<SEC-DOCUMENT>0001387131-14-001651.txt : 20140505
<SEC-HEADER>0001387131-14-001651.hdr.sgml : 20140505
<ACCEPTANCE-DATETIME>20140505160600
ACCESSION NUMBER:		0001387131-14-001651
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140505
DATE AS OF CHANGE:		20140505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TherapeuticsMD, Inc.
		CENTRAL INDEX KEY:			0000025743
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				870233535
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00100
		FILM NUMBER:		14813447

	BUSINESS ADDRESS:	
		STREET 1:		6800 BROKEN SOUND PARKWAY NW
		STREET 2:		THIRD FLOOR
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487
		BUSINESS PHONE:		561-961-1911

	MAIL ADDRESS:	
		STREET 1:		6800 BROKEN SOUND PARKWAY NW
		STREET 2:		THIRD FLOOR
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMHN, Inc.
		DATE OF NAME CHANGE:	20090930

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROFF ENTERPRISES INC
		DATE OF NAME CHANGE:	19970915

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROFF OIL CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>txmd-8k_050514.htm
<DESCRIPTION>CURRENT REPORT
<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"><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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="text-transform: none">Washington,
D.C. 20549</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 17%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">FORM 8-K</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SECURITIES
EXCHANGE ACT OF 1934<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; 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):
May 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>TherapeuticsMD, Inc.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(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>

<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: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-16731</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>87-0233535</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other</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">Jurisdiction of Incorporation)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<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: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">6800 Broken Sound Parkway NW, 3<SUP>rd
        </SUP>floor</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">Boca Raton, FL 33487</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Office) (Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code: (561) 961-1900</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: justify">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
(<I>see</I> General Instruction A.2 below):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></FONT>&#9;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></FONT>&#9;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman">&#9744;
</FONT>&#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD NOWRAP STYLE="width: 3%; text-align: left"><B>Item 2.02.</B></TD><TD STYLE="width: 3%"></TD><TD STYLE="text-align: justify; width: 94%"><B>Results of Operations and Financial Condition.</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are furnishing this Current Report on Form 8-K in connection
with the disclosure of information, in the form of the textual information from a press release issued on May 5, 2014. A copy
of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.</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; text-indent: 0.5in">The information in this Current Report on
Form 8-K (including the exhibit) is furnished pursuant to Item&nbsp;2.02 and shall not be deemed to be &ldquo;filed&rdquo; for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject
to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report,
regardless of any general incorporation language in the filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not have, and expressly disclaim,
any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances
on which any forward-looking statement is based.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The text included with this Current Report
on Form 8-K is available on our website located at <U>www.therapeuticsmd.com</U>, although we reserve the right to discontinue
that availability at any time.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD NOWRAP STYLE="width: 3%; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="width: 3%"></TD><TD STYLE="text-align: justify; width: 94%"><B>Financial Statements and Exhibits.</B></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; text-align: justify; text-indent: 0.5in">(d)&#9;<I>Exhibits.</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Exhibit</TD>
    <TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 1in; border-bottom: Black 1pt solid">Number</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">Description</TD>
                   <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>99.1</TD>
    <TD>&nbsp;</TD><TD COLSPAN="2">Press Release from TherapeuticsMD, Inc., dated May 5, 2014, entitled &ldquo;TherapeuticsMD Reports First
Quarter 2014 Results&rdquo;.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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: justify; text-indent: 0.5in">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; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">Date: May 5, 2014&#9;</TD>
    <TD COLSPAN="2"><B></B>THERAPEUTICSMD, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%">/s/ <I>Daniel A. Cartwright</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Title:</P></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Daniel A. Cartwright<BR>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>Exhibit</TD>
    <TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">Number</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">Description</TD>
                   <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="ex99-1.htm">99.1</A></TD>
    <TD>&nbsp;</TD><TD COLSPAN="2"><A HREF="ex99-1.htm">Press Release from TherapeuticsMD, Inc., dated May 5, 2014, entitled &ldquo;TherapeuticsMD Reports First Quarter 2014 Results&rdquo;.</A></TD></TR></TABLE>

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
     <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 5, 2014
<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"><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"><A HREF="txmd-8k_050514.htm">TherapeuticsMD, Inc. 8-K</A></P>

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

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

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 37px; width: 323px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>FOR
IMMEDIATE RELEASE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THERAPEUTICSMD REPORTS FIRST QUARTER
2014 RESULTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Management to Host Conference Call at
4:30 EDT Today</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Boca Raton, FL, May 5, 2014 &#8211;
</B>TherapeuticsMD, Inc. (NYSE MKT: TXMD), a women&#8217;s health care company, (&quot;TherapeuticsMD,&quot; the &quot;Company,&quot;
&quot;we,&quot; or &quot;our&quot;) today announced results for the quarter ended March 31, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>First Quarter 2014 Highlights:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net revenue increased to
$2.8 million compared with $1.5 million for the quarter ended March 31, 2013;</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net loss was $9.2 million
compared with a net loss of $6.4 million for the quarter ended March 31, 2013;</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Launched Prena1 Pearl<SUP>&#8482;</SUP>,
the sole generic equivalent formulation of vitaPearl, the smallest complete prescription prenatal multivitamin and the first to
contain FOLMAX&#8482;, FePlus&#8482;, and pur-DHA&#8482;;</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reported positive results
of toxicity study of TX-004HR, its estradiol VagiCap drug candidate, for treatment of vulvar vaginal atrophy (VVA), that demonstrated
it was &quot;non-irritant&quot; following a 28-day repeated application;</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed four additional patent
applications, bringing total applications filed and issued to 33; and</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended the quarter with $45.4
million in cash and cash equivalents, and no debt.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robert G. Finizio, Co-Founder and Chief
Executive Officer, stated, &#8220;This has been a busy and exciting quarter for us, highlighted by advancements in clinical trials
for our principal hormone therapy drug candidates. Our two largest commercial opportunities are our investigational combination
estradiol and progesterone (E+P) therapy for treatment of vasomotor symptoms in menopausal women, and estradiol VagiCap for VVA.
We remain on track to complete enrollment this fall in the E+P phase 3 trial, where enrollment is strong and patient retention
is positive. Pending a successful trial, the U.S. Food and Drug Administration's (FDA) approval of our E+P drug candidate, we will
be well positioned as a first-mover in this multi-billion dollar market to introduce and capitalize on what could be the first
safe and effective bioidentical combination hormone therapy product for menopausal women.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;We are equally excited about the
opportunity in VVA. This market more than doubled over the last five years to $1.1 billion in 2013 without any generic options.
