amount



</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Describes an entity's accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 7-18, 22

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 142
 -Paragraph 4, 11-23, 26, 34

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 4. Goodwill and Other Intangible Assets</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Goodwill and Other Intangible Assets</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R6.xml
<DESCRIPTION>IDEA: Description, Background and Basis of Operations
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0011 - Disclosure - Description, Background and Basis of Operations</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_DescriptionBackgroundAndBasisOfOperationsAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumer
ic><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Description, Background and Basis of Operations</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NatureOfOperations</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceTy
pe>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;div style="text-indent:0pt; margin-left:0pt; margin-right:0pt"&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Nature of Operations&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align:left; text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;Issuer Direct Corporation (the "Company" or "Issuer Direct") was incorporated in the state of Delaware in October 1988 under the name Docucon Inc. Subsequent to the December 13, 2007
 merger with My EDGAR, Inc., the Company changed its name to Issuer Direct Corporation.
&lt;font style="display:inline"&gt;The transaction has been accounted for as a reverse merger.  My EDGAR was the acquiring entity for accounting purposes. While the transaction was accounted for using the purchase method of accounting, in substance the transaction
 was a recapitalization of My EDGAR's capital structure.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:left; text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
 &lt;/div&gt;
&lt;div style="text-align:left; text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="display:inline"&gt;The surviving company was formed for the purposes of helping companies produce and distribute their financial and business communications both online and
 in print. &lt;/font&gt;As an issuer services focused company, Issuer Direct Corporation operates under several brands in the market, including Direct Transfer, iProxy Direct, iFund Direct, iR Direct and Issuer Services Group&lt;font style="display:inline"&gt;. The Company
 leverages its securities compliance and regulatory expertise to provide a comprehensive set of services that enhance a client's ability to communicate effectively with its shareholder base while meeting all reporting regulations required.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>Nature of Operations


Issuer Direct Corporation (the "Company" or "Issuer Direct") was incorporated in the state of Delaware in October 1988 under the name</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Describes the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nat
ure of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description".</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Statement of Position (SOP)
 -Number 94-6
 -Paragraph 10

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 1. Description, Background and Basis of Operations</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Description, Background and Basis of Operations</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R5.xml
<DESCRIPTION>IDEA: Statement of Stockholders' Equity
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0005 - Statement - Statement of Stockholders' Equity</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>{us-gaap_StatementEquityComponentsAxis} : Preferred Stock
1/1/2010 - 12/31/2010
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>D2010_PreferredStockMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>na</PeriodType><PeriodStartDate>0001-01-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>us-gaap_PreferredStockMember</ValueName><ValueType>us-gaap_StatementEquityComponentsAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_PreferredStockMember</Id><dimensionId>us-gaap_StatementEquityComponentsAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><Mea
sureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Preferred Stock" /></Labels></Column><Column><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>{us-gaap_StatementEquityComponentsAxis} : Common Stock
1/1/2010 - 12/31/2010
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>D2010_CommonStockMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>na</PeriodType><PeriodStartDate>0001-01-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>us-gaap_CommonStockMember</ValueName><ValueType>us-gaap_StatementEquityComponentsAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_CommonStockMember</Id><dimensionId>us-gaap_StatementEquityComponentsAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue
>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Common Stock" /></Labels></Column><Column><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>{us-gaap_StatementEquityComponentsAxis} : Treasury Stock
1/1/2009 - 12/31/2009
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>D2009_TreasuryStockMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>na</PeriodType><PeriodStartDate>0001-01-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>us-gaap_TreasuryStockMember</ValueName><ValueType>us-gaap_StatementEquityComponentsAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_TreasuryStockMember</Id><dimensionId>us-gaap_StatementEquityComponentsAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><Measur
eValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Treasury Stock" /></Labels></Column><Column><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>{us-gaap_StatementEquityComponentsAxis} : Additional Paid-in Capital
1/1/2010 - 12/31/2010
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>D2010_AdditionalPaidInCapitalMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>na</PeriodType><PeriodStartDate>0001-01-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>us-gaap_AdditionalPaidInCapitalMember</ValueName><ValueType>us-gaap_StatementEquityComponentsAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_AdditionalPaidInCapitalMember</Id><dimensionId>us-gaap_StatementEquityComponentsAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/
iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Additional Paid-in Capital" /></Labels></Column><Column><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>{us-gaap_StatementEquityComponentsAxis} : Accumulated Deficit
1/1/2010 - 12/31/2010
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>D2010_RetainedEarningsMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>na</PeriodType><PeriodStartDate>0001-01-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>us-gaap_RetainedEarningsMember</ValueName><ValueType>us-gaap_StatementEquityComponentsAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_RetainedEarningsMember</Id><dimensionId>us-gaap_StatementEquityComponentsAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchem
a><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Accumulated Deficit" /></Labels></Column><Column><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>na</PeriodType><PeriodStartDate>0001-01-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU
><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Total" /></Labels></Column></Columns><Rows><Row><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>true</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>true</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>periodstartlabel</PreferredLabelRole><BalanceDate><PeriodType>instant</PeriodType><StartDate>20
09-01-01T00:00:00</StartDate><EndDate>0001-01-01T00:00:00</EndDate></BalanceDate><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>7</NumericAmount><RoundedNumericAmount>7</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>18834</NumericAmount><RoundedNumericAmount>18834</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSForm
at>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-4236</NumericAmount><RoundedNumericAmount>-4236</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1441006</NumericAmount><RoundedNumericAmount>1441006</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDat
eInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-1474747</NumericAmount><RoundedNumericAmount>-1474747</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-19136</NumericAmount><RoundedNumericAmount>-19136</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbo
l><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Balance(Beginning) at Dec. 31, 2008</Label></Row><Row><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><
DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-2273</NumericAmount><RoundedNumericAmount>-2273</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><D
isplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4236</NumericAmount><RoundedNumericAmount>4236</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-12046</NumericAmount><RoundedNumericAmount>-12046</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</Is
Ratio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-10083</NumericAmount><RoundedNumericAmount>-10083</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Un
it><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Repurchase and retirement of treasury shares</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio
>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>150</NumericAmount><RoundedNumericAmount>150</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>fal
se</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>24850</NumericAmount><RoundedNumericAmount>24850</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>fal
se</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>25000</NumericAmount><RoundedNumericAmount>25000</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary
</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of stock issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph 64

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Issuance of common stock for employee incentives</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockIssuedDuringPeriodValueNewIssues</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</I
sRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>100</NumericAmount><RoundedNumericAmount>100</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRat
io><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>9900</NumericAmount><RoundedNumericAmount>9900</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio
><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10000</NumericAmount><RoundedNumericAmount>10000</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><Ele
mentDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of new stock issued during the period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Issuance of common stock for services</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockRedeemedOrCalledDuringPeriodValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><Disp
layZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-2</NumericAmount><RoundedNumericAmount>-2</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>20</NumericAmount><RoundedNumericAmount>20</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZ
eroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-18</NumericAmount><RoundedNumericAmount>-18</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroA
sNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:mo
netaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of stock bought back by the entity at the exercise price or redemption price.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 129
 -Paragraph 4, 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Redemption of preferred shares</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockRepurchasedDuringPeriodValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNo
ne>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-5</NumericAmount><RoundedNumericAmount>-5</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>fal
se</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>5</NumericAmount><RoundedNumericAmount>5</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Disp
layZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</E
lementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element represents the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 43
 -Chapter 1
 -Section B
 -Paragraph 11A

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cancellation of shares</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetIncomeLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone
><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Numer
icAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount
>274174</NumericAmount><RoundedNumericAmount>274174</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>274174</NumericAmount><RoundedNumericAmount>274174</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDat
aType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
 -Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net income</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>true</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>true</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>periodendlabel</PreferredLabelRole><BalanceDate><PeriodType>instant</PeriodType><StartDate>2009-1
2-31T00:00:00</StartDate><EndDate>0001-01-01T00:00:00</EndDate></BalanceDate><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>5</NumericAmount><RoundedNumericAmount>5</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>16826</NumericAmount><RoundedNumericAmount>16826</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat
>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1463697</NumericAmount><RoundedNumericAmount>1463697</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFor
mat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-1200573</NumericAmount><RoundedNumericAmount>-1200573</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>279955</NumericAmount><RoundedNumericAmount>279955</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><Dis
playDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Balance(Ending) at Dec. 31, 2009</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_ConversionOfNotePayableForCommonStock</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAs
None>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>459</NumericAmount><RoundedNumericAmount>459</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone
>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>59207</NumericAmount><RoundedNumericAmount>59207</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone
>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>59666</NumericAmount><RoundedNumericAmount>59666</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:
monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Conversion of notes payable for common stock</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_ConversionOfNotePayableForPreferredStock</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBala
nce><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>26</NumericAmount><RoundedNumericAmount>26</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><D
isplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>27754</NumericAmount><RoundedNumericAmount>27754</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><D
isplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>27780</NumericAmount><RoundedNumericAmount>27780</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><D
isplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Conversion of note payable for preferred stock</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_NonCashInterestExpenseOnNotesPayable</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false
</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumer
icAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>34178</NumericAmount><RoundedNumericAmount>34178</RoundedNumer
icAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>34178</NumericAmount><RoundedNumericAmount>34178</RoundedNumer
icAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Non-cash interest expense on notes payable</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>du
ration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-31</NumericAmount><RoundedNumericAmount>-31</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasSce
narios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-50</NumericAmount><RoundedNumericAmount>-50</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenari
os>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-39419</NumericAmount><RoundedNumericAmount>-39419</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScena
rios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-39500</NumericAmount><RoundedNumericAmount>-39500</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</ElementDefenition><ElementReferences>Reference 1: http://www.xbr
l.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Repurchase and retirement of treasury shares</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockIssuedDuringPeriodValueNewIssues</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRa
tio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>450</NumericAmount><RoundedNumericAmount>450</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio>
<DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>83550</NumericAmount><RoundedNumericAmount>83550</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio>
<DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>84000</NumericAmount><RoundedNumericAmount>84000</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><Elem
entDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of new stock issued during the period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Issuance of common stock for services</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1<
/Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><Is
Numeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>32245</NumericAmount><RoundedNumericAmount>32245</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><Is
Numeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>32245</NumericAmount><RoundedNumericAmount>32245</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalI
nstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph 39

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph 64
 -Subparagraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph A91

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Stock-based compensation expense</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NetIncomeLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Displa
yZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAs
None><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Nu
mericAmount>429406</NumericAmount><RoundedNumericAmount>429406</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>429406</NumericAmount><RoundedNumericAmount>429406</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType<
/ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
 -Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net income</Label></Row><Row><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>true</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>true</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>periodendlabel</PreferredLabelRole><BalanceDate><PeriodType>instant</PeriodType><StartDate>2010-
12-31T00:00:00</StartDate><EndDate>0001-01-01T00:00:00</EndDate></BalanceDate><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17685</NumericAmount><RoundedNumericAmount>17685</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>
false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1661212</NumericAmount><RoundedNumericAmount>1661212</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat
>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-771167</NumericAmount><RoundedNumericAmount>-771167</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>6</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>907730</NumericAmount><RoundedNumericAmount>907730</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDat
eInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Balance(Ending) at Dec. 31, 2010</Label></Row></Rows><Footnotes /><NumberOfCols>6</NumberOfCols><NumberOfRows>16</NumberOfRows><ReportName>Statement of Stockholders' Equity (USD $)</ReportName><MonetaryRoundingLevel>NoRounding</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>defnref.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<DefinitionAndReference>
  <Element Id="us-gaap_CompensationRelatedCostsPolicyTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RetainedEarningsAccumulatedDeficit">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="isdr_OtherIncomeTotal">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredTaxAssetsNetCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherLiabilitiesNoncurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredRevenueCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityPublicFloat">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="isdr_ConversionOfNotePayableForPreferredStock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ProvisionForDoubtfulAccounts">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncreaseDecreaseInDeferredRevenue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RepaymentsOfNotesPayable">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredTaxAssetsNetNoncurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredIncomeTaxesAndTaxCredits">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockholdersEquityNoteDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AccountsPayableCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_TradingSymbol">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NatureOfOperations">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityRegistrantName">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityCentralIndexKey">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityWellKnownSeasonedIssuer">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncreaseDecreaseInAccruedLiabilities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ConcentrationRiskDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DepreciationAndAmortization">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ScheduleOfSubsequentEventsTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherNoncashExpense">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AssetImpairmentCharges">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_GrossProfit">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_InterestExpense">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockholdersEquity">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityVoluntaryFilers">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_SellingAndMarketingExpense">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IntangibleAssetsNetExcludingGoodwill">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeTaxDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_DocumentFiscalPeriodFocus">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="isdr_NonCashInterestExpenseOnNotesPayable">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_EarningsPerShareBasic">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncreaseDecreaseInAccountsPayable">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_Liabilities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OperatingCostsAndExpenses">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetIncomeLoss">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AdditionalPaidInCapital">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_Revenues">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetCashProvidedByUsedInOperatingActivities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NotesPayableRelatedPartiesCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityCommonStockSharesOutstanding">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockRepurchasedDuringPeriodValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_FurnitureAndFixturesGross">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CostOfServices">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherAssetsCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_EarningsPerShareDiluted">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="isdr_ConversionOfNotePayableForCommonStock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AccountsReceivableNetCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_AmendmentFlag">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockIssuedDuringPeriodValueNewIssues">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_CurrentFiscalYearEndDate">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_DocumentFiscalYearFocus">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommonStockValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AccruedLiabilitiesCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherRestrictedAssetsCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityFilerCategory">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_Assets">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsForRepurchaseOfCommonStock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_DocumentType">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherAssetsNoncurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_LiabilitiesCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncreaseDecreaseInAccountsReceivable">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeTaxExpenseBenefit">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityCurrentReportingStatus">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_GeneralAndAdministrativeExpense">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AssetsCurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OperatingIncomeLoss">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_LiabilitiesAndStockholdersEquity">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsToAcquireMachineryAndEquipment">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CashAndCashEquivalentsAtCarryingValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncreaseDecreaseInDeposits">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockRedeemedOrCalledDuringPeriodValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_DocumentPeriodEndDate">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_SignificantAccountingPoliciesTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
</DefinitionAndReference>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R13.xml
<DESCRIPTION>IDEA: Commitments and Contingencies
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0018 - Disclosure - Commitments and Contingencies</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_CommitmentsAndContingenciesAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>fa
lse</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Commitments and Contingencies</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>n
a</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt;Office Lease&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In August 2010, we signed a six year and two month lease for 16,059 square feet for our corporate headquarters in Morrisville, NC.  At our option, we may terminate the lease anytime after
 October 31, 2014 in exchange for an early termination fee of $135,000.  If we do not terminate the lease early, our required minimum lease payments are as follows:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom"&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Year Ended December 31:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2011&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;65,621&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;78,833&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;137,589&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;141,428&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;2015&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align:right"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;144,411&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:2px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Thereafter&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:2px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;123,336&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:2px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td align="left" valign="bottom" width="88%" style="padding-bottom:4px"&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;           Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="right" valign="bottom" width="1%" style="padding-bottom:4px"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double; text-align:left"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double; text-align:right"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;691,218&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align:left; padding-bottom:4px"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt; &lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;Rental expenses associated with our office leases totaled $76,132 and $78,189 for the years ended December 31, 2010 and 2009, respectively.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><NonNumericTextHeader>Office Lease


In August 2010, we signed a six year and two month lease for 16,059 square feet for our corporate headquarters in Morrisville, NC.  At our</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Interpretation (FIN)
 -Number 14
 -Paragraph 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 5
 -Paragraph 9, 10, 11, 12

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 8. Commitments and Contingencies</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Commitments and Contingencies</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R1.xml
<DESCRIPTION>IDEA: Document and Entity Information
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0001 - Document - Document and Entity Information</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column><Column><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>3/1/2011
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>as-of-2011-03-01</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2011-03-01T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><Curren
cySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Mar. 01, 2011" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentInformationLineItems</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Numer
icAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDa
taType>string</SimpleDataType><ElementDefenition>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Information</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityRegistrantName</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance>
<IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>ISSUER DIRECT CORP</NonNumbericText><NonNumericTextHeader>ISSUER DIRECT CORP</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</I
sIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:normalizedStringItemType</ElementDataType><SimpleDataType>normalizedstring</SimpleDataType><ElementDefenition>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation 12B
 -Number 240
 -Section 12b
 -Subsection 1

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Registrant Name</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityCentralIndexKey</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><N
umericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>0000843006</NonNumbericText><NonNumericTextHeader>0000843006</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><El
ementDataType>us-types:centralIndexKeyItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation 12B
 -Number 240
 -Section 12b
 -Subsection 1

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Central Index Key</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_TradingSymbol</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Numeric
Amount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>ISDR</NonNumbericText><NonNumericTextHeader>ISDR</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrl
i:normalizedStringItemType</ElementDataType><SimpleDataType>normalizedstring</SimpleDataType><ElementDefenition>Trading symbol of an instrument as listed on an exchange.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Trading Symbol</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentType</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><Is
EndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>10-K</NonNumbericText><NonNumericTextHeader>10-K</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurre
ncySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:SECReportItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Type</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentPeriodEndDate</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>f
alse</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>2010-12-31</NonNumbericText><NonNumericTextHeader>2010-12-31</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol
>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:dateItemType</ElementDataType><SimpleDataType>date</SimpleDataType><ElementDefenition>The end date of the period reflected on the cover page if a periodic report.  For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD.<
/ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Period End Date</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_AmendmentFlag</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><
IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>false</NonNumbericText><NonNumericTextHeader>false</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></C
ells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:booleanItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>If the value is true, then the document as an amendment to previously-filed/accepted document.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Amendment Flag</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_CurrentFiscalYearEndDate</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEq
uityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>--12-31</NonNumbericText><NonNumericTextHeader>--12-31</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteInde
xer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:gMonthDayItemType</ElementDataType><SimpleDataType>monthday</SimpleDataType><ElementDefenition>End date of current fiscal year in the format --MM-DD.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Current Fiscal Year End Date</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityWellKnownSeasonedIssuer</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefiniti
on><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>No</NonNumbericText><NonNumericTextHeader>No</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><C
ell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabe
l><IsEPS>false</IsEPS><Label>Entity Well Known Seasoned Issuer</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityVoluntaryFilers</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNu
mericAmount>0</RoundedNumericAmount><NonNumbericText>Yes</NonNumbericText><NonNumericTextHeader>Yes</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:yesNoItemType</ElementDataType>
<SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Voluntary Filer</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityCurrentReportingStatus</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>fa
lse</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Yes</NonNumbericText><NonNumericTextHeader>Yes</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndep
endantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Current Reporting Status</Label></Row><Row><
Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityFilerCategory</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Smaller Reporting Company</NonN
umbericText><NonNumericTextHeader>Smaller Reporting Company</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:filerCategoryItemType</ElementDataType><SimpleDataType>na</SimpleDataTy
pe><ElementDefenition>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Filer Category</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityPublicFloat</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalen
darTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4067622</NumericAmount><RoundedNumericAm
ount>4067622</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsT
otalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Public Float</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityCommonStockSharesOutstanding</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0
</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17685312</NumericAmount><RoundedNumericAmount>17685312</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Shares</Unit><ElementDataType>xbrli:sharesItemType</ElementDataType><Simp
leDataType>shares</SimpleDataType><ElementDefenition>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Common Stock, Shares Outstanding</Label></Row><Row><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentFiscalYearFocus</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCa
lendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>2010</NonNumbericText><NonNumericTextHeader>2010</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><Numer
icAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:gYearItemType</ElementDataType><SimpleDataType>positiveinteger</SimpleDataType><ElementDefenition>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Fiscal Year Focus</Label></Row><Row><Id>17</Id><IsAbstractGrou
pTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentFiscalPeriodFocus</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>FY</NonNumbericText><NonNumericTextHeader>FY</NonN
umericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:fiscalPeriodItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>This is focus fiscal period of the document 
report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Fiscal Period Focus</Label></Row></Rows><Footnotes /><NumberOfCols>2</NumberOfCols><NumberOfRows>16</NumberOfRows><ReportName>Document and Entity Information (USD $)</ReportName><MonetaryRoundingLevel>NoRounding</MonetaryRoundingLevel><SharesRoundingLevel>NoRounding</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R2.xml
<DESCRIPTION>IDEA: Statement of Financial Position (Consolidated)
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0002 - Statement - Statement of Financial Position (Consolidated)</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>12/31/2010
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>as-of-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2010-12-31T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Dec. 31, 2010" /></Labels></Column><Column><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments
><hasScenarios>false</hasScenarios><MCU><KeyName>12/31/2009
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>as-of-2009-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2009-12-31T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Dec. 31, 2009" /></Labels></Column></Columns><Rows><Row><Id>4</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AssetsCurrentAbstract</ElementName><ElementPrefix>us-gaap</Elemen
tPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><Displa
yDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Current assets</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementNa
me>us-gaap_CashAndCashEquivalentsAtCarryingValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>504713</NumericAmount><RoundedNumericAmount>504713</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><I
sIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>146043</NumericAmount><RoundedNumericAmount>146043</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes
 other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that 
do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7, 26

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 8, 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7
 -Footnote 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash and cash equivalents</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AccountsReceivableNetCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Di
splayZeroAsNone><NumericAmount>175336</NumericAmount><RoundedNumericAmount>175336</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>152069</NumericAmount><RoundedNumericAmount>152069</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbr
li:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 3
 -Subparagraph a(1)
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 4
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Accounts receivable (net of allowance for doubtful accounts of $56,024 and $16,785, respectively)</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherRestrictedAssetsCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNume
ric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>6242</NumericAmount><RoundedNumericAmount>6242</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstan
ceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Other short-term assets not otherwise listed in the existing taxonomy that are pledged or subject to withdrawal restrictions.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Security deposits - current</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredTaxAssetsNetCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsR
ow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>102400</NumericAmount><RoundedNumericAmount>102400</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><Footnote
Indexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the re
lated asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 41, 42, 43

