<SEC-DOCUMENT>0001654954-16-001186.txt : 20160804
<SEC-HEADER>0001654954-16-001186.hdr.sgml : 20160804
<ACCEPTANCE-DATETIME>20160804160121
ACCESSION NUMBER:		0001654954-16-001186
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160804
DATE AS OF CHANGE:		20160804

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10185
		FILM NUMBER:		161807279

	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>8-K
<SEQUENCE>1
<FILENAME>isdr_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">UNITED STATES</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Washington, D.C. 20549</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="font-size: 21px">FORM 8-K</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">______________</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CURRENT REPORT</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to Section&#xA0;13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date of Report (Date of earliest event reported): August 4, 2016</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Issuer Direct Corporation</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">(Exact name of registrant as specified in its charter)</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Delaware</font></div></td>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1-10185</font></div></td>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26-1331503</font></div></td></tr><tr>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">(State or other jurisdiction</font></div></td>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">of incorporation)</font></div></td>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">File Number)</font></div></td>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Identification No.)</font></div></td></tr></table></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">500 Perimeter Park Drive Suite D, Morrisville, North Carolina 27560</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">(Address of principal executive offices) (Zip Code)</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Registrant&#x2019;s telephone number, including area code <font style="font-weight: bold">(919) 481-4000</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#x2610; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#x2610; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#x2610; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#x2610; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Item 2.02 &#x2014; Results of Operations and Financial Condition</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px; font-family: Times New Roman">On August 4, 2016,&#xA0;Issuer Direct Corporation (the &#x201C;Company&#x201D;) issued a press release reporting the Company&#x2019;s results for the quarter ended June 30, 2016. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px; font-family: Times New Roman">The information in Item&#xA0;2.02 of this report, including the press release attached as Exhibit 99.1, is furnished and shall not be deemed to be &#x201C;filed&#x201D; for purposes of Section&#xA0;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, such information shall not be deemed to be incorporated
by reference into the filings of the registrant under the Securities Act of 1933, as amended.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Item 9.01 &#x2014; Financial Statements and Exhibits</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(d) Exhibits:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exhibit No.</font></div></td>
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<td style="width: 88%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description</font></div></td></tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 88%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td></tr><tr style="background-color: #cceeff">
<td style="width: 11%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ex991.htm"><font style="font-size: 13px; font-family: Times New Roman">99.1</font></a></div></td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 88%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Press Release issued by the Company on August 4, 2016.</font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">2</font></div></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SIGNATURES</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Issuer Direct Corporation</font></div></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date: August 4, 2016</font></div></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;B<font style="font-variant: small-caps">rian</font> R. B<font style="font-variant: small-caps">albirnie</font></font></div></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Brian R. Balbirnie</font></div></td>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>PRESS RELEASE
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Exhibit 99.1</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="font-weight: bold;">&#xA0;Issuer Direct Reports Second Quarter 2016 Financial Results</font></font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">MORRISVILLE, NC / ACCESSWIRE / August 4, 2016 / </font>Issuer Direct Corporation (NYSE MKT:&#xA0;ISDR) (the "Company"), a market leader and innovator of disclosure management&#xA0;solutions and targeted communications, today reported its operating results for the three months ended June 30, 2016. The Company will host an investor conference call today at 4:30 PM Eastern
Time, to discuss its operating results.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Second Quarter 2016 Financial Highlights:</font></font></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">Revenue was $3.1 million, a decrease of 4% compared to $3.3 million in Q1 2016, and an increase of 1%, compared to $3.1 million in Q2 2015. Absent a one-time benefit of $316,040 in Q1 2016, Q2 2016 revenue would have increased 6% over Q1 2016.</font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">Revenue from the Company's Accesswire&#xAE; press release business increased 18% and 73% compared to Q1 2016 and Q2 2015, respectively.</font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">Gross margin was 74%, compared to 77% in Q1 2016 and 71% in Q2 2015. Absent a one-time benefit of $316,040, gross margins in Q1 2016 would have been 74%. </font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">GAAP earnings per diluted share was $0.12 compared to $0.17 in Q1 2016 and compared to $0.03 in Q2 2015.</font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">The Company generated cash flows from operations of $984,860 compared to $501,317 in Q1 2016 and $837,143 in Q2 2015.</font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">On July 12, 2016, the Company's Board of Directors increased its quarterly cash dividend from $0.03 to $0.05.</font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">Excluding Accesswire&#xAE;, the Company performed work for 952 clients in the second quarter of 2016, essentially the same as the first quarter of 2016.</font></div></div></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px">On a stand-alone basis, Accesswire performed news related activities for 855 clients during the second quarter, compared to 843 in the first quarter 2016. </font></div></div></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Brian Balbirnie, CEO of Issuer Direct, commented, "We are glad to report on our quarter-over-quarter revenue growth, as well as increased earnings. The earnings power in our cloud-based business model is highlighted by profit metrics in the second quarter, including 74% gross margin, 28% EBITDA margin, and an additional $1.0 million in cash flow from operations. As a result of continuously generating
positive earnings and cash flow, the Board of Directors was pleased to increase our quarterly dividend announced in July."</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Mr. Balbirnie added, "Looking at our key growth drivers, we continue to produce robust press release sales from Accesswire&#xAE; with sales increasing 18% sequentially and 73% year-over-year. Additionally, revenue from our platform and technology products grew 20% compared to the first quarter, which included increases from our cloud-based technologies, Blueprint&#xAE; and Classify&#xAE;. Not only are
