<SEC-DOCUMENT>0001387131-14-002712.txt : 20140806
<SEC-HEADER>0001387131-14-002712.hdr.sgml : 20140806
<ACCEPTANCE-DATETIME>20140806160526
ACCESSION NUMBER:		0001387131-14-002712
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140806
DATE AS OF CHANGE:		20140806

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:		141019937

	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_080614.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<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">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">&nbsp;<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">&nbsp;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):
August 6, 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">
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    <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>

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    <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>001-00100</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;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, Third Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;Boca Raton, FL 33487&nbsp;</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) 961-1911</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>

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<TD STYLE="width: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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<TD STYLE="width: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

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<TD STYLE="width: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>Item 2.02.&#9;Results
of Operations and Financial Condition.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 6, 2014, TherapeuticsMD, Inc.
issued a press release announcing its results of operations for its second fiscal quarter ended June 30, 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; text-indent: 0.5in">&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 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"><B>Item 9.01.&#9;Financial Statements and Exhibits.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TD STYLE="width: 7%; padding-left: 30pt; text-align: left; vertical-align: bottom">(a)</TD>
    <TD STYLE="width: 8%; text-align: left; vertical-align: bottom"><I>Exhibits</I></TD>
    <TD STYLE="width: 4%"></TD>
    <TD STYLE="width: 81%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Number</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release from TherapeuticsMD, Inc., dated August 6, 2014, entitled &ldquo;TherapeuticsMD Announces Second Quarter 2014
Financial Results.&rdquo;</TD></TR>
</TABLE>

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



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

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

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<TR>
    <TD STYLE="vertical-align: top">Date: August 6, 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">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 7%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 38%">/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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>


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<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"></P>

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    <TD STYLE="width: 8%; text-align: left; vertical-align: bottom"></TD>
    <TD STYLE="width: 4%"></TD>
    <TD STYLE="width: 81%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">Number</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="ex99-1.htm">99.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ex99-1.htm">Press Release from TherapeuticsMD, Inc., dated August 6, 2014, entitled &ldquo;TherapeuticsMD Announces Second Quarter 2014 Financial Results.&rdquo;</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="margin: 0"><A HREF="txmd-8k_080614.htm">TherapeuticsMD, Inc. 8-K</A></P>