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Deferred income tax asset - current</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherAssetsCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Di
splayZeroAsNone><NumericAmount>16581</NumericAmount><RoundedNumericAmount>16581</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>19201</NumericAmount><RoundedNumericAmount>19201</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:m
onetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 8
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Other current assets</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AssetsCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone
>false</DisplayZeroAsNone><NumericAmount>799030</NumericAmount><RoundedNumericAmount>799030</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>323555</NumericAmount><RoundedNumericAmount>323555</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDa
taType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 9
 -Article 5

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total current assets</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_FurnitureAndFixturesGross</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZer
oAsNone><NumericAmount>53375</NumericAmount><RoundedNumericAmount>53375</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>21087</NumericAmount><RoundedNumericAmount>21087</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryI
temType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying amount at the balance sheet date for long-lived, depreciable asset commonly used in offices and stores. Examples include desks, chairs, and store fixtures.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Furniture, equipment and improvements, net</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredTaxAssetsNetNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><Display
ZeroAsNone>false</DisplayZeroAsNone><NumericAmount>118400</NumericAmount><RoundedNumericAmount>118400</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementD
ataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.</ElementDefenition><ElementReferences>Reference 1: h
ttp://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 41, 42, 43

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Deferred income tax asset - noncurrent</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherAssetsNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>fa
lse</DisplayZeroAsNone><NumericAmount>15576</NumericAmount><RoundedNumericAmount>15576</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:m
onetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 17
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Other long-term assets</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IntangibleAssetsNetExcludingGoodwill</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>fal
se</DisplayZeroAsNone><NumericAmount>93029</NumericAmount><RoundedNumericAmount>93029</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>120363</NumericAmount><RoundedNumericAmount>120363</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType
>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 142
 -Paragraph 42, 45

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Intangible assets (net of accumulated amortization of $55,166 and $67,833, respectively)</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_Assets</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumer
ic>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1079410</NumericAmount><RoundedNumericAmount>1079410</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>465005</NumericAmount><RoundedNumericAmount>465005</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><
OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Concepts (CON)
 -Number 6
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 18
 -Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 12
 -Article 7

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total assets</Label></Row><Row><Id>17</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_LiabilitiesCurrentAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><
NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><Sim
pleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Current liabilities</Label></Row><Row><Id>18</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AccountsPayableCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>
true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>65570</NumericAmount><RoundedNumericAmount>65570</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>51715</NumericAmount><RoundedNumericAmount>51715</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalI
nstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 19
 -Subparagraph a
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Accounts payable - trade</Label></Row><Row><Id>19</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AccruedLiabilitiesCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Disp
layZeroAsNone><NumericAmount>34918</NumericAmount><RoundedNumericAmount>34918</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>59810</NumericAmount><RoundedNumericAmount>59810</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:mon
etaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 20
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Accrued expenses</Label></Row><Row><Id>20</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredRevenueCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNo
ne><NumericAmount>51382</NumericAmount><RoundedNumericAmount>51382</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</Ele
mentDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 43
 -Chapter 3
 -Section A
 -Paragraph 7, 8

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Staff Accounting Bulletin (SAB)
 -Number Topic 13
 -Section A

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Deferred revenue</Label></Row><Row><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NotesPayableRelatedPartiesCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Dis
playZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>73525</NumericAmount><RoundedNumericAmount>73525</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryIt
emType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The amount for notes payable (written promise to pay), due to related parties. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 19
 -Subparagraph a
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph k
 -Subparagraph 1
 -Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 57
 -Paragraph 2
 -Subparagraph d

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Notes payable- related party</Label></Row><Row><Id>22</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_LiabilitiesCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><Dis
playZeroAsNone>false</DisplayZeroAsNone><NumericAmount>151870</NumericAmount><RoundedNumericAmount>151870</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>185050</NumericAmount><RoundedNumericAmount>185050</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</U
nit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 21
 -Article 5

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total current liabilities</Label></Row><Row><Id>23</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherLiabilitiesNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Dis
playZeroAsNone><NumericAmount>19810</NumericAmount><RoundedNumericAmount>19810</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryI
temType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 24
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Other long term liabilities</Label></Row><Row><Id>24</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_Liabilities</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZero
AsNone>false</DisplayZeroAsNone><NumericAmount>171680</NumericAmount><RoundedNumericAmount>171680</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>185050</NumericAmount><RoundedNumericAmount>185050</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><Ele
mentDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total liabilities</Label></Row><Row><Id>25</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquityAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportE
nd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNum
ericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Stockholders' equity (deficit)</Label></Row><Row><Id>26</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_PreferredStockValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>
false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</Is
Ratio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>5</NumericAmount><RoundedNumericAmount>5</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</ElementDe
fenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 129
 -Paragraph 2, 3, 4, 5, 6, 7, 8

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Preferred stock, $1.00 par value, 30,000,000 shares authorized Series A, 60 shares designated, 0 and 5 shares issued and outstanding, respectively</Label></Row><Row><Id>27</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CommonStockValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteI
ndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17685</NumericAmount><RoundedNumericAmount>17685</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>16826</NumericAmount><RoundedNumericAmount>16826</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>fa
lse</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 30
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Common stock $0.001 par value, 100,000,000 shares authorized, 17,685,312 and 16,826,342 shares issued and outstanding, respectively</Label></Row><Row><Id>28</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AdditionalPaidInCapital</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /
><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1661212</NumericAmount><RoundedNumericAmount>1661212</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1463697</NumericAmount><RoundedNumericAmount>1463697</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>fa
lse</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 31
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Additional paid-in capital</Label></Row><Row><Id>29</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RetainedEarningsAccumulatedDeficit</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>
false</DisplayZeroAsNone><NumericAmount>-771167</NumericAmount><RoundedNumericAmount>-771167</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-1200573</NumericAmount><RoundedNumericAmount>-1200573</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><Elem
entDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cumulative amount of the reporting entity's undistributed earnings or deficit.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 31
 -Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Accumulated deficit</Label></Row><Row><Id>30</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquity</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroA
sNone>false</DisplayZeroAsNone><NumericAmount>907730</NumericAmount><RoundedNumericAmount>907730</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>279955</NumericAmount><RoundedNumericAmount>279955</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><Elem
entDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Staff Accounting Bulletin (SAB)
 -Number Topic 4
 -Section E

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total stockholders' equity (deficit)</Label></Row><Row><Id>31</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_LiabilitiesAndStockholdersEquityAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><Displa
yZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrl
i:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Liabilities and Stockholders' Equity</Label></Row><Row><Id>32</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_LiabilitiesAndStockholdersEquity</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><Preferred
LabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1079410</NumericAmount><RoundedNumericAmount>1079410</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>465005</NumericAmount><RoundedNumericAmount>465005</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUS
Format><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of all Liabilities and Stockholders' Equity items.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 32
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 25
 -Article 7

