<SEC-DOCUMENT>0001387131-16-004340.txt : 20160225
<SEC-HEADER>0001387131-16-004340.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160225160409
ACCESSION NUMBER:		0001387131-16-004340
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160225

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:		161455896

	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_022516.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif; text-transform: none">Washington,
D.C. 20549</FONT></P>

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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>FORM
8-K</B></FONT></P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Date
of Report (Date of earliest event reported): February 25, 2016</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 16pt Times New Roman, Times, Serif"><B>TherapeuticsMD,
    Inc.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact
Name of Registrant as Specified in its Charter)</FONT></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: 10pt Times New Roman, Times, Serif"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>001-00100</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State
                                         or Other</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jurisdiction
        of Incorporation)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission
    File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(IRS
    Employer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Identification No.)</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; 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: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6800
Broken Sound Parkway NW, Third Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Boca
        Raton, FL 33487</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
    of Principal Executive Office) (Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant's
telephone number, including area code: (561) 961-1900</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;<FONT STYLE="font-size: 10pt">&#9;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;<FONT STYLE="font-size: 10pt">&#9;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></FONT></P>

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

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 1in"><B>Item 2.02</B></TD>
    <TD><B>Results of Operations and Financial Condition.</B></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On February 25, 2016, TherapeuticsMD,
Inc. issued a press release announcing its results of operations for the fourth quarter and fiscal year ended December 31, 2015.
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: 0 0 12pt; text-indent: 0.5in">The information in this Current Report
on Form 8-K (including the exhibit) is furnished pursuant to Item&nbsp;2.02 and shall not be deemed to be &ldquo;filed&rdquo; for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject
to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report,
regardless of any general incorporation language in the filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We do not have, and expressly disclaim,
any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances
on which any forward-looking statement is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The text included with this Current
Report on Form 8-K is available on our website located at www.therapeuticsmd.com, although we reserve the right to discontinue
that availability at any time.</P>

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

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<TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;9.01.</B></FONT></TD><TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial
                                         Statements and Exhibits.</B></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&#9;</FONT></TD><TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exhibits.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><U>Number</U></FONT><BR></FONT></TD>
                                        <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
                                        <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></TD>
                                        <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Press Release from TherapeuticsMD, Inc., dated February 25, 2016, entitled &ldquo;TherapeuticsMD Announces Fourth Quarter and Full Year 2015 Financial Results.&rdquo;</FONT></TD></TR>
</TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: February 25,
    2016</FONT></TD>
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">THERAPEUTICSMD,
    INC.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ <I>Daniel A. Cartwright</I></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Daniel
    A. Cartwright<BR>Chief Financial Officer</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt"></P>


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

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

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<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Number</U></FONT><BR></TD>
<TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
                                        <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></TD>
                                        <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex99-1.htm">Press Release from TherapeuticsMD, Inc., dated February 25, 2016, entitled &ldquo;TherapeuticsMD Announces Fourth Quarter and Full Year 2015 Financial Results.&rdquo;</A></FONT></TD></TR>
</TABLE>

