<SEC-DOCUMENT>0001144204-19-024380.txt : 20190508
<SEC-HEADER>0001144204-19-024380.hdr.sgml : 20190508
<ACCEPTANCE-DATETIME>20190508080247
ACCESSION NUMBER:		0001144204-19-024380
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190508
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190508
DATE AS OF CHANGE:		20190508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lipocine Inc.
		CENTRAL INDEX KEY:			0001535955
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				990370688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36357
		FILM NUMBER:		19805241

	BUSINESS ADDRESS:	
		STREET 1:		675 ARAPEEN DRIVE, SUITE 202
		CITY:			SALT LAKE CITY
		STATE:			X1
		ZIP:			84108
		BUSINESS PHONE:		801 994 7383

	MAIL ADDRESS:	
		STREET 1:		675 ARAPEEN DRIVE, SUITE 202
		CITY:			SALT LAKE CITY
		STATE:			X1
		ZIP:			84108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARATHON BAR CORP
		DATE OF NAME CHANGE:	20111130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv520767_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of Earliest Event Reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 8, 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="logo.jpg" ALT=""></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIPOCINE INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Exact name of registrant as specified
in its charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File No. 001-36357</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">99-0370688</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>675 Arapeen Drive, Suite 202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Salt Lake City, Utah 84108</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(801) 994-7383</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Former name or former address, if changed
since last report: <B>Not Applicable</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933&nbsp;(17 CFR &sect; 230.405) or&nbsp;Rule 12b-2 of the Securities
Exchange Act of 1934&nbsp;(17 CFR &sect; 240.12b-2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;Section 13(a) of the Exchange Act. &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Securities registered pursuant to Section 12(b) of the
Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: -1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: -1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: -1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: -1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: -1pt; text-align: center"><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="vertical-align: top">
    <TD STYLE="padding-right: -1pt; text-align: center">Common Stock, par value $0.0001 per share</TD>
    <TD STYLE="padding-right: -1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; text-align: center">LPCN</TD>
    <TD STYLE="padding-right: -1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; text-align: center">The NASDAQ Stock Market LLC</TD></TR>
</TABLE>