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Total liabilities and stockholders' equity</Label></Row></Rows><Footnotes /><NumberOfCols>2</NumberOfCols><NumberOfRows>28</NumberOfRows><ReportName>Statement of Financial Position (Consolidated) (USD $)</ReportName><MonetaryRoundingLevel>NoRounding</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<FilingSummary xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Version>2.2.0.25</Version>
  <ReportType />
  <MyReports>
    <Report>
      <IsDefault>true</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0001 - Document - Document and Entity Information</LongName>
      <ShortName>Document and Entity Information</ShortName>
      <Role>http://issuerdirect.com/20101231/role/DocumentAndEntityInformation</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R1.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0002 - Statement - Statement of Financial Position (Consolidated)</LongName>
      <ShortName>Statement of Financial Position (Consolidated)</ShortName>
      <Role>http://issuerdirect.com/20101231/role/StatementOfFinancialPosition</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R2.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0003 - Statement - Statement of Income</LongName>
      <ShortName>Statement of Income</ShortName>
      <Role>http://issuerdirect.com/20101231/role/StatementOfIncome</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R3.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0004 - Statement - Statement of Cash Flows</LongName>
      <ShortName>Statement of Cash Flows</ShortName>
      <Role>http://issuerdirect.com/20101231/role/StatementOfCashFlows</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R4.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0005 - Statement - Statement of Stockholders' Equity</LongName>
      <ShortName>Statement of Stockholders' Equity</ShortName>
      <Role>http://issuerdirect.com/20101231/role/StatementOfShareholdersEquity</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R5.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0011 - Disclosure - Description, Background and Basis of Operations</LongName>
      <ShortName>Description, Background and Basis of Operations</ShortName>
      <Role>http://issuerdirect.com/20101231/role/DescriptionBackgroundAndBasisOfOperations</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R6.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0012 - Disclosure - Summary of Significant Accounting Policies</LongName>
      <ShortName>Summary of Significant Accounting Policies</ShortName>
      <Role>http://issuerdirect.com/20101231/role/SummaryOfSignifcantAccountingPolicies</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R7.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0013 - Disclosure - Furniture, Equipment, and Improvements</LongName>
      <ShortName>Furniture, Equipment, and Improvements</ShortName>
      <Role>http://issuerdirect.com/20101231/role/FurnitureEquipmentAndImprovement</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R8.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0014 - Disclosure - Goodwill and Other Intangible Assets</LongName>
      <ShortName>Goodwill and Other Intangible Assets</ShortName>
      <Role>http://issuerdirect.com/20101231/role/GoodwillAndOtherIntangibleAssets</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R9.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Notes</ReportType>
      <LongName>0015 - Disclosure - Notes payable, Related Party</LongName>
      <ShortName>Notes payable, Related Party</ShortName>
      <Role>http://issuerdirect.com/20101231/role/NotesPayableRelatedParty</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R10.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0016 - Disclosure - Preferred stock and common stock</LongName>
      <ShortName>Preferred stock and common stock</ShortName>
      <Role>http://issuerdirect.com/20101231/role/PreferredStockAndCommonStock</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R11.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0017 - Disclosure - Employee Stock Options</LongName>
      <ShortName>Employee Stock Options</ShortName>
      <Role>http://issuerdirect.com/20101231/role/EmployeeStockOptions</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R12.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0018 - Disclosure - Commitments and Contingencies</LongName>
      <ShortName>Commitments and Contingencies</ShortName>
      <Role>http://issuerdirect.com/20101231/role/CommitmentsAndContingencies</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R13.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0019 - Disclosure - Concentrations</LongName>
      <ShortName>Concentrations</ShortName>
      <Role>http://issuerdirect.com/20101231/role/Concentrations</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R14.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0020 - Disclosure - Income Taxes</LongName>
      <ShortName>Income Taxes</ShortName>
      <Role>http://issuerdirect.com/20101231/role/IncomeTaxes</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R15.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Sheet</ReportType>
      <LongName>0021 - Disclosure - Subsequent Events</LongName>
      <ShortName>Subsequent Events</ShortName>
      <Role>http://issuerdirect.com/20101231/role/SubsequentEvents</Role>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName>R16.xml</XmlFileName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ReportType>Book</ReportType>
      <LongName>All Reports</LongName>
      <ShortName>All Reports</ShortName>
      <Role />
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <XmlFileName />
    </Report>
  </MyReports>
  <EntityCount>1</EntityCount>
  <ContextCount>30</ContextCount>
  <SegmentCount>5</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <UnitCount>2</UnitCount>
  <ElementCount>94</ElementCount>
  <FootnotesReported>false</FootnotesReported>
  <TuplesReported>false</TuplesReported>
  <ContextSummary>
    <ContextSummary>
      <ContextName>I2010_RetainedEarningsMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2010_CommonStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>from-2010-01-01-to-2010-12-31</ContextName>
      <ElementCount>63</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2008_TreasuryStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2009_RetainedEarningsMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2010_CommonStockMember</ContextName>
      <ElementCount>3</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2010_AdditionalPaidInCapitalMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2010_TreasuryStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2008_AdditionalPaidInCapitalMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>from-2009-01-01-to-2009-12-31</ContextName>
      <ElementCount>32</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2009_AdditionalPaidInCapitalMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2009_AdditionalPaidInCapitalMember</ContextName>
      <ElementCount>5</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>as-of-2011-03-01</ContextName>
      <ElementCount>2</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2008_CommonStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2010_PreferredStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2009_TreasuryStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2009_PreferredStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>as-of-2008-12-31</ContextName>
      <ElementCount>2</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>as-of-2010-12-31</ContextName>
      <ElementCount>22</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2009_PreferredStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2009_TreasuryStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2010_AdditionalPaidInCapitalMember</ContextName>
      <ElementCount>6</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2010_PreferredStockMember</ContextName>
      <ElementCount>2</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2009_RetainedEarningsMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>as-of-2009-12-31</ContextName>
      <ElementCount>20</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2009_CommonStockMember</ContextName>
      <ElementCount>5</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2008_RetainedEarningsMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2008_PreferredStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>D2010_RetainedEarningsMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
    <ContextSummary>
      <ContextName>I2009_CommonStockMember</ContextName>
      <ElementCount>1</ElementCount>
    </ContextSummary>
  </ContextSummary>
  <BaseTaxonomies />
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>30
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xls
M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O
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M<B!E9&ET;W(@9&]E<VXG="!S=7!P;W)T(%=E8B!!<F-H:79E(&9I;&5S+B`@
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M;V9T+6-O;3IO9F9I8V4Z97AC96PB('AM;&YS/3-$(FAT='`Z+R]W=W<N=S,N
M;W)G+U12+U)%0RUH=&UL-#`B/@T*/&AE860^#0H\;65T82!N86UE/3-$(D5X
M8V5L(%=O<FMB;V]K($9R86UE<V5T(CX-"@T*/&UE=&$@;F%M93TS1%!R;V=)
M9"!C;VYT96YT/3-$17AC96PN4VAE970^#0H\;&EN:R!R96P],T1&:6QE+4QI
M<W0@:')E9CTS1")7;W)K<VAE971S+V9I;&5L:7-T+GAM;"(^#0H-"CPA+2U;
M:68@9W1E(&US;R`Y73X\>&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX
M.D5X8V5L5V]R:W-H965T<SX-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^1&]C=6UE;G1?86YD7T5N=&ET>5]);F9O<FUA=&EO/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`Q+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W1A=&5M96YT7V]F
M7T9I;F%N8VEA;%]0;W-I=&EO/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`R+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*
M("`@(#QX.DYA;64^4W1A=&5M96YT7V]F7TEN8V]M93PO>#I.86UE/@T*("`@
M(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970P
M,RYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E
M;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-T871E;65N=%]O9E]#87-H7T9L
M;W=S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B
M5V]R:W-H965T<R]3:&5E=#`T+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS
M:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W1A
M=&5M96YT7V]F7U-T;V-K:&]L9&5R<U]%<74\+W@Z3F%M93X-"B`@("`\>#I7
M;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,#4N:'1M
M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K
M<VAE970^#0H@("`@/'@Z3F%M93Y$97-C<FEP=&EO;E]"86-K9W)O=6YD7V%N
M9%]"83PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$
M(E=O<FMS:&5E=',O4VAE970P-BYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K
M<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-U
M;6UA<GE?;V9?4VEG;FEF:6-A;G1?06-C;W5N=#PO>#I.86UE/@T*("`@(#QX
M.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970P-RYH
M=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O
M<FMS:&5E=#X-"B`@("`\>#I.86UE/D9U<FYI='5R95]%<75I<&UE;G1?86YD
M7TEM<'(\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS
M1")7;W)K<VAE971S+U-H965T,#@N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R
M:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93Y'
M;V]D=VEL;%]A;F1?3W1H97)?26YT86YG:6)L95\\+W@Z3F%M93X-"B`@("`\
M>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,#DN
M:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7
M;W)K<VAE970^#0H@("`@/'@Z3F%M93Y.;W1E<U]P87EA8FQE7U)E;&%T961?
M4&%R='D\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS
M1")7;W)K<VAE971S+U-H965T,3`N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R
M:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93Y0
M<F5F97)R961?<W1O8VM?86YD7V-O;6UO;E]S=&\\+W@Z3F%M93X-"B`@("`\
M>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,3$N
M:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7
M;W)K<VAE970^#0H@("`@/'@Z3F%M93Y%;7!L;WEE95]3=&]C:U]/<'1I;VYS
M/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R
M:W-H965T<R]3:&5E=#$R+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E
M=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^0V]M;6ET
M;65N='-?86YD7T-O;G1I;F=E;F-I97,\+W@Z3F%M93X-"B`@("`\>#I7;W)K
M<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,3,N:'1M;"(O
M/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE
M970^#0H@("`@/'@Z3F%M93Y#;VYC96YT<F%T:6]N<SPO>#I.86UE/@T*("`@
M(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q
M-"YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E
M;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/DEN8V]M95]487AE<SPO>#I.86UE
M/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O
M4VAE970Q-2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\
M>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-U8G-E<75E;G1?179E
M;G1S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B
M5V]R:W-H965T<R]3:&5E=#$V+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS
M:&5E=#X-"B`@/"]X.D5X8V5L5V]R:W-H965T<SX-"B`@/'@Z4W1Y;&5S:&5E
M="!(4F5F/3-$(E=O<FMS:&5E=',O<F5P;W)T+F-S<R(O/@T*("`\>#I!8W1I
M=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0<F]T96-T4W1R=6-T
M=7)E/D9A;'-E/"]X.E!R;W1E8W13=')U8W1U<F4^#0H@(#QX.E!R;W1E8W17
M:6YD;W=S/D9A;'-E/"]X.E!R;W1E8W17:6YD;W=S/@T*(#PO>#I%>&-E;%=O
M<FMB;V]K/@T*/"]X;6P^/"%;96YD:69=+2T^#0H\+VAE860^#0H@(#QB;V1Y
M/@T*("`@/'`^5&AI<R!P86=E('-H;W5L9"!B92!O<&5N960@=VET:"!-:6-R
M;W-O9G0@17AC96P@6%`@;W(@;F5W97(N/"]P/@T*("`\+V)O9'D^#0H\+VAT
M;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,S$U9C9B8F1?-#)D,%\T,V%E7V%B
M-69?8C(U83,V,C%C9CDU#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z
M+S,Q-68V8F)D7S0R9#!?-#-A95]A8C5F7V(R-6$S-C(Q8V8Y-2]7;W)K<VAE
M971S+U-H965T,#$N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@
M<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H
M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%
M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O
M:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A
M<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O
M;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L
M92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5/34%%/@T*("`@("`@/'1R/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$
M,CX\<W1R;VYG/D1O8W5M96YT(&%N9"!%;G1I='D@26YF;W)M871I;VX@*%53
M1"`F;F)S<#LD*3QB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA
M<W,],T1T:"!C;VQS<&%N/3-$,3XQ,B!-;VYT:',@16YD960\+W1H/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3X\+W1H/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C
M+B`S,2P@,C`Q,#QB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-
M87(N(#`Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#X\<W1R;VYG/D1O8W5M96YT($EN9F]R;6%T:6]N/"]S=')O;F<^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!296=I<W1R
M86YT($YA;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/DE34U5%
M4B!$25)%0U0@0T]24#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^16YT:71Y($-E;G1R86P@26YD97@@2V5Y/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XP,#`P.#0S,#`V/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%;G1I='D@
M5')A9&EN9R!3>6UB;VP\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/DE31%(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D1O8W5M96YT(%1Y<&4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/C$P+4L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D1O8W5M96YT(%!E<FEO9"!%;F0@1&%T93PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^1&5C(#,Q+`T*"0DR,#$P/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!;65N
M9&UE;G0@1FQA9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^9F%L
M<V4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D-U<G)E;G0@1FES8V%L(%EE87(@16YD($1A=&4\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/BTM,3(M,S$\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!796QL($MN;W=N
M(%-E87-O;F5D($ES<W5E<CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^3F\\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D5N=&ET>2!6;VQU;G1A<GD@1FEL97(\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/EEE<SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^16YT:71Y($-U<G)E;G0@4F5P;W)T:6YG
M(%-T871U<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^665S/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%
M;G1I='D@1FEL97(@0V%T96=O<GD\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/E-M86QL97(@4F5P;W)T:6YG($-O;7!A;GD\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!0=6)L
M:6,@1FQO870\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P
M.R0@-"PP-C<L-C(R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y%;G1I='D@0V]M;6]N(%-T;V-K+"!3:&%R97,@3W5T
M<W1A;F1I;F<\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$W+#8X
M-2PS,3(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D1O8W5M96YT($9I<V-A;"!996%R($9O8W5S/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#XR,#$P/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$;V-U;65N="!&:7-C86P@4&5R
M:6]D($9O8W5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y&63QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*
M("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,S$U9C9B
M8F1?-#)D,%\T,V%E7V%B-69?8C(U83,V,C%C9CDU#0I#;VYT96YT+4QO8V%T
M:6]N.B!F:6QE.B\O+T,Z+S,Q-68V8F)D7S0R9#!?-#-A95]A8C5F7V(R-6$S
M-C(Q8V8Y-2]7;W)K<VAE971S+U-H965T,#(N:'1M;`T*0V]N=&5N="U4<F%N
M<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E
M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@
M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C
M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T
M>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T
M(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB
M;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5214%'
M/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N
M/3-$,2!R;W=S<&%N/3-$,3X\<W1R;VYG/E-T871E;65N="!O9B!&:6YA;F-I
M86P@4&]S:71I;VX@*$-O;G-O;&ED871E9"D@*%531"`F;F)S<#LD*3QB<CX\
M+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q
M+"`R,#$P/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D1E8RX@
M,S$L(#(P,#D\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/CQS=')O;F<^0W5R<F5N="!A<W-E=',\+W-T<F]N9SX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^0V%S:"!A;F0@8V%S:"!E<75I=F%L96YT
M<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`U,#0L
M-S$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^)FYB<W`[)"`Q-#8L,#0S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-O=6YT<R!R96-E:79A8FQE("AN970@
M;V8@86QL;W=A;F-E(&9O<B!D;W5B=&9U;"!A8V-O=6YT<R!O9B`F;F)S<#LD
M-38L,#(T(&%N9"`F;F)S<#LD,38L-S@U+"!R97-P96-T:79E;'DI/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-S4L,S,V/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,34R+#`V.3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4V5C
M=7)I='D@9&5P;W-I=',@+2!C=7)R96YT/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XV+#(T,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^1&5F97)R960@:6YC;VUE('1A>"!A<W-E="`M
M(&-U<G)E;G0\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$P,BPT
M,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D]T:&5R(&-U<G)E;G0@87-S971S/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XQ-BPU.#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XQ.2PR,#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R974^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y4;W1A;"!C=7)R96YT(&%S<V5T
M<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-SDY+#`S,#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C,R,RPU
M-34\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D9U<FYI='5R92P@97%U:7!M96YT(&%N9"!I;7!R;W9E;65N=',L(&YE
M=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3,L,S<U/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C$L,#@W
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y$969E<G)E9"!I;F-O;64@=&%X(&%S<V5T("T@;F]N8W5R<F5N=#PO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3$X+#0P,#QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3W1H97(@;&]N
M9RUT97)M(&%S<V5T<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,34L-3<V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y);G1A;F=I8FQE(&%S<V5T<R`H;F5T(&]F(&%C8W5M=6QA=&5D
M(&%M;W)T:7IA=&EO;B!O9B`F;F)S<#LD-34L,38V(&%N9"`F;F)S<#LD-C<L
M.#,S+"!R97-P96-T:79E;'DI/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XY,RPP,CD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XQ,C`L,S8S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^5&]T86P@87-S971S/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XQ+#`W.2PT,3`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT-C4L,#`U/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG
M/D-U<G)E;G0@;&EA8FEL:71I97,\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^06-C;W5N=',@<&%Y86)L92`M('1R861E/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XV-2PU-S`\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU,2PW,34\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%C
M8W)U960@97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C,T+#DQ.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C4Y+#@Q,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^1&5F97)R960@<F5V96YU93PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-3$L,S@R/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.;W1E<R!P87EA8FQE+2!R96QA
M=&5D('!A<G1Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW,RPU
M,C4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y4;W1A;"!C=7)R96YT(&QI86)I;&ET:65S/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XQ-3$L.#<P/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3@U+#`U,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3W1H97(@;&]N9R!T
M97)M(&QI86)I;&ET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XQ.2PX,3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y4;W1A;"!L:6%B:6QI=&EE<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,3<Q+#8X,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$X-2PP-3`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^4W1O8VMH
M;VQD97)S)R!E<75I='D@*&1E9FEC:70I/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R969E<G)E9"!S=&]C:RP@)FYB<W`[
M)#$N,#`@<&%R('9A;'5E+"`S,"PP,#`L,#`P('-H87)E<R!A=71H;W)I>F5D
M(%-E<FEE<R!!+"`V,"!S:&%R97,@9&5S:6=N871E9"P@,"!A;F0@-2!S:&%R
M97,@:7-S=65D(&%N9"!O=71S=&%N9&EN9RP@<F5S<&5C=&EV96QY/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM;VX@<W1O8VL@)FYB
M<W`[)#`N,#`Q('!A<B!V86QU92P@,3`P+#`P,"PP,#`@<VAA<F5S(&%U=&AO
M<FEZ960L(#$W+#8X-2PS,3(@86YD(#$V+#@R-BPS-#(@<VAA<F5S(&ES<W5E
M9"!A;F0@;W5T<W1A;F1I;F<L(')E<W!E8W1I=F5L>3PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,3<L-C@U/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,38L.#(V/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!9&1I=&EO;F%L('!A
M:60M:6X@8V%P:71A;#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,2PV-C$L,C$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,2PT-C,L-CDW/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-U;75L871E9"!D969I8VET/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@W-S$L,38W*3QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#$L,C`P+#4W,RD\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y4;W1A;"!S=&]C:VAO;&1E<G,G(&5Q=6ET>2`H9&5F:6-I="D\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/CDP-RPW,S`\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-SDL.34U/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R
M;VYG/DQI86)I;&ET:65S(&%N9"!3=&]C:VAO;&1E<G,G($5Q=6ET>3PO<W1R
M;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F]U
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^5&]T86P@
M;&EA8FEL:71I97,@86YD('-T;V-K:&]L9&5R<R<@97%U:71Y/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#$L,#<Y+#0Q,#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P
M.R0@-#8U+#`P-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X
M=%!A<G1?,S$U9C9B8F1?-#)D,%\T,V%E7V%B-69?8C(U83,V,C%C9CDU#0I#
M;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S,Q-68V8F)D7S0R9#!?-#-A
M95]A8C5F7V(R-6$S-C(Q8V8Y-2]7;W)K<VAE971S+U-H965T,#,N:'1M;`T*
M0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*
M0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*
M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O
M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M
M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N
M:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\
M+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I
M9#TS1$E$,$4R,4%%/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E-T871E;65N
M="!O9B!);F-O;64@*%531"`F;F)S<#LD*3QB<CX\+W-T<F]N9SX\+W1H/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,CXQ,B!-;VYT:',@
M16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&@^1&5C+B`S,2P@,C`Q,#QB<CX\+W1H/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#`Y/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-T871E;65N="!O9B!)
M;F-O;64\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^4F5V96YU97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N
M8G-P.R0@,RPX-C`L-3$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`Q+#@X-2PR,S(\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-O<W0@;V8@<V5R
M=FEC97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(L-3`Y+#0Q
M-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C<X-BPV,S,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/D=R;W-S('!R;V9I=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,2PS-3$L,#DW/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,2PP.3@L-3DY/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D]P97)A=&EN
M9R!#;W-T<R!A;F0@17AP96YS97,\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^1V5R97)A;"!A;F0@861M:6YI<W1R871I=F4\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C<T,BPQ-S,\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU,S<L-C`T
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y386QE<R!A;F0@;6%R:V5T:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XS,S<L.#0X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,C0W+#@X-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^26UP86ER;65N="!C:&%R9V5S/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT+#`P,#QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&5P<F5C:6%T
M:6]N(&%N9"!A;6]R=&EZ871I;VX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C,Y+#$W,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C,X+#(T-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&]P97)A=&EN9R!C;W-T<R!A
M;F0@97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L
M,3(S+#$Y,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C@R,RPW,S<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/D]P97)A=&EN9R!I;F-O;64\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C(R-RPY,#0\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-S0L.#8R/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D]T
M:&5R($EN8V]M92`H97AP96YS92D\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^26YT97)E<W0@97AP96YS92P@;F5T/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ.2PR.3@\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XV.#@\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;W4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y4;W1A;"!O
M=&AE<B!I;F-O;64@*&5X<&5N<V4I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B@Q.2PR.3@I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;3XH-C@X*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&EN8V]M92!B969O<F4@=&%X97,\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(P."PV,#8\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-S0L,3<T
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y);F-O;64@=&%X(&5X<&5N<V4@*&)E;F5F:70I/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M/B@R,C`L.#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E=3X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!I;F-O;64\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@-#(Y+#0P-CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P
M.R0@,C<T+#$W-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^/'-T<F]N9SY%87)N:6YG<R!097(@4VAA<F4\+W-T<F]N
M9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^26YC;VUE("AL
M;W-S*2!P97(@<VAA<F4@+2!B87-I8SPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^)FYB<W`[)"`P+C`R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`P+C`R/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y);F-O;64@*&QO
M<W,I('!E<B!S:&%R92`M(&1I;'5T960\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/B9N8G-P.R0@,"XP,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@,"XP,CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY7
M96EG:'1E9"!!=F5R86=E($YU;6)E<B!O9B!3:&%R97,@3W5T<W1A;F1I;F<\
M+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^5V5I
M9VAT960@879E<F%G92!N=6UB97(@;V8@8V]M;6]N('-H87)E<R!O=71S=&%N
M9&EN9R`M(&)A<VEC/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ
M-RPT,#<L,#DW/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,3<L,#$T+#<Q,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^5V5I9VAT960@879E<F%G92!N=6UB97(@
M;V8@8V]M;6]N('-H87)E<R!O=71S=&%N9&EN9R`M(&1I;'5T960\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$W+#8P,RPS.3$\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-RPP-C$L-S(Y
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^
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M("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E
M(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T
M('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.
M;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@
M/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P145&
M04<^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P
M86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^4W1A=&5M96YT(&]F($-A<V@@
M1FQO=W,@*%531"`F;F)S<#LD*3QB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,CXQ,B!-;VYT:',@16YD960\
M+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@^1&5C+B`S,2P@,C`Q,#QB<CX\+W1H/@T*("`@("`@("`\=&@@
M8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#`Y/&)R/CPO=&@^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-T871E;65N="!O9B!#87-H($9L
M;W=S/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/DYE="!I;F-O;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N
M8G-P.R0@-#(Y+#0P-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/B9N8G-P.R0@,C<T+#$W-#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY!9&IU<W1M
M96YT<R!T;R!R96-O;F-I;&4@;F5T(&QO<W,@=&\@;F5T(&-A<V@@<')O=FED
M960@8GD@*'5S960@:6XI(&]P97)A=&EN9R!A8W1I=FET:65S/"]S=')O;F<^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D)A9"!D96)T(&5X
M<&5N<V4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4Q+#0T-CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8Q
M+#,T,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^1&5P<F5C:6%T:6]N(&%N9"!A;6]R=&EZ871I;VX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C,Y+#$W,CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C,X+#(T-CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&5F97)R960@
M:6YC;VUE('1A>&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R
M,C`L.#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^26UP86ER;65N="!C:&%R9V5S/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XT+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^3F]N+6-A<V@@:6YT97)E<W0@97AP96YS
M93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S0L,3<X/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y3=&]C
M:RUB87-E9"!E>'!E;G-E<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,3$V+#(T-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C$P+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#:&%N9V5S(&EN(&]P97)A=&EN
M9R!A<W-E=',@86YD(&QI86)I;&ET:65S/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN8W)E87-E("AD96-R96%S92D@:6X@
M86-C;W5N=',@<F5C96EV86)L93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^-S0L-S$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^-#<L-S(X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y);F-R96%S92`H9&5C<F5A<V4I(&EN(&1E
M<&]S:71S(&%N9"!P<F5P86ED<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^-BPW,30\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XQ-"PS-#<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/DEN8W)E87-E("AD96-R96%S92D@:6X@86-C
M;W5N=',@<&%Y86)L93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,3,L.#4V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XH.3$L.#0T*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^26YC<F5A<V4@*&1E8W)E87-E*2!I;B!D969E<G)E
M9"!R979E;G5E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU,2PS
M.#(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/DEN8W)E87-E("AD96-R96%S92D@:6X@86-C<G5E9"!E>'!E;G-E<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^."PX,SD\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@T,RPR-#`I/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\
M<W1R;VYG/DYE="!C87-H('!R;W9I9&5D(&)Y("AU<V5D(&EN*2!O<&5R871I
M;F<@86-T:79I=&EE<SPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^5&]T86P@;F5T(&-A<V@@<')O=FED960@8GD@*'5S960@
M:6XI(&]P97)A=&EN9R!A8W1I=FET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XT-#8L,CDW/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,3@V+#8P,3QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#87-H(&9L;W=S
M(&9R;VT@:6YV97-T:6YG(&%C=&EV:71I97,\+W-T<F]N9SX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4'5R8VAA<V4@;V8@<')O<&5R='D@
M86YD(&5Q=6EP;65N=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M-#@L,3(W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,38L,#$T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^3F5T(&-A<V@@<')O=FED960@8GD@*'5S960@:6XI
M(&EN=F5S=&EN9R!A8W1I=FET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B@T."PQ,C<I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;3XH,38L,#$T*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#87-H(&9L;W=S(&9R
M;VT@9FEN86YC:6YG(&%C=&EV:71I97,\+W-T<F]N9SX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^4F5P=7)C:&%S92!O9B!C;VUM;VX@86YD
M('!R969E<G)E9"!S=&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,SDL-3`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,3`L,#@S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y297!A>6UE;G1S(&]F(&YO=&5S('!A>6%B;&4\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8T+#@R.#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!C
M87-H('!R;W9I9&5D(&)Y("AU<V5D(&EN*2!F:6YA;F-I;F<@86-T:79I=&EE
M<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,SDL-3`P*3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#<T+#DQ
M,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/CQS=')O;F<^3F5T(&-H86YG92!I;B!C87-H/"]S=')O;F<^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&YE="!C:&%N9V4@
M:6X@8V%S:#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S4X+#8W
M,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/CDU+#8W-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^0V%S:"`M(&)E9VEN;FEN9SPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,30V+#`T,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C4P+#,V-SQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V%S:"`M(&5N9&EN9SPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`U,#0L-S$S/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB
M<W`[)"`Q-#8L,#0S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].
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M#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$
M0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T
M9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO
M=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T
M/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T
M(&ED/3-$240P14=604<^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0Q/CQS=')O;F<^4W1A=&5M
M96YT(&]F(%-T;V-K:&]L9&5R<R<@17%U:71Y("A54T0@)FYB<W`[)"D\8G(^
M/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^4')E9F5R
M<F5D(%-T;V-K/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D-O
M;6UO;B!3=&]C:SQB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y4
M<F5A<W5R>2!3=&]C:SQB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T
M:#Y!9&1I=&EO;F%L(%!A:60M:6X@0V%P:71A;#QB<CX\+W1H/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y!8V-U;75L871E9"!$969I8VET/&)R/CPO=&@^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/E1O=&%L/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F,^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y"86QA;F-E*$)E9VEN;FEN9RD@870@
M1&5C+B`S,2P@,C`P.#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M)FYB<W`[)"`W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^)FYB<W`[)"`Q."PX,S0\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B9N8G-P.R0@*#0L,C,V*3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@
M,2PT-#$L,#`V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;3XF;F)S<#LD("@Q+#0W-"PW-#<I/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XF;F)S<#LD("@Q.2PQ,S8I/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y2
M97!U<F-H87-E(&%N9"!R971I<F5M96YT(&]F('1R96%S=7)Y('-H87)E<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,BPR-S,I/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-"PR,S8\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q,BPP
M-#8I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;3XH,3`L,#@S*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^27-S=6%N8V4@;V8@8V]M;6]N('-T;V-K(&9O<B!E;7!L
M;WEE92!I;F-E;G1I=F5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XQ-3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XR-"PX-3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XR-2PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/DES<W5A;F-E(&]F(&-O;6UO;B!S=&]C:R!F
M;W(@<V5R=FEC97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$P
M,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/CDL.3`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,3`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y2961E;7!T:6]N(&]F('!R969E<G)E9"!S:&%R97,\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#(I/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C`\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q."D\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-A;F-E
M;&QA=&EO;B!O9B!S:&%R97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6T^*#4I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^3F5T(&EN8V]M93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,C<T+#$W-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C(W-"PQ-S0\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R8SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D)A;&%N8V4H16YD:6YG*2!A="!$96,N
M(#,Q+"`R,#`Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,38L
