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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-04-018478.txt : 20041112
<SEC-HEADER>0001144204-04-018478.hdr.sgml : 20041111
<ACCEPTANCE-DATETIME>20041112141826
ACCESSION NUMBER:		0001144204-04-018478
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041110
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041112
DATE AS OF CHANGE:		20041112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION OPTICS CORPORATION INC
		CENTRAL INDEX KEY:			0000867840
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				042795294
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10647
		FILM NUMBER:		041138220

	BUSINESS ADDRESS:	
		STREET 1:		22 EAST BROADWAY
		CITY:			GARDNER
		STATE:			MA
		ZIP:			01440-3338
		BUSINESS PHONE:		9786301800

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION OPTICS CORP INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v08448.htm
<TEXT>
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Unassociated Document
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON, D.C. 20549</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM 8-K</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT TO SECTION 13 OR 15(D) OF THE</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of report (Date of earliest event reported): </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November 10, 2004 </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PRECISION OPTICS CORPORATION, INC.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<DIV>&nbsp;</DIV></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of registrant as specified in its charter)</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Massachusetts</FONT></DIV></TD>
<TD vAlign=top align=left width="20%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">001-10647 </FONT></DIV></TD>
<TD vAlign=top align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">04-2795294</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State or other jurisdiction </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of incorporation or organization)</FONT></DIV></TD>
<TD vAlign=top align=left width="20%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File Number)</FONT></DIV></TD>
<TD vAlign=top align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S. Employer </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification No.)</FONT></DIV></TD></TR> </TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22 East Broadway, Gardner, Massachusetts 01440</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<DIV>&nbsp;</DIV></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address of Principal Executive Offices) (Zip Code)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#146;s telephone number, including area code:</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(978) 630-1800</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; 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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>see </EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General Instruction A.2. below):</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD></TR>
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<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
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</FONT></TD></TR> </TABLE>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR> </TABLE><BR><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item 2.02. Results of Operations and Financial Condition.</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On November 10, 2004, the </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> issued the press release attached as Exhibit 99.1 announcing operating results on an unaudited basis for the first quarter of fiscal year 2005. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item 9.01. </STRONG></FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Financial Statements and Exhibits.</STRONG></FONT></DIV>
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<TR bgColor=#ffffff>
<TD width="5%">&nbsp;<FONT size=2>(c)</FONT></TD>
<TD width="2%">&nbsp;</TD>
<TD width="15%"><U><FONT size=2>Exhibit Number</FONT></U>&nbsp;</TD>
<TD width="78%"><U><FONT size=2>Title</FONT></U>&nbsp;</TD></TR>
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<TD width="15%"><FONT size=2>99.1</FONT>&nbsp;</TD>
<TD width="78%"><FONT size=2>Press Release issued by Precision Optics Corporation, Inc. on November 10, 2004.</FONT>&nbsp;</TD></TR> </TABLE></DIV><BR>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR> </TABLE><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; 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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<TD><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
<TD colSpan=2><FONT face="Times New Roman" size=2>PRECISION OPTICS CORPORATION, INC.</FONT></TD></TR>
<TR vAlign=top bgColor=#ffffff>
<TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
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<TD><FONT face="Times New Roman" size=2>Date:&nbsp;November 12, 2004</FONT></TD>
<TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman" size=2><U>/s/ Jack P. Dreimiller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
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<TD colSpan=2><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:<FONT size=3> </FONT></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jack P. Dreimiller</FONT></DIV></TD></TR>
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<TD><FONT face="Times New Roman" size=2>Title&nbsp;Senior Vice President, Finance and Chief Financial Officer</FONT></TD></TR> </TABLE></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Description</STRONG></FONT></DIV></TD></TR>
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<TD vAlign=bottom align=middle width="11%">&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press Release issued by Precision Optics Corporation, Inc. on November 10, 2004.</FONT>&nbsp;</DIV></TD></TR> </TABLE>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>EXHIBIT 99.1<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp; <FONT id=TAB2 style="LETTER-SPACING:
9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV><IMG src="logo.jpg">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PRECISION OPTICS CORPORATION</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22 EAST BROADWAY</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GARDNER, MASSACHUSETTS 01440-3338</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telephone 978 / 630-1800</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telefax 978 / 630-1487</FONT></DIV>
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<DIV valign="top"><FONT style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New
Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV>
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<TD width="25%"><B><I><FONT size=2>NEWS RELEASE&nbsp;</FONT></I></B>&nbsp;</TD>
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<TD width="25%">&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><B><I>POC:24-0486<BR></I></B></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><I>Page 1 of 4</I></FONT></TD></TR>
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<TD width="25%">FOR IMMEDIATE RELEASE&nbsp;</TD>
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<TD width="25%">&nbsp;<B><FONT size=2>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wednesday, November 10, 2004</FONT></FONT></B></TD></TR>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B><I>PRECISION OPTICS CORPORATION ANNOUNCES</I></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B><I>FIRST QUARTER RESULTS</I></B></FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">GARDNER, Massachusetts</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><B> -</B></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> Precision Optics Corporation, Inc. (Nasdaq: POCI) today announced operating results on an unaudited basis for the first quarter of fiscal year 2005 ended September 30, 2004.</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><B><U>First Quarter Operating Results</U></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><I><U>Revenues</U></I></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> - For the quarter ended September 30, 2004, revenues were $263,810 compared to $638,806 for the same period last year, a decrease of 58.7%. Revenues in the quarter decreased 7.6% sequentially from the preceding quarter. The decrease in revenues is attributable to lower sales of endocouplers, endoscopes, and industrial lenses and couplers.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><I><U>Net Loss</U></I></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> - For the quarter ended September 30, 2004, net loss was $933,458 or $0.16 per basic and diluted share, including provisions for obsolete and slow moving inventories of $57,300. This was 46.7% more than the net loss of $636,449, or $0.36 per share, including provisions for obsolete and slow moving inventories of $62,900, for the same period last year. It was 7.7% less than the net loss for the preceding quarter ended June 30, 2004, which was $1,011,525, or $0.58 per share, including provisions for obsolete and slow moving inventories of $191,200. The weighted average common shares outstanding in the quarters ended September 30, 2004 and 2003 were 5,979,832 and 1,752,053,
