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<SEC-DOCUMENT>0001116502-03-001262.txt : 20030715
<SEC-HEADER>0001116502-03-001262.hdr.sgml : 20030715
<ACCEPTANCE-DATETIME>20030715085719
ACCESSION NUMBER:		0001116502-03-001262
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030714
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SINGING MACHINE CO INC
		CENTRAL INDEX KEY:			0000923601
		STANDARD INDUSTRIAL CLASSIFICATION:	PHONOGRAPH RECORDS & PRERECORDED AUDIO TAPES & DISKS [3652]
		IRS NUMBER:				953795478
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24968
		FILM NUMBER:		03786257

	BUSINESS ADDRESS:	
		STREET 1:		6601 LYONS ROAD
		STREET 2:		BLDG A-7
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33073
		BUSINESS PHONE:		9545961000

	MAIL ADDRESS:	
		STREET 1:		6601 LYONS ROAD BLDG
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33073
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>singingmachine8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>BP 52725 Singing Machine 8K</TITLE>
<META NAME="author" CONTENT="Bassett Press, Inc. 954-767-4877">
<META NAME="date" CONTENT="07/14/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, DC &nbsp;20549</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>____________________</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>&nbsp;Pursuant to Section 13 or 15(d) of the </B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Securities Exchange Act of 1934</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (Date of earliest event reported): <B>July 14, 2003</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>THE SINGING MACHINE COMPANY, INC.</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman" align=center>(Exact Name of Registrant as Specified in its Charter)</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Delaware</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman" align=center>(State or Other Jurisdiction of Incorporation)</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<TABLE style="margin-right:126pt" cellspacing=0><TR><TD valign=top><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>0-24968</B></P>
</TD><TD valign=top><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>95-3795478</B></P>
</TD></TR>
<TR><TD valign=top>&nbsp;</TD><TD valign=top><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Commission&nbsp;File&nbsp;Number)</P>
</TD><TD valign=top>&nbsp;</TD><TD valign=top><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(IRS&nbsp;Employer&nbsp;Identification&nbsp;No.)</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>6601 Lyons Road, Bldg. A-7</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Coconut Creek, FL 33073</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman" align=center>(Address of Principal Executive Offices)(Zip Code)</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>(954) 596-1000</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman" align=center>(Registrant&#146;s Telephone Number, Including Area Code)</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Former Name or Former Address, if Change Since Last Report)</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman"><BR></P>
<p Style='page-break-before:always'><HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; width:414pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>ITEM 7.</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; padding-left:72pt; width:414pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>FINANCIAL STATEMENTS AND EXHIBITS</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; width:414pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; padding-left:72pt; width:414pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Exhibits.</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:36pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; text-indent:36pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>99.1</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:72pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Singing Machine Company, Inc. Press Release dated July 14, 2003</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>ITEM 9.</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:72pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>REGULATION FD DISCLOSURE</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:36pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B></B>On July 14, 2003, The Singing Machine Company, Inc. issued a press release commenting on its financial results for the fiscal year ended March 31, 2003. &nbsp;A copy of the press release is furnished as an Exhibit to this Report on Form 8-K (Exhibit 99.1). &nbsp;The information contained in this Report on Form 8-K is furnished pursuant to Item 12 (Results of Operation and Financial Condition).</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<p Style='page-break-before:always'><HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:36pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>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 hereto duly authorized.</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:216pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE SINGING MACHINE COMPANY, INC.</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: July 14, 2003</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; text-indent:216pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:252pt; width:486pt; font-family:Times New Roman; font-size:12pt"><U>/s/ A<SMALL>PRIL<BIG> G<SMALL>REEN</SMALL></U></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:252pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">April Green</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:252pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; padding-left:216pt; text-indent:-216pt; width:270pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<p Style='page-break-before:always'><HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-144pt; width:342pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Exhibit No.</U></B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; padding-left:144pt; width:342pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Description</U></B></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; text-indent:72pt; width:486pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; width:450pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>99.1</P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; padding-left:36pt; text-indent:108pt; width:450pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Press Release of The Singing Machine Company, Inc. dated </P>