M.#(V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C$L-#8S+#8Y-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6T^*#$L,C`P+#4W,RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-SDL.34U/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VYV97)S:6]N(&]F
M(&YO=&5S('!A>6%B;&4@9F]R(&-O;6UO;B!S=&]C:SPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-#4Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^-3DL,C`W/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3DL-C8V/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VYV97)S:6]N
M(&]F(&YO=&4@<&%Y86)L92!F;W(@<')E9F5R<F5D('-T;V-K/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(W+#<U-#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(W+#<X,#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F]N+6-A
M<V@@:6YT97)E<W0@97AP96YS92!O;B!N;W1E<R!P87EA8FQE/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-"PQ-S@\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-"PQ-S@\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E)E<'5R8VAA
M<V4@86YD(')E=&ER96UE;G0@;V8@=')E87-U<GD@<VAA<F5S/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B@S,2D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@U,"D\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@S.2PT,3DI/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,SDL-3`P*3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M27-S=6%N8V4@;V8@8V]M;6]N('-T;V-K(&9O<B!S97)V:6-E<SPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-#4P/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.#,L-34P/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.#0L,#`P/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y3=&]C
M:RUB87-E9"!C;VUP96YS871I;VX@97AP96YS93PO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,S(L,C0U/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,S(L,C0U/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.970@:6YC;VUE/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT,CDL-#`V/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-#(Y+#0P-CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')C/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0F%L
M86YC92A%;F1I;F<I(&%T($1E8RX@,S$L(#(P,3`\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@,#QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@,3<L-C@U/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[
M)"`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^)FYB<W`[)"`Q+#8V,2PR,3(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M/B9N8G-P.R0@*#<W,2PQ-C<I/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`Y
M,#<L-S,P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO
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M=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N
M="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\
M<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO
M*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A
M9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$
M240P14)&/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C
M;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/D1E<V-R:7!T:6]N+"!"
M86-K9W)O=6YD(&%N9"!"87-I<R!O9B!/<&5R871I;VYS/&)R/CPO<W1R;VYG
M/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R
M($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R/CPO=&@^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D1E<V-R:7!T
M:6]N+"!"86-K9W)O=6YD(&%N9"!"87-I<R!O9B!/<&5R871I;VYS/"]S=')O
M;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&4@,2X@
M1&5S8W)I<'1I;VXL($)A8VMG<F]U;F0@86YD($)A<VES(&]F($]P97)A=&EO
M;G,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQD:78@86QI9VX]
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M<F4@:6X@3V-T;V)E<B`Q.3@X('5N9&5R('1H92!N86UE($1O8W5C;VX@26YC
M+B!3=6)S97%U96YT('1O('1H92!$96-E;6)E<B`Q,RP@,C`P-PT*(&UE<F=E
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M+V9O;G0^/"]F;VYT/CPO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM
M+2TM+3U?3F5X=%!A<G1?,S$U9C9B8F1?-#)D,%\T,V%E7V%B-69?8C(U83,V
M,C%C9CDU#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S,Q-68V8F)D
M7S0R9#!?-#-A95]A8C5F7V(R-6$S-C(Q8V8Y-2]7;W)K<VAE971S+U-H965T
M,#<N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R
M:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S
M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE
M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA
M<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R
M8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\
M+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS
M1')E<&]R="!I9#TS1$E$,$5"1CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H
M(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY3
M=6UM87)Y(&]F(%-I9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L:6-I97,\8G(^
M/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A
M;CTS1#$^,3(@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D1E8RX@,S$L(#(P,3`\
M8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^
M4W5M;6%R>2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S/"]S
M=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&4@
M,BX@4W5M;6%R>2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV(&%L:6=N/3-$
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M<V9E<B!,3$,N("!3:6=N:69I8V%N=`T*(&EN=&5R8V]M<&%N>2!A8V-O=6YT
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M;W9E<G,@)FYB<W`[)#(U,"PP,#`@9F]R('-U8G-T86YT:6%L;'D-"B!A;&P@
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M97!O<VET(&EN(&5X8V5S<R!O9B!T:&4@:6YS=7)E9`T*(&QI;6ET<RX@07,@
M;V8@1&5C96UB97(@,S$L(#(P,3`L('1H92!#;VUP86YY(&AA9"!C87-H(&]F
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M=VET:"!314,@4W1A9F8@06-C;W5N=&EN9R!"=6QL971I;B!.;RX@,3`T+"`B
M4F5V96YU92!296-O9VYI=&EO;BPB('=H:6-H(')E<75I<F5S('1H870Z("AI
M*2!P97)S=6%S:79E#0H@979I9&5N8V4@;V8@86X@87)R86YG96UE;G0@97AI
M<W1S+"`H:6DI(&1E;&EV97)Y(&AA<R!O8V-U<G)E9"!O<B!S97)V:6-E<R!H
M879E(&)E96X@<F5N9&5R960L("AI:6DI('1H92!S86QE<R!P<FEC92!I<R!F
M:7AE9"!O<B!D971E<FUI;F%B;&4L(&%N9"`H:78I(&-O;&QE8W1A8FEL:71Y
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M8FQO8VLG/CQB<B`O/@T*/"]D:78^#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL
M93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL
M969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.R!F
M;VYT+7-I>F4Z,3!P="<^("`@("`@("`@("`@("!0<F]P97)T>2!A;F0@97%U
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M<CX-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I
M9'1H/3-$.#`E('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
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M9"!V86QI9VX],T1T;W`@=VED=&@],T0T-24@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG;CTS1&-E;G1E<B!S
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M/3-$,3`E/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@#0H\+V9O
M;G0^/"]T9#X-"CQT9"!V86QI9VX],T1T;W`@=VED=&@],T0T-24^#0H\9&EV
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M/"]T9#X-"CQT9"!V86QI9VX],T1T;W`@=VED=&@],T0Q,"4^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A
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M,T1T;W`@=VED=&@],T0T-24^#0H\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL
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M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^
M#0H\=&0@=F%L:6=N/3-$=&]P('=I9'1H/3-$-#4E/@T*/&1I=B!A;&EG;CTS
M1&-E;G1E<B!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO
M8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@
M;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^,R!T;R`U('EE87)S/"]F;VYT
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M;G1S/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!V86QI9VX],T1T;W`@=VED
M=&@],T0Q,"4^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M
M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO
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M8VLG/CQB<B`O/@T*/"]D:78^#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL93TS
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M+V9O;G0^5V4@8V]M<&QY('=I=&@@1D%30B!!4T,@3F\N(#(V,"`M($5A<FYI
M;F=S('!E<B!3:&%R92`H9F]R;65R;'D@4W1A=&5M96YT(&]F($9I;F%N8VEA
M;"!!8V-O=6YT:6YG(%-T86YD87)D<R`H(E-&05,B*2!.;RX@,3(X+"`B16%R
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M86YD:6YG(&1U<FEN9R!T:&4@<&5R:6]D+B`@0V]M;6]N('-H87)E<R!O9B`R
M-3@L,S(S(&%N9"`T,2PV-C4@:7-S=6%B;&4-"B!U<&]N('1H92!P;W1E;G1I
M86P@8V]N=F5R<VEO;B!O9B!T:&4@0V]M<&%N>2=S(%-E<FEE<R!!($-O;G9E
M<G1I8FQE(%!R969E<G)E9"!3=&]C:R!W97)E(&EN8VQU9&5D(&EN('1H92!C
M;VUP=71A=&EO;B!O9B!D:6QU=&5D(&5A<FYI;F=S('!E<B!C;VUM;VX@<VAA
M<F4@9F]R('1H92!Y96%R<R!E;F1E9"!$96-E;6)E<B`S,2P@,C`Q,"!A;F0@
M,C`P.2P@<F5S<&5C=&EV96QY+B!3:&%R97,@:7-S=6%B;&4@=7!O;B!T:&4@
M97AE<F-I<V4@;V8@<W1O8VL-"B!O<'1I;VYS('1O=&%L:6YG(#$L,#`P+#`P
M,"!O;B!$96-E;6)E<B`S,2P@,C`Q,"!W97)E(&5X8VQU9&5D(&9R;VT@=&AE
M(&-A;&-U;&%T:6]N(&]F(&-O;6UO;B!E<75I=F%L96YT('-H87)E<R!A<R!T
M:&4@:6UP86-T('=A<R!A;G1I+61I;'5T:79E+B`@5&AE<F4@=V5R92!N;R!S
M=&]C:R!O<'1I;VYS(&]U='-T86YD:6YG(&%T($1E8V5M8F5R(#,Q+"`R,#`Y
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M-#8@86YD("9N8G-P.R0V,2PS-#`@9'5R:6YG('1H92!Y96%R<R!E;F1E9"!$
M96-E;6)E<B`S,2P@,C`Q,"!A;F0@,C`P.2P@<F5S<&5C=&EV96QY+CPO9F]N
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M=`T*('1O(&UA:V4@97-T:6UA=&5S(&%N9"!A<W-U;7!T:6]N<R!T:&%T(&%F
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M/E=E(&-O;7!L>2!W:71H($9!4T(@05-#($YO+B`W-#`@+2!);F-O;64@5&%X
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M('1H92!A;6]U;G1S(&5X<&5C=&5D('1O(&)E(')E86QI>F5D+B`@1F]R#0H@
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M+B`S-C`@+2!0<F]P97)T>2!0;&%N="!A;F0@17%U:7!M96YT("`H9F]R;65R
M;'D@4T9!4R!.;RX@,30T+"`B06-C;W5N=&EN9R!F;W(@=&AE($EM<&%I<FUE
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M<"X@268@=&AE(&-A<G)Y:6YG(&%M;W5N="!O9B!A;B!A<W-E=`T*(&=R;W5P
M(&5X8V5E9',@:71S(&5S=&EM871E9"!F=71U<F4@8V%S:"!F;&]W<RP@86X@
M:6UP86ER;65N="!C:&%R9V4@:7,@<F5C;V=N:7IE9"!B>2!T:&4@86UO=6YT
M(&)Y('=H:6-H('1H92!C87)R>6EN9R!A;6]U;G0@;V8@86X@87-S970@9W)O
M=7`@97AC965D<R!F86ER('9A;'5E(&]F('1H92!A<W-E="!G<F]U<"X@("!'
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M9VEN+6QE9G0Z,S9P=#X\+V9O;G0^07,@;V8@1&5C96UB97(@,S$L(#(P,3`@
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M;F-I86P@;&EA8FEL:71I97,@:6X@=&AE(&9I<G-T('%U87)T97(@;V8@,C`P
M.2X@3W5R(&%S<V5T<R!A;F0@;&EA8FEL:71I97,@=&AA="!A<F4@<W5B:F5C
M="!T;R!T:&5S90T*('!R;W9I<VEO;G,@9'5R:6YG('1H92!Y96%R<R!E;F1E
M9"!$96-E;6)E<B`S,2P@,C`Q,"!A;F0@,C`P.2!I;F-L=61E(&]U<B!I;G1A
M;F=I8FQE(&%S<V5T<RP@8V]N<VES=&EN9R!O9B!G;V]D=VEL;"P@9&]M86EN
M(&YA;65S(&%N9"!S;V9T=V%R92P@86YD(&]U<B!L;VYG+6QI=F5D(&%S<V5T
M<RX@5&AE(&%D;W!T:6]N(&]F('1H92!F86ER('9A;'5E('!R;W9I<VEO;G,@
M87!P;&EC86)L92!T;R!N;VYF:6YA;F-I86P@87-S971S(&%N9"!L:6%B:6QI
M=&EE<PT*(&1I9"!N;W0@:&%V92!A('-I9VYI9FEC86YT(&EM<&%C="!O;B!T
M:&4@9&5T97)M:6YA=&EO;B!O<B!R97!O<G1I;F<@;V8@;W5R(&9I;F%N8VEA
M;"!R97-U;'1S+CPO9F]N=#X\+V1I=CX-"@T*/&1I=B!A;&EG;CTS1&QE9G0@
M<W1Y;&4],T0G=&5X="UI;F1E;G0Z,S9P=#L@9&ES<&QA>3IB;&]C:SL@;6%R
M9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[(&9O;G0M<VEZ93HQ,'!T)SY792!B96QI979E('1H870@=&AE(&9A:7(@
M=F%L=64@;V8@;W5R(&9I;F%N8VEA;"!I;G-T<G5M96YT<RP@=VAI8V@@8V]N
M<VES="!O9B!C87-H(&%N9"!C87-H(&5Q=6EV86QE;G1S+"!A8V-O=6YT<R!R
M96-E:79A8FQE+"!A8V-O=6YT<R!P87EA8FQE+"!A;F0@=6YS96-U<F5D(&YO
M=&5S('!A>6%B;&4@87!P<F]X:6UA=&4-"B!T:&5I<B!C87)R>6EN9R!A;6]U
M;G1S+B!4:&4@:6YT97)E<W0@<F%T97,@<&%Y86)L92!O;B!O=7(@;F]T97,@
M87!P<F]X:6UA=&4@;6%R:V5T(')A=&5S(&]N('-I;6EL87(@8F]R<F]W:6YG
M<R!A="!$96-E;6)E<B`S,2P@,C`P.2X\+V9O;G0^/"]D:78^#0H\9&EV(&%L
M:6=N/3-$:G5S=&EF>2!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L
M87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^
M#0H\9F]N="!S='EL93TS1"=F;VYT+7-T>6QE.FET86QI8SL@9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`\+V9O;G0^/"]D:78^#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/DEN($1E8V5M8F5R(#(P,3`L('1H92!&
M:6YA;F-I86P@06-C;W5N=&EN9R!3=&%N9&%R9',@0F]A<F0@*")&05-"(BD@
M:7-S=65D($%C8V]U;G1I;F<@4W1A;F1A<F1S(%5P9&%T92`H(D%352(I($YO
M+B`R,#$P+3(X+"!7:&5N('1O(%!E<F9O<FT@4W1E<"`R(&]F('1H92!';V]D
M=VEL;"!);7!A:7)M96YT(%1E<W0@9F]R#0H@4F5P;W)T:6YG(%5N:71S('=I
M=&@@6F5R;R!O<B!.96=A=&EV92!#87)R>6EN9R!!;6]U;G1S("X@5&AI<R!!
M4U4@=7!D871E<R!!4T,@5&]P:6,@,S4P+"!);G1A;F=I8FQE<R`M1V]O9'=I
M;&P@86YD($]T:&5R+"!T;R!A;65N9"!T:&4@8W)I=&5R:6$@9F]R('!E<F9O
M<FUI;F<@4W1E<"`R(&]F('1H92!G;V]D=VEL;"!I;7!A:7)M96YT('1E<W0@
M9F]R(')E<&]R=&EN9R!U;FET<R!W:71H('IE<F\@;W(@;F5G871I=F4@8V%R
M<GEI;F<@86UO=6YT<PT*(&%N9"!R97%U:7)E<R!P97)F;W)M:6YG(%-T97`@
M,B!I9B!Q=6%L:71A=&EV92!F86-T;W)S(&EN9&EC871E('1H870@:70@:7,@
M;6]R92!L:6ME;'D@=&AA;B!N;W0@=&AA="!A(&=O;V1W:6QL(&EM<&%I<FUE
M;G0@97AI<W1S+B!4:&4@05-5(&ES(&5F9F5C=&EV92!F;W(@9FES8V%L('EE
M87)S+"!A;F0@:6YT97)I;2!P97)I;V1S('=I=&AI;B!T:&]S92!Y96%R<RP@
M8F5G:6YN:6YG(&%F=&5R($1E8V5M8F5R(#$U+"`R,#$P+B!4:&4@0V]M<&%N
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M,3!P="<^26X@2F%N=6%R>2`R,#$P+"!T:&4@1D%30B!I<W-U960@05-5($YO
M+B`R,#$P+3`V+"!);7!R;W9I;F<@1&ES8VQO<W5R97,@86)O=70@1F%I<B!6
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M979E;"`S+B!4:&5S92!D:7-C;&]S=7)E<R!A<F4@969F96-T:79E(&9O<B!T
M:&4@:6YT97)I;2!A;F0@86YN=6%L(')E<&]R=&EN9R!P97)I;V1S(&)E9VEN
M;FEN9R!A9G1E<B!$96-E;6)E<B`Q-2P@,C`P.2X@061D:71I;VYA;"!N97<@
M9&ES8VQO<W5R97,@<F5G87)D:6YG('1H92!P=7)C:&%S97,L('-A;&5S+"!I
M<W-U86YC97,@86YD('-E='1L96UE;G1S(&EN('1H92!R;VQL#0H@9F]R=V%R
M9"!O9B!A8W1I=FET>2!I;B!,979E;"`S(&9A:7(@=F%L=64@;65A<W5R96UE
M;G1S(&%R92!E9F9E8W1I=F4@9F]R(&9I<V-A;"!Y96%R<R!B96=I;FYI;F<@
M869T97(@1&5C96UB97(@,34L(#(P,3`@8F5G:6YN:6YG('=I=&@@=&AE(&9I
M<G-T(&EN=&5R:6T@<&5R:6]D+B!4:&4@0V]M<&%N>2!A9&]P=&5D(&-E<G1A
M:6X@;V8@=&AE(')E;&5V86YT(&1I<V-L;W-U<F4@<')O=FES:6]N<R!O9B!!
M4U4@,C`Q,"TP-B!O;B!*86YU87)Y(#$L#0H@,C`Q,"!A;F0@861O<'1E9"!C
M97)T86EN(&]T:&5R('!R;W9I<VEO;G,@;VX@2F%N=6%R>2`Q+"`R,#$Q+CPO
M9F]N=#X\8G(@+SX-"CPO9&EV/@T*/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*
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M=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P
M+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C
M:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@
M<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J
M+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S
M/3-$<F5P;W)T(&ED/3-$240P14)&/@T*("`@("`@/'1R/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG
M/D9U<FYI='5R92P@17%U:7!M96YT+"!A;F0@26UP<F]V96UE;G1S/&)R/CPO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R
M/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D9U
M<FYI='5R92P@17%U:7!M96YT+"!A;F0@26UP<F]V96UE;G1S/"]S=')O;F<^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&4@,RX@1G5R
M;FET=7)E+"!%<75I<&UE;G0L(&%N9"!);7!R;W9E;65N=',\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQD:78@86QI9VX],T1L969T/@T*/'1A
M8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@=VED=&@],T0Q
M,#`E('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
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M;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/C(P,3`\+V9O;G0^/"]D
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M=#L@9F]N="UW96EG:'0Z8F]L9"<^,C`P.3PO9F]N=#X\+V1I=CX-"CPO=&0^
M#0H\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W1E>'0M86QI9VXZ;&5F
M=#L@<&%D9&EN9RUB;W1T;VTZ,G!X)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I
M>F4Z,3!P=#L@9F]N="UW96EG:'0Z8F]L9"<^(#PO9F]N=#X\+W1D/@T*/"]T
M<CX-"CQT<B!B9V-O;&]R/3-$(V-C965F9CX-"CQT9"!A;&EG;CTS1&QE9G0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$-S8E/@T*/&1I=B!A;&EG;CTS1&QE
M9G0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M
M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/D-O;7!U=&5R<R!A;F0@97%U:7!M96YT
M/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG
M;CTS1&)O='1O;2!W:61T:#TS1#$E/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ
M93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I
M9'1H/3-$,24@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V
M86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1'1E>'0M86QI9VXZ
M<FEG:'0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C4Q+#<R-CPO
M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T
M>6QE/3-$=&5X="UA;&EG;CIL969T/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ
M93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1R:6=H="!V86QI
M9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I
M>F4Z,3!P="<^(#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W
M:61T:#TS1#$E('-T>6QE/3-$=&5X="UA;&EG;CIL969T/CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M
M86X[(&9O;G0M<VEZ93HQ,'!T)SXF;F)S<#LD/"]F;VYT/CPO=&0^#0H\=&0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24@<W1Y;&4],T1T97AT+6%L:6=N
M.G)I9VAT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXS-2PT-#(\
M+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S
M='EL93TS1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I
M>F4Z,3!P="<^(#PO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<B!B9V-O;&]R/3-$
M=VAI=&4^#0H\=&0@86QI9VX],T1L969T('9A;&EG;CTS1&)O='1O;2!W:61T
M:#TS1#<V)3X-"CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E>'0M:6YD
M96YT.C!P=#L@9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G
M:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE
M.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T
M)SY&=7)N:71U<F4\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$
M<FEG:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT
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M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V
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M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO<CTS1"-C
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M;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI
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M;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ<FEG:'0G/@T*/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE
M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/BT\+V9O;G0^/"]T9#X-"CQT9"!V
M86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1"=T97AT+6%L:6=N
M.FQE9G0[('!A9&1I;F<M8F]T=&]M.C)P>"<^#0H\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F
M;VYT+7-I>F4Z,3!P="<^(#PO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<B!B9V-O
M;&]R/3-$=VAI=&4^#0H\=&0@86QI9VX],T1L969T('9A;&EG;CTS1&)O='1O
M;2!W:61T:#TS1#<V)3X-"CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E
M>'0M:6YD96YT.C!P=#L@9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T
M.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ
M93HQ,'!T)SY4;W1A;"!F:7AE9"!A<W-E=',L(&=R;W-S/"]F;VYT/CPO9&EV
M/@T*/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W
M:61T:#TS1#$E/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT
M+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F
M;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y
M;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
M9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.F)L86-K(#)P>"!S;VQI9#L@=&5X="UA;&EG;CIR:6=H="<^#0H\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM
M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*#,T+#$U-`T*/"]F;VYT
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M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@
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M9'1H/3-$.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.F)L86-K(#1P>"!D;W5B;&4[('1E>'0M86QI9VXZ;&5F
M="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI
M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^)FYB<W`[)#PO
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
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M97AP96YS92!F;W(@=&AE('EE87)S(&5N9&5D($1E8V5M8F5R(#,Q+"`R,#$P
M(&%N9"`R,#`Y('1O=&%L960@)FYB<W`[)#$U+#@S."!A;F0@)FYB<W`[)#$P
M+#DQ,RP@<F5S<&5C=&EV96QY+CPO9F]N=#X\+V1I=CX-"CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^
M#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,S$U9C9B8F1?-#)D,%\T
M,V%E7V%B-69?8C(U83,V,C%C9CDU#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE
M.B\O+T,Z+S,Q-68V8F)D7S0R9#!?-#-A95]A8C5F7V(R-6$S-C(Q8V8Y-2]7
M;W)K<VAE971S+U-H965T,#DN:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O
M9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT
M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@
M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$
M)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X
M="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4
M:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@
M(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5"1CX-"B`@("`@(#QT
M<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A
M;CTS1#(^/'-T<F]N9SY';V]D=VEL;"!A;F0@3W1H97(@26YT86YG:6)L92!!
M<W-E=',\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$
M=&@@8V]L<W!A;CTS1#$^,3(@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D1E8RX@
M,S$L(#(P,3`\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/CQS=')O;F<^1V]O9'=I;&P@86YD($]T:&5R($EN=&%N9VEB;&4@07-S971S
M/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO
M=&4@-"X@1V]O9'=I;&P@86YD($]T:&5R($EN=&%N9VEB;&4@07-S971S/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV(&%L:6=N/3-$;&5F
M="!S='EL93TS1"=T97AT+6EN9&5N=#HS-G!T.R!D:7-P;&%Y.F)L;V-K.R!M
M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CL@9F]N="US:7IE.C$P<'0G/E1H92!C;VUP;VYE;G1S(&]F(&=O;V1W
M:6QL(&%N9"!I;G1A;F=I8FQE(&%S<V5T<R!A<F4@87,@9F]L;&]W<SH\+V9O
M;G0^/"]D:78^#0H\9&EV('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES
M<&QA>3IB;&]C:R<^/&)R("\^#0H\+V1I=CX-"CQD:78@86QI9VX],T1L969T
M/@T*/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@=VED
M=&@],T0Q,#`E('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
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M;VUA;CL@9F]N="US:7IE.CAP="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@8V]L
M<W!A;CTS1#$P('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.F)L86-K(#)P>"!S;VQI9"<^#0H\9&EV(&%L:6=N/3-$8V5N=&5R('-T
M>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES<&QA>3IB;&]C:SL@;6%R9VEN
M+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[
M(&9O;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/D1E8V5M8F5R(#,Q
M+"`R,#$P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T1P861D:6YG+6)O='1O;3HR<'@^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.CAP="<^(`T*/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R/@T*
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.CAP="<^(`T*/"]F;VYT
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M;G0M<VEZ93HX<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1'!A9&1I;F<M8F]T=&]M.C)P>#X\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N
M.R!F;VYT+7-I>F4Z.'!T)SX@#0H\+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N
M/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB
M;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG;CTS1&-E;G1E<B!S='EL93TS
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M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.CAP="<^(`T*
M/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$<&%D
M9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE
M.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HX<'0G
M/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO
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M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXS,"PP,#`\+V9O;G0^/"]D
M:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@
M=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N
M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*
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M.C$P<'0G/B`@("`\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$
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M,'!T)SXH,C$L,#`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS
M1&QE9G0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\9&EV(&%L:6=N
M/3-$;&5F="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO
M8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@
M;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*3PO9F]N=#X\+V1I=CX-"CPO
M=&0^#0H\=&0@86QI9VX],T1L969T('9A;&EG;CTS1&)O='1O;2!W:61T:#TS
M1#$E/@T*/&1I=B!A;&EG;CTS1&QE9G0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z
M,'!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR
M:6=H=#HP<'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O
M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`@
M("`\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V86QI
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M+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXY+#`P
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M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT
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M="<^,C4L,#`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE
M9G0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$
M;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N
M.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N
M/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$.24^#0H\9&EV(&%L:6=N/3-$<FEG:'0@
M<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G
M:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B@Q-RPU,#`\+V9O;G0^/"]D:78^#0H\+W1D
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M<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T
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M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^
M#0H\=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y
M)3X-"CQD:78@86QI9VX],T1R:6=H="!S='EL93TS1"=T97AT+6EN9&5N=#HP
M<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I
M9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N
M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^-3`L
M,#`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US
M:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V
M86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT
M+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T
M=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$.24^#0H\9&EV(&%L:6=N/3-$<FEG:'0@<W1Y;&4]
M,T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F
M=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/B@Q-BPV-C8\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D
M(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X-"CQD
M:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES
M<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T
M)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL
M>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXI/"]F;VYT/CPO
M9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$8F]T=&]M
M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O
M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-
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M+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R(&)G8V]L
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M.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N
M/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB
M;&%C:R`R<'@@<V]L:60G/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE
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M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT
M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4]
M,T1P861D:6YG+6)O='1O;3HR<'@^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W
M:61T:#TS1#$E('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ8FQA8VL@,G!X('-O
M;&ED)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI
M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT
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M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT
M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/CQF;VYT('-T>6QE
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M>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R(&)G8V]L;W(]
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M:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E
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M(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@
M86QI9VX],T1L969T('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE
M/3-$<&%D9&EN9RUB;W1T;VTZ-'!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ
M93HQ,'!T)SX@#0H\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3IB;&%C:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI9VX],T1L969T('-T>6QE
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*
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M:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI9VX],T1R:6=H="!S='EL93TS1"=T
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M<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-"@T*/"]T86)L93X-"CPO9&EV
M/@T*/&1I=B!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO
M8VLG/CQB<B`O/@T*/"]D:78^#0H\9&EV(&%L:6=N/3-$;&5F=#X-"CQT86)L
M92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P
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M>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O
M;G0M<VEZ93HX<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0Q
M,"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C
M:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG;CTS1&-E;G1E<B!S='EL93TS1"=T
M97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P
M=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I
M>F4Z.'!T.R!F;VYT+7=E:6=H=#IB;VQD)SY$96-E;6)E<B`S,2P@,C`P.3PO
M9F]N=#X\+V1I=CX-"CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ
M93HX<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<CX-"CQT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T1P861D:6YG+6)O='1O;3HR<'@^/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE
M=R!R;VUA;CL@9F]N="US:7IE.CAP="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE
M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HX<'0G/B`-"CPO9F]N=#X\+W1D/@T*
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M:7IE.CAP="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@8V]L<W!A;CTS1#(@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ8FQA8VL@,G!X
M('-O;&ED)SX-"CQD:78@86QI9VX],T1C96YT97(@<W1Y;&4],T0G=&5X="UI
M;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP<'0[(&UA
M<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI
M;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.CAP
M=#L@9F]N="UW96EG:'0Z8F]L9"<^06-C=6UU;&%T960\+V9O;G0^/"]D:78^
M#0H\9&EV(&%L:6=N/3-$8V5N=&5R('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P
M=#L@9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG
M:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT
M+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HX<'0[(&9O;G0M
M=V5I9VAT.F)O;&0G/D%M;W)T:7IA=&EO;CPO9F]N=#X\+V1I=CX-"CPO=&0^
M#0H\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ
M,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL
M>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HX<'0G/B`-"CPO9F]N=#X\
M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1'!A9&1I;F<M8F]T
M=&]M.C)P>#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z.'!T)SX@#0H\+V9O
M;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`@("`\+V9O
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M>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXT,"PP,#`\+V9O
M;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B
M;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN
M93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P
M="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1L969T('9A;&EG;CTS
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M;VYT+7-I>F4Z,3!P="<^)FYB<W`[)#PO9F]N=#X\+V1I=CX-"CPO=&0^#0H\
M=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)3X-
M"CQD:78@86QI9VX],T1R:6=H="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[
M(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT
M.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*#,R+#`P
M,#PO9F]N=#X\+V1I=CX-"CPO=&0^#0H\=&0@86QI9VX],T1L969T('9A;&EG
M;CTS1&)O='1O;2!W:61T:#TS1#$E/@T*/&1I=B!A;&EG;CTS1&QE9G0@<W1Y
M;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM
M;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.C$P<'0G/BD\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L
M:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S
M='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W
M(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@
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M="US:7IE.C$P<'0G/C@L,#`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A
M;&EG;CTS1&QE9G0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE
M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T
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M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^
M#0H\=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y
M)3X-"CQD:78@86QI9VX],T1R:6=H="!S='EL93TS1"=T97AT+6EN9&5N=#HP
M<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I
M9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N
M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^,S`L
M,#`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US
M:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V
M86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X-"CQD:78@86QI9VX],T1L969T
M('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES<&QA>3IB;&]C:SL@;6%R
M9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M
M86X[(&9O;G0M<VEZ93HQ,'!T)SX@("`@/"]F;VYT/CPO9&EV/@T*/"]T9#X-
M"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N
M.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX]
M,T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)3X-"CQD:78@86QI
M9VX],T1R:6=H="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ
M8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM
M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*#$U+#`P,#PO9F]N=#X\
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M<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@("`@/"]F;VYT/CPO9&EV/@T*/"]T
M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O
M;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI
M9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)3X-"CQD:78@
M86QI9VX],T1R:6=H="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L
M87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^
M#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ
M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^,34L,#`P/"]F;VYT
M/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$8F]T
M=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<B!B9V-O;&]R/3-$(V-C965F
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M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*
M/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I
M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D
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M+#`P,#PO9F]N=#X\+V1I=CX-"CPO=&0^#0H\=&0@86QI9VX],T1L969T('9A
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M="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O
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M;G0M<VEZ93HQ,'!T)SXH,3(L-3`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT
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M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO
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M,3(L-3`P/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<B!B9V-O
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M(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@
M86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)3X-"CQD
M:78@86QI9VX],T1R:6=H="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I
M<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P
M="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI
M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^-3`L,#`P/"]F
M;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI
M;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P
M<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V86QI9VX]
M,T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I
M9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M
M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO
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M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT
M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE
M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D
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M="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O
M='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ8FQA8VL@
M,G!X('-O;&ED)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N
M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D
M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$<&%D
M9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE
M.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T
M)SX@#0H\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
M,T0Q)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#)P>"!S;VQI9"<^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I
M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D
M/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$
M.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*
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M;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1P861D:6YG+6)O='1O;3HR<'@^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I
M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D
M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ8FQA8VL@,G!X('-O;&ED)SX\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F
M;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1R
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M<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<B!B9V-O;&]R/3-$=VAI
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO
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M+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI9VX],T1R:6=H
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M/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B
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M8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI9VX]
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M;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI
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M;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^)FYB<W`[)#PO9F]N=#X\+V1I
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M)SXQ,C`L,S8R/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1&QE
M9G0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1P861D:6YG
M+6)O='1O;3HT<'@^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O
M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-
M"CPO9F]N=#X\+W1D/@T*/"]T<CX-"@T*/"]T86)L93X-"CPO9&EV/@T*/&1I
M=B!A;&EG;CTS1&QE9G0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P
M;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G
