<SUBMISSION>
<ACCESSION-NUMBER>0001299933-09-002729
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20090629
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20090629
<DATE-OF-FILING-DATE-CHANGE>20090629
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Castle Brands Inc
<CIK>0001311538
<ASSIGNED-SIC>2080
<IRS-NUMBER>000000000
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32849
<FILM-NUMBER>09915250
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>570 LEXINGTON AVE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>570 LEXINGTON AVE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_33323.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Castle Brands Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	June 29, 2009
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	Castle Brands Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	001-32849
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	41-2103550
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	122 East 42nd Street, Suite 4700, New York, New York
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	&nbsp;
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	10168
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	(646) 356-0200
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><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>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 2.02 Results of Operations and Financial Condition.
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On June 29, 2009, Castle Brands Inc. issued a press release announcing financial results for the three and twelve months ended March 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.<br><br>The information included herein and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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	Item 9.01 Financial Statements and Exhibits.
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(d)  Exhibits.<br>     99.1 	  	Press release dated June 29, 2009.
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<B>
	SIGNATURES
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	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.
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	Castle Brands Inc.
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	&nbsp;&nbsp;
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<I>
	June 29, 2009
</I>
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	/s/ Alfred J. Small
</I>
<BR>
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	&nbsp;
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<I>
	Name: Alfred J. Small
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<I>
	Title: SVP, CFO, Treas. & Secretary
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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	&nbsp;
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Press Release dated June 29, 2009
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<TYPE>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><img src="e26598-91801343281603b91b_1.jpg">
</FONT>
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    <TD width="78%">&nbsp;</TD>
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    <TD align="left" valign="top">Contact:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Caminiti/Jonathan Doorley<BR>
Sard Verbinnen &#038; Co<BR>
212/687-8080</DIV></TD>
</TR>
<!-- End Table Body -->
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</DIV>


<P align="center" style="font-size: 12pt"><FONT style="font-size: 14pt"><B><I>Castle Brands Announces Fourth Quarter and Fiscal 2009 Results</I></B></FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt"><B>NEW YORK, NY, June&nbsp;29, 2009 &#151; </B>Castle Brands Inc. (NYSE Amex: ROX), an emerging developer and
international marketer of premium branded spirits, today reported financial results for the three
and twelve months ended March&nbsp;31, 2009.
</FONT>

<P align="left" style="font-size: 12pt"><U>Full Year Fiscal 2009</U>


<P align="left" style="font-size: 12pt">For fiscal 2009, the Company had net sales of $26.1&nbsp;million, a decrease from net sales of $27.3
million in the prior year period. Net sales for fiscal 2008 included $2.3&nbsp;million in excise and
value added taxes from a one-time sale in Ireland. Excluding the effects of this one-time $2.3
million increase in the prior period, net sales increased 4.3% in fiscal 2009 as the Company
continued to focus on its more profitable brands and markets and its pricing strategy.


<P align="left" style="font-size: 12pt">U.S. case sales increased 1% to 206,532 nine liter cases in fiscal 2009. International case sales
decreased to 83,806 cases in fiscal 2009 as compared to 108,469 cases in fiscal 2008. Total case
sales for fiscal 2009 were 290,338 cases as compared to 313,288 cases in fiscal 2008.


<P align="left" style="font-size: 12pt">Selling expense decreased 25% to $13.4&nbsp;million in fiscal 2009 from $17.8&nbsp;million in fiscal 2008 due
to cost containment efforts, including a decrease in advertising and promotional expense.


<P align="left" style="font-size: 12pt">The Company had a net loss of $21.7&nbsp;million in fiscal 2009, or ($.68) per basic and diluted share,
compared to a net loss of $27.6&nbsp;million, or ($1.81) in the prior year. Net loss per common share
basic and diluted for fiscal 2009 was positively impacted by the increase in common stock
outstanding in 2009 resulting from the October&nbsp;2008 $15&nbsp;million private placement and note
conversion.