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

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

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05in 88.9pt 0 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="txmd-8k_022516.htm">TherapeuticsMD,
Inc. 8-K</A></B>&nbsp;</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.3pt; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>TherapeuticsMD
Announces Fourth Quarter and Full Year 2015 Financial Results </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><I>&ndash;
Company to Present additional positive phase 3 data for TX-004HR at the ISSWSH annual meeting &ndash;</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.3pt 0 0; text-align: center; text-indent: 31.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><I>&ndash;
Management to host conference call today at 4:30 p.m. EST &ndash;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.15pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>BOCA
RATON,</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 2.6pt"> </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Fla. </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 2.6pt"> </FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash; <B>February
25,<FONT STYLE="letter-spacing: 2.6pt"> </FONT>2016</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>MKT:<FONT STYLE="letter-spacing: 2.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">TXMD),</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>an
innovative<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 fourth quarter and full year financial results for 2015. </FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.15pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>2015
and Recent Developments</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Net revenue for the company&rsquo;s prescription
prenatal vitamin business increased to approximately $20.1 million in 2015 compared with approximately $15.0 million for the prior
year.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Net loss was approximately $85.1 million
in 2015, compared with approximately $54.2 million for the prior year, reflecting investment in two phase 3 clinical trials for
the company&rsquo;s novel hormone therapy drug candidates.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; letter-spacing: -0.05pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Reported positive topline data from the
Rejoice Trial, a phase 3 clinical trial of TX-004HR, </FONT><FONT STYLE="font-size: 10pt">an applicator-free vaginal estradiol
softgel drug candidate for the treatment of moderate to severe vaginal pain during sexual intercourse (dyspareunia), a symptom
of vulvar and vaginal atrophy (VVA) due to menopause. The results showed patients treated with TX-004HR achieved a statistically
significant improvement over placebo across all four co-primary endpoints at all three doses evaluated. The validated co-primary
endpoint data and additional secondary endpoint results related to vaginal dryness are scheduled to be presented this week at the
International Society for the Study of Women&rsquo;s Sexual Health (ISSWSH) Annual Meeting 2016. A summary of these data is included
below in this press release.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; letter-spacing: -0.05pt">&#183;</FONT></TD><TD STYLE="text-align: justify; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Exited
                                         over 1,400 of the 1,750 patients enrolled in the Replenish Trial, a phase 3 clinical
                                         trial of TX-001HR, a combination estradiol and progesterone drug candidate, for the treatment
                                         of moderate to severe vasomotor symptoms due to menopause. Topline results are currently
                                         anticipated late in the fourth quarter of 2016.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; letter-spacing: -0.05pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The company&rsquo;s intellectual property portfolio grew to a current
total of 122 patent filings, including 72 international filings, with one allowed and 14 issued U.S. patents.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">Presented two posters at North American
Menopause Society (NAMS) of the company&rsquo;s transdermal progesterone candidate, TX-005HR, and the company&rsquo;s transdermal
estradiol and progesterone candidate, TX-006HR, demonstrating tissue penetration and target organ activity in a preclinical study.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Strengthened relationships with key medical,
pharmacy, patient and industry organizations worldwide. </FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Ended the year with approximately $64.7
million in cash and no debt, which was further strengthened by an equity offering in January 2016 that generated approximately
$135 million of net proceeds to fund commercialization activities for both of the company&rsquo;s late stage product candidates
and other development activities.</FONT></TD></TR></TABLE>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.2pt">&ldquo;2015
was a breakthrough year for our company, a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s we
reported positive topline phase 3 data from the Rejoice Trial for TX-004HR, the first of our two novel pipeline candidates in
the women&rsquo;s health arena,&rdquo; <FONT STYLE="letter-spacing: -0.05pt">said TherapeuticsMD</FONT><FONT STYLE="letter-spacing: -0.1pt">
CEO</FONT><FONT STYLE="letter-spacing: -0.05pt"> Robert</FONT><FONT STYLE="letter-spacing: 0.3pt"> G. </FONT><FONT STYLE="letter-spacing: -0.05pt">Finizio.
&ldquo;Based on those compelling results, </FONT>we are preparing to file an NDA before June 30, while we also expect topline
data late in the fourth quarter of 2016 from our Replenish Trial for TX-001HR. We believe we are well positioned from a financial,
clinical and commercial standpoint to execute on our goals in 2016 and create significant value for shareholders by advancing
our pipeline and preparing to launch our first novel hormone product for women, if approved.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
of 2015 Financial Results </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2015, net revenue increased approximately 34 percent to approximately $20.1 million compared with
approximately $15.0 million for the prior year. Net revenue for the fourth quarter of 2015 was approximately $5.6 million compared
with net revenue of approximately $4.3 million for the prior year&rsquo;s quarter. Revenue growth during the fourth quarter was
primarily driven by a change in product mix and an increase in the average net sales price of the company&rsquo;s prenatal vitamin
products and revenue growth during the full year was primarily driven by an increase in the number of units sold and an increase
in the average sales price of the company&rsquo;s prenatal vitamin products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of goods sold increased to approximately $4.5 million for the full year 2015, compared with approximately $3.7 million in the
prior year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
operating expenses for the fourth quarter and full year 2015 included research and development (R&amp;D) expenses and sales, general
and administrative expenses (SG&amp;A). R&amp;D expenses for the full-year 2015 were approximately $72.0 million compared with