M/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]D
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M="!S='EL93TS1&1I<W!L87DZ:6YL:6YE/D1E8V5M8F5R(#,Q+"`R,#$P(&%N
M9"`R,#`Y+"!O=7(@<F5C;W)D960@9V]O9'=I;&P@=&]T86QE9"`F;F)S<#LD
M-#,L,3DU+"!W:&EC:"!W87,@<V]L96QY(')E;&%T960@=&\@;W5R(&%C<75I
M<VET:6]N(&]F($)A<W-E="!0<F5S<R!I;B!*=6QY(#(P,#<N("`@5V4@8V]N
M9'5C=&5D(&]U<B`R,#$P(&%N;G5A;"!I;7!A:7)M96YT(&%N86QY<VES(&1U
M<FEN9R!T:&4@=&AI<F0@<75A<G1E<B!O9B`R,#$P(&%N9`T*(&1E=&5R;6EN
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M86-Q=6ER960@)FYB<W`[)#$P-2PP,#`@;V8@:61E;G1I9FEA8FQE(&EN=&%N
M9VEB;&4@87-S971S(&EN8VQU9&EN9R`F;F)S<#LD,S`L,#`P(&9O<B!C=7-T
M;VUE<B!L:7-T<RP@)FYB<W`[)#(U+#`P,"!F;W(@;F]N+6-O;G1R86-T=6%L
M(&-U<W1O;65R#0H@<F5L871I;VYS:&EP<RP@86YD("9N8G-P.R0U,"PP,#`@
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M<B`S,2P-"B`R,#`X+"!W92!A<W-I9VYE9"!A;B!I;F1E9FEN:71E(&QI9F4@
M=&\@=&AE('!R;W!R:65T87)Y('-O9G1W87)E(&%N9"!I;F-L=61E9"!S=6-H
M('-O9G1W87)E(&EN(&]U<B!A;FYU86P@979A;'5A=&EO;B!O9B!I;7!A:7)M
M96YT+B!$=7)I;F<@=&AE(&9I<G-T('%U87)T97(@;V8@,C`P.2P@=V4@<F5E
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M<'0G/B`@("`@("`@("`@/&9O;G0@<W1Y;&4],T1D:7-P;&%Y.FEN;&EN93Y7
M92!C;VYD=6-T960@;W5R(#(P,3`@86YN=6%L(&EM<&%I<FUE;G0@86YA;'ES
M:7,@9'5R:6YG('1H92!T:&ER9"!Q=6%R=&5R(&]F(#(P,3`@86YD(&1E=&5R
M;6EN960@=&AA="!T:&4@=&]T86P@86UO=6YT(&]F(&EN=&%N9VEB;&4@87-S
M971S(')E8V]R9&5D#0H@<F5L871E9"!T;R!O=7(@37D@161G87(@9&]M86EN
M('=A<R!I;7!A:7)E9"P@87,@=V4@=V5R92!N;R!L;VYG97(@=7-I;F<@=&AE
M(&1O;6%I;B!N86UE+B!!8V-O<F1I;F=L>2P@=V4@<F5C;W)D960@86X@:6UP
M86ER;65N="!C:&%R9V4@;V8@)FYB<W`[)#0L,#`P+"!R97!R97-E;G1I;F<@
M=&AE(')E;6%I;FEN9R!U;F%M;W)T:7IE9"!B86QA;F-E+"!D=7)I;F<@=&AE
M('EE87(@96YD960@1&5C96UB97(@,S$L(#(P,3`N/"]F;VYT/CPO9F]N=#X\
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M8VAA<F=E('1O(&]P97)A=&EN9R!E>'!E;G-E<R!A;F0@=&]T86QE9"`F;F)S
M<#LD,C,L,S,S+"!A;F0@)FYB<W`[)#(W+#,S,R!I;B`R,#$P(&%N9"`R,#`Y
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M/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q
M)2!S='EL93TS1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT
M+7-I>F4Z,3!P="<^)FYB<W`[)#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS
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M/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO<CTS1'=H:71E/@T*
M/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0X."4^
M#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[
M(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT
M.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^,C`Q,CPO
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M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
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M=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R
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M+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.FQE9G0G/@T*
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M=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO
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M8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\
M345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X
M="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA
M=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@
M0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A
M8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14)&/@T*("`@("`@/'1R/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$
M,CX\<W1R;VYG/DYO=&5S('!A>6%B;&4L(%)E;&%T960@4&%R='D\8G(^/"]S
M=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS
M1#$^,3(@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D1E8RX@,S$L(#(P,3`\8G(^
M/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^3F]T
M97,@<&%Y86)L92P@4F5L871E9"!087)T>3PO<W1R;VYG/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.;W1E(#4N($YO=&5S('!A>6%B;&4L
M(%)E;&%T960@4&%R='D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
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M9R`F;F)S<#LD-S,L-3(U(&%S(&9O;&QO=W,Z/"]F;VYT/CPO9&EV/@T*/&1I
M=B!A;&EG;CTS1&QE9G0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P
M;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G
M/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]D
M:78^#0H\9&EV(&%L:6=N/3-$;&5F=#X-"CQT86)L92!C96QL<&%D9&EN9STS
M1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P)2!S='EL93TS1"=F;VYT
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M.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1'!A9&1I;F<M8F]T=&]M.C)P>#X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT
M+7-I>F4Z.'!T.R!F;VYT+7=E:6=H=#IB;VQD)SX@/"]F;VYT/CPO=&0^#0H\
M=&0@8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)O<F1E
M<BUB;W1T;VTZ8FQA8VL@,G!X('-O;&ED)SX-"CQD:78@86QI9VX],T1C96YT
M97(@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M
M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.CAP=#L@9F]N="UW96EG:'0Z8F]L9"<^1&5C96UB
M97(@,S$L/"]F;VYT/CPO9&EV/@T*/&1I=B!A;&EG;CTS1&-E;G1E<B!S='EL
M93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL
M969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F
M;VYT+7-I>F4Z.'!T.R!F;VYT+7=E:6=H=#IB;VQD)SXR,#$P/"]F;VYT/CPO
M9&EV/@T*/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=&5X
M="UA;&EG;CIL969T.R!P861D:6YG+6)O='1O;3HR<'@G/CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M
M86X[(&9O;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^
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M="UW96EG:'0Z8F]L9"<^,C`P.3PO9F]N=#X\+V1I=CX-"CPO=&0^#0H\=&0@
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M96-U=&EV92!/9F9I8V5R(&EN('1H92!A;6]U;G0@;V8@)FYB<W`[)#(S+#4R
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M."4@<&5R(&%N;G5M(&%N9"!W87,@9'5E(&]N($1E8V5M8F5R(#,Q+"`R,#`X
M+B!4:&4@;F]T92!W87,@:6X@9&5F875L="!A="!$96-E;6)E<B`S,2P@,C`P
M.2X@(%1H92!N;W1E(&%N9"!A8V-R=65D(&EN=&5R97-T('=A<R!C;VYV97)T
M960@:6YT;R`R-B!S:&%R97,@;V8-"B!397)I97,@02!P<F5F97)R960@<W1O
M8VL@9'5R:6YG('1H92!Y96%R(&5N9&5D($1E8V5M8F5R(#,Q+"`R,#$P+CPO
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M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO
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M/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y
M)2!S='EL93TS1'1E>'0M86QI9VXZ<FEG:'0^/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO
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M<F5C=&]R(&]F('1H92!#;VUP86YY(&EN('1H92!A;6]U;G0@;V8@)FYB<W`[
M)#(U+#`P,"P@=VET:"!I;G1E<F5S="!O9B`X)2P@9'5E(&]N(')E8V5I<'0@
M8GD@=&AE($-O;7!A;GD@;W(@:71S(&1E<VEG;F%T960@97-C<F]W(&%G96YT
M(&]F(&%N(&%G9W)E9V%T92!O9@T*("9N8G-P.R0Q+#`P,"PP,#`@:6X@9W)O
M<W,@<')O8V5E9',@;V8@=&AE(%!R:79A=&4@4&QA8V5M96YT+B`@5&AE(&YO
M=&4@86YD(&%C8W)U960@:6YT97)E<W0@=V%S(&-O;G9E<G1E9"!I;G1O(#(R
M.2PT.#4@<VAA<F5S(&]F(&-O;6UO;B!S=&]C:R!D=7)I;F<@=&AE('EE87(@
M96YD960@1&5C96UB97(@,S$L(#(P,3`N/"]F;VYT/CPO9&EV/@T*/"]T9#X-
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M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1'1E
M>'0M86QI9VXZ<FEG:'0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/C(U+#`P,#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T
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M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B
M;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1'1E>'0M86QI9VXZ<FEG:'0^/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S
M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
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M-2PP,#`L('=I=&@@:6YT97)E<W0@;V8@."4L(&1U92!O;B!R96-E:7!T(&)Y
M('1H92!#;VUP86YY(&]R(&ET<R!D97-I9VYA=&5D(&5S8W)O=R!A9V5N="!O
M9B!A;B!A9V=R96=A=&4@;V8-"B`F;F)S<#LD,2PP,#`L,#`P(&EN(&=R;W-S
M('!R;V-E961S(&]F('1H92!0<FEV871E(%!L86-E;65N="X@(%1H92!N;W1E
M(&%N9"!A8V-R=65D(&EN=&5R97-T('=A<R!C;VYV97)T960@:6YT;R`R,CDL
M-#@U('-H87)E<R!O9B!C;VUM;VX@<W1O8VL@9'5R:6YG('1H92!Y96%R(&5N
M9&5D($1E8V5M8F5R(#,Q+"`R,#$P+CPO9F]N=#X\+V1I=CX-"CPO=&0^#0H\
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ<FEG
M:'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C(U+#`P,#PO
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M9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.FQE9G0G
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.FQE9G0G/@T*/&9O;G0@<W1Y;&4]
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M#0H\+W1A8FQE/@T*/"]D:78^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM
M+2TM/5].97AT4&%R=%\S,35F-F)B9%\T,F0P7S0S865?86(U9E]B,C5A,S8R
M,6-F.34-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S$U9C9B8F1?
M-#)D,%\T,V%E7V%B-69?8C(U83,V,C%C9CDU+U=O<FMS:&5E=',O4VAE970Q
M,2YH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I
M;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M
M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q
M=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R
M<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C
M/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO
M<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$
M<F5P;W)T(&ED/3-$240P14)&/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@
M8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E!R
M969E<G)E9"!S=&]C:R!A;F0@8V]M;6]N('-T;V-K/&)R/CPO<W1R;VYG/CPO
M=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R($UO
M;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R/CPO=&@^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E!R969E<G)E9"!S
M=&]C:R!A;F0@8V]M;6]N('-T;V-K/"]S=')O;F<^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&4@-BX@4')E9F5R<F5D('-T;V-K(&%N
M9"!C;VUM;VX@<W1O8VL\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@
M9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z
M,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX\9F]N="!S
M='EL93TS1&UA<F=I;BUL969T.C,V<'0^/"]F;VYT/CQF;VYT('-T>6QE/3-$
M9&ES<&QA>3II;FQI;F4^07,@;V8@1&5C96UB97(@,S$L(#(P,#DL('1H97)E
M('=E<F4@9FEV92!S:&%R97,@;V8@4V5R:65S($$@0V]N=F5R=&EB;&4@4')E
M9F5R<F5D(%-T;V-K(&]U='-T86YD:6YG+"!E86-H#0H@;V8@=VAI8V@@87)E
M(&-O;G9E<G1I8FQE(&EN=&\@."PS,S,@<VAA<F5S(&]F(&]U<B!C;VUM;VX@
M<W1O8VLN($]N($UA<F-H(#,Q+"`R,#$P+"!W92!I<W-U960@,C8@<VAA<F5S
M(&]F(%-E<FEE<R!!(%!R969E<G)E9"!3=&]C:R!T;R!O=7(@0VAI968@17AE
M8W5T:79E($]F9FEC97(@9F]R('1H92!C;VYV97)S:6]N(&]F(&$@;F]T92!P
M87EA8FQE(&EN('1H92!A;6]U;G0@;V8@)FYB<W`[)#(S+#4R-2!A;F0@86-C
M<G5E9"!I;G1E<F5S="!O9B`F;F)S<#LD-"PR-34N("!4:&4-"B!F86ER('9A
M;'5E(&]F('1H92!P<F5F97)R960@<W1O8VL@;VX@=&AE(&1A=&4@;V8@=&AE
M('1R86YS86-T:6]N('=A<R`F;F)S<#LD,SDL,#`P+"!W:&EC:"!W87,@9&5T
M97)M:6YE9"!B87-E9"!U<&]N('1H92!N=6UB97(@;V8@8V]M;6]N('-H87)E
M<R!I<W-U86)L92!U<&]N(&-O;G9E<G-I;VX@;V8@=&AE('!R969E<G)E9"!S
M:&%R97,@:6YT;R!C;VUM;VX@<W1O8VLL(#(Q-BPV-C8L(&%N9"!T:&4@;6%R
M:V5T('!R:6-E(&]F(&]U<B!C;VUM;VX@<W1O8VL-"B!O;B!T:&4@9&%T92!O
M9B!T:&4@86=R965M96YT(&]F("9N8G-P.R0P+C$X+B`@5&AE(&1I9F9E<F5N
M8V4@8F5T=V5E;B!T:&4@8V%R<GEI;F<@=F%L=64@;V8@=&AE(&1E8G0@86YD
M(&%C8W)U960@:6YT97)E<W0@86YD('1H92!F86ER('9A;'5E(&]F('1H92!P
M<F5F97)R960@<VAA<F5S(&]F("9N8G-P.R0Q,2PR,C`@:&%S(&)E96X@<F5C
M;W)D960@87,@861D:71I;VYA;"!I;G1E<F5S="!E>'!E;G-E/"]F;VYT/CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+7-I>F4Z,3!P="<^
M+B`@/"]F;VYT/CQF;VYT('-T>6QE/3-$9&ES<&QA>3II;FQI;F4^26X-"B!!
M<')I;"`R,#`Y+"!W92!I<W-U960@,C`L,#`P(&-O;6UO;B!S:&%R97,@=&\@
M=&AE(&AO;&1E<B!O9B!T=V\@<')E9F5R<F5D('-H87)E<RP@9F]R(&$@=F%L
M=64@;V8@)FYB<W`[)#$P,"!P97(@<')E9F5R<F5D('-H87)E+"!I;B!S971T
M;&5M96YT(&]F('1H92!S=&%T960@=F%L=64@86YD(&%N>2!P;W1E;G1I86P@
M8VQA:6US('1O(&%C8W5M=6QA=&5D(&1I=FED96YD<R!T:&5R96]N+B`@06QT
M:&]U9V@@=&AE($-E<G1I9FEC871E(&]F($1E<VEG;F%T:6]N#0H@;V8@=&AE
M(')I9VAT<RP@<')E9F5R96YC97,@86YD(&QI;6ET871I;VYS(&]F('1H92!0
M<F5F97)R960@4W1O8VL@<')O=FED97,@9F]R(&1I=FED96YD<R!E<75A;"!T
M;R!E;&5V96X@<&5R8V5N="`H,3$N,"4I('!E<B!Y96%R(&]N('1H92!L:7%U
M:61A=&EO;B!P<F5F97)E;F-E(&]F("9N8G-P.R0R-2PP,#`@<&5R('-H87)E
M+"!W92!H879E(&YO="!D96-L87)E9"!O<B!A8V-R=65D('-U8V@@9&EV:61E
M;F1S+B`@061D:71I;VYA;&QY+"!U;F1E<B!$96QA=V%R90T*(&QA=RP@9&EV
M:61E;F1S(&%R92!A;B!O8FQI9V%T:6]N(&]N;'D@=VAE;B!D96-L87)E9"P@
M86YD('1H92!";V%R9"!H87,@;F]T(&1E8VQA<F5D(&%N>2!D:79I9&5N9',@
M<&%Y86)L92!O;B!T:&4@4V5R:65S($$@4')E9F5R<F5D(%-T;V-K+B`@26X@
M3F]V96UB97(@,C`Q,"P@=&AE($-O;7!A;GDG<R!#:&EE9B!%>&5C=71I=F4@
M3V9F:6-E<B!W:&\@:&5L9"`X,RXY)2!O9B!T:&4@;W5T<W1A;F1I;F<@<VAA
M<F5S(&]F(%-E<FEE<R!!(%!R969E<G)E9`T*(%-T;V-K(&%P<')O=F5D(&%N
M(&%M96YD;65N="!T;R!T:&4@0V5R=&EF:6-A=&4@;V8@1&5S:6=N871I;VX@
M=VAE<F5B>2!T:&4@:&]L9&5R<R!O9B!A="!L96%S="`U-B`R+S-R9',@;V8@
M=&AE(&]U='-T86YD:6YG('-H87)E<R!O9B!397)I97,@02!0<F5F97)R960@
M4W1O8VL@;6%Y(&5L96-T('1O(')E<75I<F4@=&AE($-O;7!A;GD@=&\@<F5D
M965M(&%L;"!O9B!T:&4@;W5T<W1A;F1I;F<@<VAA<F5S(&]F(%-E<FEE<R!!
M(%!R969E<G)E9"!3=&]C:PT*(&9O<B`F;F)S<#LD,2PP,#`@<&5R('-H87)E
M+B`@26X@3F]V96UB97(@,C`Q,"P@=&AE($-O;7!A;GDG<R!#:&EE9B!%>&5C
M=71I=F4@3V9F:6-E<B!W:&\@:&5L9"`X,RXY)2`@;V8@=&AE(&]U='-T86YD
M:6YG('-H87)E<R!O9B!397)I97,@02!0<F5F97)R960@4W1O8VL@96QE8W1E
M9"!T;R!R97%U:7)E('1H92!#;VUP86YY('1O(')E9&5E;2!T:&4@<F5M86EN
M:6YG(#,Q('-H87)E<R!O9B!397)I97,@02!0<F5F97)R960@4W1O8VL@:6X@
M97AC:&%N9V4@9F]R#0H@<')O8V5E9',@;V8@)FYB<W`[)#,Q+#`P,"P@86YD
M('1H97)E9F]R92!T:&5R92!W97)E(&YO('-H87)E<R!O9B!397)I97,@02!0
M<F5F97)R960@4W1O8VL@;W5T<W1A;F1I;F<@870@1&5C96UB97(@,S$L(#(P
M,3`N/"]F;VYT/CPO9F]N=#X\+V1I=CX-"CQD:78@<W1Y;&4],T0G=&5X="UI
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M>2!I<W-U92!U<"!T;R`T-S8L,C`P('-H87)E<R!O9B!397)I97,@0B!.;VXM
M0V]N=F5R=&EB;&4L($-U;75L871I=F4L($YO;BU6;W1I;F<L(%)E9&5E;6%B
M;&4@4')E9F5R<F5D(%-T;V-K+"!P87(@=F%L=64@)FYB<W`[)#$N,#`@<&5R
M('-H87)E+"!W:&EC:"!S:&%L;"!E87)N(&1I=FED96YD<R!A="!T:&4@<F%T
M92!O9B!F:69T965N('!E<F-E;G0@*#$U+C`E*0T*('!E<B!Y96%R+B!$96-L
M87)A=&EO;B!A;F0@<&%Y;65N="!O9B!D:79I9&5N9',@87)E(&%T('1H92!S
M;VQE(&1I<V-R971I;VX@;V8@=&AE($-O;7!A;GDG<R!";V%R9"!O9B!$:7)E
M8W1O<G,L(&%N9"!A<F4@;F]T(&UA;F1A=&]R>2X@5&AE($-E<G1I9FEC871E
M(&]F($1E<VEG;F%T:6]N(&]F('1H92!R:6=H=',L('!R969E<F5N8V5S(&%N
M9"!L:6UI=&%T:6]N<R!O9B!T:&4@0V]M<&%N>2=S(%-E<FEE<R!"($YO;BU#
M;VYV97)T:6)L92P@0W5M=6QA=&EV92P-"B!.;VXM5F]T:6YG+"!2961E96UA
M8FQE(%!R969E<G)E9"!3=&]C:R!A;'-O('!R;W9I9&5S('1H870@=&AE($-O
M;7!A;GD@;6%Y(&YO="!P87D@9&EV:61E;F1S(&]N(&ET<R!C;VUM;VX@<W1O
M8VL@=6YT:6P@86QL(&%C8W)U960@8G5T('5N<&%I9"!D:79I9&5N9',@;VX@
M<W5C:"!P<F5F97)R960@<W1O8VL@:&%V92!B965N('!A:60N($%T($1E8V5M
M8F5R(#,Q+"`R,#$P(&%N9"`R,#`Y+"!T:&5R92!W97)E(&YO(&ES<W5E9"!A
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M<VEZ93HQ,'!T)SY);B!.;W9E;6)E<B`R,#$P+"!T:&4@0V]M<&%N>2=S($)O
M87)D(&]F($1I<F5C=&]R<R!A=71H;W)I>F5D(&$@<W1O8VL@<F5P=7)C:&%S
M92!P;&%N+"!W:&5R96)Y('1H92!#;VUP86YY(&ES(&%U=&AO<FEZ960@=&\@
M<F5P=7)C:&%S92!U<"!T;R`Q+#`P,"PP,#`@<VAA<F5S(&]F('1H92!#;VUP
M86YY)W,@8V]M;6]N('-T;V-K#0H@;W9E<B!A('1W96QV92!M;VYT:"!P97)I
M;V0L(&)U="!N;W0@=&\@97AC965D(&%N(&%G9W)E9V%T92!P=7)C:&%S92!P
M<FEC92!O9B`F;F)S<#LD,3`L,#`P(&EN(&-A<V@@979E<GD@9FES8V%L('%U
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M<G,@96YD960@1&5C96UB97(@,S$L(#(P,3`@86YD(#(P,#DL(&-H86YG97,@
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A
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M;VUA;CL@9F]N="US:7IE.CAP=#L@9F]N="UW96EG:'0Z8F]L9"<^,C`Q,#PO
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M(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N
M/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB
M;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG;CTS1&-E;G1E<B!S='EL93TS
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M.R!F;VYT+7=E:6=H=#IB;VQD)SY$96-E;6)E<B`S,2P\+V9O;G0^/"]D:78^
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M(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG
M;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E/CQF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@
M<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1T97AT+6%L:6=N.FQE
M9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M<'0^("`@/"]F;VYT/B!297!U<F-H87-E(&%N9"!R971I<F5M96YT(&]F('-H
M87)E<R`H,2D\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$<FEG
M:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B
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M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*#4P+#`P
M,`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$
M,24@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/BD@/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1R:6=H
M="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F
M;VYT+7-I>F4Z,3!P="<^(#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O
M='1O;2!W:61T:#TS1#$E('-T>6QE/3-$=&5X="UA;&EG;CIL969T/CQF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N
M97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24@<W1Y;&4],T1T97AT+6%L:6=N
M.G)I9VAT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXH,BPR-S,L
M.#`T#0H\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
M,T0Q)2!S='EL93TS1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F
M;VYT+7-I>F4Z,3!P="<^*3PO9F]N=#X\+W1D/@T*/"]T<CX-"CQT<B!B9V-O
M;&]R/3-$(V-C965F9CX-"CQT9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$8F]T
M=&]M('=I9'1H/3-$-S8E/@T*/&1I=B!A;&EG;CTS1&QE9G0@<W1Y;&4],T0G
M=&5X="UI;F1E;G0Z+3EP=#L@9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z
M.7!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M
M<VEZ93HQ,'!T)SX\9F]N="!S='EL93TS1&QE='1E<BUS<&%C:6YG.CEP=#X@
M("`\+V9O;G0^($ES<W5A;F-E(&]F(&-O;6UO;B!S=&]C:R!F;W(@<V5R=FEC
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M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXT-3`L,#`P
M/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@
M<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US
M:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI
M9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1'1E>'0M86QI9VXZ<FEG
M:'0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C$P,"PP,#`\+V9O
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M/&9O;G0@<W1Y;&4],T1L971T97(M<W!A8VEN9SHY<'0^("`@/"]F;VYT/B!#
M;VYV97)S:6]N(&]F(&YO=&5S('!A>6%B;&4@9F]R(&-O;6UO;B!S=&]C:R`H
M,RD\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US
M:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
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M;&4],T1L971T97(M<W!A8VEN9SHY<'0^("`@/"]F;VYT/B!)<W-U86YC92!O
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M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
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M.R!F;VYT+7-I>F4Z,3!P="<^,34P+#`P,#PO9F]N=#X\+W1D/@T*/'1D('9A
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M='1E<BUS<&%C:6YG.CEP=#X@("`\+V9O;G0^($-A;F-E;&QA=&EO;B!O9B!S
M:&%R97,\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
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M:6YG.CEP=#X@("`\+V9O;G0^(%)E9&5M<'1I;VX@;V8@<')E9F5R<F5D('-H
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
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M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B
M;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K
M(#)P>"!S;VQI9#L@=&5X="UA;&EG;CIR:6=H="<^#0H\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N
M.R!F;VYT+7-I>F4Z,3!P="<^,C`L,#`P/"]F;VYT/CPO=&0^#0H\=&0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G=&5X="UA;&EG;CIL
M969T.R!P861D:6YG+6)O='1O;3HR<'@G/@T*/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO
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M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M9'1H/3-$.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U
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M:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H-"CPO=&%B;&4^#0H\
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M<VEZ93HQ,'!T)SX@("`\+V9O;G0^(%)E<'5R8VAA<V4@86YD(')E=&ER96UE
M;G0@;V8@=')E87-U<GD@<VAA<F5S.CPO9F]N=#X\+V1I=CX-"CQD:78^(#PO
M9&EV/@T*/&1I=CX\9F]N="!S='EL93TS1"=F;VYT+7-T>6QE.FET86QI8SL@
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.C$P<'0G/EEE87(@96YD960@1&5C96UB97(@,S$L(#(P,#D\
M+V9O;G0^/"]D:78^#0H\9&EV/B`\+V1I=CX-"CQD:78^/&9O;G0@<W1Y;&4]
M,T0G;&5T=&5R+7-P86-I;F<Z.7!T.R!D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^("`@/"]F
M;VYT/B`M($EN($9E8G)U87)Y(#(P,#DL(&]U<B!F;W)M97(@4')E<VED96YT
M+"!W:&\@<F5M86EN960@;VX@=&AE($)O87)D(&]F($1I<F5C=&]R<R!U;G1I
M;"!$96-E;6)E<B`Y+"`R,#`Y+"!S;VQD(#(L,C4P+#`P,"!S:&%R97,@9G)O
M;2!H:7,@8F5N969I8VEA;"!H;VQD:6YG<R!I;B!A('!R:79A=&4@=')A;G-A
M8W1I;VX@9F]R("9N8G-P.R0V+#<U,"!T;R!T:&4-"B!#;VUP86YY+B!4:&4@
M<VAA<F5S('=E<F4@<F5T:7)E9"P@86YD('=E(')E9'5C960@<&%I9"UI;B!C
M87!I=&%L(&)Y("9N8G-P.R0T+#4P,"X@/"]D:78^#0H\9&EV/B`\+V1I=CX-
M"CQD:78^/&9O;G0@<W1Y;&4],T0G;&5T=&5R+7-P86-I;F<Z.7!T.R!D:7-P
M;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT
M+7-I>F4Z,3!P="<^("`@/"]F;VYT/B`M($EN($]C=&]B97(@,C`P.2P@=&AE
M($-O;7!A;GD@<F5P=7)C:&%S960@,C,L.#`T('-H87)E<R!F<F]M(&$@9F]R
M;65R(&)E;F5F:6-I86P@<VAA<F5H;VQD97(@9F]R("9N8G-P.R0S+#,S,RX@
M/"]D:78^#0H\9&EV/B`\+V1I=CX-"CQD:78^/&9O;G0@<W1Y;&4],T0G9F]N
M="US='EL93II=&%L:6,[(&1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT
M:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SY996%R(&5N9&5D($1E
M8V5M8F5R(#,Q+"`R,#$P/"]F;VYT/CPO9&EV/@T*/&1I=CX@/"]D:78^#0H\
M9&EV/CQF;VYT('-T>6QE/3-$)VQE='1E<BUS<&%C:6YG.CEP=#L@9&ES<&QA
M>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US
M:7IE.C$P<'0G/B`@(#PO9F]N=#X@+2!);B!$96-E;6)E<B`R,#$P+"!T:&4@
M0V]M<&%N>2!P=7)C:&%S960@-3`L,#`P('-H87)E<R!F<F]M(&$@<VAA<F5H
M;VQD97(@:6X@82!P<FEV871E('1R86YS86-T:6]N(&9O<B`F;F)S<#LD."PU
M,#`N/"]D:78^#0H\9&EV/B`\+V1I=CX-"CQD:78^/&9O;G0@<W1Y;&4],T0G
M9F]N="UW96EG:'0Z8F]L9#L@9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C(N("`@("!3:&%R
M97,@:7-S=65D(&9O<B!S97)V:6-E<R!F;W(@<V5R=FEC97,Z/"]F;VYT/CPO
M9&EV/@T*/&1I=CX@/"]D:78^#0H\9&EV/CQF;VYT('-T>6QE/3-$)V9O;G0M
M<W1Y;&4Z:71A;&EC.R!D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM
M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^665A<B!E;F1I;F<@1&5C
M96UB97(@,S$L(#(P,#D\+V9O;G0^/"]D:78^#0H\9&EV/B`\+V1I=CX-"CQD
M:78^/&9O;G0@<W1Y;&4],T0G;&5T=&5R+7-P86-I;F<Z.7!T.R!D:7-P;&%Y
M.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I
M>F4Z,3!P="<^("`@/"]F;VYT/B`M(%=E(&ES<W5E9"`Q,#`L,#`P('-H87)E
M<R!O9B!O=7(@8V]M;6]N('-T;V-K(&EN($IU;'D@,C`P.2!T;R!A(&-O;G-U
M;'1A;G0@:6X@97AC:&%N9V4@9F]R(&-E<G1A:6X@8V]N<W5L=&EN9R!S97)V
M:6-E<RP@=VET:"!A;B!E<W1I;6%T960@9F%I<B!M87)K970@=F%L=64@;V8@
M)FYB<W`[)#$P+#`P,"P@=VAI8V@@:7,@97%U86P@=&\@=&AE(&-L;W-I;F<-
M"B!P<FEC92!O9B!O=7(@8V]M;6]N('-T;V-K(&]N('1H92!D871E(&]F('1H
M92!I<W-U86YC92X\+V1I=CX-"CQD:78^(#PO9&EV/@T*/&1I=CX\9F]N="!S
M='EL93TS1"=F;VYT+7-T>6QE.FET86QI8SL@9&ES<&QA>3II;FQI;F4[(&9O
M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/EEE
M87(@96YD960@1&5C96UB97(@,S$L(#(P,3`\+V9O;G0^/"]D:78^#0H\9&EV
M/B`\+V1I=CX-"CQD:78^/&9O;G0@<W1Y;&4],T0G;&5T=&5R+7-P86-I;F<Z
M.7!T.R!D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O
M;6%N.R!F;VYT+7-I>F4Z,3!P="<^("`@/"]F;VYT/B`M($)E='=E96X@36%R
M8V@@,C`Q,"!A;F0@3F]V96UB97(@,C`Q,"P@=V4@:7-S=65D(&$@=&]T86P@
M;V8@-#4P+#`P,"!S:&%R97,@;V8@;W5R(&-O;6UO;B!S=&]C:R!T;R!O=7(@
M0VAI968@1FEN86YC:6%L($]F9FEC97(@=VET:"!A;B!E<W1I;6%T960@=&]T
M86P@9F%I<B!M87)K970@=F%L=64@;V8@)FYB<W`[)#@T+#`P,"!B87-E9"!O
M;B!T:&4@8VQO<VEN9PT*('!R:6-E(&]F(&]U<B!S=&]C:R!O;B!E86-H(&1A
M=&4@;V8@:7-S=6%N8V4N/"]D:78^#0H\9&EV/B`\+V1I=CX-"CQD:78^/&9O
M;G0@<W1Y;&4],T0G9F]N="UW96EG:'0Z8F]L9#L@9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/C,N("`@($-O;G9E<G-I;VX@;V8@;F]T97,@<&%Y86)L92!F;W(@8V]M;6]N
M('-T;V-K+CPO9F]N=#X\+V1I=CX-"CQD:78^(#PO9&EV/@T*/&1I=CX\9F]N
M="!S='EL93TS1"=F;VYT+7-T>6QE.FET86QI8SL@9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/EEE87(@96YD:6YG($1E8V5M8F5R(#,Q+"`R,#$P/"]F;VYT/CPO9&EV/@T*
M/&1I=CX@/"]D:78^#0H\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=T
M97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P
M=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=L971T97(M
M<W!A8VEN9SHY<'0[(&1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE
M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@("`\+V9O;G0^("T@3VX@
M36%R8V@@,S$L(#(P,3`L('=E(&ES<W5E9"`T-3@L.3<P('-H87)E<R!O9B!C
M;VUM;VX@<W1O8VL@=&\@='=O('!R:6]R($1I<F5C=&]R<R!O9B!T:&4@0V]M
M<&%N>2!F;W(@=&AE(&-O;G9E<G-I;VX@;V8@;F]T97,@<&%Y86)L92!T;W1A
M;&EN9R`F;F)S<#LD-3`L,#`P(&%N9"!A8V-R=65D(&EN=&5R97-T(&]F("9N
M8G-P.R0Y+#8V-BX@(%1H92!N;W1E<R!P87EA8FQE#0H@86YD(&%C8W)U960@
M:6YT97)E<W0@=V5R92!C;VYV97)T960@870@)FYB<W`[)#`N,3,@<&5R('-H
M87)E+"!W:&EC:"!R97!R97-E;G1S('1H92!A=F5R86=E('-H87)E('!R:6-E
M(&]V97(@=&AE('!R:6]R('1W96QV92!M;VYT:',N("!4:&4@9F%I<B!V86QU
M92!O9B!C;VUM;VX@<W1O8VL@;VX@=&AE(&1A=&4@;V8@=&AE('1R86YS86-T
M:6]N('=A<R`F;F)S<#LD,"XQ."X@(%1H92!D:69F97)E;F-E(&]F("9N8G-P
M.R0P+C`U('!E<B!S:&%R92P@;W(@)FYB<W`[)#(R+#DU."P@:&%S(&)E96X-
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M:78^#0H\9&EV/B`\+V1I=CX-"CQD:78^/&9O;G0@<W1Y;&4],T0G;&5T=&5R
M+7-P86-I;F<Z.7!T.R!D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM
M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^("`@/"]F;VYT/B`M($EN
M($9E8G)U87)Y(#(P,#DL('=E(&ES<W5E9"`Q-3`L,#`P('-H87)E<R!O9B!O
M=7(@8V]M;6]N('-T;V-K(&EN(&-O;FYE8W1I;VX@=VET:"!A;B!E;7!L;WEM
M96YT(&%G<F5E;65N="!W:71H(&$@9F]R;65R(&]F9FEC97(@;V8@0F%S<V5T
M="!0<F5S<RX@5&AE(&9A:7(@;6%R:V5T('9A;'5E(&]F('1H92!S:&%R97,@
M=&]T86QE9"`F;F)S<#LD,C4L,#`P+`T*(&]R("9N8G-P.R0P+C$W('!E<B!S
M:&%R92P@=VAI8V@@<F5P<F5S96YT<R!T:&4@8VQO<VEN9R!P<FEC92!O;B!T
M:&4@9&%T92!O9B!T:&4@86=R965M96YT+B!4:&5S92!S:&%R97,@=V5R92!I
M<W-U960@<'5R<W5A;G0@=&\@=&AE(&5M<&QO>6UE;G0@86=R965M96YT(&%N
M9"!T:&4@86UO=6YT('!A>6%B;&4@=V%S(&%C8W)U960@870@1&5C96UB97(@
M,S$L(#(P,#@N/"]D:78^#0H\9&EV/B`\+V1I=CX-"CQD:78^(#PO9&EV/@T*
M/&1I=CX\9F]N="!S='EL93TS1"=L971T97(M<W!A8VEN9SHY<'0[(&1I<W!L
M87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M
M<VEZ93HQ,'!T)SX@("`\+V9O;G0^($]N($IU;'D@-RP@,C`P."P@=V4@86UE
M;F1E9"!O=7(@07)T:6-L97,@;V8@26YC;W)P;W)A=&EO;B!A8V-O<F1I;F=L
M>2P@86YD(&%S(&]F('1H870@9&%T92P@=V4@:&%V92`Q,#`L,#`P+#`P,"!A
M=71H;W)I>F5D('-H87)E<R!O9B!C;VUM;VX@<W1O8VLL('!A<B!V86QU92`F
M;F)S<#LD,"XP,#$N($%D9&ET:6]N86QL>2P@=V4@:&%V92`S,"PP,#`L,#`P
M#0H@875T:&]R:7IE9"!S:&%R97,@;V8@<')E9F5R<F5D('-T;V-K+"!O9B!W
M:&EC:"`V,"!S:&%R97,@87)E(&1E<VEG;F%T960@87,@4V5R:65S($$@<')E
M9F5R<F5D('-T;V-K+"!P87(@=F%L=64@)FYB<W`[)#$N,#`@86YD(#0W-BPR
M,#`@<VAA<F5S(&%R92!D97-I9VYA=&5D(&%S(%-E<FEE<R!"('!R969E<G)E
M9"!S:&%R97,L('!A<B!V86QU92`F;F)S<#LD,2XP,"X\+V1I=CX\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B
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M/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N
M=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS
M1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO
M=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-
M"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%0D8^#0H@("`@
M("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O
M=W-P86X],T0R/CQS=')O;F<^16UP;&]Y964@4W1O8VL@3W!T:6]N<SQB<CX\
M+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N
M/3-$,3XQ,B!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C+B`S,2P@,C`Q,#QB
M<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY%
M;7!L;WEE92!3=&]C:R!/<'1I;VYS/"]S=')O;F<^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&4@-SH@16UP;&]Y964@4W1O8VL@3W!T
M:6]N<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/&1I=B!A;&EG
M;CTS1&QE9G0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,S9P=#L@9&ES<&QA>3IB
M;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[(&9O;G0M<VEZ93HQ,'!T)SY/;B!!=6=U<W0@.2P@,C`Q
M,"P@=&AE('-H87)E:&]L9&5R<R!O9B!T:&4@0V]M<&%N>2!A<'!R;W9E9"!T
M:&4@,C`Q,"!%<75I='D@26YC96YT:79E(%!L86X@*'1H92`B4&QA;B(I+B`@
M56YD97(@=&AE('1E<FUS(&]F('1H92!0;&%N+"`Q+#4P,"PP,#`@<VAA<F5S
M(&]F('1H92!#;VUP86YY)W,@8V]M;6]N('-T;V-K(&%R90T*(&%U=&AO<FEZ
M960@9F]R('1H92!I<W-U86YC92!O9B!S=&]C:R!O<'1I;VYS(&%N9"!R97-T
M<FEC=&5D('-T;V-K+B`@5&AE(%!L86X@86QS;R!P<F]V:61E<R!F;W(@86X@
M86YN=6%L(&EN8W)E87-E(&EN('1H92!N=6UB97(@;V8@875T:&]R:7IE9"!S
M:&%R97,@;V8@8V]M;6]N('-T;V-K(&ES<W5A8FQE(&)E9VEN;FEN9R!I;B!F
M:7-C86P@,C`Q,2!E<75A;"!T;R!T:&4@;&5S<V5R(&]F("AA*2`R)2!O9B!S
M:&%R97,@;W5T<W1A;F1I;F<@;VX@=&AE#0H@;&%S="!D87D@;V8@=&AE(&EM
M;65D:6%T92!P<F5C961I;F<@9FES8V%L('EE87(L("AB*2`U,#`L,#`P('-H
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M92!Y96%R(&5N9&5D($1E8V5M8F5R(#,Q+"`R,#$P.CPO9F]N=#X\+V1I=CX-
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N
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M9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@
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M+7-I>F4Z,3!P="<^0F%L86YC92!A="!$96-E;6)E<B`S,2P@,C`P.3PO9F]N
M=#X\+V1I=CX-"CPO=&0^#0H\=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B
M;W1T;VT^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T1T97AT+6%L:6=N
M.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S
M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
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M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`@("!/<'1I
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M<VEZ93HQ,'!T)SXQ+#`P,"PP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C`N,C$@
M+2`F;F)S<#LD,"XR,SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=T97AT+6%L:6=N.FQE9G0[('!A9&1I;F<M8F]T=&]M.C1P
M>"<^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T1P861D:6YG+6)O='1O;3HT<'@^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$
M,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C
M:R`T<'@@9&]U8FQE)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@
M9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^
M(#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=T
M97AT+6%L:6=N.FQE9G0[('!A9&1I;F<M8F]T=&]M.C1P>"<^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\
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M86QA;F-E(&%T($1E8V5M8F5R(#,Q+"`R,#$P/"]F;VYT/CPO9&EV/@T*/"]T
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M:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.FQE9G0G/@T*/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
M,T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L
M86-K(#1P>"!D;W5B;&4[('1E>'0M86QI9VXZ<FEG:'0G/@T*/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/C$L,#`P+#`P,#PO9F]N=#X\+W1D/@T*
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M('=I9'1H/3-$.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@
M9&]U8FQE.R!T97AT+6%L:6=N.G)I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O
M;G0M<VEZ93HQ,'!T)SXP+C(Q("T@)FYB<W`[)#`N,C,\+V9O;G0^/"]T9#X-
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M<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
M,T0Q)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#1P>"!D;W5B;&4[
M('1E>'0M86QI9VXZ;&5F="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^)FYB<W`[)#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O
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M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT
M+6%L:6=N.G)I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE
M.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T
M)SXQ,BPW-3`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
M=&@],T0Q)2!S='EL93TS1"=T97AT+6%L:6=N.FQE9G0[('!A9&1I;F<M8F]T
M=&]M.C1P>"<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N
M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(#PO
M9F]N=#X\+W1D/@T*/"]T<CX-"@T*/"]T86)L93X-"CPO9&EV/@T*/&1I=B!S
M='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L87DZ8FQO8VLG/B`\+V1I
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M;W-I;F<@<')I8V4@;V8@;W5R(&-O;6UO;B!S=&]C:R!O;B!$96-E;6)E<B`S
M,2P-"B`R,#$P(&]F("9N8G-P.R0P+C(R(&%N9"!T:&4@97AE<F-I<V4@<')I
M8V4@9F]R(&EN+71H92UM;VYE>2!O<'1I;VYS*2!T:&%T('=O=6QD(&AA=F4@
M8F5E;B!R96-E:79E9"!B>2!T:&4@:&]L9&5R<R!I9B!A;&P@:6YS=')U;65N
M=',@:&%D(&)E96X@97AE<F-I<V5D(&]N($1E8V5M8F5R(#,Q+"`R,#$P+B!!
M<R!O9B!$96-E;6)E<B`S,2P@,C`Q,"P@=&AE<F4@=V%S("9N8G-P.R0Q-34L
M-3$U(&]F('5N<F5C;V=N:7IE9"!C;VUP96YS871I;VX@8V]S="!R96QA=&5D
M('1O#0H@;W5R('5N=F5S=&5D('-T;V-K(&]P=&EO;G,L('=H:6-H('=I;&P@
M8F4@<F5C;V=N:7IE9"!T:')O=6=H(#(P,30N/"]F;VYT/CQB<B`O/@T*/"]D
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M(&%T($1E8V5M8F5R(#,Q+"`R,#$P.CPO9F]N=#X\+V1I=CX-"@T*/&1I=B!A
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M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I
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M<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI
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M86X[(&9O;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^
M/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG
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M(&9O;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T
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M/B`\+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*
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M;6%N.R!F;VYT+7-I>F4Z,3!P="<^,"XR,2`M("9N8G-P.R0P+C(S/"]F;VYT
M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4]
M,T0G=&5X="UA;&EG;CIL969T.R!P861D:6YG+6)O='1O;3HR<'@G/@T*/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S
M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
M9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T
M>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M
M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M
M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@
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M;G0M<VEZ93HQ,'!T)SXQ+#`P,"PP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
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M;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI
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M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ<FEG:'0G/@T*/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S
M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C`N,C$\+V9O;G0^/"]T9#X-
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M<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
M,T0Q)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#)P>"!S;VQI9#L@
M=&5X="UA;&EG;CIL969T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL
M:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ
M,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H
M/3-$.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[
M('1E>'0M86QI9VXZ<FEG:'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/C$U,"PP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
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M,T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ
M<FEG:'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M
M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C`N,C$\
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M;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"B`\+V1I=CX-
M"CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E>'0M:6YD96YT.C,V<'0[
M(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT
M.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z,3!P="<^3V8@=&AE
M(#$L,#`P+#`P,"!S=&]C:R!O<'1I;VYS(&]U='-T86YD:6YG+"`W-3`L,#`P
M(&%R92!N;VXM<75A;&EF:65D('-T;V-K(&]P=&EO;G,N("!.;VYE(&]F('1H
M92!O=71S=&%N9&EN9R!S=&]C:R!O<'1I;VYS(&AA=F4@8F5E;B!R96=I<W1E
M<F5D('=I=&@@=&AE(%-%0RX\+V9O;G0^/"]D:78^#0H-"CQD:78@86QI9VX]
M,T1L969T('-T>6QE/3-$)W1E>'0M:6YD96YT.C,V<'0[(&1I<W!L87DZ8FQO
M8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^#0H\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.R!F;VYT+7-I>F4Z,3!P="<^5&AE(&9A:7(@=F%L=64@;V8@
M8V]M;6]N('-T;V-K(&]P=&EO;G,@:7-S=65D(&1U<FEN9R!T:&4@>65A<B!E
M;F1E9"!$96-E;6)E<B`S,2P@,C`Q,"!W97)E(&5S=&EM871E9"!O;B!T:&4@
M9&%T92!O9B!G<F%N="!U<VEN9R!T:&4@0FQA8VLM4V-H;VQE<R!O<'1I;VX@
M<')I8VEN9R!M;V1E;"!W:71H('1H92!F;VQL;W=I;F<-"B!A<W-U;7!T:6]N
M<R!U<V5D.CPO9F]N=#X\+V1I=CX-"@T*/&1I=B!A;&EG;CTS1&-E;G1E<CX-
M"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H
M/3-$-3`E('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C`E/"]F;VYT/CPO
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M:6]N<R`H:6X@>65A<G,I/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG
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M<'0G/D1U<FEN9R!T:&4@>65A<B!E;F1E9"!$96-E;6)E<B`S,2P@,C`Q,"P@
M=V4@<F5C;W)D960@97AP96YS92!O9B`F;F)S<#LD,S(L,C0U(')E;&%T960@
M=&\@=&AE<V4@<W1O8VL@;W!T:6]N<RX@($YO(&]P=&EO;G,@:&%D(&)E96X@
M97AE<F-I<V5D(&]R(&-A;F-E;&QE9"!A<R!O9B!$96-E;6)E<B`S,2P@,C`Q
M,"X\+V9O;G0^/"]D:78^#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL93TS1"=T
M97AT+6EN9&5N=#HS-G!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP
M<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/"]D:78^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO
M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,35F-F)B9%\T,F0P7S0S865?
M86(U9E]B,C5A,S8R,6-F.34-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O
M0SHO,S$U9C9B8F1?-#)D,%\T,V%E7V%B-69?8C(U83,V,C%C9CDU+U=O<FMS
M:&5E=',O4VAE970Q,RYH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG
M.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@
M8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\
M345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X
M="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA
M=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@
M0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A
M8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14)&/@T*("`@("`@/'1R/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$
M,CX\<W1R;VYG/D-O;6UI=&UE;G1S(&%N9"!#;VYT:6YG96YC:65S/&)R/CPO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R
M/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D-O
M;6UI=&UE;G1S(&%N9"!#;VYT:6YG96YC:65S/"]S=')O;F<^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&4@."X@0V]M;6ET;65N=',@
M86YD($-O;G1I;F=E;F-I97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
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M:7IE.C$P<'0G/DEN($%U9W5S="`R,#$P+"!W92!S:6=N960@82!S:7@@>65A
M<B!A;F0@='=O(&UO;G1H(&QE87-E(&9O<B`Q-BPP-3D@<W%U87)E(&9E970@
M9F]R(&]U<B!C;W)P;W)A=&4@:&5A9'%U87)T97)S(&EN($UO<G)I<W9I;&QE
M+"!.0RX@($%T(&]U<B!O<'1I;VXL('=E(&UA>2!T97)M:6YA=&4@=&AE(&QE
M87-E(&%N>71I;64@869T97(-"B!/8W1O8F5R(#,Q+"`R,#$T(&EN(&5X8VAA
M;F=E(&9O<B!A;B!E87)L>2!T97)M:6YA=&EO;B!F964@;V8@)FYB<W`[)#$S
M-2PP,#`N("!)9B!W92!D;R!N;W0@=&5R;6EN871E('1H92!L96%S92!E87)L
M>2P@;W5R(')E<75I<F5D(&UI;FEM=6T@;&5A<V4@<&%Y;65N=',@87)E(&%S
M(&9O;&QO=W,Z/"]F;VYT/CPO9&EV/@T*#0H\9&EV(&%L:6=N/3-$;&5F=#X-
M"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H
M/3-$,3`P)2!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[
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M=#L@9F]N="UW96EG:'0Z8F]L9"<^665A<B!%;F1E9"!$96-E;6)E<B`S,3H\
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI
M9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1'1E>'0M86QI9VXZ;&5F
M=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ
M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^)FYB<W`[)#PO9F]N
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\
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M;VYT+7-I>F4Z,3!P="<^,C`Q,CPO9F]N=#X\+V1I=CX-"CPO=&0^#0H\=&0@
