<SEC-DOCUMENT>0001387131-20-008664.txt : 20200930
<SEC-HEADER>0001387131-20-008664.hdr.sgml : 20200930
<ACCEPTANCE-DATETIME>20200930165256
ACCESSION NUMBER:		0001387131-20-008664
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200930
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200930
DATE AS OF CHANGE:		20200930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		201212864

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cvu-8k_093020.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): <B>September 30, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPI
    AEROSTRUCTURES, INC.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    Name of Registrant as Specified in Charter)</FONT></TD></TR>
</TABLE>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-11398</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11-2520310</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
        or Other Jurisdiction</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
        Incorporation)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
        Number)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
        Employer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
        No.)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 66%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>91
    Heartland Boulevard, Edgewood, New York</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11717</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&#8217;s
telephone number, including area code: <B>(631) 586-5200</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
    Name or Former Address, if Changed Since Last Report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (see General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&nbsp;&nbsp; &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.9pt; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; padding: 0 5.4pt 0 0; width: 33%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of each class</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 5.4pt 0 0; width: 34%; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    symbol(s)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; white-space: nowrap; width: 33%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; padding: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 5.4pt 0 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CVU</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE
    American</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    2.02</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Results
    of Operations and Financial Condition.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2020, CPI Aerostructures, Inc. (the &#8220;<U>Company</U>&#8221;) issued a press release announcing its financial
results for the quarter ended March 31, 2020. The press release is attached to this Current Report on Form 8-K as Exhibit 99.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed &#8220;filed&#8221; for
purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8220;<U>Exchange Act</U>&#8221;) or otherwise subject to
the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    7.01</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulation
    FD Disclosure.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth under Item 2.02 is incorporated under this Item by reference.</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.01</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits:</FONT></TD></TR>
</TABLE>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
    No.</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Press Release dated September 30, 2020.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;&nbsp;September
    30, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI
    AEROSTRUCTURES, INC.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Douglas McCrosson</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
    McCrosson</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal"><A HREF="cvu-8k_093020.htm">CPI Aerostructures, Inc. 8-K</A></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="ex99-1_img001.jpg" ALT="" STYLE="height: 39pt; width: 174.75pt"></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><U>FOR IMMEDIATE RELEASE </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: -9.35pt"><B><U>CPI AEROSTRUCTURES
REPORTS FIRST QUARTER 2020 RESULTS </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><U>First Quarter 2020 vs. Restated First
Quarter 2019 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Revenue of $16.9 million compared to $22.0 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Gross profit of $0.7 million compared to $2.5 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Gross margin was 4.1% compared to 11.3%</FONT><FONT STYLE="font-size: 10pt">;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Net loss of $2.8 million compared to $0.9 million</FONT><FONT STYLE="font-size: 10pt">;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Loss per diluted share of $0.24 compared to $0.08;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Cash flow from operations was $(1.4) million compared to $(2.3) million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Total backlog as of March 31, 2020 of $556.4 million compared to $561.9
million as of December 31, 2019, including multi-year defense contracts of $499.1 million as of March 31, 2020 versus $496.7 million
as of December 31, 2019;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Total funded backlog of $211.1 million as of March 31, 2020 compared
to $147.6 million as of December 31, 2019, of which 98% or $206.4 million is comprised of defense orders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white"><B>EDGEWOOD,
N.Y. </B>&ndash; September 30, 2020 &ndash; CPI Aerostructures, Inc. (&ldquo;CPI Aero&reg;&rdquo;) (NYSE American: CVU) today announced
financial results for its first quarter ended March 31, 2020. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;Our
successful execution of a defense-centric business development strategy over the past few years is paying off. We posted another
record defense backlog at quarter end by leveraging long-term relationships with the largest aerospace and defense companies in
the world. We are pleased that we received several new firm orders during the quarter that increased our funded defense backlog
by more than $60 million during the quarter to $206.4 million. This gives us a stable business near term and attractive long-term
growth opportunities,&rdquo; said Douglas McCrosson, president and CEO of CPI Aero.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;The
first quarter decline in revenue was largely a matter of timing as we had significant revenue in the first quarter of 2019 for
our Next Generation Jammer Mid-Band (NGJ-MB) Pod we produce for Raytheon Technologies. One development phase of the NGJ &ndash;
MB pod program was virtually completed by the end of 2019 and there was little revenue for this program in the first quarter of
this year. CPI Aero has recently begun the next phase of the NGJ-MB pod program and the program is expected to be a strong revenue
program during the second half of 2020. Additionally, revenue declined as our commercial programs had lower demand even prior to
the COVID-19 pandemic that, subsequent to the end of the first quarter, resulted in deferred and cancelled orders for certain business
jet programs.&rdquo; added Mr. McCrosson. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;An
unfavorable product mix also negatively affected margins during the quarter, created largely by the reduction in NGJ-MB pod program
revenue mentioned above. We also revised our estimate for our factory overhead rate to account for the lower absorption of fixed