approximately $43.2 million for the prior <FONT STYLE="color: windowtext">year, </FONT>primarily as a result of an increase in
costs related to the company&rsquo;s phase 3 clinical trials for TX-001HR and TX-004HR and an increase in scale-up and manufacturing
activities primarily related to TX-001HR. R&amp;D expenses during the fourth quarter of 2015 were $13.3 million compared to $14.2
million during the prior year&rsquo;s quarter, reflecting a significant decline in the company&rsquo;s clinical trial costs, partially
offset by an increase in scale-up and manufacturing activities to support commercialization. SG&amp;A expenses for the full-year
2015 were approximately $28.7 million compared with approximately $22.1 million for the prior year, reflecting an increase in
human resources related costs, increased consulting and professional costs, increased insurance cost and increased sales and marketing
expenses. SG&amp;A expenses for the fourth quarter of 2015 were approximately $8.6 million compared with approximately $5.5 million
for the prior year&rsquo;s quarter, primarily as a result of increased human resource related costs, as well as increased sales
and marketing and office expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">Non-operating
income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> remained insignificant for the full year
2015 and 2014 and included interest income and other miscellaneous items of income and expense for both periods.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss for the full year 2015 was approximately $85.1 million, or $0.49 per basic and diluted share, compared with approximately
$54.2 million, or $0.36 per basic and diluted share, for the full year 2014. Net loss in the fourth quarter of 2015 was approximately
$17.5 million, or $0.10 per basic and diluted share, compared with approximately $16.3 million, or $0.10 per basic and diluted
share, for the fourth quarter of 2014.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2015, cash on hand was approximately $64.7 million, compared with approximately $51.4 million at <FONT STYLE="letter-spacing: 0.45pt">December
</FONT>31, 2014.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Phase
3 Data Results Presented at ISSWSH Annual Meeting 2016</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TherapeuticsMD
also announced that data from the phase 3 Rejoice Trial would be presented at the ISSWSH Annual Meeting 2016 taking place February
25-28 in Charleston, South Carolina. The poster to be presented includes validated co-primary endpoint results from the Rejoice
Trial and secondary endpoint data that demonstrate the effect of TX-004HR on severity of vaginal dryness as compared with placebo
at week 12.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the company&rsquo;s ongoing analyses of the Rejoice Trial data, statistical significance of the results for the
co-primary endpoint of severity of participants' self-reported moderate to severe dyspareunia as the most bothersome symptom
of VVA has slightly improved for all three doses from the topline results previously reported. The secondary endpoint result
for vaginal dryness was also statistically significant for all three doses evaluated in the Rejoice Trial.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Statistical Significance of Results for Co-Primary Endpoints <BR>
(Based on LS Mean Change from Baseline to Week 12 Compared to Placebo)</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">25 mcg</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">10mcg</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4 mcg</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;Superficial Cells</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;Parabasal cells</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;Vaginal pH</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;Severity of Dyspareunia</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P = 0.0149</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Statistical
                                         Significance of Results for Secondary Endpoint of Severity of Vaginal Dryness <BR>
                                         (Based on LS Mean Change from Baseline to Week 12 Compared to Placebo)</B></FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <BR></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt; width: 46%">&nbsp;Severity of Dryness</TD><TD STYLE="padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 11%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 11%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P &lt; 0.0001</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 11%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P = 0.0014</FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>LS=
    Least Squares</B></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conference
Call Today</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.15pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Date:</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Thursday,
    February 25, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Time:</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">4:30
    p.m. EST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Telephone Access (US):</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">866-665-9531</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Telephone Access (International):</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">724-987-6977</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-weight: bold; text-align: left">Access Code for All Callers:</TD>
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">45870409</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.15pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
a live webcast can be accessed on the company&rsquo;s website, <FONT STYLE="letter-spacing: -0.05pt"><U>www.therapeuticsmd.com</U>,
</FONT><FONT STYLE="letter-spacing: 0.15pt">on the Home Page or </FONT><FONT STYLE="letter-spacing: -0.05pt">under</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT>the &ldquo;<FONT STYLE="letter-spacing: -0.05pt">Investors &amp; Media&rdquo;</FONT><FONT STYLE="letter-spacing: 0.15pt"><I>
</I></FONT><FONT STYLE="letter-spacing: -0.05pt">section. </FONT><FONT STYLE="letter-spacing: 0.1pt">A</FONT> digital recording
of the conference call will be available for replay beginning two hours after the call's completion and for at least 30 days with
the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 45870409.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
TherapeuticsMD, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TherapeuticsMD,
Inc. is an innovative healthcare company focused on developing and commercializing products exclusively for women. With its SYMBODA&trade;
technology, TherapeuticsMD is developing advanced hormone therapy pharmaceutical products to enable delivery of bio-identical
hormones through a variety of dosage forms and administration routes. The company&rsquo;s clinical development pipeline includes
two phase 3 products. The company also manufactures and distributes branded and generic prescription prenatal vitamins as well
as over-the-counter vitamins under the vitaMedMD<SUP>&reg;</SUP> and BocaGreenMD<SUP>&reg;</SUP> brands. More information is available
at the following websites: <U>www.therapeuticsmd.com</U>, <U>www.vitamedmd.com</U>, <U>www.vitamedmdrx.com</U> and <U>www.bocagreenmd.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 5.15pt 0 5.35pt; text-align: justify; text-indent: -5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are
