<SEC-DOCUMENT>0001387131-17-002408.txt : 20170502
<SEC-HEADER>0001387131-17-002408.hdr.sgml : 20170502
<ACCEPTANCE-DATETIME>20170502163010
ACCESSION NUMBER:		0001387131-17-002408
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170502
DATE AS OF CHANGE:		20170502

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:		17805461

	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_050217.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"></FONT>FORM 8-K</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-transform: uppercase; text-align: center">SECURITIES
EXCHANGE ACT OF 1934<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): May 2, 2017</FONT></P>

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

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    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TherapeuticsMD,
    Inc.</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Registrant as Specified in its Charter)</FONT></P>

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    <TD STYLE="width: 32%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-00100</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>87-0233535</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
        or Other</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">Jurisdiction
        of Incorporation)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
    Employer<BR>
    Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Boca
        Raton, FL 33487</FONT></P></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD NOWRAP 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-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of Principal Executive Office) (Zip Code)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2 below):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2&nbsp;of the Securities Exchange Act of 1934&nbsp;(&sect;240.12b-2&nbsp;of
this chapter).</FONT></P>
<P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;</FONT></FONT></P>

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



<P></P>

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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 2.02.</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 90%"><FONT STYLE="font-size: 10pt"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 2, 2017, TherapeuticsMD,
Inc. issued a press release announcing its results of operations for its first fiscal quarter ended March 31, 2017. 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information in this
Current Report on Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be &#8220;filed&#8221;
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font-size: 10pt; width: 90%"><FONT STYLE="font-size: 10pt"><I>Exhibits.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid; width: 78%"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Press Release from TherapeuticsMD, Inc., dated May 2, 2017, entitled &#8220;TherapeuticsMD Announces First Quarter 2017 Financial Results.&#8221; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.3pt 0 0; text-align: center"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