costs largely resulting from the anticipated impact of the COVID-19 pandemic on certain business jet programs. Revising overhead
rate estimates had a cumulative &ldquo;catch-up&rdquo; effect on program profitability that resulted in a gross profit of 4% for
the quarter. We expect that margins will have reached their low point in 1Q20 and that full-year 2020 gross margin percentage will
be higher than it was in 2019 as our product mix for the remainder of 2020 returns to a more favorable mix between commercial and
defense programs.&rdquo; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;We
remain very focused on cash flow and liquidity and we were able to improve cash flow from operations by approximately $900,000
on lower revenue compared to the year ago period, notwithstanding approximately $578,000 in non-recurring accounting and legal
expenses in the first quarter related to the restatement and ongoing litigation resulting from the restatement.&rdquo;<BR STYLE="clear: both">
</FONT></P>


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    <TD STYLE="width: 86%;"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI Aero Q1&rsquo;20 Earnings Press Release</FONT></TD>
    <TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page 2&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30, 2020</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;Looking
forward, we continue to believe we are well positioned to increase revenue and return to profitability in fiscal 2020 despite
incurring COVID-19 related expenses and significant non-recurring professional expenses expected to be approximately $1.5
million during the year. In addition, cash savings from continued cost management and careful control of inventory levels and
other working capital improvement initiatives are expected to largely offset the cash projected to be used to pay
non-recurring legal and accounting expenses.&rdquo; concluded McCrosson. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><B>Conference
Call</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">Management
will host a conference call on Thursday, October 1, 2020 at 8:30 a.m. to discuss these results as well as recent corporate developments.
After opening remarks there will be a question and answer period. Interested parties may participate in the call by dialing 844-378-6486
or 412-542-4181. Please call 10 minutes before the conference call is scheduled to begin and ask for the CPI Aero call. The conference
call will also be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen
to the live call, please go to <U>www.cpiaero.com</U>, click the Investor Relations section, then the Event Calendar. Please go
to the website 15 minutes early to download and install any audio software. If you are unable to listen live, the conference call
will be archived and can be accessed for approximately 90 days. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><B><U>About
CPI Aero</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">CPI
Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance
and Reconnaissance and Electronic Warfare pod systems, primarily for national security markets. Within the global aerostructure
supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI
also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations,
CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell
Microcap&reg; Index.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white"><FONT STYLE="background-color: white">The
above statements include forward looking statements that involve risks and uncertainties, which are described from time to time
in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2019 and Form 10-Q for the three-month
period ended March 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; background-color: white">CPI
Aero&reg; is a registered trademark of CPI Aerostructures, Inc. For more information, visit </FONT><FONT STYLE="background-color: white"><U>www.cpiaero.com</U><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">,
and follow us on Twitter @CPIAERO. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><B>Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Investor
Relations Counsel:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">LHA
Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Jody
Burfening</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">(212)
838-3777</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><U>cpiaero@lhai.com
</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><U>www.lhai.com
</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">&ndash;
Tables to Follow &ndash;<BR STYLE="clear: both">
</FONT></P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 86%; font: 12pt Arial Unicode MS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI Aero Q1&rsquo;20 Earnings Press Release</FONT></TD>
    <TD STYLE="width: 14%; font: 12pt Arial Unicode MS; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page 3&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial Unicode MS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30, 2020</FONT></TD>
    <TD STYLE="font: 12pt Arial Unicode MS">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">CPI
AEROSTRUCTURES, INC. AND SUBSIDIARIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">CONSOLIDATED
BALANCE SHEET </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: purple; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">March 31,<BR>2020<BR>(Unaudited)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December 31,<BR>
2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">ASSETS</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">Current Assets:</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Cash</FONT></TD><TD STYLE="width: 8%; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; color: purple; text-align: right"><FONT STYLE="color: Black">1,998,697</FONT></TD><TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 2%; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; color: purple; text-align: right"><FONT STYLE="color: Black">4,052,109</FONT></TD><TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Restricted cash</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,380,684</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,380,684</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Accounts receivable, net of allowance for
    doubtful accounts of $235,588 as of March 31, 2020 and $230,855 as of December 31, 2019</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">6,107,968</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">7,029,602</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Contract assets</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">15,814,549</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">15,280,807</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Inventory</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">6,940,139</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">5,891,386</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Refundable income taxes</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">473,398</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">474,904</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Prepaid