we signing up small and microcap customers for these new cloud solutions, but we are also adding larger cap accounts, including a billion-dollar, multinational food manufacturer, beverage company and stock exchange. We are committed to growing faster and we believe these early wins for our recently launched products, by our newly trained sales staff, lay the groundwork for our growth, as well as our shift to a cloud-based subscription model."</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Financial Results for the Second Quarter ended June 30, 2016:</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Total revenue for the second quarter of 2016 and 2015 was $3.1 million. We achieved increases in revenue in our press release, print and proxy businesses as well as through platform licensing. These increases were offset by continued decline in our ARS business, as issuers shift from hardcopy fulfillment to digital fulfillment or elect not to continue with the service, as well as in our XBRL business,
as the market becomes commoditized.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Gross margin for the second quarter of 2016 was $2.3 million or 74% of total revenue, compared to $2.2 million, or 71% gross margin in the second quarter of 2015. The increase in gross margin is due to restructuring certain channel partner agreements within our ARS service offerings as well as increased revenue from high-margin businesses such as our press release business and platform and technology
products. It is anticipated that the Company will be able to maintain gross margin percentages above the historical 70%, as the Company transitions customers to electronic dissemination of corporate information as well as continues to increase sales from its new cloud-based solutions.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Operating Income was $466,348 compared to $297,080 for the three months ended June 30, 2015. In addition to higher gross margin, operating income increased due to lower consulting and professional fees during the second quarter of 2016 compared to the same period in 2015.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">On a GAAP basis, the Company reported net income of $356,638, or $0.12 per diluted share during the three months ended June 30, 2016, compared to $65,028, or $0.03 per diluted share during the three months ended June 30, 2015.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Second quarter EBITDA was $878,271, or 28% of revenue, compared to $560,479, or 18%, during the second quarter of 2015. Non-GAAP net income, excluding amortization of intangible assets, stock-based compensation, integration of acquisition costs, unusual and infrequent gains, non-cash interest expense, impact of changes to the deferred tax asset valuation allowance and tax impact of adjustments was $577,163
or $0.20 per diluted share, compared to $535,941 or $0.23 per diluted share during the second quarter of 2015. It is important to note the reason for the decrease in Non-GAAP income per diluted share despite an increase in Non-GAAP income is due to an increase in the number of shares outstanding as the result of the conversion of a note payable into 417,712 shares of the company's common stock in August 2015. Please refer to the tables below for the calculation of EBITDA and the reconciliation of GAAP income
and earnings per share to Non-GAAP income and earnings per share.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Financial Results for the six months ended June 30, 2016:</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Total revenue was $6.4 million, compared to $6.2 million during the six months ended June 30, 2016. Included in revenue for the six months ended June 30, 2016, is the benefit of $316,040 related to the reversal of an accrual of unused postage credits related to ARS clients acquired from PrecisionIR.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Gross margin was $4.8 million, or 75% of revenue, for the six months ended June 30, 2016, compared to $4.3 million, or 71%, during the same period of 2015. As noted above, the increase in gross margin is primarily due to the $316,040 reversal of the unused postage credits as well as restructuring certain channel partner agreements within ARS service offerings and increased revenue from high margin products.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Operating income was $1.2 million compared to $615,174 in the same period of last year, primarily due to increased gross profit and lower operating expenses. </font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">On a GAAP basis, the Company reported net income of $849,927, or $0.29 per diluted share, compared to $301,693 or $0.13 per diluted share in the same period of 2015. GAAP income for the first six months of 2016 includes the $316,040 benefit from the reversal of the unused postage credits. GAAP income for the first six months of 2015 included a tax benefit of $210,370 related to the partial reversal of
a valuation allowance against deferred tax assets associated with net operating losses acquired as a result of the acquisition of PrecisionIR as noted in the Non-GAAP reconciliation below.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">EBITDA for the six-month period ended June 30, 2016 was $1.9 million, or 29%, compared to $1.1 million, or 19%, in the same period of last year. Non-GAAP net income, excluding amortization of intangible assets, stock-based compensation, integration of acquisition costs, unusual and infrequent gains, non-cash interest expense, impact of changes to the deferred tax asset valuation allowance and tax impact
of adjustments, was $1.1 million, or $0.38 per diluted share, compared to $1.0 million or $0.42 per diluted share in the same period of fiscal 2015. It is important to note the reason for the decrease in Non-GAAP income per diluted share despite an increase in Non-GAAP income is due to an increase in the number of shares outstanding as the result of the conversion of a note payable into 417,712 shares of the company's common stock in August 2015. Please refer to the tables below for the calculation of EBITDA
and the reconciliation of GAAP income and earnings per share to Non-GAAP income and earnings per share.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Non-GAAP Information</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Certain non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company generally excludes certain items such as amortization and impairment of acquired intangibles, non-cash stock-based compensation charges, unusual, non-recurring gains and charges and non-cash interest expense. The Company believes that excluding such items provides investors and management
with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The non-GAAP financial
measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.</font></div>
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<div style="margin-left: 0px; margin-right: 0px; padding-top: 0px"><font style="font-size: 13px"><font style="font-weight: bold;">CALCULATION OF EBITDA</font></font></div>
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<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Three Months ended June 30,</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
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<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2016</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2015</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
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<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
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<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Net income: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">356,638</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">65,028</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Adjustments: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Depreciation and amortization </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">329,871</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">263,399</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Interest (income) expense, net </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(965</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">241,025</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">Income tax expense (benefit)</font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">192,727</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(8,973</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px">EBITDA: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">878,271</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">560,479</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr></table></div>
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<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></td>