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<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;May 2, 2017</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">THERAPEUTICSMD, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ <I>Daniel A. Cartwright</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Daniel A. Cartwright</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ex99-1.htm">Press Release from TherapeuticsMD, Inc., dated May 2, 2017, entitled &#8220;TherapeuticsMD Announces First Quarter 2017 Financial Results.&#8221;</A> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="txmd-8k_050217.htm">TherapeuticsMD, Inc. 8-K</A></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0 314pt; text-align: right"><IMG SRC="txmd-image_001.jpg" ALT="" STYLE="height: 31px; width: 270px"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05in 88.9pt 0 0">FOR IMMEDIATE RELEASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.3pt; text-align: center"><B>TherapeuticsMD Announces First Quarter
2017 Financial Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.15pt 0 0"><B>BOCA RATON, Fla. </B>&#8211; <B>May 2, 2017</B> &#8211;
TherapeuticsMD, Inc. (NYSE MKT: TXMD), an innovative women&#8217;s healthcare company, today announced its financial results for
the quarter ended March 31, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.15pt 0 0"><B>First Quarter and Recent Developments</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-right: 5.15pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 5.15pt">&bull;</TD>
    <TD STYLE="padding-right: 5.15pt"><FONT STYLE="font-size: 10pt">Net revenue for the company&#8217;s prescription prenatal vitamin business was approximately $4.0 million for the first quarter of 2017 compared with approximately $4.9 million for the first quarter of 2016. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.15pt">&bull;</TD>
    <TD STYLE="padding-right: 5.15pt"><FONT STYLE="font-size: 10pt">Net loss was approximately $21.2 million for the first quarter of 2017, compared with approximately $20.9 million for the first quarter of 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD><FONT STYLE="font-size: 10pt">Ended the quarter with approximately $113.5 million in cash and no debt.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD><FONT STYLE="font-size: 10pt">Anticipate FDA action on the New Drug Application (NDA) <FONT STYLE="background-color: white">for TX-004HR </FONT>on or before the originally scheduled Prescription Drug User Fee Act (PDUFA) target action date of May 7, 2017. TX-004HR is the company&#8217;s investigational applicator-free estradiol vaginal softgel capsule for the treatment of moderate-to-severe vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to menopause.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD><FONT STYLE="font-size: 10pt">Presented two posters at ENDO 2017 reviewing data from <FONT STYLE="font-style: normal">the Replenish Trial, a phase 3 clinical trial of TX-001HR, the company&#8217;s investigational bio-identical hormone therapy combination of estradiol and progesterone in a single, oral softgel for the treatment of moderate-to-severe vasomotor symptoms due to menopause. The results from the trial in 1,835 postmenopausal women demonstrated that multiple doses of TX-001HR resulted in </FONT></FONT><FONT STYLE="font-size: 10pt">a statistically significant and clinically meaningful reduction from baseline in both the frequency and severity of hot flashes compared to placebo.&nbsp;&nbsp;The company plans to submit the NDA for TX-001HR as early as the third quarter of 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD><FONT STYLE="font-size: 10pt">Launched <FONT STYLE="background-color: white">BIO-IGNITE<SUP>TM</SUP>, an outreach program to quantify the number of compounded bio-identical estradiol and progesterone prescriptions currently dispensed by the 3,000-3,500 high-volume compounding pharmacies and qualify their interests in distributing the company&#8217;s bio-identical hormone product candidates, if approved. Through the BIO-IGNITE<SUP>TM</SUP> program, the company currently has a distribution agreement with Premier Value Pharmacy Compounding Network (PVPCN), representing over 300 pharmacies and 1.5 million annual prescriptions of compounded bio-identical estradiol and progesterone (E+P), to dispense the company&#8217;s products in lieu of compounding, if approved.&nbsp;&nbsp;The company has also received prescription data from over 400 additional pharmacies, representing over 500,000 annual prescriptions of compounded bio-identical E+P.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD><FONT STYLE="font-size: 10pt">Grew the company&#8217;s intellectual property portfolio to a current total of 158 patent filings, including 82 international filings, with one allowed and 17 issued U.S. patents.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;We are focused on advancing our pipeline of novel hormone
therapies and, if approved, bringing new, differentiated treatment options to women suffering from symptoms of menopause,&#8221;
said TherapeuticsMD CEO Robert G. Finizio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: -4.5pt"><B>Summary of First Quarter 2017
Financial Results </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net revenue from the company&#8217;s prescription prenatal vitamin
business was approximately $4.0 million for the first quarter of 2017 compared with net revenue of approximately $4.9 million for
the prior year&#8217;s quarter. <FONT STYLE="background-color: white">These changes were primarily due to a decrease in the average
net sales price of our products, partially offset by an increase in the number of units sold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: windowtext">Cost of goods sold was approximately
$0.7 million for the first quarter of 2017</FONT>, compared with approximately $1.1 million in the prior year&#8217;s quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total operating expenses for the first quarter of 2017 included
research and development (R&amp;D) expenses and sales, general, and administrative expenses (SG&amp;A). R&amp;D expenses during
the first quarter of 2017 were approximately $7.7 million compared with approximately $15.1 million for the prior year&#8217;s
quarter. The decrease in R&amp;D was a direct result of the completion of the Replenish Trial for TX-001HR. SG&amp;A expenses for
the first quarter of 2017 were approximately $16.8 million compared with approximately $9.7 million for the prior year&#8217;s
quarter, primarily due <FONT STYLE="background-color: white">to higher sales, marketing, regulatory expenditures, and personnel
costs to support future commercialization<FONT STYLE="color: #002E6D">.</FONT></FONT></P>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net loss for the first quarter of 2017 was approximately $21.2 million,
or $0.11 per basic and diluted share, compared with approximately $20.9 million, or $0.11 per basic and diluted share, for the
first quarter of 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At March 31, 2017, cash on hand was approximately $113.5 million,
compared with approximately $131.5 million at December 31, 2016.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TherapeuticsMD, Inc.&nbsp;is an innovative healthcare company focused
on developing and commercializing products exclusively for women. With its SYMBODA&#8482; technology,&nbsp;TherapeuticsMD&nbsp;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&#8217;s late stage clinical pipeline includes two phase 3 product candidates: TX-001HR
for treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause and TX-004HR for treatment of moderate-to-severe
vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to menopause. The company
also manufactures and distributes branded and generic prescription prenatal vitamins under the vitaMedMD<SUP>&reg;</SUP> and BocaGreenMD<SUP>&reg;</SUP>
brands.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><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&#8217;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 &#8220;believes,&#8221; &#8220;hopes,&#8221; &#8220;may,&#8221; &#8220;anticipates,&#8221; &#8220;should,&#8221;
&#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;estimates,&#8221; &#8220;projects,&#8221;
&#8220;positioned,&#8221; &#8220;strategy&#8221; and similar expressions and are based on assumptions and assessments made in
light of management&#8217;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&#8217;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 &#8220;Risk Factors&#8221;
in the company&#8217;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&#8217;s ability to
resolve the deficiencies identified by the FDA in the company&#8217;s NDA for its TX-004HR product candidate; whether the FDA
will approve the company&#8217;s new drug application for its TX-004HR product candidate and whether any such approval will occur
by the PDUFA date; the company&#8217;s ability to maintain or increase sales of its products; the company&#8217;s ability to develop
and commercialize its hormone therapy drug candidates and obtain additional financing necessary therefor; whether the company
will be able to prepare an NDA for its TX-001HR product candidate and, if prepared, whether the FDA will accept and approve the
NDA; the length, cost and uncertain results of the company&#8217;s clinical trials; the potential of adverse side effects or other
safety risks that could preclude the approval of the company&#8217;s hormone therapy drug candidates; the company&#8217;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&#8217;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&#8217;s common
stock and the concentration of power in its stock ownership. PDF copies of the company&#8217;s historical press releases and financial
tables can be viewed and downloaded at its website: <U>www.therapeuticsmd.com/pressreleases.aspx</U>.</I></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">David DeLucia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">Director, Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">561-961-1900</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0"><B><U>Media Contact</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">Ami Knoefler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">SparkBioComm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">650-739-9952</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">Ami@SparkBioComm.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 292.3pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"><b>THERAPEUTICSMD, INC. AND SUBSIDIARIES</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"><b>CONSOLIDATED BALANCE SHEETS</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman,serif;">&nbsp;</p>