Our phase 3 VVA clinical trial is designed to assess the ability of our estradiol VagiCap, which leverages our solubilized lipid-based
technology to achieve new, lower effective doses that could potentially reduce or eliminate systemic exposure to estradiol. Our
goal is to bring to market an innovative VVA drug candidate with a focus on a positive qualitative user experience for menopausal
women, while achieving an improved therapeutic profile.&#8221; continued Mr. Finizio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Our progesterone-only drug candidate
for the treatment of secondary amenorrhea is currently undergoing a phase 3 clinical trial, called the SPRY trial. This clinical
trial has faced recruiting challenges. To remedy these challenges, we are meeting with the FDA in early June 2014 to discuss potential
changes to our inclusion and exclusion criteria.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;In summary, an increasingly receptive
regulatory environment, our promising product pipeline and strong cash position all are contributing to a positive outlook for
the Company and we look forward to our ongoing progress in the important field of women&#8217;s health care,&#8221; Mr. Finizio
concluded.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>First Quarter Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net revenue for the first quarter of 2014
totaled $2.8 million compared with net revenue of $1.5 million for the prior year quarter. The increase of approximately $1.3 million,
or 84%, was directly attributable to an increase in the number of physicians writing prescriptions for our prenatal products, the
increased productivity of our sales force, and an increase in the average net sales price of our product. Cost of goods sold increased
by $450,000, or 118%, for the three months ended March 31, 2014 compared with the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses increased
to $5.9 million for the first quarter of 2014 compared with $1.6 million for the first quarter of 2013 because of the development
of our hormone therapy drug candidates and related clinical trials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales, general, and administrative expenses
increased to $5.0 million for the first quarter of 2014 compared with $4.5 million for the first quarter of 2013. As a result,
our operating loss was $9.0 million for the first quarter of 2014 compared with $4.9 million for the first quarter of 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other non-operating expenses decreased
by approximately $1.2 million for the first quarter of 2014 compared with the comparable quarter in 2013. This decrease was primarily
a result of a decrease in interest expense.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, net loss for the first quarter
of 2014 was $9.2 million, or $0.06 per basic and diluted share, compared with a net loss of $6.4 million, or $0.06 per basic and
diluted share, for the first quarter of 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously announced, today Robert G.
Finizio, Co-Founder and Chief Executive Officer, and Dan Cartwright,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer, will host a conference
call, which may include forward-looking statements, to review the financial results as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 13.2pt; vertical-align: top">
    <TD STYLE="width: 43%; border: black 1pt solid; padding-left: 5.1pt; height: 13.2pt"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 57%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt; height: 13.2pt"><FONT STYLE="font-size: 10pt">Monday, May 5, 2014</FONT></TD></TR>
<TR STYLE="height: 13.1pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; height: 13.1pt"><FONT STYLE="font-size: 10pt">Time</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt; height: 13.1pt"><FONT STYLE="font-size: 10pt">4:30pm EDT</FONT></TD></TR>
<TR STYLE="height: 13.2pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; height: 13.2pt"><FONT STYLE="font-size: 10pt">Telephone access: U.S. and Canada</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt; height: 13.2pt"><FONT STYLE="font-size: 10pt">800-753-0594</FONT></TD></TR>
<TR STYLE="height: 13.1pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; height: 13.1pt"><FONT STYLE="font-size: 10pt">Telephone access: International</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt; height: 13.1pt"><FONT STYLE="font-size: 10pt">212-231-2911</FONT></TD></TR>
<TR STYLE="height: 13.2pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; height: 13.2pt"><FONT STYLE="font-size: 10pt">Access code for all callers</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt; height: 13.2pt"><FONT STYLE="font-size: 10pt">21714227</FONT></TD></TR>
<TR STYLE="height: 25.8pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; height: 25.8pt"><FONT STYLE="font-size: 10pt">Live audio webcast</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 25.8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt"><U>www.therapeuticsmd.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">See <I>Events and Presentations </I>under the <I>Investors
        </I>tab</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An audio replay will be available on-demand
shortly after the completion of the call until May 26, 2014 at 11:59 p.m. EDT at <U>www.therapeuticsmd.com</U> and by dialing
800-633-8284 in the U.S. and Canada, or 402-977-9140 for international callers. The access code for all callers is 21714227.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Hormone Therapy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hormone therapy (HT) is the
administration of hormones to supplement a lack of naturally occurring hormones. HT&nbsp;options include natural,
bioidentical, and non-bioidentical (conjugated) hormones. HT is projected to be the largest growth segment in the overall
women&#8217;s health market. The potential market for pharmacy-compounded, bioidentical HT products is estimated to be
approximately $1.5 billion per year.<B>&nbsp;</B></P>

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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About TherapeuticsMD, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TherapeuticsMD, Inc. is a
women&#8217;s health care company focused on developing and commercializing products targeted exclusively for women. We
manufacture and distribute branded and generic prescription prenatal vitamins, as well as over-the-counter vitamins and
cosmetics, under our vitaMedMD&reg; and BocaGreenMD&reg; brands. We are currently developing advanced hormone therapy
pharmaceutical drug candidates designed to alleviate the symptoms of and reduce the health risks resulting from
menopause-related hormone deficiencies. We are also evaluating various other potential indications for
our hormone therapy technology, including oral contraception, preterm birth, vulvar and vaginal atrophy, and premature ovarian
failure. More information is available at the following websites: www.therapeuticsmd.com, www.vitamedmd.com, www.vitamedmdrx.com,
and www.bocagreenmd.com.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">vitaMedMD<SUP>&reg;</SUP>, TherapeuticsMD<SUP>&reg;</SUP>,
and BocaGreenMD<SUP>&reg;</SUP> are registered trademarks of TherapeuticsMD, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Except for the historical information
contained herein, the matters set forth in this press release, including statements relating to future events or performance, including
statements regarding the results of TX-004HR clinical trial; the Company&#8217;s performance; the progress of the Company&#8217;s
principal hormone therapy drug candidates; the Company&#8217;s belief that its combination 17&#946;-estradiol and progesterone
(E+P) and estradiol VagiCap are the Company&#8217;s two largest commercial opportunities; the progress of enrollment in the Company&#8217;s
E+P Phase&nbsp;3 trial; the Company&#8217;s belief that it will be well positioned as a first-mover in the [$1.5 billion] market
to introduce and capitalize on what could be the first safe and effective bioidentical combination hormone therapy drug product
for menopausal women; the Company&#8217;s assessment of its opportunity in the VVA market and the increase in the size of the VVA
market; the design of the Company&#8217;s Phase 3 VVA clinical trial; the attributes and potential benefits of VagiCap; the Company&#8217;s
goal of bringing to market an innovative VVA drug candidate with a focus on a positive qualitative user experience for menopausal
women, while achieving an improved therapeutic profile; the status of enrollment in the Company&#8217;s progesterone-only clinical
trial and the challenges facing this clinical trial; the results of the meeting with the FDA and any subsequent changes to the
inclusion and exclusion criteria in the SPRY Trial; the Company&#8217;s belief that an increasingly receptive regulatory environment,
its promising pipeline and strong cash position are contributing to a positive outlook for the Company; the impact of the number
of physicians writing prescriptions for the Company&#8217;s prenatal products, the increased productivity of the Company&#8217;s
sales force, an increase in the average net sales price of the Company&#8217;s products; projected growth and the size of the potential
market for pharmacy-compounded, bioidentical HT products; and the Company&#8217;s current product pipeline and hormone technology
that the Company is evaluating are forward-looking statements within the meaning of the &#8220;safe harbor&#8221; provisions of
the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially, including but not limited to: timely and successful completion of clinical studies
and the results thereof; challenges and costs inherent in product marketing; the risks and uncertainties associated with economic
and market conditions; risks and uncertainties associated with the Company&#8217;s business and finances in general; and other
risks detailed in the Company&#8217;s filings with the U.S. Securities and Exchange Commission including its annual report on Form
10-K filed on March 5, 2014, reports on Form 10-Q and Form 8&#45;K, and other such filings. These forward-looking statements are
based on current information that may change. Investors are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary
statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances
after the issuance of this press release.</I></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">(financial statements follow)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dan Cartwright&#9; &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer&#9; &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: (561) 961-1930&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Dan.Cartwright@TherapeuticsMD.com</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lisa M. Wilson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In-Site Communications,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: (917) 543-9932</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>lwilson@insitecony.com</U></P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
CONSOLIDATED BALANCE SHEET</B></FONT></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: bold 10pt Times New Roman, Times, Serif"></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>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2013</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">ASSETS</TD>