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

<P STYLE="margin: 0 0 0 20pt; text-align: right">Exhibit 99.1</P>

<P STYLE="margin: 0 0 0 20pt; text-align: right">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 314pt; text-align: right"><IMG SRC="logo.jpg" ALT="" STYLE="height: 31px; width: 270px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 314pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 88.9pt 0pt 5.4pt; text-align: justify">FOR<FONT STYLE="letter-spacing: -0.05pt">
IMMEDIATE RELEASE</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 88.9pt 0pt 5.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>THERAPEUTICSMD
</B></FONT><B><FONT STYLE="letter-spacing: -0.1pt">ANNOUNCES SECOND QUARTER 2014 FINANCIAL RESULTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&ndash;<FONT STYLE="letter-spacing: 2.65pt">
</FONT>Company Significantly Strengthens Cash Balance with Recent Equity Offering &ndash;</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 4.3pt 0pt 0; text-align: center"><B>&ndash;<FONT STYLE="letter-spacing: 2.65pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Combination and VVA Hormone Therapy Programs Advancing on Schedule </FONT>&ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt; text-align: center"><B>&ndash;<FONT STYLE="letter-spacing: 2.65pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Management to Host Conference Call Today at 4:30 p.m. EDT &ndash;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Boca</B></FONT><B><FONT STYLE="letter-spacing: 2.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Raton,</FONT><FONT STYLE="letter-spacing: 2.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">FL</FONT><FONT STYLE="letter-spacing: 2.6pt">
</FONT>&ndash;<FONT STYLE="letter-spacing: 2.65pt"> </FONT>August 6,<FONT STYLE="letter-spacing: 2.6pt"> </FONT>2014</B><FONT STYLE="letter-spacing: 2.6pt">
</FONT>&ndash;<FONT STYLE="letter-spacing: 2.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">TherapeuticsMD Inc.</FONT><FONT STYLE="letter-spacing: 2.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">(NYSE</FONT><FONT STYLE="letter-spacing: 2.6pt"> </FONT>MKT:<FONT STYLE="letter-spacing: 2.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">TXMD),</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>a<FONT STYLE="letter-spacing: 2.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">women&rsquo;s</FONT><FONT STYLE="letter-spacing: 2.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">healthcare</FONT><FONT STYLE="letter-spacing: 2.95pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">company,</FONT><FONT STYLE="letter-spacing: 0.45pt"> today announced its financial
results for the quarter ended June 30, 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Second
Quarter 2014 and Recent Developments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="letter-spacing: -0.05pt">Net revenue increased to $3.8 million
from $2.1 million for the prior year&rsquo;s quarter</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="letter-spacing: -0.05pt">Net loss was $10.9 million compared
with $6.0 million for the prior year&rsquo;s quarter</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="letter-spacing: -0.05pt">Received notification of issuance
for two additional patents regarding combination hormone therapies generated by the company&rsquo;s SYMBODA<SUP>&trade;</SUP> technology
</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="letter-spacing: -0.05pt">Received positive input from FDA regarding
advancement of the phase 3 study for TX-004HR (VagiCap<SUP>&trade;</SUP>), the first softgel vaginal suppository for treatment
of vulvar vaginal atrophy (&ldquo;VVA&rdquo;)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="letter-spacing: -0.05pt">Ended the quarter with $35.6 million
in cash and recently completed $46 million equity offering</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify"><FONT STYLE="letter-spacing: 0.2pt">&ldquo;</FONT>During
the second quarter, we continued recruitment in the ongoing REPLENISH<SUP>&trade;</SUP> phase 3 study for our combination hormone
therapy pill, engaged a contract research organization to start up our phase 3 study of VagiCap in the VVA indication, and strengthened
our intellectual property position with notification of two new patent allowances,&rdquo; <FONT STYLE="letter-spacing: -0.05pt">said
TherapeuticsMD CEO Robert</FONT><FONT STYLE="letter-spacing: 0.3pt"> G. </FONT><FONT STYLE="letter-spacing: -0.05pt">Finizio. &ldquo;</FONT>More
recently, we&rsquo;ve solidified our cash position through a recent equity offering, providing us with additional resources to
advance our ongoing programs and support our earlier stage pipeline, including novel transdermal product opportunities that leverage
our proprietary SYMBODA technology.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: -4.5pt"><B>Summary
of Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the second quarter of 2014, net revenue
was $3.8 million compared with $2.1 million during the prior year period. This increase was largely driven by continued growth
of the company&rsquo;s current women&rsquo;s health products, including the launch of additional prenatal vitamin products.</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">Cost of goods sold increased to $0.9 million
for the second quarter of 2014 compared with $0.5 million for 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">Total operating expenses for the second
quarter of 2014 were $13.8 million, compared with $7.2 million for the prior year quarter. The increase was primarily due to higher
research and development (R&amp;D) expenses related to late-stage clinical trials for hormone therapy product candidates. R&amp;D
expenses for the second quarter of 2014 were $8.2 million, including clinical costs associated with multiple phase 3 clinical development
programs, compared to $1.7 million for the prior year quarter. Sales, general and administration expenses for the quarter were
$5.5 million, relatively flat 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">Net loss was $10.9 million for the second
quarter of 2014, or $0.07 per basic and diluted share, compared with $6.0 million, or $0.05 per basic and diluted share, in 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">At June 30, 2014, TherapeuticsMD had cash
of approximately $35.6 million, compared to approximately $54.2 million at December 31, 2013. The company recently completed a
public offering of shares of its common stock</P>