<table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-size: 10pt;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman,serif;" colspan="2">March 31, 2017</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman,serif;" colspan="2">December 31, 2016</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: center; font: 10pt Times New Roman,serif;" colspan="2">(Unaudited)</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: center; font: 10pt Times New Roman,serif;" colspan="8">ASSETS</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Current Assets:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; width: 70%; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Cash</td>
<td style="width: 1%; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman,serif;">113,525,419</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman,serif;">131,534,101</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Accounts receivable, net of allowance for doubtful accounts of $374,771 and $376,374, respectively</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">3,921,359</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">4,500,699</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Inventory</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">1,338,618</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">1,076,321</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Other current assets</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">2,488,121</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">2,299,052</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Total current assets</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">121,273,517</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">139,410,173</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 25.9pt; text-indent: -8.65pt; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Fixed assets, net</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">511,073</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">516,839</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Other Assets:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Intangible assets, net</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">2,497,360</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">2,405,972</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Security deposit</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">139,036</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">139,036</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Total other assets</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">2,636,396</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">2,545,008</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 34.55pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Total assets</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman,serif;">124,420,986</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman,serif;">142,472,020</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 34.55pt; text-indent: -8.65pt; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="9" STYLE="padding-left: 8.65pt; text-align: center; font: 10pt Times New Roman,serif">LIABILITIES AND STOCKHOLDERS&#x2019; EQUITY</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Current Liabilities:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Accounts payable</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">6,146,278</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">7,358,514</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Other current liabilities</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">7,940,723</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">7,624,085</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Total current liabilities</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">14,087,001</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">14,982,599</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Commitments and Contingencies</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-indent: -8.65pt; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Stockholders&#x2019; Equity:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Preferred stock - par value $0.001; 10,000,000 shares authorized; no shares issued and outstanding</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Common stock - par value $0.001; 350,000,000 shares authorized:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">198,593,268 and 196,688,222 issued and outstanding, respectively</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">198,593</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">196,688</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Additional paid-in capital</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">441,025,624</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman,serif;">436,995,052</td>
<td style="text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Accumulated deficit</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">(330,890,232</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">)</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">(309,702,319</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Total stockholders&#x2019; equity</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">110,333,985</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman,serif;">127,489,421</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 34.55pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman,serif;">Total liabilities and stockholders&#x2019; equity</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman,serif;">124,420,986</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman,serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman,serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman,serif;">142,472,020</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman,serif;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"></P>

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

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

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

<P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif"></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"><b>THERAPEUTICSMD, INC. AND SUBSIDIARIES</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"><b>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif"><B>(Unaudited)&nbsp;</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman,serif;">&nbsp;</p>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="6" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">March 31, 2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">March 31, 2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Revenues, net</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,985,464</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,930,091</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">659,635</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,108,443</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross profit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,325,829</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,821,648</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Sales, general, and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,837,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,678,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,724,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,097,017</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1pt">Depreciation and amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">49,699</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">19,597</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,612,156</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,795,166</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Operating loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,286,327</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,973,518</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Miscellaneous income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,968</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1pt">Accreted interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,867</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,536</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">129,835</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,153</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,156,492</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,929,365</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(21,156,492</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(20,929,365</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss per share, basic and diluted:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss per share, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average number of common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;shares outstanding, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">197,790,040</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">194,901,560</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

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

<P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif"></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"><b>THERAPEUTICSMD, INC. AND SUBSIDIARIES</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif;"><b>CONSOLIDATED STATEMENTS OF CASH
                                                                                                                                                                                                                   FLOWS</B></P>

<P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman,serif"><B>(Unaudited)&nbsp;</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman,serif;">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<TR STYLE="text-align: center; background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid">Three Months Ended</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: center; background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">March 31, 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">March 31, 2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 10pt">&nbsp;&nbsp;Net loss</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(21,156,492</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(20,929,365</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Recovery of) provision for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,603</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236,151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,413,195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,381,690</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">580,943</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,250,209</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(262,297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(267,281</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(253,518</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,536</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,212,236</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">316,638</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,373,762</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,525,671</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(19,403,928</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Patent costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107,487</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(90,529</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;Purchase of fixed assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,834</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(74,478</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(135,321</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(165,007</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">&nbsp;&nbsp;Proceeds from sale of common stock, net of costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,863,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">&nbsp;&nbsp;Proceeds from exercise of options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">786,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt">&nbsp;&nbsp;Proceeds from exercise of warrants</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,460,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,310,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,652,310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136,959,925</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">(Decrease) increase in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,008,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,390,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt">Cash, beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">131,534,101</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,706,355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Cash, end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">113,525,419</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">182,097,345</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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