respectively.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><B><U>Cash Flow and Expenditures</U></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the quarter ended September 30, 2004, the Company&#146;s cash used in operating activities was approximately $754,000, compared to approximately $592,000 for the previous quarter ended June 30, 2004. The increased cash usage is attributable primarily to (1) lower cash collections in the quarter ended September 30, 2004, resulting from lower sales in that quarter and preceding quarters, and the timing of cash receipts from customers, and (2) the timing of payments to certain vendors, including approximately $104,000 paid for expenses associated with the rights offering. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital equipment expenditures during the quarter ended September 30, 2004 were approximately $1,000, down 95% from the same period in 2003. Future capital expenditures will depend on future sales and the success of ongoing research and development efforts.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </I></FONT></DIV>
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<TD width="50%" colSpan=2><FONT size=2><I>Precision Optics Corporation&#151;First Quarter Results Page 2 <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of 4&nbsp;&nbsp;</FONT></I></FONT>&nbsp;</TD>
<TD width="25%">&nbsp;<FONT size=2>POC: 24-0486</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For the quarter ended September 30, 2004, research and development expenses were approximately $356,000, up 33% from $267,000 a year earlier. The level of future quarterly R&amp;D expenses will ultimately depend on the Company&#146;s assessment of new product opportunities.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><B><U>Outlook</U></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Company expects its recent pattern of quarter-to-quarter revenue fluctuations to continue, due to the uncertain timing of individual orders and their size in relation to total revenues. The Company continues to move forward with new products and technical innovations in particular, the development of a new prototype 2.7 mm endoscope, and new instruments utilizing the Company&#146;s new micro-precision</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><SUP>TM </SUP></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">lens technology (patent pending) for endoscopes under 1 mm. The Company continues to explore potential applications of single-molecule technology and nanotechnology, as well as
potential near-term applications of the Company&#146;s existing technologies in non-medical markets.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Company believes that the recent introduction of several new products, along with new and ongoing customer relationships, will generate additional revenues, which are required in order for the Company to achieve profitability. If these additional revenues are not achieved on a timely basis, the Company will be required and is prepared to implement further cost reduction measures, as necessary. </FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><B><U>About Precision Optics </U></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision Optics Corporation, a leading developer and manufacturer of advanced optical instruments since 1982, designs and produces high-quality optical thin film coatings, medical instruments, and other advanced optical systems. The Company&#146;s medical instrumentation line includes laparoscopes, arthroscopes and endocouplers and a world-class product line of 3-D endoscopes for use in minimally invasive surgical procedures. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company is currently developing specialty instruments incorporating its patent-pending LENSLOCK</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><SUP>TM</SUP></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> technology which ensures lower cost, easier repairability and enhanced durability as well as ultra-small instruments (some with lenses less than one millimeter in diameter) utilizing patent-pending micro-precision</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><SUP>TM</SUP></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> lens technology. The Company is also exploring new initiatives in single-molecule technology and nanotechnology for biomedical and other
applications. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision Optics Corporation is certified to the ISO 9001 Quality Standard, and complies with the FDA Good Manufacturing Practices and the European Union Medical Device Directive for CE Marking of its medical products. The Company&#146;s Internet Website is </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">www.poci.com</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">. </FONT></DIV>
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<TD width="50%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><I>Precision Optics Corporation&#151;First Quarter Results Page 3 </I></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><I>of 4</I></FONT></TD>
<TD width="50%">&nbsp;<FONT size=2>POC: 24-0486</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES</B> <BR></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>CONSOLIDATED STATEMENTS OF OPERATIONS&nbsp;<BR></B></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FOR THE THREE MONTHS ENDED <BR>SEPTEMBER 30, 2004 AND SEPTEMBER 30, 2003<BR>(UNAUDITED) </B></FONT></DIV>
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<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=middle width="25%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Three Months&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ended <BR>September 30,</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<P align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></P></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<P align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2003</FONT></P></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REVENUES</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">263,810</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT size=2>$</FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">638,806</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COST OF GOODS SOLD</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">356,015</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">586,263</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=middle width="71%">
<P align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Profit (Loss)</FONT></P></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(92,205</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,543</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RESEARCH and DEVELOPMENT EXPENSES</FONT></TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">356,406</FONT></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">267,070</FONT></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<P align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SELLING, GENERAL AND</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=middle width="71%">