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
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M.R!F;VYT+7-I>F4Z,3!P="<^,C`Q-3PO9F]N=#X\+V1I=CX-"CPO=&0^#0H\
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M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^
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M/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y
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M;6%N.R!F;VYT+7-I>F4Z,3!P="<^("`@("`@("`@("!4;W1A;#PO9F]N=#X\
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M8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.G)I
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M;V-I871E9"!W:71H(&]U<B!O9F9I8V4@;&5A<V5S('1O=&%L960@)FYB<W`[
M)#<V+#$S,B!A;F0@)FYB<W`[)#<X+#$X.2!F;W(@=&AE('EE87)S(&5N9&5D
M($1E8V5M8F5R(#,Q+"`R,#$P(&%N9"`R,#`Y+"!R97-P96-T:79E;'DN/"]F
M;VYT/CPO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X
M=%!A<G1?,S$U9C9B8F1?-#)D,%\T,V%E7V%B-69?8C(U83,V,C%C9CDU#0I#
M;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S,Q-68V8F)D7S0R9#!?-#-A
M95]A8C5F7V(R-6$S-C(Q8V8Y-2]7;W)K<VAE971S+U-H965T,30N:'1M;`T*
M0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*
M0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*
M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O
M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M
M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N
M:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\
M+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I
M9#TS1$E$,$5"1CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$
M=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY#;VYC96YT<F%T
M:6]N<SQB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T
M:"!C;VQS<&%N/3-$,3XQ,B!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C+B`S
M,2P@,C`Q,#QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M/'-T<F]N9SY#;VYC96YT<F%T:6]N<SPO<W1R;VYG/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y.;W1E(#DN($-O;F-E;G1R871I;VYS/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV(&%L:6=N/3-$;&5F
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M+"`R,#$P(&%N9"!$96-E;6)E<B`S,2P@,C`P.2P@=V4@9V5N97)A=&5D(')E
M=F5N=65S(&9R;VT@=&AE(&9O;&QO=VEN9R!R979E;G5E('-T<F5A;7,@87,@
M82!P97)C96YT86=E(&]F#0H@=&]T86P@<F5V96YU93H\+V9O;G0^/"]D:78^
M#0H-"CQD:78@86QI9VX],T1L969T/@T*/'1A8FQE(&-E;&QP861D:6YG/3-$
M,"!C96QL<W!A8VEN9STS1#`@=VED=&@],T0Q,#`E('-T>6QE/3-$)V9O;G0M
M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0[(&9O;G0M
M<VEZ93HQ,'!T.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86XG/@T*#0H\
M='(^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$<&%D9&EN9RUB;W1T
M;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HX<'0G/B`-"CPO9F]N
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M.CAP=#L@9F]N="UW96EG:'0Z8F]L9"<^,C`Q,#PO9F]N=#X\+V1I=CX-"CPO
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M;&0G/B`\+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$-B!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G
M/@T*/&1I=B!A;&EG;CTS1&-E;G1E<B!S='EL93TS1"=T97AT+6EN9&5N=#HP
M<'0[(&1I<W!L87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I
M9VAT.C!P="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N
M="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z.'!T.R!F;VYT
M+7=E:6=H=#IB;VQD)SXR,#`Y/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=&5X="UA;&EG;CIL969T.R!P861D
M:6YG+6)O='1O;3HR<'@G/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE
M.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HX<'0[
M(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(^
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1'1E
M>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@
M9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^
M)FYB<W`[)#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T
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M="US:7IE.C$P<'0G/C<Q,RPU,3`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
M;VT@=VED=&@],T0Q)2!S='EL93TS1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S
M='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W
M(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(#PO9F]N=#X\+W1D/@T*/'1D('9A
M;&EG;CTS1&)O='1O;2!W:61T:#TS1#DE('-T>6QE/3-$=&5X="UA;&EG;CIR
M:6=H=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI
M;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^,S@N.3PO9F]N
M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE
M/3-$=&5X="UA;&EG;CIL969T/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL
M:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ
M,'!T)SXE/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1R:6=H="!V86QI9VX]
M,T1B;W1T;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^(#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T
M:#TS1#$E('-T>6QE/3-$=&5X="UA;&EG;CIL969T/CQF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[
M(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$.24@<W1Y;&4],T1T97AT+6%L:6=N.G)I9VAT/CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE
M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXS.#$L,S0W/"]F;VYT/CPO
M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1T
M97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O
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M="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
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M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI
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M9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ;&5F="<^
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
M"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E
M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O
M;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T
M=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R
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M,T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ
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M,C`V/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$
M,24@<W1Y;&4],T0G=&5X="UA;&EG;CIL969T.R!P861D:6YG+6)O='1O;3HR
M<'@G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
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M;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ;&5F="<^#0H\9F]N="!S='EL
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M;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT+6%L
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M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V
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M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^,3`P+C`\+V9O;G0^/"]T
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M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
M=&@],T0Q)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#1P>"!D;W5B
M;&4[('1E>'0M86QI9VXZ;&5F="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I
M>F4Z,3!P="<^)FYB<W`[)#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O
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M9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I
M9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$<&%D9&EN
M9RUB;W1T;VTZ-'!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F
M;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@
M/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT
M+6%L:6=N.FQE9G0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y
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M/3-$;6%R9VEN+6QE9G0Z,S9P=#X\+V9O;G0^1'5R:6YG(#(P,3`L(')E=F5N
M=64@9V5N97)A=&5D(&9R;VT@;VYE(&-U<W1O;65R(&-O;7!R:7-E9"`T-RXW
M)2!O9B!O=7(@=&]T86P@86YN=6%L(')E=F5N=65S+B`@26X@,C`P.2P@<F5V
M96YU92!F<F]M(&$@9&EF9F5R96YT(&-U<W1O;65R#0H@86-C;W5N=&5D(&9O
M<B`R."XV)2!O9B!O=7(@=&]T86P@86YN=6%L(')E=F5N=65S+B`@5V4@9&ED
M(&YO="!H879E(&%N>2!C=7-T;VUE<G,@=&AA="!C;VUP<FES960@;6]R92!T
M:&%N(#$P)2!O9B!O=7(@=&]T86P@86-C;W5N=',@<F5C96EV86)L92!B86QA
M;F-E(&%T($1E8V5M8F5R(#,Q+"`R,#$P+B`@07,@;V8@1&5C96UB97(@,S$L
M(#(P,#DL(&]N92!C=7-T;VUE<B!C;VUP<FES960@,3<N."4@;V8@;W5R('1O
M=&%L(&%C8V]U;G1S(')E8V5I=F%B;&4N/"]F;VYT/CPO9&EV/@T*#0H\9&EV
M(&%L:6=N/3-$;&5F="!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L
M87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^
M#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z,3!P="<^/&9O;G0@<W1Y;&4]
M,T1M87)G:6XM;&5F=#HS-G!T/CPO9F]N=#Y792!B96QI979E('=E(&1O(&YO
M="!H879E(&%N>2!F:6YA;F-I86P@:6YS=')U;65N=',@=&AA="!C;W5L9"!H
M879E('!O=&5N=&EA;&QY('-U8FIE8W1E9"!U<R!T;R!S:6=N:69I8V%N="!C
M;VYC96YT<F%T:6]N<R!O9B!C<F5D:70@<FES:RX-"B!3:6YC92!A('!O<G1I
M;VX@;V8@=&AE(')E=F5N=65S(&%R92!P86ED(&%T('1H92!B96=I;FYI;F<@
M;V8@=&AE(&UO;G1H('9I82!C<F5D:70@8V%R9"!O<B!A9'9A;F-E(&)Y(&-H
M96-K+"!T:&4@<F5M86EN:6YG(&%C8V]U;G1S(')E8V5I=F%B;&4@86UO=6YT
M<R!A<F4@9V5N97)A;&QY(&1U92!W:71H:6X@,S`@9&%Y<RP@;F]N92!O9B!W
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M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]D:78^#0H\+V1I=CX\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y
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M("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS
M1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E
M>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@
M5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@
M("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%0D8^#0H@("`@("`\
M='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P
M86X],T0R/CQS=')O;F<^26YC;VUE(%1A>&5S/&)R/CPO<W1R;VYG/CPO=&@^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R($UO;G1H
M<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/DEN8V]M92!487AE<SPO
M<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.;W1E
M(#$P+B!);F-O;64@5&%X97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
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M(#,Q+"`R,#$P(&%N9"`R,#`Y+"!W92!H860@82!&961E<F%L(&YE="!O<&5R
M871I;F<@;&]S<R!C87)R>2!F;W)W87)D(&]F(&%P<')O>&EM871E;'D@)FYB
M<W`[)#4V-"PP,#`@86YD("9N8G-P.R0X.#,L,#`P+"!R97-P96-T:79E;'DN
M("!4:&5S90T*(&QO<W,@8V%R<GD@9F]R=V%R9',@87)E(&%V86EL86)L92!T
M;R!R961U8V4@9G5T=7)E('1A>&%B;&4@:6YC;VUE(&%N9"!W:6QL(&5X<&ER
M92!T:')O=6=H(#(P,S`@:68@;F]T('5T:6QI>F5D+CPO9F]N=#X\+V1I=CX-
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M;VUA;CL@9F]N="US:7IE.CAP="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N
M97<@<F]M86X[(&9O;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\
M+V9O;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I
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M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T1P861D:6YG+6)O='1O;3HR<'@^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@
M9F]N="US:7IE.CAP=#L@9F]N="UW96EG:'0Z8F]L9"<^(#PO9F]N=#X\+W1D
M/@T*/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.F)L86-K(#)P>"!S;VQI9"<^#0H\9&EV(&%L:6=N/3-$
M8V5N=&5R('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES<&QA>3IB;&]C
M:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N
M97<@<F]M86X[(&9O;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/C(P
M,#D\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=T97AT+6%L:6=N.FQE9G0[('!A9&1I;F<M8F]T=&]M.C)P>"<^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I
M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0[(&9O;G0M=V5I9VAT.F)O
M;&0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO<CTS1"-C8V5E
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M/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q
M)2!S='EL93TS1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT
M+7-I>F4Z,3!P="<^)FYB<W`[)#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS
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M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O
M;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W
M:61T:#TS1#$E/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT
M+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F
M;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y
M;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
M=&@],T0Y)2!S='EL93TS1'1E>'0M86QI9VXZ<FEG:'0^/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
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M86X[(&9O;G0M<VEZ93HQ,'!T)SXW-RPP,#`\+V9O;G0^/"]T9#X-"CQT9"!V
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
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M;VYT+7-I>F4Z,3!P="<^.3,L,#`P/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N
M/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I
M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
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M<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
M,T0Y)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#)P>"!S;VQI9#L@
M=&5X="UA;&EG;CIR:6=H="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^,3,L,#`P/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M
M('=I9'1H/3-$,24@<W1Y;&4],T0G=&5X="UA;&EG;CIL969T.R!P861D:6YG
M+6)O='1O;3HR<'@G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[
M(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G
M/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O
M='1O;2!W:61T:#TS1#$E('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE
M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\
M=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ;&5F="<^#0H\
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M:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXQ-BPP,#`\+V9O;G0^
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M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^("`@("`@
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M/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[
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M93HQ,'!T)SXY,"PP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
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M9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ<FEG:'0G
M/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/C$P.2PP,#`\+V9O
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M=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R
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M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\
M+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#)P>"!S;VQI9#L@=&5X="UA
M;&EG;CIR:6=H="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@
M9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^
M*#$P.2PP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
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M;CL@9F]N="US:7IE.C$P<'0G/E1O=&%L('!R;W9I<VEO;B`H8F5N969I="D@
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M9'1H/3-$.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U
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M,T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
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M:7IE.CAP="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O
M;G0M<VEZ93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^/"]T9#X-
M"CQT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG;CTS1&-E
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M/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T1P
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M;CL@9F]N="US:7IE.C$P<'0[(&9O;G0M=V5I9VAT.F)O;&0G/B`\+V9O;G0^
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M86X[(&9O;G0M<VEZ93HQ,'!T)SXR,C8L,#`P/"]F;VYT/CPO=&0^#0H\=&0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1T97AT+6%L:6=N
M.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
M/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T
M:#TS1#$E/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT
M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4]
M,T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI
M;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P
M<'0G/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@
M=VED=&@],T0Y)2!S='EL93TS1'1E>'0M86QI9VXZ<FEG:'0^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/C,U,RPP,#`\+V9O;G0^/"]T9#X-"CQT
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M>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXR,2PP,#`\+V9O
M;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL
M93TS1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^(#PO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L:6=N
M/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED
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M;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-
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M>F4Z,3!P="<^,C(L,#`P/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T
M=&]M('=I9'1H/3-$,24@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE
M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS
M1'1E>'0M86QI9VXZ<FEG:'0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI
M;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P
M<'0G/C<L,#`P/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I
M9'1H/3-$,24@<W1Y;&4],T1T97AT+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@
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M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T
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M+7-I>F4Z,3!P="<^-RPP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
M9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1'1E>'0M86QI
M9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(#PO9F]N
M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#DE('-T>6QE
M/3-$=&5X="UA;&EG;CIR:6=H=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^+3PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T
M:#TS1#$E('-T>6QE/3-$=&5X="UA;&EG;CIL969T/CQF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[
M(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R(&)G
M8V]L;W(],T0C8V-E969F/@T*/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B
M;W1T;VT@=VED=&@],T0W-B4^#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL93TS
M1"=T97AT+6EN9&5N=#HQ.'!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F
M=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N
M="US:7IE.C$P<'0G/D-H87)I=&%B;&4@8V]N=')I8G5T:6]N<SPO9F]N=#X\
M+V1I=CX-"CPO=&0^#0H\=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T
M;VT@=VED=&@],T0Q)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@
M9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^
M(#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E
M('-T>6QE/3-$=&5X="UA;&EG;CIL969T/CQF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M
M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M
M('=I9'1H/3-$.24@<W1Y;&4],T1T97AT+6%L:6=N.G)I9VAT/CQF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@
M<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXT+#`P,#PO9F]N=#X\+W1D/@T*/'1D
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M(&9O;G0M<VEZ93HQ,'!T)SXS+#`P,#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^
M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS
M1'1E>'0M86QI9VXZ<FEG:'0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI
M;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P
M<'0G/C4U+#`P,#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W
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M,BPP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
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M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXH,3(L,#`P#0H\+V9O;G0^
M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS
M1'1E>'0M86QI9VXZ;&5F=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN
M93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P
M="<^*3PO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI
M;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P
M<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@]
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M;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*#0L,#`P/"]F;VYT/CPO=&0^
M#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T1T97AT
M+6%L:6=N.FQE9G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O
M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\
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M=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R
M<'@@<V]L:60[('1E>'0M86QI9VXZ;&5F="<^#0H\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F
M;VYT+7-I>F4Z,3!P="<^(#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O
M='1O;2!W:61T:#TS1#DE('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ8FQA8VL@
M,G!X('-O;&ED.R!T97AT+6%L:6=N.G)I9VAT)SX-"CQF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[
M(&9O;G0M<VEZ93HQ,'!T)SXM/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G=&5X="UA;&EG;CIL969T.R!P
M861D:6YG+6)O='1O;3HR<'@G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG
M;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ
M,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL
M>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO
M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ;&5F
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M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXR+#`P,#PO
M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T
M>6QE/3-$)W1E>'0M86QI9VXZ;&5F=#L@<&%D9&EN9RUB;W1T;VTZ,G!X)SX-
M"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT
M:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^
M#0H\+W1R/@T*/'1R(&)G8V]L;W(],T0C8V-E969F/@T*/'1D(&%L:6=N/3-$
M;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0W-B4@<W1Y;&4],T1P861D
M:6YG+6)O='1O;3HR<'@^#0H\9&EV(&%L:6=N/3-$;&5F="!S='EL93TS1"=T
M97AT+6EN9&5N=#HM.7!T.R!D:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HQ
M.'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M
M<VEZ93HQ,'!T)SY4;W1A;"!D969E<G)E9"!T87@@87-S971S/"]F;VYT/CPO
M9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O
M;2!W:61T:#TS1#$E('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N
M97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3IB;&%C:R`R<'@@<V]L:60[('1E>'0M86QI9VXZ;&5F="<^#0H\9F]N
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M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXS,C,L,#`P/"]F;VYT/CPO
M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G
M=&5X="UA;&EG;CIL969T.R!P861D:6YG+6)O='1O;3HR<'@G/@T*/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE
M=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!A
M;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE
M/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ
M93HQ,'!T)SX@/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I
M9'1H/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L
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M<VEZ93HQ,'!T)SXT,3,L,#`P/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$
M8F]T=&]M('=I9'1H/3-$,24@<W1Y;&4],T0G=&5X="UA;&EG;CIL969T.R!P
M861D:6YG+6)O='1O;3HR<'@G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO<CTS1'=H
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M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\
M+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.F)L86-K(#)P>"!S;VQI9#L@=&5X="UA
M;&EG;CIR:6=H="<^#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@
M9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^
M*#$P,BPR,#`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W
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M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT
M9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Y)2!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.F)L86-K(#)P>"!S;VQI9#L@=&5X="UA;&EG;CIR:6=H="<^#0H\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM
M97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^*#0Q,RPP,#`\+V9O;G0^
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M;CL@9F]N="US:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX]
M,T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1"=B;W)D97(M8F]T=&]M.F)L
M86-K(#1P>"!D;W5B;&4[('1E>'0M86QI9VXZ;&5F="<^#0H\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O
M;6%N.R!F;VYT+7-I>F4Z,3!P="<^)FYB<W`[)#PO9F]N=#X\+W1D/@T*/'1D
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M:R`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.G)I9VAT)SX-"CQF;VYT('-T>6QE
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M:7IE.C$P<'0G/B`\+V9O;G0^/"]T9#X-"CPO='(^#0H-"CPO=&%B;&4^#0H\
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M<G)E9"!T87@@87-S971S(&%S(&]F($1E8V5M8F5R(#,Q+"`R,#$P(&%N9"`R
M,#`Y('=A<R`F;F)S<#LD,3`R+#(P,"!A;F0@)FYB<W`[)#0Q,RPP,#`L(')E
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M9B!$96-E;6)E<B`S,2P@,C`P.2X@($%T($1E8V5M8F5R(#,Q+"`R,#$P+"!M
M86YA9V5M96YT(&5L96-T960@=&\@;VYL>2!P87)T:6%L;'D@<F5S97)V92!T
M:&4@0V]M<&%N>2=S(&1E9F5R<F5D('1A>"!A<W-E="X@(%1H92!N970-"B!D
M969E<G)E9"!T87@@87-S970@870@1&5C96UB97(@,S$L(#(P,3`@=V%S(&5S
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M8VLG/CQB<B`O/@T*/"]D:78^#0H\9&EV(&%L:6=N/3-$;&5F=#X-"CQT86)L
M92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P
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M>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$<&%D9&EN9RUB;W1T;VTZ,G!X/CQF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O
M;G0M<VEZ93HX<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0S
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M93HX<'0[(&9O;G0M=V5I9VAT.F)O;&0G/C(P,3`\+V9O;G0^/"]D:78^#0H\
M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1'!A9&1I;F<M8F]T
M=&]M.C)P>#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF
M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z.'!T)SX@#0H\+V9O
M;G0^/"]T9#X-"CQT9"!C;VQS<&%N/3-$,R!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A
M;&EG;CTS1&-E;G1E<B!S='EL93TS1"=T97AT+6EN9&5N=#HP<'0[(&1I<W!L
M87DZ8FQO8VL[(&UA<F=I;BUL969T.C!P=#L@;6%R9VEN+7)I9VAT.C!P="<^
M#0H\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ
M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z.'!T.R!F;VYT+7=E:6=H=#IB
M;VQD)SXR,#`Y/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CPO='(^#0H\='(@8F=C
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M.C$P<'0G/B`@("`@/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG;CTS
M1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E/@T*/&1I=B!A;&EG
M;CTS1')I9VAT('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES<&QA>3IB
M;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-"CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT:6UE
M<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@("`@(#PO9F]N=#X\+V1I
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M,3!P="<^("`@("`@(#,T+C`\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L
M:6=N/3-$<FEG:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\9&EV
M(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P
M;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G
M/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B4@("`@(#PO9F]N
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M:7IE.C$P<'0G/B`@("`@/"]F;VYT/CPO9&EV/@T*/"]T9#X-"CQT9"!A;&EG
M;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E/@T*/&1I=B!A
M;&EG;CTS1')I9VAT('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@9&ES<&QA
M>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z,'!T)SX-
M"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A;6EL>3IT
M:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@("`@(#PO9F]N=#X\
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M>F4Z,3!P="<^("`@("`@(#,T+C`\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D
M(&%L:6=N/3-$<FEG:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\
M9&EV(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D
M:7-P;&%Y.F)L;V-K.R!M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP
M<'0G/@T*/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M
M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B4@("`@/"]F
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M86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F
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M;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG
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M86X[(&9O;G0M<VEZ93HQ,'!T)SXV+C`\+V9O;G0^/"]D:78^#0H\+W1D/@T*
M/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X-
M"CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P=#L@
M9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG:'0Z
M,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT+69A
M;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXE/"]F;VYT
M/CPO9&EV/@T*/"]T9#X-"CPO='(^#0H\='(@8F=C;VQO<CTS1"-C8V5E9F8^
M#0H\=&0@86QI9VX],T1L969T('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#<V
M)3X-"CQD:78@86QI9VX],T1L969T('-T>6QE/3-$)W1E>'0M:6YD96YT.C!P
M=#L@9&ES<&QA>3IB;&]C:SL@;6%R9VEN+6QE9G0Z,'!T.R!M87)G:6XM<FEG
M:'0Z,'!T)SX-"CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F;VYT
M+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SY097)M
M86YE;G0@9&EF9F5R96YC92!A;F0@=F%L=6%T:6]N(&%L;&]W86YC93PO9F]N
M=#X\+V1I=CX-"CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$
M,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY
M.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\
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M;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US
M:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@
M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24^#0H\9&EV(&%L:6=N/3-$<FEG
M:'0@<W1Y;&4],T0G=&5X="UI;F1E;G0Z,'!T.R!D:7-P;&%Y.F)L;V-K.R!M
M87)G:6XM;&5F=#HP<'0[(&UA<F=I;BUR:6=H=#HP<'0G/@T*/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/C`N-#PO9F]N=#X\+V1I=CX-"CPO=&0^
M#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA
M;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/"]T<CX-"CQT
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A
M;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ8FQA8VL@,G!X('-O;&ED)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN
M;&EN93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z
M,3!P="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1R:6=H="!V86QI
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M="US:7IE.C$P<'0G/C`N,CPO9F]N=#X\+V1I=CX-"CPO=&0^#0H\=&0@86QI
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M;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N
M/3-$<FEG:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3IB;&%C:R`R<'@@<V]L:60G/@T*/&1I=B!A;&EG;CTS
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M:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O
M;2!W:61T:#TS1#$E/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ:6YL:6YE.R!F
M;VYT+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SX@
M#0H\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q
M)3X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ
M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO
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M="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@86QI9VX],T1R:6=H="!V86QI9VX]
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A
M;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ8FQA8VL@,G!X('-O;&ED.R!P861D:6YG+6)O='1O;3HR<'@G/@T*/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S
M(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`@/"]F;VYT/@T*/"]T9#X-
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M<VEZ93HQ,'!T)SXH,30Y+C`\+V9O;G0^/"]D:78^#0H\+W1D/@T*/'1D(&%L
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M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N
M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ8FQA8VL@-'!X(&1O=6)L92<^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3II;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R
M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L
M:6=N/3-$<FEG:'0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI
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M.R!F;VYT+7-I>F4Z,3!P="<^("`@(%1O=&%L/"]F;VYT/CPO9&EV/@T*/"]T
M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1'!A
M9&1I;F<M8F]T=&]M.C1P>#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN
M93L@9F]N="UF86UI;'DZ=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P
M="<^(`T*/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H
M/3-$,24@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3IB;&%C:R`T<'@@9&]U8FQE
M)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y.FEN;&EN93L@9F]N="UF86UI;'DZ
M=&EM97,@;F5W(')O;6%N.R!F;VYT+7-I>F4Z,3!P="<^(`T*/"]F;VYT/CPO
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M+69A;6EL>3IT:6UE<R!N97<@<F]M86X[(&9O;G0M<VEZ93HQ,'!T)SXH,3`U
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M;VUA;CL@9F]N="US:7IE.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D('9A
M;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ8FQA8VL@-'!X(&1O=6)L92<^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3II
M;FQI;F4[(&9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;CL@9F]N="US:7IE
M.C$P<'0G/B`-"CPO9F]N=#X\+W1D/@T*/'1D(&%L:6=N/3-$<FEG:'0@=F%L
M:6=N/3-$8F]T=&]M('=I9'1H/3-$.24@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3IB;&%C:R`T<'@@9&]U8FQE)SX-"CQD:78@86QI9VX],T1R:6=H="!S='EL
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M<'0[(&1I<W!L87DZ8FQO8VLG/CQB<B`O/@T*/"]D:78^#0H\9&EV(&%L:6=N
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M:6]N<R!A<R!O9B!$96-E;6)E<B`S,2P@,C`Q,"X\+V9O;G0^/"]D:78^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@
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M('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\
M:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O
M;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y
M<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@
M4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O
M9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14)&/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$
M,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E-U8G-E<75E;G0@179E;G1S/&)R/CPO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R
M/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-U
M8G-E<75E;G0@179E;G1S/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/DYO=&4@,3$N(%-U8G-E<75E;G0@179E;G1S/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV(&%L:6=N/3-$:G5S=&EF
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M9B`F;F)S<#LD,C`P+#`P,"X@(%1H92!,:6YE#0H@;V8@0W)E9&ET(&AA<R!A
M;B!I;G1E<F5S="!R871E(&5Q=6%L('1O('1H92`S,"!D87D@3$E"3U(@<F%T
M92!P;'5S(#0E+B`@5&AE($QI;F4@;V8@0W)E9&ET(&AA<R!A('1W96QV92!M
M;VYT:"!T97)M+"!A;F0@875T;VUA=&EC86QL>2!R96YE=W,@;VX@=&AE(&%N
M;FEV97)S87)Y+B`@3F\@86UO=6YT<R!W97)E(&]U='-T86YD:6YG(&]N('1H
M92!,:6YE(&]F($-R961I="!A<R!O9B!-87)C:"`Q+"`R,#$Q+CPO9F]N=#X\
M+V1I=CX\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T
M86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T
M7S,Q-68V8F)D7S0R9#!?-#-A95]A8C5F7V(R-6$S-C(Q8V8Y-0T*0V]N=&5N
M="U,;V-A=&EO;CH@9FEL93HO+R]#.B\S,35F-F)B9%\T,F0P7S0S865?86(U
M9E]B,C5A,S8R,6-F.34O5V]R:W-H965T<R]F:6QE;&ES="YX;6P-"D-O;G1E
M;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E
M;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/'AM
M;"!X;6QN<SIO/3-$(G5R;CIS8VAE;6%S+6UI8W)O<V]F="UC;VTZ;V9F:6-E
M.F]F9FEC92(^#0H@/&\Z36%I;D9I;&4@2%)E9CTS1"(N+B]7;W)K8F]O:RYH
M=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#$N:'1M;"(O/@T*(#QO
M.D9I;&4@2%)E9CTS1")3:&5E=#`R+FAT;6PB+SX-"B`\;SI&:6QE($A2968]
M,T0B4VAE970P,RYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#0N
M:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`U+FAT;6PB+SX-"B`\
M;SI&:6QE($A2968],T0B4VAE970P-BYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F
M/3-$(E-H965T,#<N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`X
M+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970P.2YH=&UL(B\^#0H@
M/&\Z1FEL92!(4F5F/3-$(E-H965T,3`N:'1M;"(O/@T*(#QO.D9I;&4@2%)E
M9CTS1")3:&5E=#$Q+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970Q
M,BYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,3,N:'1M;"(O/@T*
M(#QO.D9I;&4@2%)E9CTS1")3:&5E=#$T+FAT;6PB+SX-"B`\;SI&:6QE($A2
M968],T0B4VAE970Q-2YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T
M,38N:'1M;"(O/@T*/"]X;6P^#0HM+2TM+2T]7TYE>'1087)T7S,Q-68V8F)D
@7S0R9#!?-#-A95]A8C5F7V(R-6$S-C(Q8V8Y-2TM#0H`
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R7.xml
<DESCRIPTION>IDEA: Summary of Significant Accounting Policies
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0012 - Disclosure - Summary of Significant Accounting Policies</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>from-2010-01-01-to-2010-12-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000843006</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode
></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>isdr_SummaryOfSignifcantAccountingPoliciesAbstract</ElementName><ElementPrefix>isdr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><
IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Summary of Significant Accounting Policies</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_SignificantAccountingPoliciesTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement
><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Direct Transfer LLC.  Significant
 intercompany accounts and transactions are eliminated in consolidation.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents.
 Cash and cash equivalents are carried at cost, which approximates fair value.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially
 all depository accounts and temporarily provides unlimited coverage through December 31, 2012 for certain qualifying and participating non-interest bearing transaction accounts. The Company from time to time may have amounts on deposit in excess of the insured
 limits. As of December 31, 2010, the Company had cash of $504,713 which exceed these insured amounts.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Revenue Recognition&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, "Revenue Recognition," which requires that: (i) persuasive
 evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. We recognize revenue when services are rendered or delivered, where
 collectability is probable.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Property and Equipment&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;              Property and equipment is recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line method. When items are retired
 or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. The range
 of estimated useful lives used to calculate depreciation for principal items of property and equipment are as follow:&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"&gt;
&lt;table cellpadding="0" cellspacing="0" width="80%" style="font-family:times new roman; font-size:10pt; font-size:10pt; font-family:times new roman"&gt;