<P align="left" style="font-size: 12pt">The Company&#146;s annual goodwill and intangible assets impairment testing under SFAS No.&nbsp;142 resulted
in an impairment charge of $4.8&nbsp;million in fiscal 2009 and $8.8&nbsp;million in fiscal 2008. Fiscal
2009 results included a foreign exchange loss of $4.1&nbsp;million as compared to a gain of $2.3&nbsp;million
in fiscal 2008 due to a stronger U.S. dollar. Results for fiscal 2009 included a pre-tax, non-cash
gain of $4.2&nbsp;million from the exchange of the Company&#146;s 6% convertible notes.


<P align="left" style="font-size: 12pt">Cash and cash equivalents, together with short-term investments, totaled $7.7&nbsp;million at March&nbsp;31,
2009 as compared to $5.8&nbsp;million at March&nbsp;31, 2008.


<P align="left" style="font-size: 12pt">As of March&nbsp;31, 2009, stockholders&#146; equity was $26.0&nbsp;million, an increase from stockholders&#146; equity
of $14.8&nbsp;million as of March&nbsp;31, 2008, the end of the 2008 fiscal year.


<P align="left" style="font-size: 12pt"><U>Fourth Quarter 2009</U>


<P align="left" style="font-size: 12pt">In the fiscal 2009 fourth quarter, the Company had net sales of $5.9&nbsp;million, a decrease from net
sales of $6.4&nbsp;million in the prior year period. The Company had a net loss of $9.0&nbsp;million, or
$(0.11) per basic and diluted share, in the fiscal 2009 fourth quarter, compared to a net loss of
$13.0&nbsp;million, or $(0.83) per basic and diluted share, in the comparable 2008 period.


<P align="left" style="font-size: 12pt">The Company&#146;s annual goodwill and intangible assets impairment testing under SFAS No.&nbsp;142 resulted
in an impairment charge of $4.8&nbsp;million in the fourth fiscal quarter of 2009 and a $8.8&nbsp;million in
fourth fiscal quarter of 2008. Fourth quarter 2009 results included a foreign exchange loss of
$1.3&nbsp;million as compared to a gain of $0.9&nbsp;million in fourth quarter 2008 due to a stronger U.S.
dollar.


<P align="left" style="font-size: 12pt">Fourth quarter 2009 selling expense was $2.2&nbsp;million as compared to $4.2&nbsp;million in the fourth
quarter of 2008.


<P align="left" style="font-size: 12pt"><U>Fiscal 2009 Developments</U>


<P align="left" style="font-size: 12pt"><I>U.S. Sales</I>
<BR>
Despite a volatile U.S. retail environment, 2009 U.S. shipments increased 1%. Shipments for
<BR>
Gosling&#146;s rums increased 16%, our various bourbon brands increased 27%, Pallini liqueurs increased
11% and Brady&#146;s Irish Cream increased 17%. While sales decreased slightly on Knappogue Castle
Whiskey, revenue per case increased significantly, as the brand was repositioned to better compete
with premium single malts. Finally, while Boru vodka shipments were down 17%, price related
spending decreased by 21% as we focused more on profitable markets.


<P align="left" style="font-size: 12pt"><I>International Sales</I>
<BR>
Performance in international markets reflected a change in strategy whereby unprofitable brands and
markets were de-emphasized and distribution relationships were re-crafted to achieve positive
returns. All three major Boru distribution relationships in the British Isles were renegotiated
during the year and Gosling&#146;s rums and Clontarf Irish Whiskey became the top priority brands for
international development. With this change in emphasis, Clontarf sales grew by 28% and Gosling&#146;s
continued its steady development.