<P align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;ADMINISTRATIVE EXPENSES</FONT></P></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">497,439</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">429,330</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">853,845</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">696,400</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Loss</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(946,050</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(643,857</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INTEREST INCOME</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,592</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,454</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INTEREST EXPENSE</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(46</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(933,458</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(636,449</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic and Diluted Loss Per Share</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.16</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.36</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="71%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted Average Common Shares Outstanding</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,979,832</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,752,053</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=black noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>

<TR bgColor=#ffffff>
<TD width="75%" colSpan=3><I><FONT size=2>Precision Optics Corporation&#151;First Quarter Results Page&nbsp;4 of 4</FONT></I> </TD>
<TD width="25%">
<P align=right>&nbsp;<FONT size=2>POC: 24-0486</FONT> </P></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B></B></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES<BR></B></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>CONSOLIDATED BALANCE SHEETS</B> <BR><B>(</B></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>UNAUDITED) </B></FONT></DIV><B><FONT size=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B><U>ASSETS</U></B></FONT></DIV></FONT></B><B><FONT size=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="56%" colSpan=5>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="10%" colSpan=2>
<P align=center>&nbsp;<FONT size=2>September&nbsp;30, 2004</FONT>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">
<P align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<P align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%">
<P align=center><FONT size=2>June 30, 2004</FONT>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">
<P align=center>&nbsp;</P></TD></TR>
<TR bgColor=#cbdbd1>
<TD vAlign=bottom align=left width="56%" colSpan=5><FONT size=2>CURRENT ASSETS</FONT>&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash and Cash Equivalents</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,733,474</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">343,260</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts Receivable, Net</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">106,124</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">80,195</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories, Net</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">816,462</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">917,998</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="67%" colSpan=8>
<DIV style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid Expenses and Other Current Assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">125,268</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">80,646</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred Financing Costs</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">171,885</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total Current Assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,781,328</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,593,984</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROPERTY AND EQUIPMENT</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,201,147</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,199,835</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="43%">
<DIV style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated Depreciation</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,958,986</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,920,593</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net Property and Equipment</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">242,161</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">279,242</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="43%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OTHER ASSETS</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">218,541</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">224,088</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL ASSETS</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,242,030</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,097,314</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="89%" colSpan=14>
<P align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B><U>LIABILITIES AND STOCKHOLDERS' EQUITY</U></B></FONT></P></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="89%" colSpan=14><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL CURRENT LIABILITIES</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">592,533</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">593,342</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">STOCKHOLDERS' EQUITY</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common Stock, $.01 par value-</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Authorized -- 20,000,000 shares</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issued and Outstanding &#150; 7,008,212 shares at <BR>September 30, 2004 and 1,752,053 shares at June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">70,082</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,521</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional Paid-in Capital</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,796,597</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,770,175</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated Deficit</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(27,217,182</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26,283,724</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#cbdbd1>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="56%" colSpan=5>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total Stockholders' Equity</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,649,497</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,503,972</FONT></TD>
<TD style="BORDER-BOTTOM: #cbdbd1 solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="56%" colSpan=5><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,242,030</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,097,314</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></FONT></B>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Forward-looking statements contained in this news release, including those related to the Company&#146;s products under development and revenue estimates, are made under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could materially affect future results. These risks and uncertainties, many of which are not within the Company&#146;s control, include, but are not limited to, the uncertainty and timing of the successful development of the Company&#146;s new products; the risks associated with reliance on a few key customers; the Company&#146;s ability to regain and maintain compliance with requirements for continued listing on the NASDAQ SmallCap Market; the Company&#146;s ability to attract and retain personnel
with the necessary scientific and technical skills; the timing and completion of significant orders; the timing and amount of the Company&#146;s research and development expenditures; the timing and level of market acceptance of customers&#146; products for which the Company supplies components; performance of the Company&#146;s vendors; the ability of the Company to control costs associated with performance under fixed price contracts; the continued availability to the Company of essential supplies, materials and services; and the other risk factors and cautionary statements listed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-KSB for the year ended June 30, 2004. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -41.4pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">###</FONT></DIV>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