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<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Six Months ended June 30,</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width:76%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2016</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2015</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width:76%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Net income: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">849,927</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">301,693</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Adjustments: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Depreciation and amortization </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">636,799</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">531,740</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Interest (income) expense, net </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(1,957</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">485,875</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">Income tax expense (benefit) </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">390,648</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(172,394</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px">EBITDA: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">1,875,417</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">1,146,914</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr></table></div>
<div style="margin-left: 0px; margin-right: 0px; padding-top: 0px"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div>
<div style="margin-left: 0px; margin-right: 0px; padding-top: 0px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; padding-top: 0px"><font style="font-size: 13px"><font style="font-weight: bold;">RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; padding-top: 0px"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;margin-left:0px;">
<tr>
<td rowspan="1" style="width:52%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:48%;">
<div><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:96%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Three Months ended June 30,</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width:52%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2016</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2015</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width:52%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Per diluted share</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Per diluted</font></font></div>
<div><font style="font-size: 13px"><font style="font-weight: bold;">share</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Net income: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">356,638</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.12</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">65,028</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.03</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Adjustments: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Amortization of intangible assets <font style="font-size: 70%; vertical-align: top">(1) </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">257,055</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.09</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">245,393</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.10</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Stock based compensation <font style="font-size: 70%; vertical-align: top">(2) </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">170,266</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.06</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">147,087</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.06</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Integration and acquisition costs <font style="font-size: 70%; vertical-align: top">(3) </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">81,667</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.04</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Unusual, non-recurring gains <font style="font-size: 70%; vertical-align: top">(4)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(82,052</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(0.03</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Non-cash interest expense <font style="font-size: 70%; vertical-align: top">(5)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">208,335</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.09</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Tax impact of adjustments <font style="font-size: 70%; vertical-align: top">(6)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(107,033</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(0.03</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(211,569</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(0.09</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">Portion of tax benefit related to change in valuation allowance<font style="font-size: 70%; vertical-align: top"> (7)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(17,711</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(0.01</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">-</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">-</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px">Non-GAAP net income: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">557,163</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">0.20</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">535,941</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">0.23</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 6px; padding-bottom: 6px"><font style="font-size: 13px"><font style="font-weight: bold;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;margin-left:0px;">
<tr>
<td rowspan="1" style="width:52%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:48%;">
<div><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:96%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Six Months ended June 30,</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width:52%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2016</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">2015</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width:52%;vertical-align:bottom;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Per diluted share</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Amount</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">Per diluted</font></font></div>
<div><font style="font-size: 13px"><font style="font-weight: bold;">share</font></font></div></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0; </font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Net income: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">849,927</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.29</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">301,693</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.13</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Adjustments: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Amortization of intangible assets <font style="font-size: 70%; vertical-align: top">(1)</font> </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">515,981</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.18</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">491,436</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.21</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Stock based compensation <font style="font-size: 70%; vertical-align: top">(2) </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">337,344</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.12</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">278,931</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.12</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Integration and acquisition costs <font style="font-size: 70%; vertical-align: top">(3) </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">126,667</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.05</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Unusual, non-recurring gains <font style="font-size: 70%; vertical-align: top">(4)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(398,092</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(0.14</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Non-cash interest expense <font style="font-size: 70%; vertical-align: top">(5)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">416,670</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">0.17</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px">Tax impact of adjustments <font