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

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<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">for gross proceeds of approximately $46 million. The proceeds will be used toward
development of the company&rsquo;s late-stage pipeline of novel hormone therapies and to support advancement of its earlier stage
and preclinical programs.</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 of August 4, 2014, there were 155,807,765
shares of the company's common stock outstanding.</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 5.2pt 0pt 0; text-align: justify"><B>Conference Call Today</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify">As previously announced, TherapeuticsMD
will host a conference today to discuss these financial results and provide a business update which may include forward-looking
statements. <FONT STYLE="letter-spacing: -0.05pt">Details for </FONT>the conference call include<FONT STYLE="letter-spacing: -0.05pt">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: justify">&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: 45%; border: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">Date</font></td>
    <td style="width: 55%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.1pt">August 6</font><font style="font-size: 10pt">, 2014</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.1pt">Time</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">4:30pm</font><font style="font-size: 10pt; letter-spacing: -0.2pt"> </font><font style="font-size: 10pt; letter-spacing: -0.05pt">EDT</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">Telephone</font><font style="font-size: 10pt; letter-spacing: -0.1pt"> </font><font style="font-size: 10pt; letter-spacing: -0.05pt">access:</font><font style="font-size: 10pt; letter-spacing: -0.1pt"> </font><font style="font-size: 10pt; letter-spacing: -0.05pt">U.S.</font><font style="font-size: 10pt"> and <font style="letter-spacing: -0.05pt">Canada</font></font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">866-665-9531</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">Telephone</font><font style="font-size: 10pt; letter-spacing: -0.1pt"> </font><font style="font-size: 10pt; letter-spacing: -0.05pt">access:</font><font style="font-size: 10pt; letter-spacing: 0.05pt"> </font><font style="font-size: 10pt; letter-spacing: -0.05pt">International</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">724-987-6977</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">Access</font><font style="font-size: 10pt"> <font style="letter-spacing: -0.05pt">code</font><font style="letter-spacing: -0.1pt"> </font><font style="letter-spacing: -0.05pt">for</font><font style="letter-spacing: 0.05pt"> </font><font style="letter-spacing: -0.05pt">all</font><font style="letter-spacing: -0.1pt"> </font><font style="letter-spacing: -0.05pt">callers</font></font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">81301505</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><font style="font-size: 10pt; letter-spacing: -0.05pt">Live</font><font style="font-size: 10pt; letter-spacing: -0.1pt"> </font><font style="font-size: 10pt">audio<font style="letter-spacing: -0.15pt"> </font><font style="letter-spacing: -0.05pt">webcast</font></font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; color: blue"><font style="letter-spacing: -0.05pt">www.therapeuticsmd.com</font></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; color: blue"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">See<font style="letter-spacing: -0.25pt"> </font><i>Events
        and <font style="letter-spacing: -0.05pt">Presentations</font> </i><font style="letter-spacing: -0.1pt">on</font> <font style="letter-spacing: -0.05pt"><i>Investors</i></font><i>
        </i><font style="letter-spacing: -0.05pt">tab</font></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: justify"><B>About TherapeuticsMD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: justify">TherapeuticsMD Inc. is an innovative
healthcare company focused on developing and commercializing products exclusively for women. TherapeuticsMD is developing advanced
hormone therapy pharmaceutical products based on novel technologies that enable delivery of bio-identical hormones through a variety
of dosage forms and administration routes. The company also manufactures and distributes branded and generic prescription prenatal
vitamins, as well as over-the-counter vitamins and cosmetics, under the vitaMedMD<SUP>&reg;</SUP> and BocaGreenMD<SUP>&reg;</SUP>
brands. 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 5.05pt 0pt 0; text-align: justify">&nbsp;</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 company&rsquo;s performance; the significantly strengthened cash balance; the combination and VVA therapy
programs advancing on schedule; the receipt of additional patents generated by the company&rsquo;s SYMBODA technology; positive
input from FDA regarding advancement of phase 3 study for VagiCap; the continued recruitment in the ongoing REPLENISH phase 3 study;
the engagement of a contract research organization for phase 3 study of VagiCap; the strengthening of the company&rsquo;s intellectual
property position; the solidification of the company&rsquo;s cash position; the advancement of the company&rsquo;s ongoing programs
or support the company&rsquo;s early stage pipeline, including novel transdermal product opportunities that leverage SYMBODA technology;
the increase in sales driven by continued growth of the company&rsquo;s current women&rsquo;s health products; the launch of additional
prenatal vitamins; the impact of development of the company&rsquo;s late-stage pipeline of novel hormone therapies or advancement
of the company&rsquo;s early stage and preclinical programs are forward-looking statements within the meaning of the &ldquo;safe
harbor&rdquo; 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&rsquo;s business and finances
in general; and other risks detailed in the company&rsquo;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-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: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.35pt; text-align: center; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.1pt">#
# #</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.35pt; text-align: center; text-indent: -5.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.35pt; text-align: center; text-indent: -5.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.35pt; text-align: center; text-indent: -5.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.35pt; text-align: center; text-indent: -5.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.35pt; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.05pt"><B><U>Contacts:</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.35pt; text-indent: -5.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 292.5pt 0pt 0"><FONT STYLE="letter-spacing: -0.05pt"><I>For Investors:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 292.5pt 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 292.5pt 0pt 0"><FONT STYLE="letter-spacing: -0.05pt">Dan Cartwright</FONT><BR>
<FONT STYLE="letter-spacing: -0.05pt">Chief Financial Officer</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.05pt">561-961-1900</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"> <FONT STYLE="letter-spacing: -0.05pt">Dan.Cartwright@TherapeuticsMD.com</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.05pt"><I>For
Media:</I></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.05pt">Julia
Amadio</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.05pt">Chief
Product Officer</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"><FONT STYLE="letter-spacing: -0.05pt">561-961-1900</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt"> <FONT STYLE="letter-spacing: -0.05pt">Julia.Amadio@TherapeuticsMD.com</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 283.5pt 0pt 5.35pt; text-indent: -5.35pt">&nbsp;</P>