<P style="margin-top:0pt; margin-right:126pt; margin-bottom:0pt; padding-left:36pt; text-indent:108pt; width:450pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>July 14, 2003</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>smd03rel.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>BP 52727 Singing Machine Press Release</TITLE>
<META NAME="author" CONTENT="Bassett Press, Inc. 954-767-4877">
<META NAME="date" CONTENT="07/14/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<TABLE style="margin-right:64.8pt" cellspacing=0><TR><TD valign=top rowspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;<img src="smd03rel002.jpg" alt="[smd03rel002.jpg]" align=middle height=125.467 width=136.533>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Investor Contact:</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Neil Berkman</P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Berkman Associates</P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">(310) 277 - 5162</P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt; color:#0000FF"><U>info@BerkmanAssociates.com</U><FONT COLOR=#000000> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD><TD valign=top><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Company Contact:</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Y.P. Chan</P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Chief Operating Officer</P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">(954) 596 - 1000</P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt; color:#0000FF"><U>www.SingingMachine.com</U><FONT COLOR=#000000> </FONT></P>
<P style="margin:0pt; font-family:Arial; font-size:9pt"><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:9pt"><BR></P>
</TD></TR>
<TR><TD valign=top colspan=2><P style="margin:0pt; line-height:18pt; font-family:Arial; font-size:16pt" align=center>FOR IMMEDIATE RELEASE</P>
<P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; line-height:19pt; font-family:Arial; font-size:17pt" align=center><B>The Singing Machine Company Reports Fiscal 2003 Results</B></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; line-height:19pt; font-family:Arial; font-size:17pt" align=center><B>and Restated Results for Fiscal 2002 and Fiscal 2001</B></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; font-family:Arial; font-size:9pt" align=center><BR></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; font-family:Arial; font-size:9pt" align=center><BR></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.7pt; text-indent:20.9pt; width:546.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>Coconut Creek, FL, </B>July 14, 2003 &nbsp;<B>The Singing Machine Company (AMEX: SMD)</B> announced today that revenue for the fiscal year ended March 31, 2003 increased 53% to a record $95,614,000 from $62,476,000 for fiscal 2002. &nbsp;Net income for fiscal 2003 was $1,218,000, or $0.14 per diluted share. &nbsp;This compares to net income for fiscal 2002 of $6,289,000, or $0.79 per diluted share, and to net income for fiscal 2001 of $3,696,000, or $0.50 per diluted share.</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; font-family:Arial; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>Operations Review</B></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; text-indent:20.7pt; width:546.3pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>As previously announced, net income for fiscal 2002 and fiscal 2001 was restated to reflect an increase in the provision for income taxes. &nbsp;Also as previously announced, revenue for fiscal 2003 was reduced by approximately $2.5 million for a discontinued sales agreement. &nbsp;Fiscal 2003 results also reflected an inventory reserve of approximately $3.7 million, which was included in cost of goods sold.</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; text-indent:20.7pt; width:546.3pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The provision for income taxes was higher than previously anticipated. &nbsp;There are two reasons for this. &nbsp;First, due to the high level of inventory held by the Company during fiscal 2002 and 2003, profits from its Hong Kong subsidiary were used to pay a portion of the payables related to the inventory. &nbsp;Because the Company did not reimburse its subsidiary on a timely basis, a &quot;deemed dividend&quot; was created for tax purposes in the United States.</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; text-indent:20.7pt; width:546.3pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>Second, the Company's Hong Kong subsidiary applied for a Hong Kong offshore income tax exemption in 2001. &nbsp;Management believes that the exemption will be approved because all profits of the Hong Kong subsidiary are derived from exporting to customers outside of Hong Kong. &nbsp;Accordingly, no provision for foreign income taxes on the profits of the Hong Kong subsidiary had been provided. &nbsp;However, as of July 1, 2003 the Company had not received official approval of this Hong Kong tax exemption. &nbsp;&nbsp;The Company has decided to include a provision for these taxes in fiscal 2003 in the event that the exemption is denied. &nbsp;The Company also restated income for the prior two years to include a provision for the Hong Kong offshore income tax exemption and the tax liability that arises from the deemed divide
nd.</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; text-indent:20.7pt; width:546.3pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The Company's auditors have expressed &quot;substantial doubt&quot; about Singing Machine's ability to continue as a going concern, primarily because of its liquidity position. &nbsp;Singing Machine is attempting to restructure its bank agreement and identify other sources of capital.</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; font-family:Arial; font-size:12pt" align=right><BR></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; font-family:Arial; font-size:12pt" align=right><BR></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; padding-right:0.9pt; width:546.3pt; line-height:10pt; font-family:Arial; font-size:11pt" align=right><I>(more)</I></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; width:547.2pt; line-height:16.35pt; font-family:Arial; font-size:12pt" align=center><B>THE SINGING MACHINE COMPANY, INC.</B></P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; width:547.2pt; line-height:10.1pt; font-family:Arial; font-size:9pt" align=center>6601 Lyons Road &nbsp;<FONT FACE="WP TypographicSymbols">!</FONT> &nbsp;Building A-7 &nbsp;<FONT FACE="WP TypographicSymbols">!</FONT> &nbsp;Coconut Creek, Florida &nbsp;33073 &nbsp;<FONT FACE="WP TypographicSymbols">!</FONT> &nbsp;(954) 596-1000 &nbsp;<FONT FACE="WP TypographicSymbols">!</FONT> &nbsp;Fax (954) 596-2000</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; width:547.2pt; line-height:10.1pt; font-family:Arial; font-size:9pt" align=center>_________________________________________________________________________________________________</P>
