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<SEC-DOCUMENT>0001145443-09-001963.txt : 20090817
<SEC-HEADER>0001145443-09-001963.hdr.sgml : 20090817
<ACCEPTANCE-DATETIME>20090817162635
ACCESSION NUMBER:		0001145443-09-001963
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090817
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090817
DATE AS OF CHANGE:		20090817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Orient Paper Inc.
		CENTRAL INDEX KEY:			0001358190
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				204158835
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52639
		FILM NUMBER:		091019412

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 100
		STREET 2:		202 NORTH CURRY STREET
		CITY:			CARSON CITY
		STATE:			NV
		ZIP:			89703-4121
		BUSINESS PHONE:		(775) 321-8243

	MAIL ADDRESS:	
		STREET 1:		SUITE 100
		STREET 2:		202 NORTH CURRY STREET
		CITY:			CARSON CITY
		STATE:			NV
		ZIP:			89703-4121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARLATERAL, INC.
		DATE OF NAME CHANGE:	20060403
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<TYPE>8-K
<SEQUENCE>1
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, DC </font></B><font size=2>&nbsp;</font><b><font size=2>20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>CURRENT REPORT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Pursuant to Section 13 or 15(d) of the</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Securities Exchange Act of 1934</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of report (Date of earliest event reported): &nbsp;August 17, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>ORIENT PAPER, INC.</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><u><b><font size=2>Nevada</font></b></u></p> </td>
        <TD WIDTH="256" VALIGN="TOP">
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><b><font size=2>000-52639</font></b></p> </td>
        <TD WIDTH="256" VALIGN="TOP">
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><b><font size=2>20-4158835</font></b></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><font size=2>(State or Other Jurisdiction</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><font size=2>(Commission File Number)</font></p> </td>
        <TD VALIGN="TOP">
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><font size=2>(IRS Employer</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><font size=2>of Incorporation)</font></p> </td>
        <TD VALIGN="TOP">
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><font size=2>Identification No.)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Nansan Gongli, Nanhuan Road</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Xushui County, Baoding City</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Hebei Province, The People&#146;s Republic of China 072550</font></b></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;line-height:normal'><font size=2>(Address of Principal Executive Offices)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant's telephone number, including area code: &nbsp;</font><b><font size=2>011</font></b><font color="#FF0000"><b><font size=2> </font></b></font><b><font size=2>- (86) 312-8605508</font></b><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( </font><i><font size=2>see</font></i><font size=2> General Instruction A.2. below):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> &nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> &nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> &nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><b><font size=2>Item 2.02.</font></b></p> </td>
        <td width="287" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><b><font size=2>Results of Operations and Financial Condition.</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><b><font size=2>Item 7.01.</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><b><font size=2>Regulation FD Disclosure.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On August 17, 2009, Orient Paper, Inc., a Nevada corporation (the &#147;Company&#148;), announced its results of operations for the quarter ended June 30, 2009.  A copy of the press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company&#146;s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><b><font size=2>Item 9.01</font></b></p> </td>
        <td width="287" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><b><font size=2>Financial Statements and Exhibits.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)&nbsp;Exhibit</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
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     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
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     <TD ALIGN="RIGHT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99.1</FONT></TD>
        <TD ALIGN="LEFT" WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="82%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;Press release dated August 17, 2009, issued by Orient Paper, Inc.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
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     <TD>&nbsp;</TD><TD></TD>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Date: August 17, 2009</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font SIZE=2>ORIENT PAPER, INC.</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
        <td width="43" valign=top style='border-bottom:solid white 3.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>By:&nbsp;&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>/s/ Winston C. Yen</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Winston C. Yen</font></p> </td> </tr>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Chief Financial Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Exhibit 99.1</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Contact: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Orient Paper, Inc.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>CCG Investor Relations Inc.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Winston C. Yen, Chief Financial Officer</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Mr. Crocker Coulson, President</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Phone: +1-562-818-3817 (Los Angeles)  </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Phone: +1-646-213-1915 (New York)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Email: </font><font color="#0000FF"><u><font size=2>info@orientalpapercorporation.com  </font></u></font></p> </td>
        <td width="213" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Email:</font><font color="#0000FF"><u><font size=2>crocker.coulson@ccgir.com</font></u></font></p> </td> </tr></table>
</div>



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            <p ><font size=1>&nbsp;</font></p></td>
        <td width="132" nowrap valign=top >
            <p ><font color="#0000FF"><u><font size=2>www.ccgirasia.com</font></u></font></p></td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Orient Paper Inc. Announces Second Quarter 2009 Results</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Revenue increases 28% year-over-year to $22.4 million</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Operating income rose 25% to $3.7 million</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.12in;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Baoding, Hebei Province, China, August 14, 2009 &#150; </font></b><font size=2>Orient Paper, Inc. (OPAI.OB) ("Orient Paper" or the "Company"), which controls and operates Hebei Baoding Orient Paper Milling Co., Ltd. (&#147;HBOP&#148;), a leading manufacturer and distributor of diversified paper products in Hebei, China, today announced financial results for the second quarter ended June 30, 2009. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Second Quarter 2009 Highlights</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Revenues for the second quarter of 2009 increased 27.6% year-over-year to approximately $22.4 million </font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Gross profit increased 25.2% year-over-year to approximately $4.0 million, gross margin was 17.7% </font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Operating income rose 24.5% year-over-year to approximately $3.7 million</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Net income was approximately $2.5 million, or $0.05 per diluted share</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&#147;We are pleased to report strong growth in revenue and operating income in the second quarter of 2009.  