<P align="left" style="font-size: 12pt">Other key developments include:


<P>
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    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The U.S. now accounts for 71% of total case sales as the Company focused on more
profitable brands and markets;</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Selling expense decreased 25% due to continued cost containment efforts;</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt was retired and a $15&nbsp;million private placement was completed;</TD>
</TR>

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    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tierras tequila, the first USDA certified organic tequila, was introduced; and</TD>
</TR>

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<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gross profit increased to 27% and gross margin increased to 32%.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">Richard J. Lampen, President and Chief Executive Officer, said, &#147;The capital infusion from the
private placement transaction and the conversion of our debt into equity put our company on firmer
footing. We continue in our goal to build our own premium brands, support our existing agency
brands, pursue new agency relationships and make brand acquisitions. We recognize that ongoing
expense discipline is an essential part of achieving our goals. Our belief in our future vision is
underscored by our May&nbsp;2009 repurchase of 1,000,000 shares of Castle Brands common stock.&#148;


<P align="left" style="font-size: 12pt">John Glover, Chief Operating Officer, commented, &#147;Our results show the immediate benefit of
focusing sales and marketing on our more profitable brands. We continue to concentrate on
controlling costs throughout the organization and promoting efficiency in our efforts to achieve
profitability. Additionally, our reinforced partner relationships should have a positive impact on
operations in the coming quarters.&#148;


<P align="left" style="font-size: 12pt"><U>$15 Million Private Placement and Note Conversion</U>


<P align="left" style="font-size: 12pt">In October&nbsp;2008, the Company completed the sale of 1.2&nbsp;million shares of Series&nbsp;A Convertible
Preferred Stock for $15&nbsp;million at a purchase price of $12.50 per share (which was, in effect upon
conversion, $0.35 per share of common stock). Concurrently with the closing, all of the Company&#146;s
6% convertible notes, in the principal amount of $9&nbsp;million, plus accrued interest, were converted
into shares of Series&nbsp;A Preferred Stock at a per share price of $23.21 (which was, in effect upon
conversion, $0.65 per share of common stock). Also, Castle Brands (USA)&nbsp;Corp.&#146;s 9% senior secured
notes, in the principal amount of $9.7&nbsp;million, plus accrued interest, were converted into shares
of Series&nbsp;A Preferred Stock at a per share price of $12.50 (which was, in effect upon conversion,
$0.35 per share of common stock). The Company retired the remaining outstanding senior notes by
issuing common stock in May&nbsp;2009.


<P align="left" style="font-size: 12pt">The closing of the private placement and the conversion of the notes (and subsequent automatic
conversion of the Series&nbsp;A Preferred Stock issued in connection therewith) resulted in the
Company&#146;s issuance of approximately 86&nbsp;million shares of common stock in the fourth quarter of
fiscal 2009.


<P align="left" style="font-size: 12pt"><U>About Castle Brands Inc. </U>


<P align="left" style="font-size: 12pt">Castle Brands is an emerging developer and international marketer of premium branded spirits within
four categories of the spirits industry: vodka, rum, whiskey, liqueurs and tequila. Castle Brands&#146;
portfolio includes, Boru&#174; Vodka, Gosling&#146;s Rum&#174;, Pallini&#174; Limoncello<sup>TM</sup>,
Raspicello<sup>TM</sup> and Peachcello<sup> TM</sup>, Knappogue Castle Whiskey&#174;, Clontarf&#174; Irish
Whiskey, Jefferson&#146;s<sup> TM</sup> and Jefferson&#146;s Reserve&#174; Bourbon, Sam Houston&#174; Bourbon, Celtic
Crossing&#174; Liqueur, Sea Wynde&#174; Rum, Brady&#146;s&#174; Irish Cream and Tierras tequila.