style="font-size: 70%; vertical-align: top">(6)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(141,122</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(0.05</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(407,248</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(0.17</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px">Portion of tax benefit related to change in valuation allowance<font style="font-size: 70%; vertical-align: top"> (7)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(58,586</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(0.02</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(210,370</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid black; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid black; display: inline-block;">(0.09</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px">Non-GAAP net income: </font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">1,105,452</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">0.38</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">997,779</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double black; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double black; display: inline-block;">0.42</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 6px; padding-bottom: 6px"><font style="font-size: 13px">(1) The adjustments represent the amortization and impairment of intangible assets related to acquired assets and companies.<br>(2) The adjustments represent stock-based compensation expense recognized related to awards of stock options, restricted stock units or common stock in exchange for services. Although the Company expects to continue to award stock to employees
or in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.<br>(3) The adjustments represent legal fees, consulting fees, integration costs, and other non-recurring costs in connection with the acquisition of Accesswire.<br>(4) The adjustment removes gains during the period that are unusual, non-recurring or infrequent in nature and don't relate to the core business of the Company. For the three and six months
ended June 30, 2016, these gains include a gain on the excess fair value of stock received, in lieu of cash, related to the settlement of a receivable and the reversal of an accrual related to unused postage credits related to ARS clients acquired during the acquisition or PrecisionIR Group, Inc.<br>(5) The adjustment represents the amortization of debt-discount that was created as a result of a beneficial conversion feature that was embedded in a note payable that the Company issued in order to finance the
acquisition of PrecisionIR Group, Inc. The amortization of the debt discount is recorded as non-cash interest expense and has no impact on the cash flows or operations of the Company.<br>(6) This adjustment gives effect to the tax impact of all non-GAAP adjustments at a rate of 31%, which approximates the Company's state and federal tax rates.<br>(7) The adjustment eliminates the impact on income tax expense of the change in the valuation allowance established for deferred tax assets associated with net operating
losses for PrecisionIR Group, Inc. at the date of acquisition.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">To read the Company's full earnings release please click</font> <font style="font-weight: bold;">here.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Conference Call Information</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Date, Time:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0; August 4, 2016 at 4:30PM ET</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Toll free:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0; 866.952.7524</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">International:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; 785.424.1829</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Live Webcast:<font style="color: rgb(36, 132, 235);">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0; http://www.investorcalendar.com/IC/CEPage.asp?ID=175157 </font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Conference Call Replay Information</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">The replay will be available beginning approximately 1 hour after the completion of the live event, ending at midnight eastern on August 31, 2016.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Toll free:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; 877.481.4010</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">International:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;&#xA0; 919.882.2331</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Reference ID:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;&#xA0;10053</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-size: 11px">Web replay:&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;&#xA0; <font style="color: rgb(36, 132, 235);">http://www.issuerdirect.com/earnings-calls-and-scripts/ </font></font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">About Issuer Direct Corporation:</font> </font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Issuer Direct&#xAE; is a disclosure management and targeted communications company. Our integrated platform provides tools, and technologies that enable our clients to disclose and disseminate information through our network. With a focus on corporate issuers, the Company alleviates the complexity of maintaining compliance with its integrated portfolio of products and services that enhance companies'
ability to efficiently produce and distribute their financial and business communications both online and in print.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Learn more about Issuer Direct today: http://ir.issuerdirect.com/tearsheet/html/isdr</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include
the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated
results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2015, including but not limited to the discussion under "Risk Factors" therein, which the Company has filed with
the SEC and which may be viewed at http://www.sec.gov.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold;">Contact:</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px">Issuer Direct Corporation
<br>Brian R. Balbirnie
<br>919-481-4000
<br><font style="color: rgb(36, 132, 235);">brian.balbirnie@issuerdirect.com</font><font style="text-decoration: underline;">
<br></font>
<br>Brett Maas
<br>Hayden IR
<br>(646) 536-7331
<br><font style="color: rgb(36, 132, 235);">brett@haydenir.com </font>
<br>
<br>James Carbonara
<br>Hayden IR&#xA0;<br>(646)-755-7412
<br><font style="color: rgb(36, 132, 235);">james@haydenir.com</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="font-weight: bold">SOURCE: </font>Issuer Direct Corporation&#xA0;
<br></font></font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">ISSUER DIRECT CORPORATION</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;"> <a name="ballancesheet">CONSOLIDATED BALANCE SHEETS</a></font></font></div>
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<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="font-weight: bold; vertical-align: bottom; text-align: left; display: inline-block; width: 10%;">&#xA0; </font><font style="vertical-align: bottom; font-weight: bold; width: 80%; text-align: center; display: inline-block;">June 30,</font><font style="vertical-align: bottom; font-weight: bold; width: 10%; text-align: left; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align:center;width:80%;vertical-align:bottom;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-weight: bold;">December&#xA0;31,</font></font></div></font><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight:bold;vertical-align:bottom;text-align:left;display:inline-block;width:10%;padding-bottom:2px;">&#xA0; </font><font style="border-bottom:solid 2px #000;vertical-align:bottom;text-align:center;display:inline-block;font-weight:bold;width:80%;">
<div><font style="font-size: 13px"><font style="font-weight: bold;">&#xA0;2016</font></font></div></font><font style="font-weight:bold;vertical-align:bottom;text-align:left;display:inline-block;width:10%;padding-bottom:2px;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align:left;width:10%;vertical-align:bottom;padding-bottom:2px;display:inline-block;">&#xA0; </font><font style="border-bottom:solid 2px #000;vertical-align:bottom;text-align:center;display:inline-block;width:80%;font-size:13px;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-weight: bold;">2015</font></font></div></font><font style="vertical-align:bottom;text-align:left;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: center; text-indent:-12px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;&#xA0;&#xA0; ASSETS</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align:center;width:80%;vertical-align:bottom;display:inline-block;">