    <TD COLSPAN="12" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,404,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">54,191,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable, net of allowance for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;of $32,601 and $26,555, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,339,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,690,753</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,043,618</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,303,522</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,477,715</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,968,064</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,403,346</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Fixed assets, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">77,888</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61,318</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaid expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,630,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,750,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">756,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">665,588</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Security deposit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">135,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">135,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,523,572</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,551,729</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">53,569,524</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,016,393</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;LIABILITIES AND STOCKHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,068,730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,114,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,478,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,602,580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,271,973</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,601,189</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,819,012</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,317,986</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,819,012</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,317,986</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Commitments and Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Stockholders' Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Preferred stock - par value $0.001; 10,000,000 shares authorized;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;no shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Common stock - par value $0.001; 250,000,000 shares authorized;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;145,067,060 and 144,976,757 issued and outstanding, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,067</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,321,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,086,056</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(89,715,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(80,532,626</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,750,512</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54,698,407</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">53,569,524</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,016,393</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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



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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></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="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Revenues, net</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,830,533</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,537,195</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">830,707</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">380,346</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross profit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,999,826</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,156,849</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Sales, general, and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,029,497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,526,582</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,908,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,565,201</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,957</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,950,643</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,099,740</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Operating loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,950,817</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,942,891</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income and (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Miscellaneous income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(260,027</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(263,987</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,165,831</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Loan guaranty costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,944</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(232,301</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,432,762</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss before taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,183,118</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,375,653</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(9,183,118</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6,375,653</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss per share, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average number of common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;shares outstanding</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">145,019,561</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">103,052,956</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 10pt">&nbsp;&nbsp;Net loss</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(9,183,118</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(6,375,653</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash flows used in</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,703</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,046</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,102,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,009,526</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">542,377</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based expense for services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan guaranty costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,944</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(654,748</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,978</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85,834</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(731</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,154</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">954,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(124,271</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,379</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,329,216</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">290,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash flows used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,705,937</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,508,682</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Patent costs, net of abandoned costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97,284</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,949</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;Purchase of property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(23,692</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22,905</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash flows used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(120,976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(103,854</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;&nbsp;Proceeds from exercise of options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Proceeds from sale of common stock, net of costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,430,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Proceeds from revolving credit note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Proceeds from notes and loans payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Repayment of revolving credit note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(400,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;Repayment of notes payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,691,847</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash flows provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,055</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,838,625</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">(Decrease) increase in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,786,858</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,226,089</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt">Cash, beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54,191,260</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,553,474</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Cash, end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,404,402</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,779,563</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 10pt">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">191,258</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for income taxes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 10pt">SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued for financing</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,711,956</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

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

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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!5`N0#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P"O_P`+K\5?
M\\]._P"_#?\`Q5'_``NOQ5_SST[_`+\-_P#%5V7_``HK1?\`H+:A^2?X4?\`
M"BM%_P"@MJ'Y)_A7=SX?M^!YWL\5W_$XW_A=?BK_`)YZ=_WX;_XJC_A=?BK_
M`)YZ=_WX;_XJM3QG\)]+\->%+W5K?4+R66#9M20+M.YU7G`]Z\QTBS34=:L;
M*1F5+BXCA9EZ@,P!(_.M(1HS5TC*<J\)<LF=U_PNOQ5_SST[_OPW_P`51_PN
MOQ5_SST[_OPW_P`579?\**T7_H+:A^2?X4?\**T7_H+:A^2?X5GSX?M^!K[/
M%=_Q(_AS\1]<\5>)VT[45M!`+=Y/W494Y!&.<GUJY\<_^1*LO^PBG_HN2M7P
MG\,M.\(ZR=2M;ZZGD,31;)0N,$@YX'M65\<_^1*LO^PBG_HN2LDX.LN38V:F
MJ$E/<\U^$O\`R4K3/]V;_P!%/7TO7S1\)?\`DI6F?[LW_HIZ^EZ>+^/Y"P7\
M-^H4445RG8%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5RW
MB?X@:+X2OH;/4A<F66+S5\F,,-N2/4>AKJ:\$^.G_(UZ=_UXC_T-ZUHP4YV9
MCB*CIPYHGJ_A;QOI/C!KI=,%P#;!3)YT87[V<8Y/]TUTE>*_`3_7Z]_NP?SD
MKVJE6@H3<4.A-SIJ3"L3QA=3V7@[6+JVE:*>*TD>.13@J0."*VZIZKIL.L:3
M=Z;<,ZPW,31.T9`8`C!QD'FHB[-7-))M-(^8?^$^\6?]!^^_[^FOIO0Y9+C0
M--FE<O)):Q.['JQ*@DUP7_"C?#'_`#^ZM_W^C_\`C=>BV=JEC8V]I$6,<$:Q
M*6/)"C`S[\5O7J0DER'-AZ=2#?._Q)Z***YSJ"BBB@`HHHH`****`"BBB@`H
MHHH`H:W>2Z?H=]>0[?-@@>1-PR,@9YKRN'XIZXLR&6*T>,,-ZK&02.X!SQ7I
MGBG_`)%35?\`KUD_]!-?/==N&IQE%\R/!S;$U:-2*IR:T_4^DM/OK?4["&]M
M7WPS*&4_T/O5FO(?AOXG_LZ^_LB[?%K<M^Z8GA)/3Z'^>*]>KFJTW3E8]3!X
MI8FDIK?KZA11169U!6'XJ\0Q>'-&>Z.UKA_D@C/\3?X#J:V998X(7FE<)&BE
MF9CP`.IKP7Q;XBD\1ZT\X)%K'\ENA[+Z_4]?_P!5;T*7M):[(\_,<9]7I>[\
M3V_S-ZQ^)>O7%_;0.MGLDE5&Q$<X)`]:]?KYOTK_`)#%E_U\1_\`H0KZ0J\5
M",6N5'/E%>I5C-U)7M8X_P`>>)K_`,-P6+V(A)G9P_FJ6Z`8QR/6N)_X6CX@
M_N67_?H__%5N_%S_`(]=*_WY/Y+65\-]!TS6_P"TO[1M%G\KR]F6(QG=GH1Z
M"M*<::I<\E<Y\54Q,\:Z-*=ORVN5_P#A:/B#^Y9?]^C_`/%58M_BMK",//L[
M.5>^T,I_/)_E7=GP'X9(_P"05'_W\?\`QJI=?#7PY<*1';S6Q_O13$_^A9J?