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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>Item&nbsp;8.01
Other Events</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On May 8, 2019, the Company issued
a press release announcing financial and operational results for the first quarter 2019. The press release is filed as Exhibit
99.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Item
9.01 Financial Statements and Exhibits.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibits are filed with this report:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><U>Exhibit No.&#9;</U></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tv520767_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A>&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tv520767_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release announcing Financial and Operational Results for the First Quarter 2019</A>&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LIPOCINE INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">May 8, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mahesh V. Patel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Mahesh V. Patel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv520767_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Lipocine Announces
First Quarter 2019 Financial and Operational Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>SALT LAKE CITY, May 8, 2019 &ndash;
</B>Lipocine Inc. (NASDAQ: LPCN), a specialty pharmaceutical company, today announced financial results for the quarter ended March
31, 2019, and provided a corporate update.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>First Quarter and Recent Corporate
Highlights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Announced findings from the Ambulatory Blood Pressure Monitoring clinical study (NCT03868059) (&quot;ABPM Study&quot;) designed
to study TLANDO's effects on blood pressure. The results appear in line with recently approved testosterone replacement therapy.<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333; background-color: white">&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Announced top-line results from the 16-week Liver Fat Imaging Study (&quot;Liver Fat Study&quot;) with LPCN 1144, designed
to assess the therapeutic potential of LPCN 1144 in non-alcoholic steatohepatitis (&quot;NASH&quot;). Treatment results demonstrated
that 48% of the treated subjects had NAFLD resolution at the end of the study. Additionally, 100% of the subjects experiencing
NAFLD resolution had at least a 35% relative liver fat reduction from baseline with a relative mean liver fat reduction of 55%
in this group.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LPCN 1144 featured in late-breaker presentation at the EASL International Liver Conference, demonstrating reduction of liver
fat (measured using magnetic resonance imaging, proton density fat fraction or &ldquo;MRI-PDFF&quot;) and improvement in key serum
biomarkers typically associated with NASH.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Poster highlighting therapeutic potential of LPCN 1144 in NAFLD and NASH presented at ENDO 2019 meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Received clearance by the U.S. Food and Drug Administration (&quot;FDA&quot;) for an Investigational New Drug (&quot;IND&quot;)
application to initiate a Phase 2 clinical study of LPCN 1144 in patients with biopsy confirmed NASH.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Filed suit against Clarus Therapeutics, Inc. (&quot;Clarus&quot;) in the United States District Court alleging that Clarus's
JATENZO<SUP>&reg;</SUP> product infringes six of Lipocine's U.S. patents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&quot;We achieved important milestones
in Lipocine&rsquo;s most advanced clinical programs during the first quarter of 2019, and in recent weeks,&rdquo; said Dr. Mahesh
Patel, Chairman, President and Chief Executive Officer of Lipocine. Dr. Patel further stated, &quot;With the successful completion
of the ABPM study for TLANDO, we look forward to resubmitting our NDA for TLANDO in May 2019. We announced positive 16-week results
from the Liver Fat Study of LPCN 1144 and have received clearance from the FDA to initiate a Phase 2 clinical study of LPCN 1144
in patients with biopsy confirmed NASH.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>First Quarter Ended March 31, 2019
Financial Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Lipocine reported a net loss of $3.2
million, or ($0.14) per diluted share, for the quarter ended March 31, 2019, compared with a net loss of $2.7 million, or ($0.13)
per diluted share, in the quarter ended March 31, 2018.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Research and development expenses were
$1.9 million for the quarter ended March 31, 2019, compared with $1.4 million for the quarter ended March 31, 2018. The increase
in research and development expenses was primarily due to increased contract research organization costs for TLANDO in connection
with the ABPM Study, offset by decreases in outside service costs primarily related to the January 2018 TLANDO BRUDAC meeting,
decreases in contract manufacturing costs related to LPCN 1107, and decreases in personnel costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">General and administrative expenses
were $1.2 million for the quarter ended March 31, 2019, compared with $1.7 million for the quarter ended March 31, 2018. The decrease
in general and administrative expenses was primarily due to decreased personnel costs, decreased professional fees offset by an
increase in other administrative costs related to overhead.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As of March 31, 2019, the Company had
unrestricted and restricted cash, cash equivalents and marketable securities aggregating $22.5 million, compared to $20.3 million
at December 31, 2018. The $5.0 million of restricted cash, cash equivalents and marketable securities becomes unrestricted upon
approval of TLANDO by the FDA.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Lipocine Inc. is a clinical-stage
biopharmaceutical company focused on metabolic and endocrine disorders using its proprietary drug delivery technologies. Lipocine's
clinical development pipeline includes four development programs: TLANDO, LPCN 1144, LPCN 1111 and LPCN 1107. TLANDO, a novel
oral prodrug of testosterone comprised of testosterone undecanoate, is designed to help restore normal testosterone levels in
hypogonadal men. LPCN 1144, an oral product of bioidentical testosterone comprised of testosterone undecanoate, recently completed
a proof-of-concept clinical study demonstrating the potential utility in the treatment of NASH. LPCN 1111, a novel oral prodrug
of testosterone, originated and is being developed by Lipocine as a next-generation oral testosterone product with potential for
once-daily dosing and is currently in Phase 2 testing. LPCN 1107 is potentially the first oral hydroxyprogesterone caproate product
candidate indicated for the prevention of recurrent preterm birth and has been granted orphan drug designation by the FDA. An
End of Phase 2 meeting with the FDA has been completed. For more information, please visit <FONT STYLE="color: Blue"><U>www.lipocine.com</U></FONT>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This release contains &quot;forward-looking
statements&quot; that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and
include statements that are not historical facts regarding Lipocine's product candidates and related clinical trials, the timing
of completion of clinical trials, the potential uses and benefits of our product candidates, and our product development efforts.
Investors are cautioned that all such forward-looking statements involve risks and uncertainties, including, without limitation,
the risks that the FDA will not approve any of our products, risks related to our products, expected product benefits not being
realized, clinical and regulatory expectations and plans not being realized, new regulatory developments and requirements, risks
related to the FDA approval process including the receipt of regulatory approvals, the results and timing of clinical trials, patient
acceptance of Lipocine's products, the manufacturing and commercialization of Lipocine's products, and other risks detailed in
Lipocine's filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which
can be obtained on the SEC website at www.sec.gov. Lipocine assumes no obligation to update or revise publicly any forward-looking
statements contained in this release, except as required by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Executive Vice President &amp; Chief
Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Phone: (801) 519-4090</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Phone: (617) 535-7743</P>