<P align="left" style="font-size: 12pt"><U>Forward Looking Statements </U>


<P align="left" style="font-size: 12pt">This press release includes statements of our expectations, intentions, plans and beliefs that
constitute &#147;forward looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of
1933 and Section&nbsp;21E of the Securities Exchange Act of 1934 and are intended to come within the
safe harbor protection provided by those sections. These statements, which involve risks and
uncertainties, related to the discussion of our business strategies and our expectations concerning
future operations, margins, profitability, liquidity and capital resources and to analyses and
other information that are based on forecasts of future results and estimates of amounts not yet
determinable. You can identify these and other forward-looking statements by the use of such words
as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;believes,&#148; &#147;thinks,&#148;
&#147;estimates,&#148; &#147;seeks,&#148; &#147;expects,&#148; &#147;predicts,&#148; &#147;could,&#148; &#147;projects,&#148; &#147;potential&#148; and other similar
terms and phrases, including references to assumptions. These forward looking statements are made
based on expectations and beliefs concerning future events affecting us and are subject to
uncertainties, risks and factors relating to our operations and business environments, all of which
are difficult to predict and many of which are beyond our control, that could cause our actual
results to differ materially from those matters expressed or implied by these forward looking
statements. These risks include our history of losses and expectation of further losses, our
ability to expand our operations in both new and existing markets, our ability to develop or
acquire new brands, our relationships with distributors, the success of our marketing activities,
the effect of competition in our industry and economic and political conditions generally,
including the current recessionary economic environment and concurrent market instability. More
information about these and other factors are described under the caption &#147;Risk Factors&#148; in Castle
Brands&#146; Annual Report on Form 10-K for the year ended March&nbsp;31, 2009, filed with the Securities and
Exchange Commission.


<P align="left" style="font-size: 12pt">When considering these forward looking statements, you should keep in mind the cautionary
statements in this press release and the documents incorporated by reference. New risks and
uncertainties arise from time to time, and we cannot predict those events or how they may affect
us. We assume no obligation to update any forward looking statements after the date of this press
release as a result of new information, future events or developments, except as required by the
federal securities laws.


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt"><FONT style="font-size: 10.5pt"><B>CASTLE BRANDS INC. AND SUBSIDIARIES<BR>
Consolidated Statements of Operations</B></FONT>


<DIV align="center">
<TABLE style="font-size: 8.5pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Three-months ended March&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Twelve-months ended March&nbsp;31,</B></TD>
</TR>
<TR style="font-size: 8.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Sales, net*</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">5,870,836</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">6,378,382</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">26,105,516</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">27,325,168</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Cost of sales*</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">4,157,947</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">4,715,432</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">18,203,361</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">19,272,708</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">(Benefit) provision for obsolete inventory</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(107,892</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(165,456</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(360,133</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">1,541,579</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Gross profit</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">1,820,781</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">1,828,406</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">8,262,288</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">6,510,881</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Selling expense</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">2,166,071</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">4,158,351</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">13,429,965</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">17,843,761</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">General and administrative expense</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">2,032,379</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">2,144,236</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">9,203,575</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">8,368,727</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Depreciation and amortization</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">579,657</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">237,728</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">1,307,536</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">1,029,579</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Goodwill and other intangible asset impairment</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">4,845,287</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">8,750,000</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">4,845,287</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">8,750,000</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Loss from operations</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(7,802,613</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(13,461,909</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(20,524,075</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(29,481,186</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Other income</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">3,750</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">11,676</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">60,724</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">11,676</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Other expense</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(39,960</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(80,964</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(78,013</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(121,683</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Foreign exchange (loss)&nbsp;gain</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(1,255,595</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">947,041</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(4,117,564</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">2,251,430</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Interest expense, net</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(18,405</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(485,662</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(1,579,012</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(1,679,395</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Gain on exchange of 6% convertible subordinated notes</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">4,173,716</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Credit on derivative financial instrument</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">189,397</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Income tax benefit</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">37,038</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">37,038</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">148,152</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">148,152</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Minority interests</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">61,670</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(7,432</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">227,773</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">1,097,835</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Net loss</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(9,014,115</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(13,040,212</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(21,688,299</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(27,583,774</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Net loss per common share, basic and diluted</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(.11</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(0.83</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(.68</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">(1.81</FONT></TD>
    <TD nowrap><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10.5pt">Weighted average shares used in computation, basic
and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;diluted</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">81,549,666</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">15,629,776</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">31,883,995</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">15,263,930</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 10.5pt"></FONT></TD>
</TR>
<!-- End Table Body -->
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">*</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt">Sales, net and Cost of sales include excise taxes of $1,048,556 and $1,471,923 for the
three-months ended March&nbsp;31, 2009 and 2008, respectively, and $4,222,394 and $6,669,014 for
the twelve-months ended March&nbsp;31, 2009 and 2008, respectively.</FONT></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt; display: none">2




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end
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</SUBMISSION>