M:4']DT^J9C'55;_/_@%32OBAI-XRQWT,MDY_B/SI^8Y_2NU@N(;J!9K>5)8G
M&5=&!!_&O(M>^&>HZ=&UQITOVZ%>2FW;(!]/XOPY]JP/#_B;4?#5YNMW+0EO
MWMNY^5O\#[T.A":O28H9C7P\^3%Q^?\`6C/H"H;B[MK-`]S<10(3@-*X4?K5
M31-:M->TV.^LVRC<,A^\C=U-<?JT=W=ZW=F.-YK^.\\M(A(4Q;B!F7##H&8'
MZD`&N>,+NST/4JXA1@IPUOL=_'(DL:R1NKHPR&4Y!_&G5R/A)6@U&>WBE,L)
MM(99\+M"SMG/'8E<9'X]ZZZIG'E=C2C4]I#FM8****DU"BBB@#C/BO\`\DVU
M7_ME_P"C4KYZ\,?\C9HW_7]!_P"C!7T+\5_^2;:K_P!LO_1J5\]>&/\`D;-&
M_P"OZ#_T8*[\-_#?]=#S<7_%7R_,^N****X#T@KS+XY_\B59?]A%/_1<E>FU
MYE\<_P#D2K+_`+"*?^BY*UH?Q$8XC^%(\U^$O_)2M,_W9O\`T4]>J^*_BWHW
MAZXDL[*,ZE>(<.(WVQH?0MSD^P!KY\L;^ZTVY^T6<S0S;&0.AP0&4J<'MP37
M;>#OA7JGBFV2_N)18:>_*2.FYY!ZJO''N3^==E6G!RYYO0X*-6:CR4UJ:,WQ
MR\0M)F*PTV-.RE'8_GN%:VD?'5_-5-9TE/+)YEM'.1_P%NOYUIM\"=%,.%U:
M_$N/O$(5_+']:\W\:?#O5/!Q6>1UNM/=MJW,:XP?1AV/YBIBJ$_=1<GB:?O-
MGT=H^M:?KVG)?Z9<I<6[\;EZJ?0CJ#[&K]?,'P[\63>%O$T+-(187+"*Z3/&
M#P&^JYS],^M?3]<M:E[.5NAUT*WM8WZA61X@\3Z3X8LOM.JW2Q!ON1CEY#Z*
MO?\`E3?%/B*V\+:!<:I<_-Y8VQQYP9'/11_GH#7R]K&L:EXFUA[V]D>>ZF;:
MJJ"0HSPJCL/:JHT?::O8G$8CV>BW/3M4^.TYD9=)T>-8QTDNG))_X"N,?F:S
M8?CEXA63,UAILB=PJ.I_/<:T/#'P2DNK5+KQ#=R6Q<9%K;XWJ/\`:8Y`/L!^
M-=#=_`_P[+`5M;R_@EQPS.KC/N,#^8K9O#QTL8*.*DN:Y)X;^,FBZO,EMJ<3
M:9.QP'=MT1/^]QC\1CWKT@$,H92"",@CO7ROXO\`!6I^#KY8;P++;RY\FYC'
MROCM['V_G7>_!_QS,MTGAG4IB\3@_8I'/*$<^7GT/;TZ=ZFK0CR\]/8NCB)<
MW)4W/;*\Y\:?%,^$/$!TL:0+K$2R>9]HV=<\8VGTKT:OG7XT?\C\W_7K'_6L
M\/!3G:1KB9RA"\3USP'XV/C6RO+@V'V/[/(J;?-W[LC.>@JGXK^*>A^&9GM(
M]U_?IPT,+`*A]&;L?89->+Z'XSN?#OA+4=,T]FCO+Z8$S#@QQA<'!]3TSVY]
MJR]"\,ZSXFNFATNRDN"#\\G1$^K'@5O]7BI-RT1S?6IN*C'5GI%E\:]8U#6[
M.U33+&*">X2(Y+LP#,!UR!GGTKVJXN(;6!Y[B:.&%!EY)&"JH]23TKQ/1/@M
MK=IJ-E>W6H6*>1,DIC0LQ(5@<9P/2O8M:TR+6M%O=-F_U=S"T9/H2.#^!P?P
MK&M[.ZY#HH>UY6Y[G%:W\9/#6F.T5GYVI2CC]P-L>?\`>/\`0&N0N?COJ+,?
MLNBVL:]O-E9S^F*YW1_A-XIU65A):I8PJQ4RW3;<X..%&2?KC%=G:_`>W"#[
M9KLK-W$,`4?F2:UY</#?4PYL3/5*QEV_QVU97!N='LI%[B-W0_F<UVOAOXN:
M!KLR6MT'TVZ<X43D&-CZ!_\`$"N:U#X#KY3-IVMMY@'"7$/!_P"!*>/R->4Z
M[H.H^'-3?3]3@,4Z\CG*NO9E/<52IT:FD=R74Q%+6>Q]=TR:3RH)),9V*6QZ
MX%>6_!OQA-JEG-H%_*9)[1`]N['):+."I_W21CV/M7IUY_QXW'_7-OY5QS@X
M2Y6=U.HIPYD>/?\`"^V_Z%T?^!G_`-A7J-WXDT[3-`AUC4[A+2"2)7PQR26&
M=H'5C]*^2:W]0U36O&NJVELJ23R(BP6MK%R$4`#@?ADG^@KMGAHNUM$<%/%S
M2=]7T/1M7^.K"5DT;25,8Z2W;')_X"O3\ZR8?CEXA63,UAILB=U5'4_GN-:F
MB?`QY(%EUS4S$[#)@M5!*_5SQGZ#\:T+_P"!.F-"?[/U>[BEQQ]H574_D%J+
MX=:%VQ3U-'PY\9=$U>5+;4XFTR=N`[MNB)_WN,?B,>]>D*RNH92&4C((.017
MR?XF\)ZKX3OQ:ZE"`'R8ID.4D'L?Z'FNY^$_C^;3[^'P]J<Q>RG;9;.Y_P!2
MYZ+_`+I_0TJN'7+S4RJ6)ES<E0]XHHKG_&?BF#PCX>FU&0!YB?+MXB?OR'I^
M`ZGV%<B3;LCME)15V2>)/%VC>%;43:I=!'89C@0;I)/HO]3Q7EFI_':\:1AI
M>CP1Q]FN7+D_@N,?F:\QO;[4O$FLM<7+RW=]=.``!DDGHJCT[`"O5?#GP/$M
MLD_B&^DCD89^S6N,K[,Y!Y^@_&NWV5*DKU-6<'MJU9VIZ(RH/CGX@20&?3].