Sales of both high-grade offset paper and corrugated paper increased drastically, with high-grade offset paper products doubling from the same quarter last year mainly due to orders from five new printing paper customers. We won nine new corrugated paper customers during the quarter, which was the biggest net income contributing product group in the quarter. Our steady growth across most of our product lines was the result of strong demand, the increase in production volume, and our growing brand recognition in the industry,&#148; commented Mr. Liu Zhenyong, chairman and chief executive officer of Orient Paper.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Second Quarter 2009 Financial Results</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Revenue for the second quarter of 2009 was approximately $22.4 million compared to approximately $17.6 million for the same period in 2008, an increase of approximately 27.6%. The increase in revenue was primarily attributable to increased sales of the Company&#146;s high-grade offset paper and corrugated paper products as a result of an expanded customer base. </font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Revenues from high-grade offset paper increased 106.0% to approximately $4.8 million from approximately $2.3 million for the same period in 2008. The Company added five new printing paper customers during the quarter, which accounted for 17.8% of the total sales from this category. Revenue from corrugated paper was approximately $11.3 million compared to approximately $7.4 million for the same period in 2008, an increase of approximately 51.9%. Nine new accounts were added to the Company&#146;s corrugated customer base during the second quarter of
2009, accounting for 17.2% of the total sales from corrugated paper. Revenue from medium-grade offset paper was approximately $1.1 million, down 64.3% from approximately $3.0 million during the same period in 2008. Revenue from writing paper increased 9.4% to $5.2 million from approximately $4.8 million during the same period in 2008.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Gross profit for the second quarter of 2009 increased 25.2% to approximately $4.0 million from approximately $3.2 million for the second quarter of 2008. The Company&#146;s gross margin declined slightly from 18.1% in the second quarter of 2008 to 17.7% in the second quarter of 2009, thanks to the growth in corrugated paper sales, which generally command a lower profit margin compared to printing and writing papers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Selling, general and administrative expenses for three months ended June 30, 2009 were approximately $0.3 million, up 36.0% from approximately $0.2 million in the same period last year. The increase in selling, general and administrative expenses was primarily attributable to increase in professional fees related to the Company&#146;s status as a public company. Selling, general and administrative expenses as a percentage of revenue remained relatively unchanged for the second quarter of 2009 compared with the year ago period.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Operating income for second quarter of 2009 was approximately $3.7 million, up 24.5% from approximately $3.0 million in the second quarter of 2008. The increase was primarily attributable to increased sales and gross profit in the quarter ended June 30, 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Interest expense was approximately $0.3 million, up from approximately $0.1 million a year ago due to imputed interest on related party loans in 2009, including catch-up interest for the first quarter of 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Income tax expense was $0.9 million, up 67.0% from approximately $0.5 million a year due to an increase in the effective tax rate in the second quarter of 2009 to 26.7% from 18.9% a year ago.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net income in the second quarter of 2009 was approximately $2.5 million, up 7.3% from approximately $2.3 million in the same period last year.  Basic and diluted earnings per share for the second quarter of 2009 were $0.05, unchanged from basic diluted earnings per share a year ago. Weighted average shares used in the calculation of basic and diluted earnings per share were 45,109,295 in the quarter ended June 30, 2009 compared to 41,967,921 a year ago.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Six Months Results</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Total revenue for the first six months of 2009 was approximately $40.2 million, up 29.5% from the first six months of 2008. Gross profit for the first six months of 2009 was approximately $7.3 </font></p>



<HR SIZE=5 COLOR=GRAY NOSHADE>
<page>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>million, up 29.2% from gross profit of approximately $5.7 million in the comparable period a year ago. Gross margin was 18.2% for the first six months of 2009, virtually unchanged from the year ago period. Operating income was approximately $6.8 million, up 30.6% from approximately $5.2 million in the first six months of 2008. Net income for the first six months of 2009 was approximately $4.8 million, up 27.3% from approximately $3.7 million in the first six months of 2008. Basic and diluted earnings per share were $0.11 for the first six months of 2009 compared to $0.09 in the first six months of 2008. Weighted average shares used in the calculation of basic and diluted earnings per share were 45,105,661 in the
quarter ended June 30, 2009 compared to 41,034,954 a year ago.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Financial Condition</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>As of June 30, 2009, Orient Paper had approximately $6.7 million in unrestricted cash and approximately $5.4 million in working capital. Short term debt stood at approximately $5.6 million and the company had approximately $10.1 million in long term debt, of which approximately $8.1 million is from a group of related parties. Inventory totaled approximately $5.7 million, up from approximately $2.8 million at year end as the Company increased its stock of raw materials to support growing demand for its products and in anticipation of rising raw material prices. As of June 30, 2009, shareholders' equity was approximately $38.7 million, up 13.7% from shareholder's equity of approximately $34.1 million as of December 31, 2008. For the first six months of 2009, the Company generated net cash flow from operating activities of approximately $5.1 million. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Business Outlook</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&#147;We posted solid financial results in the first half of 2009, and expect to maintain our growth momentum in revenue and operating income in the second half of the year.  We are constantly seeking solutions to enhance our production efficiency and allow us to increase utilization and improve output of our existing fixed assets,&#148; said Mr. Liu Zhenyong. &#147;Our strategic location near the printing industry in Beijing and Tianjin provides us with ready access to our primary raw materials, recycled paper, lower freight costs and better opportunities to market our diversified product portfolio. In the coming months, will pursue opportunities to introduce new, high-end paper products in the market and strengthen our position in the industry.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>About Orient Paper, Inc. </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc. and Baoding Shengde Paper Co., Ltd., controls and operates Hebei Baoding Orient Paper Milling Co., Ltd (&#147;HBOP&#148;).  Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugated paper, offset paper, writing paper and blueprint paper. The Company also has the capability to produce other paper and packaging-related products, such as plastic paper and craft paper. The Company uses recycled paper as its primary raw material. As one of the largest paper producers in Hebei Province, China, the Company is strategically located in Baoding, a city in close proximity to Beijing where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the Company&#146;s </font></p>



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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>product offering and delivering tailored services to its customers. For
more information, please </font><font size=2>visit </font><font color="#0000FF"><u><font size=2>http://www.orientalpapercorporation.com.</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Safe Harbor Statement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font size=2>This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the availability of funds and working capital to finance its activities; the actions and initiatives of current and potential competitors; the Company&#146;s ability to introduce new products; anticipated growth in revenue and operating income;  general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company&#146;s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations,
assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0in;text-align:center;'><b><font size=2>&#150; Financial tables follow &#150;</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:center;'><B><font SIZE=2>ORIENT PAPER, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>BALANCE SHEETS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AS OF JUNE 30, 2009 AND DECEMBER 31, 2008 </font></B></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'><b><font size=2>(Unaudited)</font></b></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><U><B><font SIZE=2>ASSETS</font></B></U></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="626" style='border-collapse:collapse'>
    <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'>&nbsp;</p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>As of</font></b><br> <b><font size=2>June 30,</font></b><br> <b><font size=2>2009</font></b></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>As of</font></b><br> <b><font size=2>December 31,</font></b><br> <b><font size=2>2008</font></b></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><b><font size=2>Current Assets:</font></b></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Cash and cash equivalents</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>6,664,238</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,234,419</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Restricted cash</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>430,000</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Accounts receivable - Trade (net of allowance for doubtful accounts of $55,872 and $0 as of June 30, 2009 and 2008, respectively)</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,737,705</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,425,899</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Other receivable and prepaid expense</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>4,787</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Inventories</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>5,676,123</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,821,063</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total current assets</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>15,512,853</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>7,481,381</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Property, Plant, and Equipment:</font></b></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Building and improvements</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>9,835,993</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>9,876,637</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Machinery and equipment</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>47,152,268</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>47,347,109</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Vehicles</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>542,429</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>544,670</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>57,530,690</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>57,768,416</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Less - Accumulated depreciation and amortization</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(14,130,596</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(12,427,735</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Net property, plant, and equipment</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>43,400,094</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>45,340,681</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Total Assets</font></b></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>58,912,947</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>52,822,062</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='margin-left:8.65pt;text-align:center;text-indent:-8.65pt'><u><b><font size=2>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></b></u></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Current Liabilities:</font></b></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Short-term loans</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>5,592,807</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>6,858,652</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Accounts payable - Trade</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,779,164</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Other payables and accrued liabilities</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,116,541</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>740,846</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Income taxes payable</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>636,759</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,047,678</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total current liabilities</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>10,125,271</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>8,647,176</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Long-Term Debt, less current portion:</font></b></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Loan from credit union</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,940,159</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,948,176</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Related party notes</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>8,104,067</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>8,137,554</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total long-term debt</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>10,044,226</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>10,085,730</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total liabilities</font></p> </td>
        <td width="10" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>20,169,497</font></p> </td>
        <td width="11" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>18,732,906</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="434" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Commitments and Contingencies Stockholders&#146; Equity:</font></b></p> </td>
        <td width="10" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="456" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;margin-bottom:0.5pt'><font size=2>Common stock, 500,000,000 shares authorized, $0.001 par value per share, 45,166,987 and 45,101,987 shares issued and outstanding as of June 30, 2009 and December 31, 2008, respectively</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>45,167</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>45,102</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Additional paid-in capital</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>9,592,352</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>9,565,117</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Statutory earnings reserve</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,079,063</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,079,063</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Accumulated other comprehensive income</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,446,573</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,592,839</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Retained earnings</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>22,580,295</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>17,807,035</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total stockholders&#146; equity</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>38,743,450</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>34,089,156</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="69" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="456" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Total Liabilities and Stockholders&#146; Equity</font></b></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="69" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>58,912,947</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="69" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>52,822,062</font></p> </td>
        <td width="5" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr></table>
            </div>