not limited to, statements relating to TherapeuticsMD&rsquo;s objectives, plans and strategies as well as statements, other than
historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates
will or may occur in the future. These statements are often characterized by terminology such as &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo;
&ldquo;may,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;should,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;will,&rdquo;
&ldquo;expects,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;positioned,&rdquo; &ldquo;strategy&rdquo; and similar
expressions and are based on assumptions and assessments made in light of management&rsquo;s experience and perception of historical
trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements
in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any
such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties, many of which are outside of the company&rsquo;s control. Important
factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements
are described in the sections titled &ldquo;Risk Factors&rdquo; in the company&rsquo;s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form
8-K, and include the following: the company&rsquo;s ability to maintain or increase sales of its products; the company&rsquo;s
ability to develop and commercialize its hormone therapy drug candidates and obtain additional financing necessary therefor; the
length, cost and uncertain results of the company&rsquo;s clinical trials; the potential of adverse side effects or other safety
risks that could preclude the approval of the company&rsquo;s hormone therapy drug candidates; the company&rsquo;s reliance on
third parties to conduct its clinical trials, research and development and manufacturing; the availability of reimbursement from
government authorities and health insurance companies for the company&rsquo;s products; the impact of product liability lawsuits;
the influence of extensive and costly government regulation; the volatility of the trading price of the company&rsquo;s common
stock and the concentration of power in its stock ownership. PDF copies of the company&rsquo;s historical press releases and financial
tables can be viewed and downloaded at its website: <B>www.therapeuticsmd.com/pressreleases.aspx</B>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 5.15pt 0 5.35pt; text-indent: -5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 5.15pt 0 5.35pt; text-align: center; text-indent: -5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">#
# #</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 5.15pt 0 5.35pt; text-indent: -5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0 5.35pt; text-indent: -5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 283.5pt 0 5.35pt; text-indent: -5.35pt">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#xA0;</B></FONT></p>
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>THERAPEUTICSMD, INC. AND SUBSIDIARIES</b></font><br> <font style="font: 10pt Times New Roman, Times, Serif;"><b>CONSOLIDATED BALANCE SHEETS</b></font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; width: 75%; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 3%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 8%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 3%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 8%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="5"><font style="font: 10pt Times New Roman, Times, Serif;">December 31,</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif;">2015</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif;">2014</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif;">ASSETS</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Current Assets:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Cash</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">64,706,355</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">51,361,607</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Accounts receivable, net of allowance for doubtful accounts of $81,910 and $59,753, respectively</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">3,049,715</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">2,154,217</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Inventory</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">690,153</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,182,113</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other current assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">2,233,897</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,537,407</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Total current assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">70,680,120</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">56,235,344</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Fixed assets, net</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">198,592</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">63,293</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other Assets:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Intangible assets, net</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,615,251</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,228,588</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Prepaid expense</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,109,883</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,427,263</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Security deposit</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">125,000</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">125,000</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Total other assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">2,850,134</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">2,780,851</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 34.55pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Total assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">73,728,846</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">59,079,488</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif;">LIABILITIES AND STOCKHOLDERS&#x2019; EQUITY</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Current Liabilities:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Accounts payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">3,126,174</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">6,327,129</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other current liabilities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">7,539,526</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">3,840,639</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Deferred revenue</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">522,613</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Total current liabilities</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">10,665,700</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">10,690,381</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Commitments and Contingencies - See Note 14</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Stockholders&#x2019; Equity:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Preferred stock - par value $0.001; 10,000,000 shares authorized; no shares issued and outstanding</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Common stock - par value $0.001; 350,000,000 and 250,000,000 shares authorized; 177,928,041 and 156,097,019 