<div><font style="font-size: 13px">(unaudited) </font></div></font><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align:center;width:80%;vertical-align:bottom;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></font><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Current assets:</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align:center;width:80%;vertical-align:bottom;display:inline-block;">
<div><font style="font-size: 13px">&#xA0;</font></div></font><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font><font style="text-align:center;width:80%;vertical-align:bottom;display:inline-block;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></font><font style="text-align:left;width:10%;vertical-align:bottom;display:inline-block;">&#xA0; </font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Cash and cash equivalents</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">4,990,150</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">4,215,145</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Accounts receivable (net of allowance for doubtful accounts of $410,297 and $396,884, respectively)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">1,285,493</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,253,628</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Other current assets</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">401,586</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">252,468</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:36px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Total current assets</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">6,677,229</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">5,721,241</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Capitalized software (net of accumulated amortization of $104,653 and $25,133, respectively)<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">1,430,511</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">723,962</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Fixed assets (net of accumulated depreciation of $304,079 and $262,797, respectively)&#xA0;
<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">178,812</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">175,497</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Deferred income tax asset - noncurrent</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">97,974</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Other long-term assets</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">19,326</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">18,301</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Goodwill</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">2,241,872</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,241,872</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Intangible assets (net of accumulated amortization of $3,028,685 and $2,512,704, respectively)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">1,675,315</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">2,191,296</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:4px;margin-left:36px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Total assets</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">12,223,065</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">11,170,143</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: center; text-indent:-12px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">LIABILITIES AND STOCKHOLDERS&#x2019; EQUITY</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Current liabilities:</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Accounts payable</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">298,343</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">385,285</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Accrued expenses</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">536,059</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">995,999</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Income taxes payable</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">281,936</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">199,613</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Deferred revenue</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">1,009,586</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">822,481</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:36px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Total current liabilities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">2,125,924</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,403,378</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Deferred income tax liability</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">213,461</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">94,566</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Other long-term liabilities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">127,962</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">113,222</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:36px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Total liabilities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">2,467,347</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">2,611,166</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Commitments and contingencies&#xA0;</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:12px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Stockholders' equity:</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of June 30, 2016 and December 31, 2015.</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Common stock $0.001 par value, 100,000,000 shares authorized, 2,804,394 and 2,785,044 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively.</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">2,804</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,785</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Additional paid-in capital</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">8,704,175</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">8,202,605</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Other accumulated comprehensive loss</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; display: inline-block;">(22,547</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(35,154</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Retained earnings</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">1,071,286</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">388,741</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:36px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="font-weight: bold;">Total stockholders' equity</font></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">9,755,718</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">8,558,977</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:4px;margin-left:36px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Total liabilities and stockholders&#x2019; equity</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">12,223,065</font><font style="text-align: left; padding-bottom: 4px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">11,170,143</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr></table></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-size: 11px"><font style="font-weight: bold;">&#xA0;</font></font></font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font style="font-size: 11px"> </font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0; </font></font></div></div></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">ISSUER DIRECT CORPORATION</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;"> <a name="statementofoperations">CONSOLIDATED STATEMENTS OF OPERATIONS</a></font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">(UNAUDITED)</font></font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px"> </font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-size: 11px">&#xA0; <font style="font-family: Times New Roman;"> </font>