    expenses and other current assets</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">688,006</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">721,964</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Total current assets</FONT></TD><TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">33,403,441</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">34,831,456</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">Operating lease right-of-use assets</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,507,760</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,886,863</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">Property and equipment, net</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,061,106</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,282,939</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">Intangibles, net</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">343,750</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">375,000</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">Goodwill</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,784,254</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,784,254</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Other assets</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">151,041</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">179,068</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Total assets</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">42,251,352</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">44,339,580</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">LIABILITIES AND SHAREHOLDERS&rsquo;
    DEFICIT</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">Current Liabilities:</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Accounts
    payable</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">8,255,635</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">8,199,557</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Accrued
    expenses</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,051,727</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,372,522</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Contract
    liabilities</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">4,749,373</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,561,707</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Loss reserve</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,145,556</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,650,963</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Current
    portion of long-term debt</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,460,639</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,484,619</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Operating
    lease liabilities</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,745,616</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,709,153</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Income
    tax payable</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">1,216</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">1,216</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Total current liabilities</FONT></TD><TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">22,409,762</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">20,979,737</FONT></TD><TD STYLE="color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">Line of credit</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">26,738,685</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">26,738,685</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">Long-term operating lease liabilities</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,142,574</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,596,784</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Long-term debt, net of current
    portion</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">1,165,905</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">1,764,614</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Total liabilities</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">52,456,926</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">52,079,820</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">Shareholders&rsquo; Deficit:</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Common stock
    - $.001 par value; authorized 50,000,000 shares, 11,837,218 and 11,818,830 shares, respectively, issued and outstanding</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">11,837</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">11,819</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Additional
    paid-in capital</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">71,641,796</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">71,294,629</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="color: Black">Accumulated
    Deficit</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">(81,859,207</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">(79,046,688</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Total Shareholders&rsquo;
    Deficit</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(10,205,574</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(7,740,240</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Total Liabilities
    and Shareholders&rsquo; Deficit</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">42,251,352</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; font-weight: bold; text-align: right"><FONT STYLE="color: Black">44,339,580</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 86%; font: 12pt Arial Unicode MS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI Aero Q1&rsquo;20 Earnings Press Release</FONT></TD>
    <TD STYLE="width: 14%; font: 12pt Arial Unicode MS; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page 4&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial Unicode MS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30, 2020</FONT></TD>
    <TD STYLE="font: 12pt Arial Unicode MS">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">CPI AEROSTRUCTURES,
INC. AND SUBSIDIARIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">CONSOLIDATED STATEMENTS
OF OPERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">For the Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%">Revenue</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">16,858,386</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">21,988,384</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,160,567</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,504,968</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">697,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,483,416</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,093,090</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,905,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,395,271</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(422,270</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">416,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">510,769</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss before provision for (benefit from) income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,811,941</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(933,039</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for (benefit from) income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">578</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,677</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,812,519</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(934,716</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Loss per common share &ndash; basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.24</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Loss per common share &ndash; diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.24</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Shares used in computing loss&nbsp;&nbsp;per common share:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.5in">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,837,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,736,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.5in">Diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,837,014</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,736,305</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