<HR SIZE=5 COLOR=GRAY NOSHADE>
<page>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ORIENT PAPER, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FOR THE THREE AND SIX MONTHS ENDED</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>JUNE 30, 2009 AND 2008 </font></B></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'><b><font size=2>(Unaudited)</font></b></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="626" style='border-collapse:collapse'>
    <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'>&nbsp;</p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td  colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>Three Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>Six Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>2009</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>2008</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>2009</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>2008</font></b></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><b><font size=2>Revenues:</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Sales, net</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>22,400,383</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>17,553,254</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>40,237,862</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>31,081,287</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Cost of Sales:</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Cost of sales</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>18,409,027</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>14,321,416</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>32,854,151</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>25,312,964</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Business tax and surcharges</font></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>22,373</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>61,693</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>78,289</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>114,649</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total cost of sales</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>18,431,400</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>14,383,109</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>32,932,440</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>25,427,613</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Gross Profit</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,968,983</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,170,145</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>7,305,422</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>5,653,674</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Selling, General and Administrative Expenses</font></b></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>275,808</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>202,816</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>474,561</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>423,773</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Income from Operations</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,693,175</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,967,329</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>6,830,861</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>5,229,901</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Other Income (Expense):</font></b></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Interest income</font></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>6,964</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>31,942</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Interest (expense)</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(326,231</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(123,174</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(416,080</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(230,134</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Total other (expense)</font></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt;  background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background: aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(319,267</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt;  background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background: aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(123,174</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt;  background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background: aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(384,138</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt;  background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt;background: aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(230,134</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Income before Income Taxes</font></b></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,373,908</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,844,155</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>6,446,723</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>4,999,767</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Provision for Income Taxes</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(899,250</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(538,590</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(1,673,463</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(1,249,942</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:.75pt;text-indent:-.75pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Net Income</font></b></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,474,658</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,305,565</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>4,773,260</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,749,825</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Comprehensive Income:</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Foreign currency translation adjustment</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(99,632</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>521,093</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(146,266</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,739,447</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Total Comprehensive Income</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,375,026</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,826,658</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>4,626,992</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>5,489,272</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Earnings Per Share:</font></b></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Basic and Diluted Earning per Share</font></b></p> </td>
        <td width="18" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:1.5pt;text-indent:-1.5pt'><font size=2>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>0.05</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:2.25pt;text-indent:-2.25pt'><font size=2>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>0.05</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:3.0pt;text-indent:-3.0pt'><font size=2>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>0.11</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:3.0pt;text-indent:-3.0pt'><font size=2>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>0.09</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="265" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Weighted Average Number of Shares Outstanding - Basic and Diluted</font></b></p> </td>
        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>45,109,295</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>41,967,921</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>45,105,661</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>41,034,954</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr></table>
            </div>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ORIENT PAPER, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>STATEMENTS OF CASH FLOWS </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FOR THE SIX MONTHS ENDED</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>JUNE 30, 2009 AND 2008 </font></B></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'><b><font size=2>(Unaudited)</font></b></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="626" style='border-collapse:collapse'>