<br></font></font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0; </font></font></div></td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="font-size: 13px"><font style="padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 90%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">For the three months ended</font></font></div></font><font style="padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="font-size: 13px"><font style="padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 90%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">For the six months ended</font></font></div></font><font style="padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">June 30,</font></font></div>
<div><font><font style="font-family: Times New Roman; font-weight: bold;">2016</font></font></div></font><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">June 30,</font></font></div>
<div><font><font style="font-family: Times New Roman; font-weight: bold;">2015</font></font></div></font><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">June 30,</font></font></div>
<div><font><font style="font-family: Times New Roman;"><font style="font-weight: bold;">2016</font></font></font></div></font><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">June 30,</font></font></div>
<div><font><font style="font-family: Times New Roman; font-weight: bold;">2015</font></font></div></font><font style="padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Revenues</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">3,134,024</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">3,106,389</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">6,411,363</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">6,150,171</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Cost of services</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">823,721</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">899,541</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,593,803</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,812,418</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Gross profit</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">2,310,303</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">2,206,848</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">4,817,560</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">4,337,753</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Operating costs and expenses:</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">General and administrative</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">800,095</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">907,341</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,642,256</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,787,123</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Sales and marketing</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">671,739</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">644,564</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,295,699</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,210,620</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Product development</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">89,732</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">94,464</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">158,892</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">193,096</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:48px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Depreciation and amortization</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">282,389</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">263,399</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">564,147</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">531,740</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Total operating costs and expenses</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,843,955</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,909,768</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">3,660,994</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">3,722,579</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Operating income</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">466,348</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">297,080</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,156,566</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">615,174</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Other income (expense):</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Other income<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">82,052</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">82,052</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:48px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Interest income (expense), net</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">965
<br></font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(241,025</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,957
<br></font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(485,875</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Total other income (expense)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">83,017</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(241,025</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">84,009</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(485,875</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Income before taxes</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">549,365</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">56,055</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,240,575</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">129,299</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Income tax benefit (expense)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(192,727</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">8,973</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(390,648</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)
<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">172,394</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Net income</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">356,638</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">65,028</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">849,927</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">301,693</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Income per share &#x2013; basic</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.13</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.03</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.30</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.13</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Income per share - fully diluted</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.12</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.03</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.29</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">0.13</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Weighted average number of common shares outstanding - basic</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,794,998</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,322,240</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,791,653</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,320,344</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Weighted average number of common shares outstanding - fully diluted</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,918,368</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,359,836</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,888,443</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">2,361,026</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px"><font style="font-family: Times New Roman;">
<br></font></font></div></div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font style="font-size: 11px"> </font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0; </font></font></div></div></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">ISSUER DIRECT CORPORATION</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;"><a name="cashflows">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">(UNAUDITED)</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px"> </font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 11px"> </font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0; </font></font></div></td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="font-size: 13px"><font style="vertical-align: bottom; padding-bottom: 2px; width: 5%; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 90%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">Six months ended</font></font></div>