<P style="margin-top:0pt; margin-right:64.8pt; margin-bottom:0pt; width:547.2pt; font-family:Courier New; font-size:12pt"><BR></P>
<p Style='page-break-before:always'><HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>The Singing Machine Company Reports Fiscal 2003 Results and Restated Results</B></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>for Fiscal 2002 and Fiscal 2001</B></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>July 14, 2003</P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>Page Two</P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; font-family:Arial; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; font-family:Arial; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.7pt; width:553.7pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>Conference Call</B></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.7pt; text-indent:20.9pt; width:553.7pt; font-family:Arial; font-size:12pt" align=justify>Singing Machine has scheduled a conference call tomorrow at 11:00 AM ET. &nbsp;A simultaneous WebCast may be accessed at <FONT COLOR=#0000FF><U>www.companyboardroom.com/company.asp?client=cb&amp;ticker=smd</U></FONT>. &nbsp;A replay will be available at this address after 1:00 PM ET. &nbsp;For a telephone replay, dial (800) 633-8284, reservation #21154675 after 1:00 PM ET.</P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; font-family:Arial; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.7pt; width:553.7pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>About The Singing Machine Company</B></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.7pt; text-indent:20.9pt; width:553.7pt; font-family:Arial; font-size:12pt" align=justify>Incorporated in 1982, The Singing Machine Company develops and distributes a full line of consumer-oriented karaoke machines and music under The Singing Machine<SMALL><SUP>TM</SUP><BIG>, MTV<SMALL><SUP>TM</SUP><BIG>, Nickelodeon<SMALL><SUP>TM</SUP><BIG>, Hardrock Academy<SMALL><SUP>TM</SUP><BIG> and Motown<SMALL><SUP>TM</SUP><BIG> brand names. &nbsp;The first to provide karaoke systems for home entertainment in the United States, Singing Machine sells its products in North America, Europe and Asia.</P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; font-family:Arial; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:16.35pt; font-family:Arial; font-size:12pt" align=justify><B>Forward-Looking Statements</B></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; text-indent:20.7pt; width:553.5pt; font-family:Arial" align=justify><I>This press release contains forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. &nbsp;Such forward-looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to &nbsp;statements about projected revenues, net income and net income per share.. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. &nbsp;Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: &nbsp;the risk that (1) we will not be able to successfully renegotiate our credit agreement with our commercial lender, and/or find 
other sources of capital to finance our business operations, &nbsp;(2) we will not have sufficient funding to meet our working capital requirements; &nbsp;(3) changes in demand for the Company's products; (4) the impact of competitive products and pricing conditions in the karaoke industry and (5) general economic conditions and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports, including but not limited to the Company's Amended Annual Report on Form 10-KSB for the year ended March 31, 2002. &nbsp;In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. &nbsp;Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.</I></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; font-family:Arial" align=center><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; font-family:Arial" align=center><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>(tables attached)</P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; padding-right:0.9pt; width:553.5pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>#3344</P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; width:554.4pt; font-family:Courier New; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-right:57.6pt; margin-bottom:0pt; width:554.4pt; font-family:Courier New; font-size:12pt"><BR></P>
<p Style='page-break-before:always'><HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE style="margin-right:43.2pt" cellspacing=0><TR><TD style="border-left:0.75pt solid #FFFFFF; border-top:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF" valign=top colspan=9><P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt" align=center><B>The&nbsp;Singing&nbsp;Machine&nbsp;Company,&nbsp;Inc.&nbsp;and&nbsp;Subsidiary</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=9><P style="margin:0pt; line-height:15pt; font-family:Arial; font-size:13pt" align=center>CONSOLIDATED&nbsp;STATEMENTS&nbsp;OF&nbsp;OPERATIONS</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center><BR></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>March&nbsp;31,&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>March&nbsp;31,&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>March&nbsp;31,&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>2003</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>2002</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>2001</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Net&nbsp;Sales</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>95,613,766&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>62,475,753&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>34,875,351&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cost&nbsp;of&nbsp;Sales</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>72,329,035&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>40,852,840&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>22,159,051&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross&nbsp;Profit</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>23,284,731&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>21,622,913&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>12,716,300&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