ME3N%5U/Y[C7=>&/B]H>NS):WJ-IETYPHE8-&Q]`_&/Q`JG??`[0)H"+*^OK:
M;'RL[+(OXC`/ZUX_XJ\):GX1U+[)J"!D<$PSI]R4>WOZCM0HT:ND=&)SQ%'6
M6J/J^BO'_@_XYFO&'AK4YB\B(6LY7.25'6,GO@<CV!'85[!7)4@X2Y6=M.HJ
MD>9'CMW\=&M;R>W_`.$?#>5(R;OM>,X.,_<KU#P_JO\`;F@6.J>3Y/VJ(2>7
MNW;<]LX&:^4-6_Y#%]_U\2?^A&OI[P#_`,B#H?\`UZ)71B*4813BCFPU6<YM
M29T=%%%<AVG#^/?B&?!-S90C31>?:49L^=LVX(']TYZTWP'\13XUO;RW.F"S
M^SQA]WG[]V3C'W17%?'G_D)Z+_UQE_FM1_`C_D-:O_U[I_Z%77[*/L>:VIQ>
MUG]8Y+Z?\`]%\>^-CX)L[.X%A]L^T2,FWS=FW`SGH<UX3XZ\8GQIJMO?&Q^R
M>3!Y.SS=^?F)SG`]:]V\>>"?^$VL[.W^W_8_L\C/N\K?NR,8ZC%>$^.O!W_"
M%ZK;V/V[[7YT'G;_`"MF/F(QC)]*K#>ST_F(Q?M-?Y2QX"\=GP0]^PT[[9]K
M$8_UWE[=N[V.?O?I7:?\+[;_`*%T?^!G_P!A7%^`O`A\;O?J-1^Q_9!&?]3Y
MF[=N]QC[OZUVO_"A#_T,0_\``/\`^SJZGL>;W]S.E]8Y%R;?([GP'XV/C:SO
M+@V'V/[/(J;?-W[LC.>@Q72:E=_V?I=W>[-_V>%Y=F<;MJDXS^%<WX#\$_\`
M"$V=Y;F_^V?:)%?=Y6S;@8QU.:V_$?\`R+&K?]>4W_H!KCER\_N['?#G5/WM
MSRK_`(7VW_0NC_P,_P#L*]G5MR!O49KXSK[+B_U2?[HK;$TXPMRHPPE6=2_,
MQU<SXH\=Z%X379?7!DNB,K:PC=(?KV`^N*R?B7X[_P"$3TU;2R93JMTI\O//
ME)TWD?H/_K5\^6MKJ7B'5Q#`DU[?W+D]=S.3U))_4FE1H<RYI;#KXGD?)#5G
MINH?';47D(T[2+6&/L;AVD)_+&*JV_QSU]'!GT[3I4[A5=3^>XUK:+\"U:!9
M-<U1UD(R8;0#Y?\`@3`Y_*KU_P#`K27A/]GZM>0RXX\\+(OZ!36G-AUI8RY<
M4];FCX<^,>A:O*EOJ,;Z9.W`:1MT1/\`O\8_$`>]>C*RNH92"I&00>"*^4?%
M'@_5_"5X(=1A'EN?W5Q'S')]#Z^QYKU+X*7_`(@N+6XMYP9-$A&(I)3RC_W4
M]1CJ.U35HQ4>>#T+HXB;E[.:U/7:Y'Q;\1=%\),;>=FN;[&1;0XROIN/1?Y^
MU:7C#7#X<\*:AJB@&6&/$0/0NQ"K^I%?+MM;W_B'6XX$+7%]>S8W.>69CU)_
M6HH45/WI;%XBNZ=HQW9Z1=?';5WD/V32+*).PE9G/Y@C^5367QWOE<"_T6WD
M7N8)60C\#FMC3?@7I26R_P!IZG=S7!'S?9]J(#[9!)^M0:I\";1HV;2=7FCD
M[)=('!_%<8_(UK?#[6,>7%;W_(ZWP[\3O#?B*1($N39W;<""Z`0L?0-T/TSG
MVKLJ^87^&OB2W\26FCW-F4^TR;5N4^:+:.2V[V&3@X-?2NGV4>FZ=;64+.T=
MO&L:L[;F(`QDGUK&M"$;<KW.BA4J3NIK8H^*?^14U7_KUD_]!->+>$((KKQ7
M803H)(I'*NK=""IR*]I\4_\`(J:K_P!>LG_H)KQKP1_R.>F?]=3_`.@FML/_
M``Y?UT/)S-7Q=)/^M1GBGP_-X;UI[;YC`WSV\G]Y?\1T->J>!/$PU_2!#</F
M^M@%ESU<=F_Q]_K5[Q9X=C\1Z,]O@+<Q_/`Y[-Z?0]/_`-5>+:1J=YX8UY+E
M4998'*31-QN&<,I_SUIJU>G;JC.2>78KF7P2_K\/R/H:BJVGW]OJ=A#>VK[X
M9E#*?Z'W%9GBOQ#%X<T62Y.#</\`)`A_B;U^@ZFN-1;?*MSWIU80@ZC>FYQ_
MQ,\3[1_85I)R<-=,I_$)_4_A61X"\+_V@9]8NX\VUNK>2I'#R`=?H/Y_2N?T
M;2KSQ3KZVX=FDF8R3S'G:N?F8_YZD5[JEE!IVBFSMD"0PPE57VQ_.NRI)48*
MG'=GA8:G+&UY8FI\*V7]=MWYGS[I7_(8LO\`KXC_`/0A7TA7S?I7_(8LO^OB
M/_T(5](5.,W1ID?PS]4>;?%S_CUTK_?D_DM1_"+IJ_\`VQ_]GJ3XN?\`'KI7
M^_)_):C^$735_P#MC_[/3_YAOZ[B?_(U_K^4]-HHHKB/>"O._B+X1CGM9-;L
M8PL\0W7**/OK_>^H[^WTKT2FNBR(R.H96&"#T(JZ<W"5T88G#QKTW"7_``QX
M=X$\0MH>O1I(^+.Z(CE!/`/9OP/Z$U[/>:597\BRW$.94&%D1BC@>FY2#CVK
MP#7-/_LK7;VQ&=L,S*O^[GC],5[OX;OFU+PWI]VYR\D"[SZL.#^H-=.*6TX]
M3R<HFWSX>IT_SL_Q+MI96UA#Y-K"D4>=Q"CJ>Y)[GW-3T45Q[GN))*R"BBB@
M84444`<9\5_^2;:K_P!LO_1J5\]>&/\`D;-&_P"OZ#_T8*^A?BO_`,DVU7_M
ME_Z-2OGKPQ_R-FC?]?T'_HP5WX;^&_ZZ'FXO^*OE^9]<4445P'I!7F7QS_Y$
MJR_["*?^BY*]-KS+XY_\B59?]A%/_1<E:T/XB,<1_"D>->#]&77_`!;INF29
M\J:8>9CNBC<WZ`U]81QI#$D4:*D:*%55&``.@%?-7PE_Y*3IG^[-_P"BGKZ7
MK7%M\R1A@DN1L*SM>TJ'6]!O=-G4%+B%DY[''!_`X/X5HT'H:YD[.YV-75F?