issued and outstanding, respectively</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">177,928</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">156,097</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Additional paid-in capital</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">282,712,078</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">182,982,846</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Accumulated deficit</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(219,826,860</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(134,749,836</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Total stockholders&#x2019; equity</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">63,063,146</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">48,389,107</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 34.55pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Total liabilities and stockholders&#x2019; equity</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">73,728,846</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">59,079,488</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&#xA0;</p>
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THERAPEUTICSMD,
INC. AND SUBSIDIARIES</B></FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
STATEMENT OF OPERATIONS</B></FONT>&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="21" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
    Months Ended December 31,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues,
    net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,629,740</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,257,647</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,142,898</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,026,219</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,775,598</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
    of goods sold</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,235,978</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">879,535</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,506,673</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,671,803</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,959,597</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,393,762</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,378,112</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,636,225</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,354,416</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,816,001</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    expenses:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales,
    general, and administrative</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,631,238</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,514,057</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,721,236</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,124,072</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,014,837</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
    and development</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,253,472</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,166,789</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,042,774</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,218,938</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,551,263</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,558</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,400</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,467</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,145</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    operating expenses</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,902,710</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,693,404</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,826,410</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65,395,477</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,624,245</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    loss</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,508,948</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16,315,292</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(85,190,185</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54,041,061</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,808,244</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    income and (expenses)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    income, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,991</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,158</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95,719</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,569</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,544</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,280</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,553</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,442</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,309</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,234</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(260,027</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,503,922</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash; </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,165,981</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
    guaranty costs</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,944</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    other income (expense)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,271</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,711</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113,161</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(176,149</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,611,069</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    before income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,482,677</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16,302,581</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(85,077,024</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54,217,210</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,419,313</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
    for income taxes</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,482,677</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16,302,581</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(85,077,024</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54,217,210</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,419,313</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    per share, basic and diluted:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss per share, basic and diluted</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.49</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.36</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.22</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average number of common shares outstanding, <BR>
basic and diluted</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">177,876,462</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156,054,938</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">173,174,229</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">149,727,228</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">127,569,731</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD></TR>
</TABLE>