Operating&nbsp;Expenses:</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Advertising</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,032,367&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,377,638&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>921,359&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Commissions</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>997,529&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,294,543&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>837,222&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Compensation</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,637,559&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,486,547&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,916,612&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Freight&nbsp;&amp;&nbsp;handling</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,112,435&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,242,910&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>882,610&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Royalty&nbsp;expense</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,257,653&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,862,116&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>148,643&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Selling, general &amp; administrative expenses</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>7,632,958&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,123,779&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,982,261&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Operating&nbsp;Expenses</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>21,670,501&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>13,387,533&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>7,688,707&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Earnings&nbsp;from&nbsp;Operations</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,614,230&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>8,235,380&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,027,593&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Other&nbsp;Income&nbsp;(Expenses):</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Other&nbsp;income</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>196,537&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>215,840&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>32,617&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Interest&nbsp;income</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>11,943&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>16,934&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>50,242&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Interest&nbsp;expense</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(406,126)</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(112,123)</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(424,104)</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Stock&nbsp;based&nbsp;guarantee&nbsp;fees</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(171,472)</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(267,029)</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Factoring&nbsp;fees</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(231,298)</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net&nbsp;Other&nbsp;Expenses</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(197,646)</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(50,821)</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>(839,572)</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Earnings&nbsp;Before&nbsp;Income&nbsp;Tax</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,416,584&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>8,184,559&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,188,021&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Provision&nbsp;for&nbsp;Income&nbsp;Tax</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>198,772&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,895,494&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>491,744&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Net&nbsp;Earnings</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,217,812&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>6,289,065&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,696,277&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>.</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>.</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Earnings&nbsp;per&nbsp;common&nbsp;share:</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Basic</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>0.15&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>0.88&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>0.59&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Diluted</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>0.14&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>0.79&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>0.50&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=7><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Weighted&nbsp;Average&nbsp;Common</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;and&nbsp;Common&nbsp;Equivalent&nbsp;Shares:</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Basic</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>8,114,330&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>7,159,142</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>6,291,792&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Diluted</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>8,931,385&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>7,943,473</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>7,457,173&nbsp;</P>
</TD></TR>
</TABLE>