&lt;tr&gt;
&lt;td valign="top" width="45%" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Asset Category&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:8pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%" style="border-bottom:black 2px solid"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:8pt; font-weight:bold"&gt;Depreciation / Amortization Period&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Furniture, fixtures and equipment&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3 to 5 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Computer equipment and purchased software&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="#cceeff"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Machinery and equipment&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;3 to 5 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr bgcolor="white"&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;Leasehold Improvements&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="top" width="10%"&gt;&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;
&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" width="45%"&gt;
&lt;div align="center" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:times new roman; font-size:10pt"&gt;7 years&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Earnings per Share&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We comply with FASB ASC No. 260 - Earnings per Share (formerly Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
 per Share") and SEC Staff Accounting Bulletin ("SAB") No. 98, which require that basic net income per common share be computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net
 income per share is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares, such as convertible preferred stock, outstanding during the period.  Common shares of 258,323 and 41,665 issuable
 upon the potential conversion of the Company's Series A Convertible Preferred Stock were included in the computation of diluted earnings per common share for the years ended December 31, 2010 and 2009, respectively. Shares issuable upon the exercise of stock
 options totaling 1,000,000 on December 31, 2010 were excluded from the calculation of common equivalent shares as the impact was anti-dilutive.  There were no stock options outstanding at December 31, 2009.&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt; font-weight:bold"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Allowance for Doubtful Accounts&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection
 information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on client account balances,
 and a reserve based on our historical experience. We recorded bad debt expense of $51,446 and $61,340 during the years ended December 31, 2010 and 2009, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Use of Estimates&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
 to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
 period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Income Taxes&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;We comply with FASB ASC No. 740 - Income Taxes (formerly SFAS No. 109, "Accounting for Income Taxes") which requires an asset and liability
 approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
 amounts based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.  For
 any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties
 is to classify them as income tax expense in our financial statements, if applicable.&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt; display:block"&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Impairment of Long-lived Assets&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;In accordance with FASB ASC No. 360 - Property Plant and Equipment  (formerly SFAS No. 144, "Accounting for the Impairment or Disposal
 of Long-Lived Assets"), long-lived assets, such as property and equipment, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be
 recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset
 group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of an asset group exceeds fair value of the asset group.   Goodwill is tested for impairment annually or whenever events indicate that
 the asset may be impaired.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Fair Value Measurements&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;&lt;font style="margin-left:36pt"&gt;&lt;/font&gt;As of December 31, 2010 and 2009, we do not have any financial assets or liabilities that are required to be, or that we elected to measure,
 at fair value.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;We adopted the fair value provisions applicable to nonfinancial assets and nonfinancial liabilities in the first quarter of 2009. Our assets and liabilities that are subject to these
 provisions during the years ended December 31, 2010 and 2009 include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets. The adoption of the fair value provisions applicable to nonfinancial assets and liabilities
 did not have a significant impact on the determination or reporting of our financial results.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, accounts payable, and unsecured notes payable approximate
 their carrying amounts. The interest rates payable on our notes approximate market rates on similar borrowings at December 31, 2009.&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Stock-based compensation&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;We account for stock-based compensation under the authoritative guidance for stock compensation. The authoritative guidance for stock compensation requires that companies estimate the
 fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award. The valuation provisions of the
 authoritative guidance for stock compensation apply to new grants and grants modified after the adoption date that were outstanding as of the effective date. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess
 of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods
 subsequent to adoption.&lt;/font&gt;&lt;/div&gt;
&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
 &lt;/div&gt;
&lt;div align="left" style="text-indent:0pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="font-style:italic; display:inline; font-family:Times New Roman; font-size:10pt"&gt;Recent Accounting Pronouncements&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In December 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2010-28, When to Perform Step 2 of the Goodwill Impairment Test for
 Reporting Units with Zero or Negative Carrying Amounts . This ASU updates ASC Topic 350, Intangibles -Goodwill and Other, to amend the criteria for performing Step 2 of the goodwill impairment test for reporting units with zero or negative carrying amounts
 and requires performing Step 2 if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. The Company
 does not currently have any reporting units with zero or negative carrying values.&lt;/font&gt;&lt;/div&gt;