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<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>THERAPEUTICSMD, INC. AND SUBSIDIARIES</b></font><br> <font style="font: 10pt Times New Roman, Times, Serif;"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></font></p>
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<td style="padding-left: 8.65pt; width: 57%; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
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<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 3%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="8"><font style="font: 10pt Times New Roman, Times, Serif;">Year Ended December, 31,</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif;">2015</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif;">2014</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif;">2013</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>CASH FLOWS FROM OPERATING ACTIVITIES</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Net loss</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(85,077,024</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(54,217,210</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(28,419,313</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 34.55pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Adjustments to reconcile net loss to net cash used in operating activities:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">29,959</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">28,987</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">47,883</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Amortization of intangible assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">32,441</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">23,480</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">10,262</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Provision for (recovery of) doubtful accounts</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">22,157</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(5,436</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(15,493</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Amortization of debt discount</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,102,680</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Share-based compensation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">7,189,699</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">4,970,312</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">3,844,155</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Amortization of deferred financing costs</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">260,027</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,451,934</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Loan guaranty costs</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">2,944</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.6in; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Changes in operating assets and liabilities:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Accounts receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(917,656</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(458,028</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(1,068,619</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Inventory</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">491,960</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(138,495</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">571,592</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other current assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(773,532</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">680,281</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(1,386,319</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(17,442</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(37,309</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(565,706</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Accounts payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(3,200,955</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">4,212,912</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">472,851</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Deferred revenue</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(522,613</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(1,079,967</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">457,828</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other current liabilities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">3,698,887</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">239,450</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">2,875,320</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 51.85pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Other liabilities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(150,068</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Net cash used in operating activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(79,044,119</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(45,520,996</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(20,768,069</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>CASH FLOWS FROM INVESTING ACTIVITIES</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Patent costs</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(419,104</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(586,480</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(439,034</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Purchase of fixed assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(165,257</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(30,962</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(40,790</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Refund (payment) of security deposit</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">10,686</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(103,737</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Net cash used in investing activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(584,361</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(606,756</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(583,561</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>CASH FLOWS FROM FINANCING ACTIVITIES</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Proceeds from sale of common stock, net of costs</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">91,374,649</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">42,771,353</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">78,650,353</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Proceeds from exercise of options</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,232,579</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">345,746</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">30,910</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Proceeds from exercise of warrants</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">366,000</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">181,000</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Proceeds bank line of credit</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">500,000</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Repayment of bank line of credit</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(500,000</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Repayment of notes payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(4,691,847</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Net cash provided by financing activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">92,973,228</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">43,298,099</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">73,989,416</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Increase (decrease) in cash</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">13,344,748</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">(2,829,653</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">52,637,786</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Cash, beginning of period</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">51,361,607</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">54,191,260</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,553,474</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Cash, end of period</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">64,706,355</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">51,361,607</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">54,191,260</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: center;" colspan="10"><font style="font: 10pt Times New Roman, Times, Serif;">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: center;" colspan="10">&#xA0;</td>
<td>&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Cash paid for interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">212,853</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Cash paid for income taxes</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: center;" colspan="10">&#xA0;</td>
<td>&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: center;" colspan="10"><font style="font: 10pt Times New Roman, Times, Serif;">SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: center;" colspan="10">&#xA0;</td>
<td>&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Warrants issued for financing</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">1,711,956</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt;"><font style="font: 10pt Times New Roman, Times, Serif;">Warrants issued for services</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">&#x2014;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
<td style="border-bottom: Black 2pt double;"><font style="font: 10pt Times New Roman, Times, Serif;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif;">462,196</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif;">&#xA0;</font></td>
</tr>
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<p style="margin: 0pt 0; text-align: left; font: 10pt Times New Roman, Times, Serif;">&#xA0;</p>

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