<p Style='page-break-before:always'><HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE style="margin-right:43.2pt" cellspacing=0><TR><TD style="border-left:0.75pt solid #FFFFFF; border-top:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF" valign=top colspan=5><P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt" align=center><B>The&nbsp;Singing&nbsp;Machine&nbsp;Company,&nbsp;Inc.&nbsp;and&nbsp;Subsidiary</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=5><P style="margin:0pt; line-height:15pt; font-family:Arial; font-size:13pt" align=center><B>CONSOLIDATED&nbsp;BALANCE&nbsp;SHEETS</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>March&nbsp;31,</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center><B><U>Assets</U></B></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>2003</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center>2002</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Current&nbsp;Assets:</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Cash&nbsp;and&nbsp;cash&nbsp;equivalents</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>268,265&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,520,147&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Restricted&nbsp;cash</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>838,411&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>513,684&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Accounts&nbsp;receivable,&nbsp;net</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,762,944&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,536,903&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Due&nbsp;from&nbsp;manufacturer</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,091,871&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>488,298&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Inventories</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>25,194,346&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>9,274,352&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Prepaid&nbsp;expenses&nbsp;and&nbsp;other&nbsp;current&nbsp;assets</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,449,505&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>422,314&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Deferred&nbsp;tax&nbsp;asset</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,925,612&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>191,418&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Deposits</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>34,097&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Current&nbsp;Assets</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>36,565,051&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>19,947,116&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Property&nbsp;and&nbsp;Equipment,&nbsp;net</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,096,423&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>574,657&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Other&nbsp;Non-Current&nbsp;Assets</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,273,820&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>881,423&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Total&nbsp;Assets</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>38,935,294&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>21,403,196&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; font-family:Arial; font-size:12pt"><BR></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=center><B><U>Liabilities&nbsp;and&nbsp;Shareholders'&nbsp;Equity</U></B></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Current&nbsp;Liabilities:</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Bank&nbsp;overdraft</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>316,646&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Accounts&nbsp;payable</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>8,486,009&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,846,238&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Accrued&nbsp;expenses</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,443,406&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,289,597&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Due&nbsp;to&nbsp;related&nbsp;party</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>400,000&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Revolving&nbsp;credit&nbsp;facility</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>6,782,824&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Income&nbsp;taxes&nbsp;payable</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,821,045&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,041,928&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Current&nbsp;Liabilities</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>21,249,930&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,177,763&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Shareholders'&nbsp;Equity:</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Preferred&nbsp;stock,&nbsp;$1.00&nbsp;par&nbsp;value;&nbsp;1,000,000</P>
<P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;shares&nbsp;authorized,&nbsp;no&nbsp;shares&nbsp;issued&nbsp;and&nbsp;outstanding</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Common&nbsp;stock,&nbsp;Class&nbsp;A,&nbsp;$.01&nbsp;par&nbsp;value;&nbsp;100,000</P>
<P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;shares&nbsp;authorized;&nbsp;no&nbsp;shares&nbsp;issued&nbsp;and&nbsp;outstanding</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>--&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Common&nbsp;stock,&nbsp;$0.01&nbsp;par&nbsp;value;&nbsp;18,900,000&nbsp;shares&nbsp;authorized;</P>
<P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;8,171,678&nbsp;and&nbsp;8,020,027&nbsp;shares&nbsp;issued&nbsp;and&nbsp;outstanding</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>81,717&nbsp;</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>80,200&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Additional&nbsp;paid-in&nbsp;capital</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,843,430&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,602,828&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;Retained&nbsp;earnings</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>12,760,217&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>11,542,405&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Shareholders'&nbsp;Equity</P>
</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>17,685,364&nbsp;</P>
</TD><TD valign=top>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>16,225,433&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Total&nbsp;liabilities&nbsp;and&nbsp;shareholders'&nbsp;equity</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>38,935,294&nbsp;</P>
</TD><TD valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>$</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:2pt double #000000" valign=top><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>21,403,196&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD style="border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD><TD valign=top>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=top>&nbsp;</TD></TR>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