    <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'>&nbsp;</p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right'>&nbsp;</p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p>&nbsp;</p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td  colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>Six Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>2009</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=center style='text-align:center'><b><font size=2>2008</font></b></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><b><font size=2>Cash Flows from Operating Activities:</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Net income</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>4,773,260</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,749,825</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Depreciation and amortization</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,702,861</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,080,222</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:25.9pt;text-indent:-8.65pt'><font size=2>Non-cash issuance of stock for services</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>27,300</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Changes in net assets and liabilities:</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:34.55pt;text-indent:-8.65pt'><font size=2>Accounts receivable</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(1,316,593</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>169,346</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:34.55pt;text-indent:-8.65pt'><font size=2>Inventories</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(2,855,060</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(2,335,835</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:34.55pt;text-indent:-8.65pt'><font size=2>Accounts payable - Trade</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,779,164</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:34.55pt;text-indent:-8.65pt'><font size=2>Other payables and accrued liabilities</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>375,695</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>7,276,188</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:34.55pt;text-indent:-8.65pt'><font size=2>Income taxes payable</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(410,919</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>451,586</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Net Cash Provided by Operating Activities</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>5,075,708</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>11,391,332</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Cash Flows from Investing Activities:</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Purchases of and adjustments to property, plant, and equipment</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>237,726</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(12,401,234</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Net Cash (Used in) Investing Activities</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>237,726</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(12,401,234</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.75pt;text-indent:-.75pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Cash Flows from Financing Activities:</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Proceeds from and adjustment to related party loans</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(8,017</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>369,342</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Payments on short term loans</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(1,265,845</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Proceeds from borrowing on and adjustment to credit facility</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(33,487</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>712,688</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Net Cash Provided by (Used in) Financing Activities</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(1,307,349</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,082,030</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Effect of Exchange Rate Changes on Cash and Cash Equivalents</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>(146,266</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,739,447</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Net Increase in Cash and Cash Equivalents</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,859,819</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>1,811,575</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Cash and Cash Equivalents - Beginning of Period</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>3,234,419</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>622,661</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Cash and Cash Equivalents - End of Period</font></b></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>7,094,238</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,434,236</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr style='height:5.25pt'>
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt;height:5.25pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt;height:5.25pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt; height:5.25pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt; height:5.25pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt;height:5.25pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt; height:5.25pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt; height:5.25pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt;height:5.25pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Cash and Cash Equivalents - End of Period Consisting of:</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:3.35pt'><font size=2>Cash in bank and cash on hand</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>6,664,238</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,434,236</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:3.35pt'><font size=2>Restricted cash</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>430,000</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr style='height:13.5pt'>
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt;height:13.5pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt;height:13.5pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt; height:13.5pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background: aliceblue;padding:0in .7pt 0in .7pt;height:13.5pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>7,094,238</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt;height:13.5pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt; height:13.5pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background: aliceblue;padding:0in .7pt 0in .7pt;height:13.5pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>2,434,236</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt;height:13.5pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt'><b><font size=2>Supplemental Disclosure of Cash Flow Information:</font></b></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="63" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Cash paid for interest</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>330,918</font></p> </td>
        <td width="19" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'> <p><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>233,433</font></p> </td>
        <td width="6" valign=bottom style='padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr>
                <tr >
        <td width="442" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt'><font size=2>Cash paid for income taxes</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:1.5pt;text-indent:-1.5pt'><font size=2>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>949,509</font></p> </td>
        <td width="19" valign=bottom style='background:aliceblue; padding:0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; background:aliceblue;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:1.5pt;text-indent:-1.5pt'><font size=2>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt; background:aliceblue;padding:0in .7pt 0in .7pt'>
            <p align=right style='text-align:right;margin-bottom:0.5pt'><font size=2>913,005</font></p> </td>
        <td width="6" valign=bottom style='background:aliceblue;padding: 0in .7pt 0in .7pt'> <p><font size=1>&nbsp;</font></p> </td> </tr></table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><i><font size=2>###</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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