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="logo.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIPOCINE INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Condensed Consolidated Balance Sheets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Unaudited)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Cash and cash equivalents</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">8,222,103</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">8,077,539</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Restricted cash</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Marketable investment securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,300,338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,173,037</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Accrued interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,369</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">38,514</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Prepaid and other current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">411,409</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">520,113</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">Total current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,950,219</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,809,203</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Property and equipment, net of accumulated depreciation of $1,128,561 and $1,124,700, respectively</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,136</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,997</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,753</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,753</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,989,108</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20,851,953</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">517,725</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">671,280</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">426,186</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">487,135</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Debt - current portion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,333,333</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,333,333</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">Total current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,277,244</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,491,748</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Debt - non-current portion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,160,170</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,926,532</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,437,414</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,418,280</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Commitments and contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stockholders' equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; zero issued and outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Common stock, par value $0.0001 per share, 100,000,000 shares authorized; 24,580,663 and 21,737,196 issued and 24,574,953 and 21,731,486 outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,458</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,174</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Additional paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">153,872,876</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">147,533,019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Treasury stock at cost, 5,710 shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(40,712</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(40,712</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Accumulated other comprehensive income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(963</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.375in">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(141,284,317</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(138,059,845</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.625in">Total stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,551,694</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,433,673</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in">Total liabilities and stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,989,108</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20,851,953</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="logo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIPOCINE INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Condensed Consolidated Statements of Operations
and Comprehensive Loss</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Unaudited)</P>



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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Revenues:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">License revenue</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">428,031</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total revenues</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">428,031</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Research and development</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,949,321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,377,527</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,175,927</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,687,490</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,125,248</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,065,017</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Operating loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,125,248</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,636,986</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other income (expense):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Interest and investment income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">125,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,181</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(223,789</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(192,466</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total other expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(98,524</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(82,285</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt">Loss before income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,223,772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,719,271</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(700</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(700</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,224,472</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,719,971</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Basic loss per share attributable to common stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.14</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.13</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Weighted average common shares outstanding, basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,383,008</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,264,539</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Diluted loss per share attributable to common stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.14</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.13</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Weighted average common shares outstanding, diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,383,008</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,264,539</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Comprehensive loss:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,224,472</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,719,971</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Net unrealized gain (loss) on available-for-sale securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,352</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(15,035</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Comprehensive loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,222,120</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,735,006</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
</TABLE>

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

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



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



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

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



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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !" .8# 2(  A$! Q$!_\0
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M$KX=>)Y96F@UCQW\.=1O],US3-7G6:]U R^';K3[BVBOM5TG1_WN_P""X?\
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M7A_X4Z)XHU&72-!UGQ1%JL6E:AJD,!N9=/34;/3KNSANTM@UR8+F:&0VZ23
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M"M_ C)/_  UE\7U)&,+X+\,1QX)1G'V>+5EM<2.K2.#!C?-*4";E")_Q"M_
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M6GE_.URLK0HH)9P*_%[]O?\ X+N?L>?LJ>%]>T3X8^*- _:0^-\%I,-%\'^
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M]2_^"H$J6G_!/G]K:>"ZBC:/X1ZY+&XD<;91J.E,LZR&ZD("$Q2AT;*((S$
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MO'7Q3\!?"W2=+UOXC>--!\%Z/K'B?1/"FDZEXBOK;3+.^\0>([E;/0-%2>[
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MMMX/\%6VI7$4$GB/Q%=65U>VVCZ:$"^?J%S965W>&-2JF*"01*-I+:NO>)M
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GH57>RO?V-/6]KW\]_,O1]_P_K1117,OM?XY_^E'H]7_BE_Z4S__9

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