M&;`JQ4C!!P17UOX9NFO?"VDW+G+RV<3L?4E!FODRY_X^IO\`?;^=?5G@O_D2
M-#_Z\8?_`$`5VXOX4>?@OBD>3?'+67GUNQT=&/E6T7G./5VX&?H!_P"/&HO@
MIX;CU#6KG6KE`T=@`L((X\UL\_@!_P"/"L#XL.S_`!(U3=_"(@/IY:U@:7XF
MUO1+=X-,U.XM8G;>R1/@%L`9_05I&#=%1B92J)5W*70^N**^5?\`A/\`Q9_T
M'[[_`+^4?\)_XL_Z#]]_W\K#ZI+N=/UV'9GT9XRT"+Q+X6O=.=`92A>!L<K(
M.5/Y\?0FOE:UN9K"]ANH&*3P2+(C>C*<C]16[_PG_BS_`*#]]_W\KG79G=G8
MY9CDGU-=%&E*FFFSEQ%:-1IQ5F?86FWJ:EI=I?1\)<PI,OT90?ZU\_\`QH_Y
M'YO^O6/^M>S?#]VD\`:(6ZBU4?@.!_*O&?C1_P`C\W_7K'_6N;#JU5KU.O%.
M]%/T.4\+^'Y_$_B*TTJ`E?-;,DF,[$'+-^7ZXKZGTC2+'0M,AT_3X%AMXA@`
M=2>Y)[D^M>0_`C3T:[UC467YXTC@0^FXDM_Z"M>V48J;<N7L/!TTH<W5A117
M)>/O&T/@W2%D5%FO[C*V\3=..K-[#(^N:YHQ<G9'3*2BN9G47%S!:0F:YFCA
MB7J\CA5'XFL"?X@>$[=RLFOV1(_N/O\`_0<U\TZOKNK>([[S]1NYKJ9CA$)X
M7/95'`_"MFP^&?B_48EEBT:6-",@SNL1_)B#^E=?U:,5[\CB^MSD[0B>^0_$
M'PE.V$U^R!_VWV?SQ7&_&)-,UGPA;ZK975M<R6EPJB2&17^1Q@C(]PM>?3?"
M?QG"N[^R0X_V+B,G\MU<]J?AW6M%!.HZ7=VJ9QODB(4_\"Z&JA1@I)QD14KU
M'!QG$W?A9=-:_$;2MIP)2\3#U!1OZX_*OI6\_P"/&X_ZYM_*OF+X<?\`)0]%
M_P"N_P#[*:^G;S_CQN/^N;?RK/%?&C7!_P`-GQS7T-\(O"<.D>'(]8GC!O\`
M4%WAB.4B_A`^O4_4>E?/-?8.DQI%HUC'%CRTMXU7'H%&*UQ<FHI+J8X*"<G)
M]"Y1117`>F8GBSPY;^*?#USILZKO9=T$A',<@^Z?\?8FOE%TEMKAD8-'+$Y!
M'0JP/^-?9-?)_C6-(O'&N)'PHOI3@=LL37;A)/6)P8V*TD?2WA'5SKOA/3-2
M<YDF@'F'U<?*WZ@UXO\`&K67O?%L6F*W[FPA&5_VW^8G\MM>D?"!F;X=60;H
MLLH7Z;S_`/7KQ3XBNS_$+6BW7[1C\``!^E*A%*L_(>(FW0CYV.X^"'AN*XN+
MOQ!<1AC`WD6V1T8C+-]<$#\37MM?)6F^*M>T>T^RZ=JMS;0;BWEQ/@9/4U;_
M`.$_\6?]!^^_[^557#RG+FN11Q,*<%&Q]55ROQ$\/Q^(?!M["4!N+=#<6[8Y
M#J,X'U&1^-?/_P#PG_BS_H/WW_?RAO'OBME*MK]\01@@R5,<+.+NF5+&0DFF
MC(TG49=(U>SU&`D26TRRC'?!SC\>E?7T,J7$$<T9RDBAU/J",BOC6OK;PH[2
M>#]%=OO-8PD_]\"GBULQ8%ZR1\JZM_R&+[_KXD_]"-?3W@'_`)$'0_\`KT2O
MF'5O^0Q??]?$G_H1KZ>\`_\`(@Z'_P!>B4\5\"%@_P")+^NIT=%%%<)Z)XA\
M>?\`D)Z+_P!<9?YK4?P(_P"0UJ__`%[I_P"A5)\>?^0GHO\`UQE_FM1_`C_D
M-:O_`->Z?^A5W?\`,/\`UW/._P"8K^NQ[G7@GQT_Y&O3O^O$?^AO7O=>"?'3
M_D:]._Z\1_Z&]8X;^(=&+_A,T?@)_K]>_P!V#^<E>U5XK\!/]?KW^[!_.2O:
MJ6(_B,>%_A(*S/$?_(L:M_UY3?\`H!K3K,\1_P#(L:M_UY3?^@&L8[HWE\+/
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MVEW!@OK2>UF'\$T90_K6WHWC_P`3:$5%IJLSQ+_RQG/F)CTP>GX8IRPG6#)A
MC;:31]445YIX,^+MCKUQ%I^KQ+8WTA"I(&_=2-Z<\J?8Y^M>EURSA*#M([(5
M(S5XLR/%/_(J:K_UZR?^@FO&O!'_`".>F?\`74_^@FO9?%/_`"*FJ_\`7K)_
MZ":\:\$?\CGIG_74_P#H)KKP_P#"E_70\3,_][H_+\SWRO-/B9X7W+_;UG'R
M,+=*HZCH'_H?P]Z]+ILD:31/%(H>-U*LK#((/45RTYN$N9'K8K#QQ%)TY?TS
MR#X>>*TTBY?3;^4)93$LCL>(W_P/\\5B>*_$$OB;7&F0-]G0^7;1]]N>N/4]
M?T[4[QAX;?PYK+1*";2;+V[GT[J?<?X5T?PU\+_:KC^V[N/]S"V+=2/O..K?