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    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"> THERAPEUTICSMD, INC. AND SUBSIDIARIES</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center">CONDENSED CONSOLIDATED BALANCE SHEETS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">June 30, 2014</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2013</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="text-align: center">ASSETS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">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: rgb(204,238,255)">
    <TD STYLE="width: 60%; padding-left: 20pt; text-indent: -10pt">Cash</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 15%; text-align: right">35,553,836</TD>    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 15%; text-align: right">54,191,260</TD>    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Accounts receivable, net of allowance for doubtful accounts of $27,948
    and     $26,555, respectively</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">2,164,738</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: 20pt; text-indent: -10pt">Inventory</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">1,452,994</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: 20pt; text-indent: -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">2,678,200</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: 30pt; text-indent: -10pt">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">41,849,768</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 STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">&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; text-indent: -10pt">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">76,689</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 STYLE="padding-left: 10pt; text-indent: -10pt">&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; text-indent: -10pt">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: 20pt; text-indent: -10pt">Prepaid expense</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">1,511,549</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: 20pt; text-indent: -10pt">Intangible assets</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">867,107</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: 20pt; text-indent: -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">125,000</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: 30pt; text-indent: -10pt">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">2,503,656</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-left: 30pt; text-indent: -10pt">&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: 40pt; text-indent: -10pt">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">44,430,113</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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,016,393</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="text-align: center; padding-left: 10pt">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Current Liabilities:</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Accounts payable</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">$</TD>    <TD STYLE="text-align: right">2,330,257</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: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Deferred revenue</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">1,287,796</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -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">3,329,418</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: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; text-indent: -10pt">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">6,947,471</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: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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-left: 10pt; text-indent: -10pt">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: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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-left: 10pt; text-indent: -10pt">Stockholders&rsquo; 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; padding-left: 20pt; text-indent: -10pt">Preferred stock - par value $0.001; 10,000,000 shares
    authorized; no shares issued and outstanding</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Common stock - par value $0.001; 250,000,000 shares
    authorized; 145,926,973 and 144,976,757 issued and outstanding, respectively</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">145,927</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Additional paid-in capital</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">137,951,719</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: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -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">(100,615,004</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; padding-bottom: 1pt">Total stockholder&rsquo; equity</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">37,482,642</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">54,698,407</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">&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: 40pt; text-indent: -10pt">Total liabilities and stockholders&rsquo; 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">44,430,113</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>