&lt;div align="left" style="text-indent:36pt; display:block; margin-left:0pt; margin-right:0pt"&gt;
&lt;font style="display:inline; font-family:Times New Roman; font-size:10pt"&gt;In January 2010, the FASB issued ASU No. 2010-06, Improving Disclosures about Fair Value Measurements. This update amends ASC Topic 820, Fair Value Measurements and Disclosures, to require
 new disclosures for significant transfers in and out of Level 1 and Level 2 fair value measurements, disaggregation regarding classes of assets and liabilities, valuation techniques and inputs used to measure fair value for both recurring and nonrecurring
 fair value measurements for Level 2 or Level 3. These disclosures are effective for the interim and annual reporting periods beginning after December 15, 2009. Additional new disclosures regarding the purchases, sales, issuances and settlements in the roll
 forward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 beginning with the first interim period. The Company adopted certain of the relevant disclosure provisions of ASU 2010-06 on January 1,
 2010 and adopted certain other provisions on January 1, 2011.&lt;/font&gt;&lt;br /&gt;
&lt;/div&gt;
</NonNumbericText><NonNumericTextHeader>The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Direct Transfer LLC.  Significant
 intercompany</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>This element may be used to describe all significant accounting policies of the reporting entity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 22
 -Paragraph 8

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Note 2. Summary of Significant Accounting Policies</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Summary of Significant Accounting Policies</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