M0?S^E=[]G']\CYN*Q-5K`OH_P_R[>IV'@GPROAW1P9E'VZX`>8_W?1?P_GFN
MAN_^/.?_`*YM_*IJAN_^/.?_`*YM_*O/<G*5V?3TZ4:5/DALD?.NE?\`(8LO
M^OB/_P!"%?2%?-^E?\ABR_Z^(_\`T(5](5U8S='CY'\,_5'FWQ<_X]=*_P!^
M3^2U'\(NFK_]L?\`V>I/BY_QZZ5_OR?R6H_A%TU?_MC_`.ST_P#F&_KN)_\`
M(U_K^4]-HHHKB/>"BBCH,F@#POXA!1XWU#;_`-,_S\M:]-^'N3X'T_/_`$TQ
M_P!_&KQ_Q)J"ZIXCU"\0Y228[#ZJ.!^@%>X>%K)M/\+:;;,,.L`9AZ%OF(_,
MUVXC2E%/^M#Y_+??QE6:VU_%FO1117$?0!1110`4444`<9\5_P#DFVJ_]LO_
M`$:E?/7AC_D;-&_Z_H/_`$8*^A?BO_R3;5?^V7_HU*^>O#'_`"-FC?\`7]!_
MZ,%=^&_AO^NAYN+_`(J^7YGUQ1117`>D%>9?'/\`Y$JR_P"PBG_HN2O3:\R^
M.?\`R)5E_P!A%/\`T7)6M#^(C'$?PI'FOPE_Y*5IG^[-_P"BGKZ7KYH^$O\`
MR4K3/]V;_P!%/7TO6N+^/Y&."_AOU"@]#10>AKE.P^-[G_CZF_WV_G7U9X+_
M`.1(T/\`Z\8?_0!7RG<_\?4W^^W\Z^K/!?\`R)&A_P#7C#_Z`*[L7\*/.P7Q
MR/%_C7ICVGC2.^V_N[VW5MW^TORD?D%_.M+X+?V/J']HZ5J.GV5Q<`BXA:>!
M78K]U@"1V^4X]S7H?Q&\)'Q;X::&`#[?;$RVQ/\`$<<K^(_4"OG#3M0U#P[K
M45W;,]O>VLG1A@@C@JP_,$4Z;]K2Y5NA55[*MSM:,^J/^$7\/_\`0"TS_P`!
M(_\`"C_A%_#_`/T`M,_\!(_\*Y;PQ\6M`UJW1-1G33+W&'28XC)]5?ICZX/U
MKJG\3:#''YCZWIP3KN-TF/YUR2C4B[.YVQE3DKJWX"?\(OX?_P"@%IG_`("1
M_P"%'_"+^'_^@%IG_@)'_A7%>*?C'H^F0/!HA&HWI&%<`B%#ZD_Q?0?G7`>"
M/B!XEB\6;3Y^JC49AYMMGDD_Q)V7`_#`Y]1I&C4<7+8RE7I*2CN?0T$$-M`D
M$$211(,(D:A54>@`Z5\\_&C_`)'YO^O6/^M?15?.OQH_Y'YO^O6/^M/"_P`0
M6,_A?,[#X$?\@;5_^OA/_0:]:KR7X$?\@75_^OA/_0:]:J*_\1FF&_A(*^<?
MC%?277Q`N(&)V6L,<2#ZKO/ZM7T=7S[\:M%EL_%B:J$)M[Z)1N[!T&TC\@IJ
M\+;VFI&,3]GH;OP/\/6<MK>:]/&LES'-]G@+#/EX4%B/<[@,^WO7LM?.WPN\
M>V_A2YGL-3W#3KI@_F*,^4_3)`Z@C&<>@KWFRUW2-1A$UGJ=I/&1G*3*<?7G
MBEB(RYVV&%E#V:2W-"O/_C+/'%\/Y8W8!IKB)$'J0=W\@:Z#6/&_AS0X6>\U
M:VWJ.(HG$DA]MHY_.O`/'OCFX\9ZFC",P6%OD6\)///5F]S^GZDH4I.2?1!B
M:T8P<;ZLB^''_)0]%_Z[_P#LIKZ=O/\`CQN/^N;?RKYB^''_`"4/1?\`KO\`
M^RFOIV\_X\;C_KFW\JO%?&B,%_#9\<U]0_#?7H]>\%6$@<&>V06TZYY#*,`G
MZC!_&OEZND\*^*M4\$:RT\*$HV%N+67*B1>H^A]#[^E=->G[2-EN<F'J^SE=
M['U317&:)\4?"NLP*S:@EC.1\T-V=F#_`+WW3^=:%]X]\*Z?"9)M>L7`'W8)
M1*Q_!<FO.=.2=K'JJI!J]T;=_>P:;87%[=.$@@C:21CV`&:^1-2O7U+5+N_D
M&'N9GF8>[,3_`%KN?B%\39?%2'3=.CDM]+#9;?\`?G(Z9QT'M_D9?P[\'R^+
M/$,8DC/]G6S"2Y?'!'9/J?Y9KMHP]E%RD>?B*GMIJ$#W?X>::VE>`M(MI%*R
M&'S6!Z@N2_\`[-BO%?B]ICV'CZYGVXCO(TG0_AM/ZJ?SKZ0`"@```#@`5PWQ
M1\'/XI\/B:SCW:C99>%1UD4_>3ZG`(]Q[UST:EJEWU.JO2O2Y5T.2^#"Z)JN
MEWVFW^FV-Q>02^:K30([-&P`ZD9X(_\`'A7J/_"+^'_^@%IG_@)'_A7RWH>M
M7_AK6HM0L7,=Q"Q!5APP[JP]#7T#X<^*OAS7+=!=72:;>8^>*Y;:N?\`9?H1
M]<'VK3$4YJ7-'8RPU6#CRRW1T?\`PB_A_P#Z`6F?^`D?^%'_``B_A_\`Z`6F
M?^`D?^%++XGT"&,R2:WIRH.YND_QK@O%GQETRQ@DMO#_`/IMV1@3LI$4?OSR
MQ_3WK",:DG97.B<Z4%=V_`[S_A%_#_\`T`M,_P#`2/\`PK4CCCAB2*)%2-`%
M5%&`H'0`=A7@'PW\=^(AXH6QD$^JPW\NZ6-CEHR>KJ3P`.XZ?2OH&BK"4'9L
M*-2-17BK'R!K4;1:[J,;C#)<R*1[AC7TI\-;N.\^'ND-&0?+B,3#T*DC^GZU
MXO\`%CP_)HOC2YN0A%KJ!-Q&V.-Q^^/KNY^A%2?#?XA_\(A/)97R/+I<[;FV
M<M$_3<!W!XR/;\^NK'VM).)PT9*C6:D?1]%<[:^//"EY`)8M?L%4C.)91&WY
M-@USWB;XNZ!I%K(FES+J5Z1A%BSY:GU9NX]AG\*XE3FW9(]!U8)7;.&^..H1
MW'BBRLHV!:UMLOCLSG./R`/XU9^!'_(:U?\`Z]T_]"KR_4;^ZU74)[^\D,MQ
M.Y=W/<UZA\"/^0UJ_P#U[I_Z%7=4CR4.4\ZG/GQ"D>YUX)\=/^1KT[_KQ'_H
M;U[W7A_QWL9%U/2;_:?+>%X2?0JV?_9OTKEPW\1'9BU^Z9-\!/\`7Z]_NP?S
MDKVJOFWX7>,;3PGKEP-1++97D81Y%4GRV4Y4D#DCDCCUKVY_B!X22#SCK]EM
MQG`DRW_?(Y_2JQ$)>TND3A:D?9I-G25F>(_^18U;_KRF_P#0#5;PUXKTWQ7!