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    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center"> THERAPEUTICSMD, INC. AND SUBSIDIARIES</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="6" STYLE="text-align: center">Three Months Ended</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="6" STYLE="text-align: center">Six Months Ended</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">June 30,</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">June 30,</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2014</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2014</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left; padding-left: 10pt; text-indent: -10pt">Revenues, net</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 11%; text-align: right">3,751,778</TD>    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 11%; text-align: right">2,080,885</TD>    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 11%; text-align: right">6,582,311</TD>    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 11%; text-align: right">3,618,080</TD>    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt; padding-bottom: 1pt">Cost of goods sold</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">892,956</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">463,606</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,723,663</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">843,952</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">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">2,858,822</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">1,617,279</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">4,858,648</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">2,774,128</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">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>    <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: 20pt; text-indent: -10pt">Sales, general, and administration</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">5,537,164</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">5,476,553</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">10,566,661</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">10,003,135</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: 20pt; text-indent: -10pt">Research and development</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">8,234,641</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">1,747,084</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">14,142,719</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">3,312,285</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; padding-bottom: 1pt">Depreciation and amortization</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">14,094</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,636</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">27,162</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">18,593</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; text-indent: -10pt">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">13,785,899</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">7,234,273</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">24,736,542</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">13,334,013</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">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">(10,927,077</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">(5,616,994</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">(19,877,894</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">(10,559,885</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">Other income (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>    <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: 20pt; text-indent: -10pt">Miscellaneous income</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">18,579</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">3,479</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">37,151</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">3,479</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: 20pt; text-indent: -10pt">Interest income</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">9,238</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">18,392</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Interest expense</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(150</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(1,165,981</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: 20pt; text-indent: -10pt">Financing costs</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(395,981</TD>    <TD STYLE="text-align: left">)</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">(659,968</TD>    <TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; padding-bottom: 1pt">Loan guaranty costs</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,944</TD>    <TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; text-indent: -10pt">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">27,817</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">(392,652</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">(204,484</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">(1,825,414</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">Loss before taxes</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(10,899,260</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(6,009,646</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(20,082,378</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(12,385,299</TD>    <TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">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;</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;</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;</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;</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">Net loss</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10,899,260</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6,009,646</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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(20,082,378</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(12,385,299</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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; text-indent: -10pt">Loss per share, basic and diluted:</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>    <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; text-indent: -10pt">&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>    <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; text-indent: -10pt">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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.07</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.05</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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.14</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.11</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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>    <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="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Weighted average number of common 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">145,485,505</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">130,851,978</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">145,253,818</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">116,866,764</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"> THERAPEUTICSMD, INC. AND SUBSIDIARIES</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="6" STYLE="text-align: center">Six Months Ended</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">June 30,</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2014</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD>    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD COLSPAN="2">&nbsp;</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">CASH FLOWS FROM 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: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left; padding-left: 20pt; text-indent: -10pt">Net loss</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 15%; text-align: right">(20,082,378</TD>    <TD STYLE="width: 1%; text-align: left">)</TD>    <TD STYLE="width: 3%">&nbsp;</TD>    <TD STYLE="width: 1%; text-align: left">$</TD>    <TD STYLE="width: 15%; text-align: right">(12,385,299</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: 30pt; text-indent: -10pt">Adjustments to reconcile net loss to net cash flows used
    in 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: rgb(204,238,255)">
    <TD STYLE="padding-left: 40pt; text-indent: -10pt">Depreciation</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">15,591</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">12,084</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">Amortization of intangible assets</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">11,570</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">6,509</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: 40pt; text-indent: -10pt">Provision for doubtful accounts</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">1,393</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">58,337</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">Stock based compensation</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">2,268,599</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">1,179,912</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: 40pt; text-indent: -10pt">Stock based expense for services</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">481,024</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">637,155</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">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">659,938</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: 40pt; text-indent: -10pt">Amortization of debt discount</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</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: 40pt; text-indent: -10pt">Loan guaranty costs</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">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: White">
    <TD STYLE="text-align: left; padding-left: 50pt; text-indent: -10pt">Accounts receivable</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(475,378</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(409,475</TD>    <TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 50pt; text-indent: -10pt">Inventory</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(409,376</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">109,151</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 50pt; text-indent: -10pt">Other current assets</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(460,512</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(1,696,551</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: 50pt; text-indent: -10pt">Other assets</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(18,392</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(899,000</TD>    <TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 50pt; text-indent: -10pt">Accounts payable</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">216,040</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">403,750</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: 50pt; text-indent: -10pt">Deferred revenue</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(314,784</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">74,320</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: 50pt; text-indent: -10pt">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">(271,771</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">458,792</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-left: 10pt; text-indent: -10pt">&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; padding-left: 20pt; text-indent: -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">(18,778,347</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">(10,684,753</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Patent and trademark costs, net of abandoned costs</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(213,089</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(112,192</TD>    <TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Purchase of property and equipment</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(30,962</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(22,905</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: 30pt; text-indent: -10pt">Refund (payment) of 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">10,686</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">(125,000</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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: 20pt; text-indent: -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">(233,365</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">(260,097</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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; padding-left: 10pt; text-indent: -10pt">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: 30pt; text-indent: -10pt">Proceeds from exercise of options</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">287,288</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">6,231</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Proceeds from exercise of warrants</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">87,000</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Proceeds from sale of common stock, net</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">48,512,460</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: 30pt; text-indent: -10pt">Proceeds from line of credit</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">500,000</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt">Repayment of line of credit</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">&mdash;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(500,000</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: 30pt; text-indent: -10pt">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;</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 STYLE="padding-left: 10pt; text-indent: -10pt">&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: 20pt; text-indent: -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">374,288</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">43,826,844</TD>    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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: 20pt; text-indent: -10pt">(Decrease) increase in cash</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">(18,637,424</TD>    <TD STYLE="text-align: left">)</TD>    <TD>&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD>    <TD STYLE="text-align: right">32,881,994</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 20pt; text-indent: -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: 20pt; text-indent: -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">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">35,553,836</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">34,435,468</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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 COLSPAN="9" STYLE="text-align: center; padding-left: 10pt">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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: 20pt; text-indent: -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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">212,853</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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: 20pt; text-indent: -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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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 COLSPAN="9" STYLE="text-align: center; padding-left: 10pt">SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&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: 20pt; text-indent: -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">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">&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: 20pt; text-indent: -10pt">Warrants issued for services</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">462,196</TD>    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.35pt; text-align: center; text-indent: -5.35pt">&nbsp;</P>

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