<div><font><font style="font-family: Times New Roman; font-weight: bold;">June 30,</font></font></div></font><font style="vertical-align: bottom; padding-bottom: 2px; width: 5%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="vertical-align: bottom; padding-bottom: 2px; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">2016</font></font></div></font><font style="vertical-align: bottom; padding-bottom: 2px; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="vertical-align: bottom; padding-bottom: 2px; width: 10%; display: inline-block;">&#xA0; </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid black; display: inline-block;">
<div><font><font style="font-family: Times New Roman; font-weight: bold;">2015</font></font></div></font><font style="vertical-align: bottom; padding-bottom: 2px; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Cash flows from operating activities:</font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="vertical-align: bottom; width: 80%; display: inline-block;">
<div><font><font style="font-family: Times New Roman;">&#xA0;</font></font></div></font><font style="vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font><font style="vertical-align: bottom; width: 80%; display: inline-block;">
<div><font><font style="font-family: Times New Roman;">&#xA0;</font></font></div></font><font style="vertical-align: bottom; width: 10%; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Net income</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">849,927</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">301,693</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Adjustments to reconcile net income to net cash</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;provided by operating activities:</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;Depreciation and amortization</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">636,799</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">531,740</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;Bad debt expense</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">88,336</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">94,276</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;Deferred income taxes</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">75,025</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(209,898</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;Stock-based compensation expense</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">337,344</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">278,931</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;Non-cash interest expense</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">416,670</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Changes in operating assets and liabilities:</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;Decrease (increase) in accounts receivable</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(132,537</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">366,150</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;Decrease (increase) in deposits and other current assets</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(150,988</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(104,022</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;Increase (decrease) in accounts payable</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(80,384</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">85,936</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;Increase (decrease) in accrued expenses</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(342,972</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">47,837</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;Increase (decrease) in deferred revenue</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">205,627</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">106,862</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Net cash provided by operating activities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,486,177</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">1,916,175</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-weight: bold; text-decoration: underline; font-family: Times New Roman;">Cash flows from investing activities:</font></font></div></td>
<td style="vertical-align:bottom;padding-bottom:2px;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;padding-bottom:2px;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Capitalized software<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(518,381</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(202,407</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Purchase of fixed assets</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(44,613</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(25,618</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Net cash used in investing activities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(562,994</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(228,025</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td></tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-weight: bold; text-decoration: underline; font-family: Times New Roman;">Cash flows from financing activities:</font></font></div></td>
<td style="vertical-align:bottom;padding-bottom:2px;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;padding-bottom:2px;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Proceeds from exercise of stock options, net of income taxes<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">32,360</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">7,025</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Tax benefit on stock-based compensation awards</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">16,191</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Payment of dividend&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(167,382</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Net cash provided by (used in) financing activities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">(135,022</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid black;">23,216</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-weight: bold; text-decoration: underline; font-family: Times New Roman;">Net change in Cash</font></font></div></td>
<td style="vertical-align:bottom;padding-bottom:2px;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">788,161</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;padding-bottom:2px;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,711,366</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Cash &#x2013; beginning</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">4,215,145</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,721,343</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Currency translation adjustment</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">(13,156</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">)</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double black;">&#xA0; </font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double black;">16,311</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Cash &#x2013; ending</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">4,990,150</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">3,449,020</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Supplemental disclosure for non-cash investing and financing activities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;Cash paid for interest</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">66,667</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;Cash paid for income taxes</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">262,598</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">34,500</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td></tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Non cash activities</font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0; </font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0; </font></font></div></td></tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;Stock-based compensation - capitalized software
<br></font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">267,688</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font></font></div></td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double black; vertical-align: bottom; display: inline-block; width: 75%;">80,845</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font> </font></div></td></tr></table></div>
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</DOCUMENT>
</SEC-DOCUMENT>