M=3Z896@MY?*,DB;=YP#D#KCGOBK/B/\`Y%C5O^O*;_T`U@DU*S.EM.+:/D6O
ML<Q)/9F&0922/:P]B,5\<5]EQ?ZI/]T5UXO[)PX'[1\?ZI82Z5JMWI\X(EMI
M6B;Z@XS7TE\,]>CUWP38X<&XM$%M,N>05&`?Q7!_.N(^,?@F5Y3XGT^(N-H6
M]11R,<"3Z8X/T!]:\Y\(^+M0\'ZL+RSQ)$X"SV['"RK_`$(['M^8JY+V].ZW
M,X/ZO5:>Q]6T5QNA_%#PMK4"LVH1V,Y'S0W9$>#_`+Q^4_G6G>>-_"]A"99]
M>L"`,XBF$C?DN37$X23M8]%5(-73-^D!!`(((/0BO!O'7Q<EUFWETS05DMK-
MP5EN'XDE'H!_"/U/M6Q\&/$FN7C2://"]SIENF5N6/\`J#V3/<'L.H^E:/#R
M4.9F2Q,)3Y$>Q45YW\5O&S^&])33K"1DU*]4XD7@Q1]"P/J>@_$URGA/XU36
ML:6GB2%[A%X%W"!O_P"!+T/U'/L:4:$Y1YD.6(A&?(SVFZL[:]A,-W;Q7$1Z
MI*@=3^!KA/$/PA\.ZO$[Z?$=,NR,JT/,9/NAXQ],5T.G^.?"^IQA[;7++G^&
M641M_P!\M@TS5_'?AK1K5IKC5[61@,B*"02.WL`#_/BIC[2+]VY4_935Y6/F
M'5=,N=%U:YTZ[4+<6TA1\'C([CV/6OIGX>:O-K?@73+RY8O/L,4C'JQ1BN3[
MD`&OFWQ%K#^(/$-]JKIL-S*7"==J]`/R`KZ4^'VD2Z)X&TNRG4K/Y9ED4]5+
MDM@^XSC\*ZL5\"ON<>#_`(DN78O^*?\`D5-5_P"O63_T$UXUX(_Y'/3/^NI_
M]!->R^*?^14U7_KUD_\`037C7@C_`)'/3/\`KJ?_`$$TL/\`PI?UT.+,_P#>
MZ/R_,]\HHHKB/>,KQ!H%IXBTTV=UE<,&21?O(?;\.*OVMK#96D5K;QB.&)0B
M*.P%344^9VL0J<5)S2U85#=_\><__7-OY5-4-W_QYS_]<V_E0MRI;,^==*_Y
M#%E_U\1_^A"OI"OF[365-5LW=@JK.A))P`-PKW__`(2+1/\`H,Z?_P"!2?XU
MV8M-M6/!R6<8QGS.VJ.6^)>CZAJ]OIRV%I)<&-W+A!TR%Q_*H_AGHVHZ1_:?
M]H6DEOYOE;-X^]C=G^8KK?\`A(M$_P"@SI__`(%)_C1_PD6B?]!G3_\`P*3_
M`!K'GG[/V=CO^KT/K/UCGU]5;:W<TJ*S?^$BT3_H,Z?_`.!2?XU4NO&?AVT4
MM)JUNV.T1\P_^.YK)0D^AUNO22NY+[U_F;M<3\0?%4>E::^F6L@-]<KM;:?]
M4AZD^YZ#\ZQ==^*9>-H-$MV0GC[1.!D?[J_U/Y5Q.FZ5JGB?53'`KSSR-NEF
M<G"_[3&NJEA[>]4T2/)QF9*:]CA]6]+_`.1<\&:"VO>((8F3-K"1+.>VT=OQ
M/'YU[U61X<\/6OAS2UM+?YY#\TLI&#(WK]/05KUC7J^TEIL=F7X3ZM2M+XGO
M_D%%%%8G>%%%%`!1110!S'Q#TN]UGP/J-AI\!GNI?+V1@@9Q(I/)XZ`UXQH/
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M-K9Y9E9`S*V0%QV)KT:BBE.3G+F8X04(J*"LW7M!L/$>E2Z=J,/F0OR".&1N
MS*>Q%:5%)-IW132:LSYW\0_!WQ!I<SOIBKJ=KG*F,A9`/=3U_#-<B_A3Q%')
MY;Z#J8;T^R/_`(5];45TQQ<TM5<Y)8*#>CL?,6D?##Q9J\JC^S'LXCUEN_W8
M'X'YC^`KO-6^$BZ7X'GM],A.I:W+)'NE.%PH.2$!.`/QR?TKV&BIEB9ME1PE
M.*:/`/!'P_\`%.E>,]+OKW27AMH9=TDAD0[1@^C9KWB\_P"/&X_ZYM_*IZ@O
M/^/&X_ZYM_*LZE1U&FS6G25*+2/CFOHK7/AQIWB_P[IURC"TU-;2(+<*N0XV
M#`<=_KU'Z5\ZU]?:)_R`-._Z]8O_`$$5UXF3CRM'#A(1GS*1\WZM\,_%FD2L
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M61C^)?#6G^*M(?3]0C)7.Z.1?O1M_>!_SFO!M?\`A)XFT>9S:6_]I6V?EDM_
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M\V`%?5U%=*Q<K;'(\%"^C.&^%WA74O"OA^Y@U18DGN)_-$:/NVC:!@D<9X[9
MKJM;@ENM`U&WA3?++:RHB^K%2`/SJ_17/*;E+F9TQ@HQY4?,'_"K_&?_`$!)
M/^_L?_Q5?3L8(C4'J`*=15U*KJ6N12H1I7MU$95=2K`,I&"",@BO)?%_P8AO
M9I+WPY+';2,=S6DO$9/^R?X?IT^E>MT5,*DH.\2JE.-16DCY3U#P+XITR0I<
M:'>D#^**,RK^:Y%5K?PGXBNI`D.AZBY_Z]G`'XD<5]:T5T?6Y=CF^HQON>!>
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MC4DW>/\`G<****R.L****`"HKA2]M*BC+,A`'OBI:*`>IX/_`,('XF_Z!3_]
M_$_QH_X0/Q-_T"G_`._B?XU[Q175];GV1X_]B4/YG^'^1X/_`,('XF_Z!3_]
M_$_QH_X0/Q-_T"G_`._B?XU[Q11];GV0?V)0_F?X?Y'@_P#P@?B;_H%/_P!_
M$_QJS;_#CQ+.P#VD4(]9)E_H2:]OHH^MS[(:R7#K=O\`KY'FVE?"B)&635KX
MR8ZQ6XP#_P`"//Z"N_T_3;/2K5;:QMXX(A_"@ZGU)[GW-6J*QG5G/XF=]#"4
M:'\.-OS"BBBLSH"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*@O/^/&X_ZYM_*B
MBA">Q\<U]?:)_P`@#3O^O6+_`-!%%%=V,V1Y^!WD7Z***X3T0HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
4H`****`"BBB@`HHHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
